Subsequent Events |
18. Subsequent Events Status of Our Offering As of August 3, 2018, we had received and accepted subscriptions in our offering for 55,061,108 aggregate shares of our Class T and Class I common stock, or $548,259,000, excluding shares of our common stock issued pursuant to the DRIP. Property Acquisitions Subsequent to June 30, 2018, we completed four property acquisitions comprising four buildings from unaffiliated third parties. The following is a summary of our property acquisitions subsequent to June 30, 2018: | | | | | | | | | | | | | | | | | | | | Acquisition(1) | | Location | | Type | | Date Acquired | | Contract Purchase Price | | Corporate Line of Credit(2) | | Total Acquisition Fee(3) | Pinnacle Beaumont ALF(4) | | Beaumont, TX | | Senior Housing — RIDEA | | 07/01/18 | | $ | 19,500,000 |
| | $ | 19,400,000 |
| | $ | 868,000 |
| Grand Junction MOB | | Grand Junction, CO | | Medical Office | | 07/06/18 | | 31,500,000 |
| | 31,400,000 |
| | 1,418,000 |
| Edmonds MOB | | Edmonds, WA | | Medical Office | | 07/30/18 | | 23,500,000 |
| | 22,000,000 |
| | 1,058,000 |
| Pinnacle Warrenton ALF(4) | | Warrenton, MO | | Senior Housing — RIDEA | | 08/01/18 | | 8,100,000 |
| | 8,100,000 |
| | 360,000 |
| | | | | | | | | $ | 82,600,000 |
| | $ | 80,900,000 |
| | $ | 3,704,000 |
|
___________ | | (1) | We own 100% of our properties acquired subsequent to June 30, 2018, with the exception of Pinnacle Beaumont ALF and Pinnacle Warrenton ALF. |
| | (2) | Represents borrowings under the Corporate Line of Credit, as amended, at the time of acquisition. |
| | (3) | Our advisor was paid, as compensation for services rendered in connection with the investigation, selection and acquisition of our properties, a base acquisition fee of 2.25% of the portion of the aggregate contract purchase price paid by us. In addition, the total acquisition fee includes a Contingent Advisor Payment, as defined in Note 12, Related Party Transactions, in the amount of 2.25% of the portion of the aggregate contract purchase price paid by us, which shall be paid by us to our advisor, subject to the satisfaction of certain conditions. See Note 12, Related Party Transactions — Acquisition and Development Stage — Acquisition Fee, for a further discussion. |
| | (4) | On July 1, 2018 and August 1, 2018, we completed the acquisitions of Pinnacle Beaumont ALF and Pinnacle Warrenton ALF, respectively, pursuant to a joint venture with an affiliate of Meridian Senior Living, LLC, an unaffiliated third party. Our ownership of the joint venture is approximately 98%. |
|