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Subsequent Events
11 Months Ended
Dec. 31, 2014
Subsequent Events [Abstract]  
Subsequent Events
Subsequent Events

Status of the Offering

As of March 6, 2015, the Company has received and accepted subscriptions in the Offering for 4,008,704 Class A shares of common stock, or $39,709,545, excluding Class A shares of common stock issued pursuant to the DRP. To date, a total of $149,375 in distributions were reinvested pursuant to the DRP and 15,724 Class A shares of common stock were issued pursuant to the DRP.

Changes to the Composition of the Company's Board of Directors

On February 4, 2015, the Company's nominating and corporate governance committee and the Company's board of directors determined to increase the size of the board of directors from three directors to five directors. Also on February 4, 2015, the Company's nominating and corporate governance committee and the Company's board of directors appointed Michael J. Escalante as a member of the board of directors and appointed Samuel Tang as an independent director member of the board of directors, as well as a member of the nominating and corporate governance committee and a member and Chairman of the audit committee. The board of directors has reviewed Mr. Tang's background and qualifications and has deemed him to be an "audit committee financial expert," as such term is defined by the rules and regulations of the SEC.

On February 4, 2015, in connection with the appointment of Mr. Tang to the board of directors and the audit committee, Timothy J. Rohner, an independent director, member and Chairman of the audit committee, and member of the nominating and corporate governance committee, resigned from his position as Chairman of the audit committee in order for the board of directors to elect Mr. Tang as the new Chairman. Mr. Rohner remains an independent director and member of the audit committee and the nominating and corporate governance committee. Mr. Rohner's decision to resign as Chairman of the audit committee did not involve any disagreement with the Company, the Company's management, or the board of directors.

Declaration of Distributions

On March 3, 2015, the Company’s board of directors declared distributions in the amount of $0.00150684932 per day per share on the outstanding shares of common stock payable to stockholders of record at the close of business on each day during the period from April 1, 2015 through June 30, 2015. Such distributions payable to each stockholder of record during a month will be paid on such date of the following month as the Company’s Chief Executive Officer may determine.

Acquisition of Owens Corning Property

On March 9, 2015, the Company, through the Operating Partnership, acquired a single story Class A industrial property consisting of approximately 61,200 rentable square feet located in Concord, North Carolina (the "Owens Corning property"). The Owens Corning property is leased in its entirety pursuant to a triple-net lease to Owens Corning Sales, LLC ("Owens Corning Sales"), a wholly-owned subsidiary of Owens Corning, Inc. ("Owens Corning"), obligating Owens Corning Sales to all costs and expenses to operate and maintain the property, including certain capital expenditures. On the acquisition date, the remaining lease term was approximately ten years.
The purchase price of the Owens Corning property was $5.5 million, which, along with other closing fees and expenses, including acquisition fees and expense reimbursement paid to the Advisor, was funded with proceeds from the Primary Offering.