SUBSEQUENT EVENTS

3 Months Ended

Mar. 31, 2021

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

The Company evaluates subsequent events up until the date the consolidated financial statements are issued.

Distributions Paid

On April 1, 2021, the Company paid distributions of $9.2 million, which related to distributions in the amount of $0.04983333 per share of common stock to stockholders of record as of the close of business on March 19, 2021. On May 3, 2021, the Company paid distributions of $9.2 million, which related to distributions in the amount of $0.04983333 per share of common stock to stockholders of record as of the close of business on April 20, 2021.

Distributions Authorized

On May 13, 2021, the Company’s board of directors authorized a May 2021 distribution in the amount of $0.04983333 per share of common stock to stockholders of record as of the close of business on May 20, 2021, which the Company expects to pay in June 2021.

Investors may choose to receive cash distributions or purchase additional shares through the Company’s dividend reinvestment plan.

Updated Estimated Value Per Share

On May 13, 2021, the Company’s board of directors approved an estimated value per share of the Company’s common stock of $10.77 based on the estimated value of the Company’s assets less the estimated value of the Company’s liabilities divided by the number of shares outstanding, all as of March 31, 2021, with the exception of adjustments to the Company’s net asset value to give effect to the change in the estimated value of the Company’s investment in units of the SREIT (SGX-ST Ticker: OXMU) as of April 29, 2021. For a full description of the limitations, methodologies and assumptions used to value the Company’s assets and liabilities in connection with the calculation of the Company’s estimated value per share, see the Company’s Current Report on Form 8-K, filed with the SEC on May 14, 2021.

Updated Dividend Reinvestment Plan Pricing

Pursuant to the Company’s dividend reinvestment plan, participants in the dividend reinvestment plan will acquire shares of the Company’s common stock under the plan at a price equal to 95% of the estimated value per share of the Company’s common stock. As such, commencing on the next dividend reinvestment plan purchase date, which is June 1, 2021, participants will acquire shares of the Company’s common stock under the plan at a price equal to 95% of $10.77, or $10.23 per share.

If a participant wishes to terminate participation in the Company’s dividend reinvestment plan effective for the June 1, 2021 purchase date, participants must notify the Company in writing of such decision, and the Company must receive the notice by the close of business on May 24, 2021.

Updated Share Redemption Program Pricing

In accordance with the Company’s share redemption program, the redemption price for shares eligible for redemption is calculated based upon the updated estimated value per share. Redemptions made in connection with a stockholder’s death, “qualifying disability” or “determination of incompetence” (each as defined in the share redemption program and together with redemptions sought in connection with a stockholder’s death, “Special Redemptions”) are made at a price per share equal to the most recent estimated value per share of the Company’s common stock as of the applicable redemption date. All other shares eligible for redemption (“Ordinary Redemptions”) will be made at a price per share equal to 95% of the most recent estimated value per share of the Company’s common stock as of the applicable redemption date.

Effective May 13, 2021, the redemption price for all stockholders will be calculated based on the May 13, 2021 estimated value per share. For a stockholder’s shares to be eligible for redemption in a given month or to withdraw a redemption request, the Company must receive a written notice from the stockholder or from an authorized representative of the stockholder in good order and on a form approved by the Company at least five business days before the redemption date.

The Company’s share redemption program includes numerous restrictions that limit stockholders’ ability to sell their shares to the Company and Ordinary Redemptions are currently suspended under the share redemption program.