$STSR
Strategic Student & Senior Housing Trust Inc

2018 Q4 Form 10-K Financial Statement

#000156459020012027 Filed on March 20, 2020

View on sec.gov

Income Statement

Concept 2018 Q4 2018 2017
Revenue $23.37M $3.651M
YoY Change 540.12%
Cost Of Revenue $13.79M
YoY Change
Gross Profit $9.585M
YoY Change
Gross Profit Margin 41.01%
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $5.898M $1.255M
YoY Change 370.04%
% of Gross Profit 61.54%
Operating Expenses
YoY Change
Operating Profit -$8.189M -$5.122M
YoY Change 59.86%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net -$73.63K -$8.145K
YoY Change 803.93%
Pretax Income
YoY Change
Income Tax
% Of Pretax Income
Net Earnings -$15.72M -$7.062M
YoY Change 122.6%
Net Earnings / Revenue -67.26% -193.41%
Basic Earnings Per Share
Diluted Earnings Per Share
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2018 Q4 2018 2017
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $8.159M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets
YoY Change
TOTAL ASSETS
Total Short-Term Assets
Total Long-Term Assets
Total Assets $273.1M
YoY Change 137.2%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities
Total Long-Term Liabilities
Total Liabilities $212.9M
YoY Change 290.18%
SHAREHOLDERS EQUITY
Retained Earnings -$22.26M
YoY Change 257.14%
Common Stock $83.53M
YoY Change 21.4%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $53.30M
YoY Change
Total Liabilities & Shareholders Equity $278.0M
YoY Change 141.45%

Cashflow Statement

Concept 2018 Q4 2018 2017
OPERATING ACTIVITIES
Net Income -$15.72M -$7.062M
YoY Change 122.6%
Depreciation, Depletion And Amortization $5.898M $1.255M
YoY Change 370.04%
Cash From Operating Activities $845.7K -$1.286M
YoY Change -165.76%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$172.8M -$106.4M
YoY Change 62.32%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $18.12M $75.52M
YoY Change -76.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 172.8M 118.1M
YoY Change 46.35%
NET CHANGE
Cash From Operating Activities 845.7K -1.286M
Cash From Investing Activities -172.8M -106.4M
Cash From Financing Activities 172.8M 118.1M
Net Change In Cash 900.6K 10.37M
YoY Change -91.32%
FREE CASH FLOW
Cash From Operating Activities $845.7K -$1.286M
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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CY2017 us-gaap Proceeds From Issuance Of Redeemable Preferred Stock
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CY2017 us-gaap Payments For Repurchase Of Redeemable Preferred Stock
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CY2017 us-gaap Net Cash Provided By Used In Financing Activities
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CY2018 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
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900613
CY2017 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
10369998
CY2018 ck1698538 Non Cash Transactions Distribution Payable
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908046
CY2017Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2018Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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11272611
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
2000
CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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11272611
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10371998
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CY2019 us-gaap Business Combination Acquisition Related Costs
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0
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CY2019 us-gaap Amortization Of Financing Costs
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InterestPaid
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CY2019 us-gaap Interest Paid Capitalized
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CY2018 us-gaap Interest Paid Capitalized
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CY2017 ck1698538 Non Cash Transactions Additions To Private Offering Costs Included In Accounts Payable And Accrued Liabilities
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33882
CY2018 ck1698538 Non Cash Transactions Deposits Applied To Purchase Of Real Estate Facilities
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1000000
CY2018 ck1698538 Non Cash Transactions Deposits Applied To Debt Issuance Costs
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123100
CY2018 ck1698538 Non Cash Transactions Acquisition Costs Included In Due To Affiliates
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1980000
CY2019 ck1698538 Non Cash Transactions Additions To Real Estate In Accounts Payable And Accrued Liabilities
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291425
CY2018 ck1698538 Non Cash Transactions Additions To Real Estate In Accounts Payable And Accrued Liabilities
NonCashTransactionsAdditionsToRealEstateInAccountsPayableAndAccruedLiabilities
1144210
CY2019 ck1698538 Non Cash Transactions Proceeds From Issuance Of Common Stock Previously In Accounts Payable And Accrued Liabilities
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73900
CY2018 ck1698538 Non Cash Transactions Other Assets Included In Accounts Payable And Accrued Liabilities
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67478
CY2019 ck1698538 Noncash Transactions Offering Costs Included In Accounts Payable And Accrued Liabilities Or Due To Affiliates
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CY2018 ck1698538 Noncash Transactions Offering Costs Included In Accounts Payable And Accrued Liabilities Or Due To Affiliates
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821523
CY2017 ck1698538 Noncash Transactions Offering Costs Included In Accounts Payable And Accrued Liabilities Or Due To Affiliates
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135002
CY2017 ck1698538 Non Cash Transactions Deferred Offering Costs Included In Accounts Payable And Accrued Liabilities
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107653
CY2018 ck1698538 Non Cash Transactions Preferred Equity Issuance In Operating Partnership
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100649
CY2017 ck1698538 Non Cash Transactions Preferred Equity Issuance In Operating Partnership
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1072055
CY2019 ck1698538 Non Cash Transactions Distribution Payable
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1646356
CY2017 ck1698538 Non Cash Transactions Distribution Payable
NonCashTransactionsDistributionPayable
463848
CY2019 ck1698538 Non Cash Transactions Redemption Of Common Stock Included In Accounts Payable And Accrued Liabilities
NonCashTransactionsRedemptionOfCommonStockIncludedInAccountsPayableAndAccruedLiabilities
30392
CY2018 ck1698538 Non Cash Transactions Redemption Of Common Stock Included In Accounts Payable And Accrued Liabilities
NonCashTransactionsRedemptionOfCommonStockIncludedInAccountsPayableAndAccruedLiabilities
15300
CY2019 ck1698538 Common Stock Issued For Dividend Re Investment Plan
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2352621
CY2018 ck1698538 Common Stock Issued For Dividend Re Investment Plan
CommonStockIssuedForDividendReInvestmentPlan
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CY2017 ck1698538 Common Stock Issued For Dividend Re Investment Plan
CommonStockIssuedForDividendReInvestmentPlan
303844
CY2019 us-gaap Nature Of Operations
NatureOfOperations
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Note 1. Organization</p> <p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.86%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Strategic Student &amp; Senior Housing Trust, Inc., a Maryland corporation, was formed on October 4, 2016 under the Maryland General Corporation Law for the purpose of engaging in the business of investing in student housing and senior housing real estate investments. The Company’s year-end is December 31. As used in these consolidated financial statements, “we,” “us,” “our,” and “Company” refer to Strategic Student &amp; Senior Housing Trust, Inc. and each of our subsidiaries. </p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.86%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">On October 4, 2016, our Advisor, as defined below, acquired 111.11 shares of our common stock for $1,000 and became our initial stockholder. On January 27, 2017, pursuant to a confidential private placement memorandum (the “Private Placement Memorandum”), we commenced a private offering of up to $100,000,000 in shares of our common stock (the “Primary Private Offering”) and 1,000,000 shares of common stock pursuant to our distribution reinvestment plan (collectively, the “Private Offering” and together with the Public Offering, the “Offerings”). The Private Offering required a minimum offering amount of $1,000,000. On August 4, 2017, we met such minimum offering requirement. Our Private Offering terminated on March 15, 2018. We raised offering proceeds of approximately $93 million from the issuance of approximately 10.8 million shares pursuant to the Private Offering.</p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.86%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="Background-color:#FFFFFF;">On May 1, 2018, our registration statement on Form S-11 (File No. 333-220646) (the “Registration Statement”) was declared effective by the Securities and Exchange Commission (“SEC”). The Registration Statement registered up to $1.0 billion in shares of common stock for sale to the public (the “Primary Offering”) consisting of three classes of shares — Class A shares, Class T shares, and Class W shares— and up to $95,000,000 in shares of common stock for sale pursuant to our distribution reinvestment plan (together with the Primary Offering, the “Public Offering”).</span> Concurrently with our Registration Statement being declared effective, we filed articles of amendment to our charter and articles supplementary to our charter. As a result, all shares issued in our Private Offering were redesignated as Class A shares and the authorized shares were reclassified among Class A shares and two new classes of shares, Class T shares and Class W shares. </p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.86%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="Background-color:#FFFFFF;">On June 21, 2019, we suspended the sale of Class A shares, Class T shares, and Class W shares in the Primary Offering and filed a post-effective amendment to our Registration Statement to register two new classes of shares (Class Y common stock and Class Z common stock) with the SEC. On July 10, 2019, the amendment to our Registration Statement was declared effective by the SEC.  Also on July 10, 2019, we filed articles supplementary to our charter which </span><span style="Background-color:#FFFFFF;color:#000000;">reclassified certain authorized and unissued shares of our common stock into Class Y shares and Class Z shares.  Effective as of July 10, 2019, we are offering Class Y shares (up to $700 million in shares) and Class Z shares (up to $300 million in shares) in our Primary Offering at a price of $9.30 per share and are offering Class A shares, Class T shares, Class W shares, Class Y shares, and Class Z shares pursuant to our distribution reinvestment plan at a price of $9.30 per share. The Class Y shares and Class Z shares have similar voting rights and rights upon liquidation to the Class A shares, Class T shares, and Class W shares, although distributions are expected to differ because of the stockholder servicing fee associated with the Class Y shares and the dealer manager servicing fee associated with the Class Z shares.</span> As of December 31, 2019, we had sold approximately 362,000 Class A shares, approximately 70,000 Class T shares, approximately 83,000 Class W shares, approximately 767,000 Class Y shares, and approximately 158,000 Class Z shares for gross offering proceeds of approximately $13.8 million in our Primary Offering. <span style="font-size:12pt;">    </span> </p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.86%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">While we were formed on October 4, 2016, no formal operations commenced until our acquisition of a property in Fayetteville, Arkansas (the “Fayetteville Property”) on June 28, 2017 and, therefore, there were no revenues or expenses prior thereto. As of December 31, 2019 we owned (i) two student housing properties, (ii) four senior housing properties, (iii) an approximately 2.6% beneficial interest in Reno Student Housing, DST, a Delaware Statutory Trust (DST) that owns a student housing property (“Reno Student Housing”), and (iv) an approximately 1.4% beneficial interest in Power 5 Conference Student Housing I, DST, a DST that owns two student housing properties (“Power 5 Conference Student Housing”). </p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.86%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Our operating partnership, SSSHT Operating Partnership, L.P., a Delaware limited partnership (our “Operating Partnership”), was formed on October 5, 2016. On October 5, 2016, our Advisor agreed to acquire a limited partnership interest in our Operating Partnership for $1,000 (111.11 partnership units) and we agreed to contribute the initial $1,000 capital contribution to our Operating Partnership in exchange for the general partner interest. In addition, on September 28, 2017, our Advisor acquired additional limited partnership interests (25,447.57 partnership units) in our Operating Partnership for $199,000, resulting in total capital contributions of $200,000 by our Advisor in our Operating Partnership. Our Operating Partnership owns, directly or indirectly through one or more special purpose entities, all of the student housing and senior housing properties that we acquire. As of December 31, 2019, we owned approximately 99.8% of the common units of limited partnership interest of our Operating Partnership. The remaining approximately 0.2% of the common units are owned </p> <p style="margin-bottom:0pt;margin-top:12pt;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">by our Advisor. We will conduct certain activities directly or indirectly through our taxable REIT subsidiary, SSSHT TRS, Inc., a Delaware corporation (the “TRS”) which was formed on October 6, 2016, and is a wholly owned subsidiary of our</span><span style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> Operating Partnership. See</span><span style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> Note </span><span style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">5</span><span style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> – Preferred Equity in our Operating Partnership</span><span style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">.  </span></p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.86%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">SmartStop Asset Management, LLC, a Delaware limited liability company organized in 2013 (our “Sponsor”), is the sponsor of our Public Offering. Our Sponsor is a company primarily focused on providing real estate advisory, asset management, and property management services. In June 2019, our Sponsor entered into a series of transactions with SmartStop Self Storage REIT, Inc. (f/k/a Strategic Storage Trust II, Inc.) (“SmartStop”) in which SmartStop acquired the self storage advisory, asset management, property management, investment management, and certain joint venture interests of our Sponsor. As a result of the transactions, our Sponsor and its subsidiaries own limited partnership units in the operating partnership of SmartStop, and our Sponsor is now focused primarily on student and senior housing. Our Sponsor owns 97.5% of the economic interests (and 100% of the voting membership interests) of our Advisor and owns 100% of our Property Manager, each as defined below. </p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.86%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">We have no employees. Our advisor is SSSHT Advisor, LLC, a Delaware limited liability company (our “Advisor”) which was formed on October 3, 2016. The majority of the officers of our Advisor are also officers of us and our Sponsor. Our Advisor is responsible for managing our affairs on a day-to-day basis and identifying and making acquisitions and investments on our behalf under the terms of the Advisory Agreement, as defined elsewhere herein.   Please see Note 7 – Related Party Transactions for additional detail. </p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.86%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">SSSHT Property Management, LLC, a Delaware limited liability company (our “Property Manager”), was formed on October 3, 2016. Our Property Manager derives substantially all of its income from the property management oversight services it performs for us. We expect that we will enter into property management agreements directly with third party property managers and that our Property Manager will provide oversight services with respect to such third party property managers. Please see Note 7 – Related Party Transactions for additional detail. </p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.86%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Our student housing properties are managed by a third-party student housing property manager. Our senior housing properties are managed by third-party senior living operators. Please see Note 8 – Commitments and Contingencies for additional detail. </p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.86%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Our dealer manager is Select Capital Corporation, a California corporation (our “Dealer Manager”). Our Sponsor owns, through a wholly-owned limited liability company, a 15% non-voting equity interest in our Dealer Manager. Affiliates of our Dealer Manager own a 2.5% non-voting membership interest in our Advisor, which they acquired on January 1, 2018. Our Dealer Manager is responsible for marketing our shares offered pursuant to our offerings. Please see Note 7 – Related Party Transactions for additional detail. </p> <p style="margin-top:12pt;margin-bottom:0pt;text-indent:4.86%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Our Sponsor owns 100% of the membership interests of Strategic Transfer Agent Services, LLC, our transfer agent (our “Transfer Agent”). Our Transfer Agent provides transfer agent and registrar services to us that are substantially similar to what a third party transfer agent would provide in the ordinary course of performing its functions as a transfer agent. Please see Note 7 – Related Party Transactions for additional detail. Prior to May 1, 2018, our Advisor provided services on our behalf similar to those provided by our Transfer Agent.</p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.86%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">As we accept subscriptions for shares of our common stock, we transfer all of the net offering proceeds to our Operating Partnership as capital contributions in exchange for additional limited partnership units in our Operating Partnership. However, we will be deemed to have made capital contributions in the amount of gross proceeds received from investors, and our Operating Partnership will be deemed to have simultaneously paid the sales commissions and other costs associated with the Offering. In addition, our Operating Partnership is structured to make distributions with respect to limited partnership units that are equivalent to the distributions we make to stockholders. Finally, a limited partner in our Operating Partnership may later exchange his or her limited partnership units in our Operating Partnership for shares of our common stock at any time after one year following the date of issuance of their limited partnership units, subject to certain restrictions outlined in the limited partnership agreement of our Operating Partnership (the “Operating Partnership Agreement”). Our Advisor is prohibited from exchanging or otherwise transferring its limited partnership units so long as it is acting as our Advisor pursuant to our Advisory Agreement. </p>
CY2019 dei Entity Incorporation Date Of Incorporation
EntityIncorporationDateOfIncorporation
2016-10-04
CY2019 ck1698538 Number Of Student Housing Properties
NumberOfStudentHousingProperties
2
CY2019 ck1698538 Number Of Senior Housing Properties
NumberOfSeniorHousingProperties
4
CY2019Q4 ck1698538 Number Of Employees
NumberOfEmployees
0
CY2019 us-gaap Use Of Estimates
UseOfEstimates
<p style="margin-bottom:0pt;margin-top:18pt;margin-left:4.86%;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Use of Estimates </p> <p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.86%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. The current economic environment has increased the degree of uncertainty inherent in these estimates and assumptions. Management will adjust such estimates when facts and circumstances dictate. Actual results could materially differ from those estimates. The most significant estimates made include the allocation of property purchase price to tangible and intangible assets acquired and liabilities assumed at relative fair value, the determination if certain entities should be consolidated, the evaluation of potential impairment of long-lived assets, and the estimated useful lives of real estate assets and intangibles. </p>
CY2018Q4 us-gaap Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Carrying Costs
RealEstateAndAccumulatedDepreciationCostsCapitalizedSubsequentToAcquisitionCarryingCosts
3400000
CY2019 ck1698538 Lease Cancellation Notice Period
LeaseCancellationNoticePeriod
P30D
CY2019Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
3800000
CY2019Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
600000
CY2019Q4 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
1800000
CY2018Q4 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
2200000
CY2019Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive
54751707
CY2019Q4 ck1698538 Maximum Offering Costs As Percentage Of Gross Offering Proceeds
MaximumOfferingCostsAsPercentageOfGrossOfferingProceeds
0.010
CY2019 ck1698538 Maximum Period For Reimbursement Of Offering Expenses
MaximumPeriodForReimbursementOfOfferingExpenses
P60D
CY2019Q2 ck1698538 Common Stock One Time Dividend Issued Day Month And Year
CommonStockOneTimeDividendIssuedDayMonthAndYear
2019-07-10
CY2019 ck1698538 Minimum Percentage Of Ordinary Taxable Income To Be Distributed To Stockholders
MinimumPercentageOfOrdinaryTaxableIncomeToBeDistributedToStockholders
0.90
CY2019Q4 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
1000000.0
CY2018Q4 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
300000
CY2019 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2
CY2019Q4 us-gaap Long Term Debt
LongTermDebt
208418809
CY2018Q4 ck1698538 Asset Acquisition Recognized Identifiable Assets Acquired And Liabilities Assumed Assets
AssetAcquisitionRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedAssets
173103441
CY2018 ck1698538 Asset Acquisition Proforma Information Revenue Of Acquiree Since Acquisition Date Actual
AssetAcquisitionProformaInformationRevenueOfAcquireeSinceAcquisitionDateActual
14950396
CY2018Q4 us-gaap Long Term Debt
LongTermDebt
203735898
CY2018 ck1698538 Asset Acquisition Proforma Information Earnings Or Loss Of Acquiree Since Acquisition Date Actual
AssetAcquisitionProformaInformationEarningsOrLossOfAcquireeSinceAcquisitionDateActual
5415723
CY2018 ck1698538 Asset Acquisition Fees Paid To Advisor
AssetAcquisitionFeesPaidToAdvisor
3200000
CY2019Q4 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
1802675
CY2018Q4 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
2184030
CY2019 us-gaap Line Of Credit Facility Commitment Fee Amount
LineOfCreditFacilityCommitmentFeeAmount
10000000.0
CY2017Q4 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
98258516
CY2018 us-gaap Real Estate Other Acquisitions
RealEstateOtherAcquisitions
157090441
CY2018Q4 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
256042603
CY2019Q4 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
268740745
CY2017Q4 us-gaap Real Estate Accumulated Depreciation
RealEstateAccumulatedDepreciation
1254849
CY2018 us-gaap Sec Schedule Iii Real Estate Accumulated Depreciation Depreciation Expense
SECScheduleIIIRealEstateAccumulatedDepreciationDepreciationExpense
5898283
CY2018Q4 us-gaap Real Estate Accumulated Depreciation
RealEstateAccumulatedDepreciation
7153132
CY2019 us-gaap Sec Schedule Iii Real Estate Accumulated Depreciation Depreciation Expense
SECScheduleIIIRealEstateAccumulatedDepreciationDepreciationExpense
8090701
CY2019Q4 us-gaap Real Estate Accumulated Depreciation
RealEstateAccumulatedDepreciation
15243833
CY2018Q4 ck1698538 Asset Acquisition Recognized Identifiable Assets Acquired And Liabilities Assumed Buildings
AssetAcquisitionRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedBuildings
157090441
CY2018Q4 ck1698538 Asset Acquisition Recognized Identifiable Assets Acquired And Liabilities Assumed Intangibles
AssetAcquisitionRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedIntangibles
16013000
CY2019Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
527944
CY2019Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
47795604
CY2019Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
1011295
CY2019Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
1680592
CY2019 us-gaap Profit Loss
ProfitLoss
-18578292
CY2018 us-gaap Profit Loss
ProfitLoss
-15720781
CY2019Q4 us-gaap Long Term Debt Maturities Repayments Of Principal After Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive
104454342
CY2019Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
210221484
CY2019Q4 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
1802675
CY2019Q4 us-gaap Secured Debt
SecuredDebt
208418809
CY2019 ck1698538 Preferred Units Distribution Description
PreferredUnitsDistributionDescription
The holders of Preferred Units accrue distributions at a rate of 9.0% per annum (the “Pay Rate”), payable monthly and calculated on an actual/360 day basis. Accumulated but unpaid distributions, if any, accrue at the Pay Rate. The preferred units of limited partnership interests in our Operating Partnership rank senior to all classes or series of partnership interests in our Operating Partnership and therefore, any cash we have to pay distributions otherwise may be used to pay distributions to the holder of such preferred units first.
CY2019 ck1698538 Preferred Units Distribution Description Rate
PreferredUnitsDistributionDescriptionRate
0.090
CY2018 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2
CY2019 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2
CY2017 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1
CY2019 us-gaap Cost Of Revenue
CostOfRevenue
20906025
CY2018 us-gaap Cost Of Revenue
CostOfRevenue
13787526
CY2019 ck1698538 Operating Income Loss By Segment
OperatingIncomeLossBySegment
12866036
CY2018 ck1698538 Operating Income Loss By Segment
OperatingIncomeLossBySegment
9585196
CY2019 us-gaap Affiliate Costs
AffiliateCosts
2774621
CY2018 us-gaap Affiliate Costs
AffiliateCosts
1547821
CY2019 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
2328994
CY2018 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
1822190
CY2019 us-gaap Depreciation
Depreciation
8090701
CY2018 us-gaap Depreciation
Depreciation
5898283
CY2019 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
7283174
CY2018 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
8027531
CY2018 ck1698538 Asset Acquisition Related Costs Paid To Affiliates
AssetAcquisitionRelatedCostsPaidToAffiliates
154136
CY2018 ck1698538 Other Property Acquisition Expenses
OtherPropertyAcquisitionExpenses
323906
CY2019 us-gaap Interest Expense Debt Excluding Amortization
InterestExpenseDebtExcludingAmortization
10222569
CY2018 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
773355
CY2019 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-15668
CY2018 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-73625
CY2019Q4 us-gaap Assets
Assets
273078407
CY2018Q4 us-gaap Assets
Assets
277969615
CY2019 ck1698538 Maximum Period For Reimbursement Of Offering Cost
MaximumPeriodForReimbursementOfOfferingCost
P60D
CY2019 ck1698538 Maximum Period For Reimbursement Of Offering Expenses
MaximumPeriodForReimbursementOfOfferingExpenses
P60D
CY2019Q4 ck1698538 Acquisition Fee As Percentage Of Contract Purchase Price
AcquisitionFeeAsPercentageOfContractPurchasePrice
0.02
CY2019 ck1698538 Advisory Agreement Asset Management Fee Percentage
AdvisoryAgreementAssetManagementFeePercentage
0.0005417
CY2019 ck1698538 Monthly Assets Management Fees One Twelfth Of Less Than One Percentage Of Assets Value Exceed Specific Value
MonthlyAssetsManagementFeesOneTwelfthOfLessThanOnePercentageOfAssetsValueExceedSpecificValue
one twelfth of 0.65%
CY2018 us-gaap Related Party Transaction Expenses From Transactions With Related Party
RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty
8512507
CY2018 ck1698538 Related Party Transaction Cash Paid
RelatedPartyTransactionCashPaid
4521799
CY2019Q4 us-gaap Real Estate Gross At Carrying Value
RealEstateGrossAtCarryingValue
268740745
CY2019Q4 us-gaap Real Estate Accumulated Depreciation
RealEstateAccumulatedDepreciation
15243833
CY2018Q4 us-gaap Due To Related Parties Current And Noncurrent
DueToRelatedPartiesCurrentAndNoncurrent
4237666
CY2019 us-gaap Related Party Transaction Expenses From Transactions With Related Party
RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty
5385178
CY2019 ck1698538 Related Party Transaction Cash Paid
RelatedPartyTransactionCashPaid
1504496
CY2019Q4 us-gaap Due To Related Parties Current And Noncurrent
DueToRelatedPartiesCurrentAndNoncurrent
8118348
ck1698538 Asset Management Fees Waived By Advisor
AssetManagementFeesWaivedByAdvisor
160000
CY2019Q4 us-gaap Shares Subject To Mandatory Redemption Settlement Terms Number Of Shares
SharesSubjectToMandatoryRedemptionSettlementTermsNumberOfShares
37000
CY2018Q4 us-gaap Shares Subject To Mandatory Redemption Settlement Terms Amount
SharesSubjectToMandatoryRedemptionSettlementTermsAmount
15000
CY2018Q4 us-gaap Shares Subject To Mandatory Redemption Settlement Terms Number Of Shares
SharesSubjectToMandatoryRedemptionSettlementTermsNumberOfShares
2000
CY2019Q4 us-gaap Dividends Payable Date Declared Day Month And Year
DividendsPayableDateDeclaredDayMonthAndYear
2019-12-12
CY2019Q4 ck1698538 Common Stock Daily Dividends Per Share Declared
CommonStockDailyDividendsPerShareDeclared
0.0016934426
CY2019Q4 ck1698538 Dividends Payable Start Date Of Record Day Month And Year
DividendsPayableStartDateOfRecordDayMonthAndYear
2020-01-01
CY2019Q4 us-gaap Dividends Payable Date Of Record Day Month And Year
DividendsPayableDateOfRecordDayMonthAndYear
2020-03-31
CY2019Q4 srt Real Estate And Accumulated Depreciation Amount Of Encumbrances
RealEstateAndAccumulatedDepreciationAmountOfEncumbrances
163105000
CY2019Q4 us-gaap Real Estate And Accumulated Depreciation Initial Cost Of Land
RealEstateAndAccumulatedDepreciationInitialCostOfLand
20688000
CY2019Q4 us-gaap Real Estate And Accumulated Depreciation Initial Cost Of Buildings And Improvements
RealEstateAndAccumulatedDepreciationInitialCostOfBuildingsAndImprovements
234626441
CY2019Q4 ck1698538 Real Estate Initial At Carrying Value
RealEstateInitialAtCarryingValue
255314441
CY2019Q4 us-gaap Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Improvements
RealEstateAndAccumulatedDepreciationCostsCapitalizedSubsequentToAcquisitionImprovements
13426304
CY2019Q4 us-gaap Real Estate And Accumulated Depreciation Carrying Amount Of Land
RealEstateAndAccumulatedDepreciationCarryingAmountOfLand
20688000
CY2019Q4 us-gaap Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements
RealEstateAndAccumulatedDepreciationCarryingAmountOfBuildingsAndImprovements
248052745
CY2019Q4 srt Real Estate Federal Income Tax Basis
RealEstateFederalIncomeTaxBasis
294427502
CY2018Q4 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
256042603
CY2017Q4 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
98258516
CY2018 us-gaap Real Estate Other Acquisitions
RealEstateOtherAcquisitions
157090441
CY2017 us-gaap Real Estate Other Acquisitions
RealEstateOtherAcquisitions
98224000
CY2019Q4 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
268740745
CY2018Q4 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
256042603
CY2017Q4 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
98258516
CY2018Q4 us-gaap Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
7153132
CY2017Q4 us-gaap Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
1254849
CY2019 us-gaap Sec Schedule Iii Real Estate Accumulated Depreciation Depreciation Expense
SECScheduleIIIRealEstateAccumulatedDepreciationDepreciationExpense
8090701
CY2018 us-gaap Sec Schedule Iii Real Estate Accumulated Depreciation Depreciation Expense
SECScheduleIIIRealEstateAccumulatedDepreciationDepreciationExpense
5898283
CY2017 us-gaap Sec Schedule Iii Real Estate Accumulated Depreciation Depreciation Expense
SECScheduleIIIRealEstateAccumulatedDepreciationDepreciationExpense
1254849
CY2019Q4 us-gaap Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
15243833
CY2018Q4 us-gaap Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
7153132
CY2017Q4 us-gaap Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
1254849
CY2018Q4 us-gaap Development In Process
DevelopmentInProcess
2333331
CY2017Q4 us-gaap Development In Process
DevelopmentInProcess
0
CY2016Q4 us-gaap Development In Process
DevelopmentInProcess
0
CY2019 ck1698538 Development In Process Additions
DevelopmentInProcessAdditions
10563033
CY2018 ck1698538 Development In Process Additions
DevelopmentInProcessAdditions
3026977
CY2019 ck1698538 Development In Process Assets Placed Into Service
DevelopmentInProcessAssetsPlacedIntoService
12698142
CY2018 ck1698538 Development In Process Assets Placed Into Service
DevelopmentInProcessAssetsPlacedIntoService
693646
CY2019Q4 us-gaap Development In Process
DevelopmentInProcess
198222
CY2018Q4 us-gaap Development In Process
DevelopmentInProcess
2333331
CY2019Q4 us-gaap Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
253695134
CY2018Q4 us-gaap Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
251222802
CY2017Q4 us-gaap Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
97003667

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