chpii-10q_20180331.htm

0001564590-18-013024.txt : 20180510 0001564590-18-013024.hdr.sgml : 20180510 20180510165205 ACCESSION NUMBER: 0001564590-18-013024 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 56 CONFORMED PERIOD OF REPORT: 20180331 FILED AS OF DATE: 20180510 DATE AS OF CHANGE: 20180510 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CNL Healthcare Properties II, Inc. CENTRAL INDEX KEY: 0001648383 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 474524619 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-55777 FILM NUMBER: 18823713 BUSINESS ADDRESS: STREET 1: 450 SOUTH ORANGE AVENUE CITY: ORLANDO STATE: FL ZIP: 32801 BUSINESS PHONE: 407.650.1000 MAIL ADDRESS: STREET 1: 450 SOUTH ORANGE AVENUE CITY: ORLANDO STATE: FL ZIP: 32801 10-Q 1 chpii-10q_20180331.htm 10-Q chpii-10q_20180331.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q
☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2018

☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission file number: 000-55777

CNL Healthcare Properties II, Inc.

(Exact name of registrant as specified in its charter)

Maryland		47-4524619
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)
CNL Center at City Commons 450 South Orange Avenue Orlando, Florida		32801
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code (407) 650-1000

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No☐

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☐ (Do not check if a smaller reporting company)	Smaller reporting company	☒
		Emerging growth company	☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☒

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

The number of shares of the registrant’s outstanding Class A, Class T and Class I common stock as of May 1, 2018 was 856,916 shares, 2,738,811 shares and 300,705 shares, respectively.

CNL HEALTHCARE PROPERTIES II, INC. AND SUBSIDIARIES

INDEX

		Page
PART I. FINANCIAL INFORMATION

Item 1.	Condensed Consolidated Financial Information (unaudited):	2
	Condensed Consolidated Balance Sheets	2
	Condensed Consolidated Statements of Operations	3
	Condensed Consolidated Statements of Stockholders’ Equity	4
	Condensed Consolidated Statements of Cash Flows	5
	Notes to Condensed Consolidated Financial Statements	6
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	16
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	27
Item 4.	Controls and Procedures	28

PART II. OTHER INFORMATION

Item 1.	Legal Proceedings	29
Item 1A.	Risk Factors	29
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	29
Item 3.	Defaults Upon Senior Securities	31
Item 4.	Mine Safety Disclosures	31
Item 5.	Other Information	31
Item 6.	Exhibits	31

Exhibits		32
Signatures		33

Item 1.

Financial Statements

CNL HEALTHCARE PROPERTIES II, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

	March 31,		December 31,
ASSETS	2018		2017
Real estate investment properties, net	$	30,826,528	$	31,085,939
Cash		18,794,963		12,310,920
Intangibles, net		4,458,230		4,653,504
Other assets		199,616		192,423
Restricted cash		139,378		110,999
Total assets	$	54,418,715	$	48,353,785

LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Mortgages and notes payable, net	$	19,554,640	$	19,532,986
Due to related parties		1,165,414		1,023,909
Accounts payable and accrued liabilities		958,637		836,647
Other liabilities		451,519		450,311
Total liabilities		22,130,210		21,843,853

Commitments and contingencies (Note 10)

Stockholders' equity:
Preferred stock, $0.01 par value per share, 10,000,000 shares authorized; none issued or outstanding		―		―
Class A Common stock, $0.01 par value per share, 1,200,000,000 shares authorized; 839,410 and 808,011 shares both issued and outstanding, respectively		8,394		8,080
Class T Common stock, $0.01 par value per share, 700,000,000 shares authorized; 2,623,134 and 2,049,223 shares issued and 2,620,596 and 2,049,223 shares outstanding, respectively		26,206		20,492
Class I Common stock, $0.01 par value per share, 100,000,000 shares authorized; 253,489 and 160,490 shares both issued and outstanding, respectively		2,535		1,605
Capital in excess of par value		35,549,090		28,984,932
Accumulated loss		(2,049,215)		(1,658,977)
Accumulated distributions		(1,248,505)		(846,200)
Total stockholders' equity		32,288,505		26,509,932
Total liabilities and stockholders' equity	$	54,418,715	$	48,353,785

See accompanying notes to condensed consolidated financial statements.

CNL HEALTHCARE PROPERTIES II, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

	Three Months Ended
	March 31,
	2018		2017
Revenues:
Resident fees and services	$	1,124,525	$	11,430
Rental income and tenant reimbursements		408,816		―
Total revenues		1,533,341		11,430

Operating expenses:
Property operating expenses		788,381		8,686
General and administrative expenses		319,684		234,538
Acquisition fees and expenses		818		―
Property management fees		84,012		―
Depreciation and amortization		454,418		―
Total operating expenses		1,647,313		243,224

Operating loss		(113,972)		(231,794)

Other income (expense):
Interest and other income		22		―
Interest expense and loan cost amortization		(244,932)		(19,326)
Total other expense		(244,910)		(19,326)
Loss before income taxes		(358,882)		(251,120)
Income tax expense		31,356		―
Net loss	$	(390,238)	$	(251,120)

Class A common stock:
Net loss attributable to Class A stockholders	$	(96,010)	$	(94,685)
Net loss per share of Class A common stock outstanding (basic and diluted)	$	(0.12)	$	(0.25)
Weighted average number of Class A common shares outstanding (basic and diluted)		819,613		377,773
Distributions declared per Class A common share	$	0.1440	$	0.1050

Class T common stock:
Net loss attributable to Class T stockholders	$	(269,791)	$	(153,460)
Net loss per share of Class T common stock outstanding (basic and diluted)	$	(0.12)	$	(0.25)
Weighted average number of Class T common shares outstanding (basic and diluted)		2,303,138		612,266
Distributions declared per Class T common share	$	0.1178	$	0.0750

Class I common stock:
Net loss attributable to Class I stockholders	$	(24,437)	$	(2,975)
Net loss per share of Class I common stock outstanding (basic and diluted)	$	(0.12)	$	(0.25)
Weighted average number of Class I common shares outstanding (basic and diluted)		208,616		11,868
Distributions declared per Class I common share	$	0.1312	$	0.1050

See accompanying notes to condensed consolidated financial statements.

CNL HEALTHCARE PROPERTIES II, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (UNAUDITED)

FOR THE THREE MONTHS ENDED MARCH 31, 2018 AND 2017

		Common Stock
		Class A			Class T				Class I			Capital in						Total
		Number	Par		Number	Par		Number		Par		Excess of		Accumulated		Accumulated		Stockholders'
		of Shares	Value		of Shares	Value		of Shares		Value		Par Value		Loss		Distributions		Equity
Balance at December 31, 2017	$	808,011	$	8,080	2,049,223	$	20,492		160,490	$	1,605	$	28,984,932	$	(1,658,977)	$	(846,200)	$	26,509,932
Subscriptions received for common stock,
including distribution reinvestments		28,955		290	567,249		5,672		92,413		924		7,180,587		―		―		7,187,473
Stock dividends issued		2,444		24	6,662		67		586		6		(97)		―		―		―
Redemptions of common stock		―		―	(2,538)		(25)		―		―		(25,357)		―		―		(25,382)
Stock issuance and offering costs		―		―	―		―		―		―		(590,975)		―		―		(590,975)
Net loss		―		―	―		―		―		―		―		(390,238)		―		(390,238)
Cash distributions declared		―		―	―		―		―		―		―		―		(402,305)		(402,305)
Balance at March 31, 2018	$	839,410	$	8,394	2,620,596	$	26,206		253,489	$	2,535	$	35,549,090	$	(2,049,215)	$	(1,248,505)	$	32,288,505

Balance at December 31, 2016	$	325,119	$	3,251	308,587	$	3,086		8,454	$	85	$	6,226,141	$	(342,447)	$	(57,361)	$	5,832,755
Subscriptions received for common stock,
including distribution reinvestments		107,480		1,075	525,753		5,258		9,400		94		6,797,145		―		―		6,803,572
Stock dividends issued		1,948		19	2,698		27		48		1		(47)		―		―		―
Stock issuance and offering costs		―		―	―		―		―		―		(551,408)		―		―		(551,408)
Net loss		―		―	―		―		―		―		―		(251,120)		―		(251,120)
Cash distributions declared		―		―	―		―		―		―		―		―		(73,202)		(73,202)
Balance at March 31, 2017	$	434,547	$	4,345	837,038	$	8,371		17,902	$	180	$	12,471,831	$	(593,567)	$	(130,563)	$	11,760,597

See accompanying notes to condensed consolidated financial statements.

CNL HEALTHCARE PROPERTIES II, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

	Three Months Ended
	March 31,
	2018		2017
Operating activities:
Net cash flows provided by (used in) operating activities	$	156,890	$	(154,202)

Investing activities:
Acquisition of property		(1,000)		(21,769,784)
Capital expenditures		(9,630)		―
Net cash used in investing activities		(10,630)		(21,769,784)

Financing activities:
Subscriptions received for common stock through primary offering		6,962,029		6,775,312
Payment of underwriting compensation		(383,228)		(403,128)
Payment of cash distributions, net of distribution reinvestments		(176,860)		(44,942)
Redemptions of common stock		(25,382)		―
Proceeds from mortgages and notes payable		―		16,050,000
Payment of loan costs		(10,397)		(177,512)
Net cash flows provided by financing activities		6,366,162		22,199,730

Net increase in cash and restricted cash		6,512,422		275,744
Cash and restricted cash at beginning of period		12,421,919		6,360,241
Cash and restricted cash at end of period	$	18,934,341	$	6,635,985

Supplemental disclosure of non-cash investing and financing activities:
Amounts incurred but not paid (including amounts due to related parties):
Acquisition fees and expenses related to asset acquisition	$	5,000	$	38,790
Selling commissions and Dealer Manager fees	$	2,809	$	―
Annual distribution and stockholder servicing fee	$	1,031,613	$	315,386
Assumption of liabilities on acquisition of property	$	―	$	170,918

See accompanying notes to condensed consolidated financial statements.

CNL HEALTHCARE PROPERTIES II, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

THREE MONTHS ENDED MARCH 31, 2018 (UNAUDITED)

1.	Organization

CNL Healthcare Properties II, Inc. (“Company”) is a Maryland corporation organized on July 10, 2015 that intends to qualify and may elect to be taxed as a real estate investment trust (“REIT”) for U.S. federal income tax purposes beginning with the year ending December 31, 2017 or, as determined by its board of directors, the Company’s first year of material operations. The Company is sponsored by CNL Financial Group, LLC (“Sponsor” or “CNL”) and was formed primarily to acquire and manage a diversified portfolio of healthcare real estate and real estate-related assets that it believes will generate a steady current return and provide long-term value to its stockholders. It intends to focus on investing, primarily in the United States, within the seniors housing, medical office, acute care and post-acute care sectors, as well as other types of real estate and real estate-related securities and loans.

The Company is externally managed and advised by CHP II Advisors, LLC, (“Advisor”) an affiliate of CNL. The Advisor provides advisory services to the Company relating to substantially all aspects of its investments and operations, including real estate acquisitions, asset management and other operational matters. During the period from July 10, 2015 to December 31, 2015, the Company sold 20,000 shares of common stock to the Advisor for an aggregate purchase price of $0.2 million, and these shares were converted into 20,000 Class A shares upon the filing of the Company’s Articles of Amendment and Restatement in March 2016.

On March 2, 2016, pursuant to a registration statement on Form S-11 under the Securities Act of 1933, the Company commenced its initial public offering of up to $1.75 billion (“Primary Offering”), in any combination, of Class A, Class T and Class I shares of common stock on a “best efforts” basis, which means that CNL Securities Corp. (“Dealer Manager”), an affiliate of the Sponsor, will use its best efforts but is not required to sell any specific amount of shares. The Company also intends to offer up to $250 million, in any combination, of Class A, Class T and Class I shares to be issued pursuant to its distribution reinvestment plan (“Reinvestment Plan” and, together with the Primary Offering, the “Offering”). The Company reserves the right to reallocate the shares offered between the Primary Offering and the Reinvestment Plan.

From the time of the Company’s formation on July 10, 2015 (inception) through July 10, 2016, the Company had not commenced operations because the Company was in its development stage and had not received the minimum required offering amount of $2.0 million in shares of common stock. The Company broke escrow in its Offering effective July 11, 2016, through the sale of 250,000 Class A shares to its Advisor for $2.5 million and commenced operations.

The Company contributes the net proceeds from its Offering to CHP II Partners, LP (“Operating Partnership”) in exchange for partnership interests. The Company intends to own substantially all of its assets either directly or indirectly through the Operating Partnership in which the Company is the sole limited partner and its wholly-owned subsidiary, CHP II GP, LLC, is the sole general partner. The Operating Partnership may own assets through: (1) a wholly-owned taxable REIT subsidiary (“TRS”), CHP II TRS Holding, Inc. (“TRS Holdings”) and (2) property owner subsidiaries, which are single purpose entities.

The Company has and generally expects to lease its seniors housing properties to single member limited liability companies wholly-owned by TRS Holdings and engage independent third-party managers under management agreements to operate the properties as permitted under the REIT Investment Diversification and Empowerment Act of 2007 (“RIDEA”) structures; however, the Company may also lease its properties to third-party tenants under triple-net or similar lease structures, where the tenant bears all or substantially all of the costs (including cost increases for real estate taxes, utilities, insurance and ordinary repairs). Medical office, acute care and post-acute care properties have and will generally be leased on a triple-net, net or modified gross basis to third-party tenants. In addition, the Company expects most investments will be wholly-owned, although, it may invest through partnerships with other entities where the Company believes it is appropriate and beneficial. The Company expects to invest in a combination of stabilized assets, new property developments and properties which have not reached full stabilization. Finally, the Company may invest in and originate mortgage, bridge or mezzanine loans or in entities that make investments similar to the foregoing investment types. The Company would generally make loans to the owners of properties to enable them to acquire land, buildings, or to develop property. In exchange, the owner generally grants the Company a first lien or collateralized interest in a participating mortgage collateralized by the property or by interests in the entity that owns the property.

CNL HEALTHCARE PROPERTIES II, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

THREE MONTHS ENDED MARCH 31,2018 (UNAUDITED)

2.	Summary of Significant Accounting Policies

Basis of Presentation and Consolidation — The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and do not include all of the information and note disclosures required by generally accepted accounting principles in the United States (“GAAP”). The unaudited condensed consolidated financial statements reflect all normal recurring adjustments, which, in the opinion of management, are necessary for the fair statement of the Company’s results for the interim period presented. Operating results for the three months ended March 31, 2018 may not be indicative of the results that may be expected for the year ending December 31, 2018. Amounts as of December 31, 2017 included in the unaudited condensed consolidated financial statements have been derived from audited consolidated financial statements as of that date but do not include all disclosures required by GAAP. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2017.

The accompanying condensed consolidated financial statements include the accounts of the Company, the Operating Partnership and its other subsidiaries. All material intercompany accounts and transactions have been eliminated in consolidation.

Use of Estimates — The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts in the Company’s condensed consolidated financial statements and accompanying notes. Actual results could differ from those estimates.

Adopted Accounting Pronouncements — In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers,” as a new ASC topic (Topic 606). The core principle of this ASU is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The ASU further provides guidance for any entity that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of nonfinancial assets, unless those contracts are within the scope of other standards (for example, lease contracts). The FASB subsequently issued ASU 2015-14 to defer the effective date of ASU 2014-09 until annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period, with earlier adoption permitted. In addition, the FASB issued ASU 2017-05, "Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20)," which clarifies the scope of subtopic 610-20, that was issued as a part of ASU 2014-09, as it relates to in-substance nonfinancial assets and must be adopted concurrently with ASC 606. Both ASUs can be adopted using one of two retrospective transition methods: (i) retrospectively to each prior reporting period presented or (ii) as a cumulative-effect adjustment as of the date of adoption. The Company adopted these ASUs using the modified retrospective approach as its transition method on January 1, 2018; the adoption of which did not have a material impact to its consolidated financial statements.

In August 2017, the FASB issued ASU 2017-12 “Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities,” which amended the hedge accounting model to better reflect an entity’s risk management activities. The ASU expands an entities ability to hedge nonfinancial and financial risk components as well as reduce the complexity related to fair value hedges of interest rate risk. The ASU further eliminates the requirement to separately measure and report hedge ineffectiveness and generally requires the entire change in the fair value of a hedging instrument to be presented in the same income statement line as the hedged item. The ASU is effective for annual reporting periods, and interim periods within those annual periods, beginning after December 15, 2018. The Company early adopted this ASU prospectively on January 1, 2018; the adoption of which did not have a material impact on the Company’s consolidated financial statements.

CNL HEALTHCARE PROPERTIES II, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

THREE MONTHS ENDED MARCH 31,2018 (UNAUDITED)

2.	Summary of Significant Accounting Policies (continued)

Recent Accounting Pronouncements — In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842): Accounting for Leases,” which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e. lessees and lessors). The ASU requires lessees to recognize assets and liabilities on the balance sheet for the rights and obligations created by all leases with terms of more than 12 months. The ASU further modifies lessors’ classification criteria for leases and the accounting for sales-type and direct financing leases. The ASU will also require qualitative and quantitative disclosures designed to give financial statement users additional information on the amount, timing, and uncertainty of cash flows arising from leases. The ASU is effective for annual reporting periods, and interim periods within those annual periods, beginning after December 15, 2018 with early adoption permitted. The ASU is to be applied using a modified retrospective approach. The Company expects that adoption will impact the Company’s consolidated financial statements and related financial statement disclosures; specifically, the Company’s consolidated financial position as it relates to the required presentation for arrangements such as ground and or other leases in which the Company is the lessee. However, the Company does not expect the adoption of this ASU to have a material impact on the Company’s consolidated results of operations or cash flows. In addition, while still in exposure draft, the FASB has proposed a practical expedient for lessors allowing them to elect to not separate lease and non-lease components in a contract for the purpose of revenue recognition and disclosure if certain criteria are met. If the proposed practical expedient is finalized, the Company plans to elect the practical expedient.

Revenue

Resident fees and services are operating revenues relating to the Company’s managed seniors housing property, which is operated under a RIDEA structure. Resident fees and services directly relate to the provision of monthly goods and services that are generally bundled together under a single resident agreement. The Company accounts for its resident agreements as a single performance obligation under ASC 606 given the Company’s overall promise to provide a series of stand-ready goods and services to its residents each month. Resident fees and services are recorded in the period in which the goods are provided and the services performed and generally consist of (1) monthly rent, which covers occupancy of the residents’ unit as well as basic services, such as utilities, meals and certain housekeeping services, and (2) service level charges, such as assisted living care, memory care and ancillary services. Resident agreements are generally short-term in nature, billed monthly in advance and cancelable by the residents with a 30-day notice. Resident agreements may require the payment of upfront fees prior to moving into the community with any non-refundable portion of such fees being recorded as deferred revenue and amortized over the estimated resident stay.

The following table represents the disaggregated revenue for resident fees and services during the three months ended March 31, 2018 and 2017:

	Three Months Ended March 31,
Type of Investment	Number of Units			Revenues			Percentage of Revenues
Resident fees and services:	2018	2017		2018		2017 ⁽¹⁾	2018		2017
Assisted living	67	67	$	818,006	$	―	72.8	%	―	%
Memory care	22	22		292,786		―	26.0	%	―	%
Other revenues	―	―		13,733		―	1.2	%	―	%
	89	89	$	1,124,525	$	―	100.0	%	―	%

_____________

FOOTNOTE:

(1)

Resident fees and services of approximately $11,000 were comprised entirely of allocated pro-rations at closing as the Summer Vista Assisted Living (“Summer Vista”) acquisition occurred on the last day of March 2017.

CNL HEALTHCARE PROPERTIES II, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

THREE MONTHS ENDED MARCH 31,2018 (UNAUDITED)

4.	Acquisitions

The Company made no acquisitions during the three months ended March 31, 2018.

During the three months ended March 31, 2017, the Company acquired Summer Vista, a seniors housing community in Pensacola, Florida, for a purchase price of approximately $21.4 million. In connection therewith, the Company incurred approximately $0.6 million of acquisition fees and expenses, which were capitalized as a component of the cost of the assets acquired and allocated on a relative fair value basis.

The seniors housing community features 89 residential units and is operated under a RIDEA structure pursuant to a five-year property management agreement with SRI Management, LLC (“Superior Residences”).

The following summarizes the purchase price allocation for Summer Vista, and the related assets acquired and liabilities assumed in connection with the acquisition:

Land and land improvements	$	2,269,406
Buildings and building improvements		17,611,786
Furniture, fixtures and equipment		857,338
In-place lease intangibles⁽¹⁾		1,286,507
Liabilities assumed		(170,918)
Total purchase price consideration	$	21,854,119

_____________

FOOTNOTE:

(1)

At the acquisition date, the weighted-average amortization period on the acquired in-place lease intangibles was approximately 2.5 years and is based on the expected unit turnover.

5.	Real Estate Assets, net

The gross carrying amount and accumulated depreciation of the Company’s real estate assets as of March 31, 2018 and December 31, 2017 are as follows:

	March 31,		December 31,
	2018		2017
Land and land improvements	$	2,683,072	$	2,683,051
Building and building improvements		28,109,623		28,109,037
Furniture, fixtures and equipment		888,102		879,288
Less: accumulated depreciation		(854,269)		(585,437)
Real estate assets, net	$	30,826,528	$	31,085,939

Depreciation expense on the Company’s real estate assets, net was approximately $0.3 million for the three months ended March 31, 2018. The Company had no depreciation expense during the three months ended March 31, 2017.

CNL HEALTHCARE PROPERTIES II, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

THREE MONTHS ENDED MARCH 31,2018 (UNAUDITED)

6.	Intangibles, net

The gross carrying amount and accumulated amortization of the Company’s intangible assets and liabilities as of March 31, 2018 and December 31, 2017 are as follows:

		March 31,		December 31,
		2018		2017
In-place lease intangibles		$	3,495,754	$	3,495,632
Below-market ground lease intangibles			1,543,910		1,543,824
Less: accumulated amortization			(581,434)		(385,952)
	Intangible assets, net	$	4,458,230	$	4,653,504
Below-market lease intangibles		$	(340,409)	$	(340,390)
Less: accumulated amortization			7,638		―
	Intangible liabilities, net ⁽¹⁾	$	(332,771)	$	(340,390)

____________

FOOTNOTE:

⁽¹⁾

Intangible liabilities, net are included in other liabilities in the accompanying condensed consolidated balance sheets.

Amortization on the Company’s intangible assets was approximately $0.2 million for the three months ended March 31, 2018, of which approximately $9,900 was treated as an increase of property operating expenses and approximately $0.2 million was included in depreciation and amortization. There was no amortization expense on the Company’s intangible assets for the three months ended March 31, 2017.

Amortization on the Company’s intangible liabilities was approximately $7,600 for the three months ended March 31, 2018, all of which was treated as an increase in rental income and tenant reimbursements. There was no amortization expense on the Company’s intangible liabilities for the three months ended March 31, 2017.

7.	Related Party Arrangements

The Company is externally advised and has no direct employees. All of the Company’s executive officers are executive officers, or on the board of managers, of the Advisor. In addition, certain directors and officers hold similar positions with CNL Securities Corp., the Dealer Manager of the Offering and a wholly owned subsidiary of CNL. In connection with services provided to the Company, affiliates are entitled to the following fees:

Dealer Manager — In March 2017, the Company entered into an amended and restated dealer manager agreement pursuant to which the Dealer Manager receives a combined selling commission and dealer manager fee of up to 8.5% of the sale price for each Class A share and up to 4.75% of the sale price for each Class T share sold in the Primary Offering, all or a portion of which may be reallowed to participating broker dealers. In addition, for Class T shares sold in the Primary Offering, the Dealer Manager may choose the respective amounts of the commission and dealer manager fee, provided that the selling commission shall not exceed 3.0% of the gross proceeds from the completed sale of such Class T shares.

The Company has and will continue to pay a distribution and stockholder servicing fee, subject to certain underwriting compensation limits, with respect to the Class T and Class I shares sold in the Primary Offering in an annual amount equal to 1% and 0.50%, respectively, of the current gross offering price per Class T or Class I share, respectively, or if the Company is no longer offering shares in a public offering, the estimated per share value per Class T or Class I share, respectively. The annual distribution and stockholder servicing fee will continue to be calculated as a percentage of the current gross offering price per Class T or Class I share until the Company reports an estimated per share value following the termination of the Primary Offering, at which point the distribution fee will be calculated based on the new estimated per share value, until such underwriting compensation limits are met or the shares are converted to Class A shares pursuant to the terms of the securities.

CNL HEALTHCARE PROPERTIES II, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

THREE MONTHS ENDED MARCH 31,2018 (UNAUDITED)

7.	Related Party Arrangements (continued)

The Company records the annual distribution and stockholder servicing fees as a reduction to capital in excess of par value and measures the related liability in an amount equal to the maximum fees owed in relation to the Class T and Class I shares on the shares’ issuance date. The liability is relieved over time, as the fees are paid to the Dealer Manager, or is adjusted if the fees are no longer owed on any Class T or Class I share that is redeemed or repurchased, as well as upon the earliest occurrence of: (i) a listing on a national securities exchange; (ii) a merger or consolidation of the Company with or into another entity, or the sale or other disposition of all or substantially all of the Company’s assets; (iii) after the termination of the Primary Offering in which the initial shares in the account were sold, the end of the month in which total underwriting compensation paid in the Primary Offering is not less than 10% of the gross proceeds from all share classes of the Primary Offering; (iv) the end of the month in which the total underwriting compensation paid in a Primary Offering with respect to shares purchased in a Primary Offering is not less than 8.5% of the gross offering price of those shares purchased in such Primary Offering (excluding shares purchased through the Reinvestment Plan and those received as stock dividends); or (v) any other conditions described in the Company’s prospectus.

CNL Capital Markets Corp. — The Company will pay CNL Capital Markets Corp., an affiliate of CNL, an annual fee payable monthly based on the average number of total investor accounts that will be open during the term of the capital markets service agreement pursuant to which certain administrative services are provided to the Company. These services may include, but are not limited to, the facilitation and coordination of the transfer agent’s activities, client services and administrative call center activities, financial advisor administrative correspondence services, material distribution services and various reporting and troubleshooting activities.

Advisor — The Company will pay the Advisor a monthly asset management fee in an amount equal to 0.0667% of the monthly average of the sum of the Company’s and the Operating Partnership’s respective daily real estate asset value, without duplication, plus the outstanding principal amount of any loans made, plus the amount invested in other permitted investments. For this purpose, “real estate asset value” equals the amount invested in wholly-owned properties, determined on the basis of cost, and in the case of properties owned by any joint venture or partnership in which the Company is a co-venturer or partner the portion of the cost of such properties paid by the Company, exclusive of acquisition fees and acquisition expenses and will not be reduced for any recognized impairment. Any recognized impairment loss will not reduce the real estate asset value for the purposes of calculating the asset management fee. The asset management fee, which will not exceed fees which are competitive for similar services in the same geographic area, may or may not be taken, in whole or in part as to any year, in the Advisor’s sole discretion. All or any portion of the asset management fee not taken as to any fiscal year shall be deferred without interest and may be taken in such other fiscal year as the Advisor shall determine.

The Company will pay the Advisor a construction management fee of up to 1% of hard and soft costs associated with the initial construction or renovation of a property, or with the management and oversight of expansion projects and other capital improvements, in those cases in which the value of the construction, renovation, expansion or improvements exceeds (i) 10% of the initial purchase price of the property and (ii) $1 million in which case such fee will be due and payable as draws are funded for such projects.

The Advisor will receive an investment services fee of 2.25% of the purchase price of properties and funds advanced for loans or the amount invested in the case of other assets for services in connection with the selection, evaluation, structure and purchase of assets. No investment services fee will be paid to the Advisor in connection with the Company’s purchase of securities.

CNL HEALTHCARE PROPERTIES II, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

THREE MONTHS ENDED MARCH 31,2018 (UNAUDITED)

7.	Related Party Arrangements (continued)

The Advisor, its affiliates and related parties also are entitled to reimbursement of certain operating expenses in connection with their provision of services to the Company, including personnel costs, subject to the limitation that the Company will not reimburse the Advisor for any amount by which operating expenses exceed the greater of 2% of its average invested assets or 25% of its net income in any four consecutive fiscal quarters (“Expense Year”) unless approved by the independent directors. The Company commenced its Primary Offering in March 2016 and made its first investment in March 2017. For the Expense Year ended March 31, 2018, the Company’s total operating expenses were in excess of this limitation by approximately $0.5 million. As of March 31, 2018, the Company had received cumulative approvals from its independent directors for total operating expenses in excess of this limitation of approximately $0.7 million. The Company’s independent directors determined that the higher relationship of operating expenses to average invested assets was justified based on the Company being in the early stages of raising and deploying capital and the limited number of investments to date, both of which were impacted by the downtime required to modify the dealer manager agreement to reduce overall underwriting compensation as discussed above, and the cost of operating a public company.

The Advisor will pay all other organizational and offering expenses incurred in connection with the formation of the Company, without reimbursement by the Company. These expenses include, but are not limited to, Security and Exchange Commission (“SEC”) registration fees, Financial Industry Regulatory Authority (“FINRA”) filing fees, printing and mailing expenses, blue sky fees and expenses, legal fees and expenses, accounting fees and expenses, advertising and sales literature, transfer agent fees, due diligence expenses, personnel costs associated with processing investor subscriptions, escrow fees and other administrative expenses of the Offering.

For the three months ended March 31, 2018 and 2017, the Company paid cash distributions of approximately $38,000 and $29,000, respectively, and issued stock dividends of approximately 7,400 shares and 1,500 shares, respectively, to the Advisor.

Pursuant to an expense support arrangement, the Advisor has agreed to accept payment in restricted stock in lieu of cash for services rendered, in the event that the Company does not achieve established distribution coverage targets (“Expense Support Agreement”). Under the terms of the Expense Support Agreement, for each quarter within a calendar expense support year, the Company will record a proportional estimate of the cumulative year-to-date period based on an estimate of the annual expense support expected for the calendar expense support year. In exchange for services rendered and in consideration of the expense support provided under this arrangement, the Company shall issue, following each determination date, a number of shares of restricted stock equal to the quotient of the expense support amount provided by the Advisor for the preceding year divided by the board of directors’ most recent determination of net asset value (“NAV”) per share of the Class A common shares, if the board has made such a determination, or otherwise the most recent public offering price per Class A common share, on the terms and conditions and subject to the restrictions set forth in the Expense Support Agreement. The restricted stock is subordinated and forfeited to the extent that shareholders do not receive a Priority Return on their Invested Capital (as such terms are defined in the Company’s prospectus), excluding for the purposes of calculating this threshold any shares of restricted stock owned by the Advisor.

CNL HEALTHCARE PROPERTIES II, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

THREE MONTHS ENDED MARCH 31,2018 (UNAUDITED)

7.	Related Party Arrangements (continued)

The following fees for services rendered are expected to be settled in the form of restricted stock pursuant to the Expense Support Agreement for the three months ended March 31, 2018 and 2017 and cumulatively as of March 31, 2018:

		Three Months Ended				As of
		March 31,				March 31,
		2018		2017		2018
Fees for services rendered:
	Asset management fees	$	70,800	$	460	$	201,166
	Advisor personnel expenses ⁽¹⁾		126,629		102,263		563,032
Total fees for services rendered		$	197,429	$	102,723	$	764,198

Then-current offering price or NAV		$	10.06	$	10.93	$	10.06
Restricted stock shares ⁽²⁾			19,625		9,398		75,964

_____________

FOOTNOTES:

⁽¹⁾

Amounts consist of personnel and related overhead costs of the Advisor or its affiliates (which, in general, are those expenses relating to the Company’s administration on an on-going basis) that are reimbursable by the Company.

⁽²⁾

Represents restricted stock shares issued or expected to be issued to the Advisor as of March 31, 2018 pursuant to the Expense Support Agreement. No fair value was assigned to the restricted stock shares as the shares are expected to be valued at zero upon issuance, which represents the lowest possible value estimated at vesting. In addition, the restricted stock shares will be treated as unissued for financial reporting purposes until the vesting criteria are met.

The fees payable to the Dealer Manager for the three months ended March 31, 2018 and 2017, and related amounts unpaid as of March 31, 2018 and December 31, 2017 are as follows:

	Three Months Ended				Unpaid amounts as of ⁽¹⁾
	March 31,				March 31,		December 31,
	2018		2017		2018		2017
Selling commissions⁽²⁾	$	131,841	$	192,876	$	1,109	$	10,000
Dealer manager fees⁽²⁾		165,756		183,736		1,700		18,150
Distribution and stockholder servicing fees⁽²⁾		293,378		174,796		1,031,612		798,524
	$	590,975	$	551,408	$	1,034,421	$	826,674

The expenses incurred by and reimbursable to the Company’s related parties for the three months ended March 31, 2018 and 2017, and related amounts unpaid as of March 31, 2018 and December 31, 2017 are as follows:

	Three Months Ended				Unpaid amounts as of ⁽¹⁾
	March 31,				March 31,		December 31,
	2018		2017		2018		2017
Reimbursable expenses:
Operating expenses⁽³⁾	$	274,844	$	190,526	$	130,993	$	197,235
Acquisition fees and expenses		901		1,889		―		―
		275,745		192,415		130,993		197,235
Investment service fees⁽⁴⁾		―		481,500		―		―
Asset management fees⁽⁵⁾		70,800		460		―		―
	$	346,545	$	674,375	$	130,993	$	197,235

CNL HEALTHCARE PROPERTIES II, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

THREE MONTHS ENDED MARCH 31,2018 (UNAUDITED)

7.	Related Party Arrangements (continued)

_____________

FOOTNOTES:

⁽¹⁾

Amounts are recorded as due to related parties in the accompanying condensed consolidated balance sheets.

⁽²⁾

Amounts are recorded as stock issuance and offering costs in the accompanying condensed consolidated statements of stockholders’ equity.

⁽³⁾

Amounts are recorded as general and administrative expenses in the accompanying condensed consolidated statements of operations unless such amounts represent prepaid expenses, which are capitalized in the accompanying condensed consolidated balance sheets. For the three months ended March 31, 2018 and 2017, approximately $0.1 million and $0.1 million, respectively, of personnel expenses of affiliates of the Advisor are expected to be or were settled in accordance with the terms of the Expense Support Agreement and as such our general and administrative expenses were reduced by approximately $0.1 million and $0.1 million, respectively.

⁽⁴⁾

For the three months ended March 31, 2018 the Company did not incur any investment services fees. For the three months ended March 31, 2017 the Company incurred approximately $0.5 million in investment services fees all of which was capitalized and included in real estate investment properties, net in the accompanying condensed consolidated balance sheet.

⁽⁵⁾

For the three months ended March 31, 2018 and 2017, the Company incurred asset management fees of approximately $0.1 million and $460, respectively, all of which are expected to be or were settled in accordance with the terms of the Expense Support Agreement and as such asset management fees were reduced by approximately $0.1 million and $460, respectively.

Equity

Subscription Proceeds — As of March 31, 2018 and 2017, the Company had received aggregate subscription proceeds of approximately $38.6 million (3.7 million shares) and $13.4 million (1.3 million shares), respectively, both of which include $200,000 (20,000 shares) of subscription proceeds received from the Advisor prior to the commencement of the Offering, approximately $251,250 (25,125 shares) of subscription proceeds received in connection with a private placement made in 2016 and approximately $0.6 million (0.06 million shares) and $32,000 (3,000 shares), respectively, of subscription proceeds pursuant to the Reinvestment Plan.

Distributions — For the three months ended March 31, 2018 and 2017, the Company declared and paid cash distributions of approximately $0.4 million and $73,000, respectively, which were net of class-specific expenses. In addition, the Company declared and issued stock dividends of approximately 34,700 and 5,000 shares of common stock during the three months ended March 31, 2018 and 2017, respectively.

For the three months ended March 31, 2018 and 2017, 100.0% of the cash distributions paid to stockholders were considered a return of capital to stockholders for federal income tax purposes. No amounts distributed to stockholders for the three months ended March 31, 2018 and 2017 were required to be or have been treated by the Company as a return of capital for purposes of calculating the stockholders’ return on their invested capital as described in the Company’s advisory agreement. The distribution of new common stock shares to recipients is non-taxable.

In March 2018, the Company’s board of directors declared a monthly cash distribution of $0.0480, less class-specific expenses, and a monthly stock dividend of 0.00100625 shares on each outstanding share of common stock on April 1, 2018, May 1, 2018 and June 1, 2018. These distributions and dividends are to be paid and distributed by June 30, 2018.

Redemptions — During the three months ended March 31, 2018, the Company received a request for the redemption of common stock of approximately $25,000 in Class T shares, which was approved for redemption at an average price of $10 and paid in March 2018. There were no redemptions requested during the three months ended March 31, 2017.

CNL HEALTHCARE PROPERTIES II, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

THREE MONTHS ENDED MARCH 31,2018 (UNAUDITED)

9.	Income Taxes

The accompanying condensed consolidated financial statements include an interim tax provision for the three months ended March 31, 2018 of approximately $31,000. Of the approximate $31,000 in income tax expense for the three months ended March 31, 2018, approximately $30,000 represents current income tax expense, and approximately $1,000 represents a decrease to the Company’s net deferred tax assets which is primarily due to the reversal of the existing taxable temporary differences.

10.	Commitments and Contingencies

From time to time, the Company may be a party to legal proceedings in the ordinary course of, or incidental to the normal course of, its business, including proceedings to enforce its contractual or statutory rights. While the Company cannot predict the outcome of these legal proceedings with certainty, based upon currently available information, the Company does not believe the final outcome of any pending or threatened legal proceeding will have a material adverse effect on its results of operations or financial condition.

11.	Subsequent Events

During the period from April 1, 2018 through May 1, 2018, the Company received additional subscription proceeds of approximately $1.9 million (0.2 million shares).

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

Caution Concerning Forward-Looking Statements

Statements contained under “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and elsewhere in this Quarterly Report on Form 10-Q for the fiscal three months ended March 31, 2018 (“Quarterly Report”) that are not statements of historical or current fact may constitute “forward-looking statements” within the meaning of the Federal Private Securities Litigation Reform Act of 1995. The Company intends that such forward-looking statements be subject to the safe harbor created by Section 21E of the Securities Exchange Act of 1934, as amended (“Exchange Act”). Forward-looking statements are statements that do not relate strictly to historical or current facts, but reflect management’s current understandings, intentions, beliefs, plans, expectations, assumptions and/or predictions regarding the future of the Company’s business and its performance, the economy, and other future conditions and forecasts of future events and circumstances. Forward-looking statements are typically identified by words such as “believes,” “expects,” “anticipates,” “intends,” “estimates,” “plans,” “continues,” “pro forma,” “may,” “will,” “seeks,” “should,” “could” and words and terms of similar substance in connection with discussions of future operating or financial performance, business strategy and portfolios, projected growth prospects, cash flows, costs and financing needs, legal proceedings, amount and timing of anticipated future distributions, estimates of per share net asset value of the Company’s common stock, and/or other matters. The Company’s forward-looking statements are not guarantees of future performance. While the Company’s management believes its forward-looking statements are reasonable, such statements are inherently susceptible to uncertainty and changes in circumstances. As with any projection or forecast, forward-looking statements are necessarily dependent on assumptions, data and/or methods that may be incorrect or imprecise, and may not be realized. The Company’s forward-looking statements are based on management’s current expectations and a variety of risks, uncertainties and other factors, many of which are beyond the Company’s ability to control or accurately predict. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, the Company’s actual results could differ materially from those set forth in the forward-looking statements due to a variety of risks, uncertainties and other factors. Given these uncertainties, the Company cautions you not to place undue reliance on such statements.

For further information regarding risks and uncertainties associated with the Company’s business, and other important factors that could cause the Company’s actual results to vary materially from those expressed or implied in its forward-looking statements, please refer to the risk factors listed and described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2017, as supported by Part II, Item 1A in this Quarterly Report, copies of which may be obtained from the Company’s website at www.cnlhealthcarepropertiesii.com.

All written and oral forward-looking statements attributable to the Company or persons acting on its behalf are qualified in their entirety by this cautionary note. Forward-looking statements speak only as of the date on which they are made, and the Company undertakes no obligation to, and expressly disclaims any obligation to, publicly release the results of any revisions to its forward-looking statements to reflect new information, changed assumptions, the occurrence of unanticipated subsequent events or circumstances, or changes to future operating results over time, except as otherwise required by law.

Introduction

The following discussion is based on the condensed consolidated financial statements as of March 31, 2018 (unaudited) and December 31, 2017. Amounts as of December 31, 2017, included in the unaudited condensed consolidated financial statements have been derived from the audited consolidated financial statements as of that date. This information should be read in conjunction with the accompanying unaudited condensed consolidated financial statements and the notes thereto, as well as the audited consolidated financial statements, notes thereto and management’s discussion and analysis included in our Annual Report on Form 10-K for the year ended December 31, 2017.

Overview

CNL Healthcare Properties II, Inc. (referred to herein as “we”, “us”, “our” or the “Company”) is a Maryland corporation that incorporated on July 10, 2015 and intends to qualify and may elect to be taxed as a REIT for U.S.

federal income tax purposes beginning with the year ending December 31, 2017 or, as determined by the board of directors, the first year in which we commence material operations.

We are externally managed and advised by our Advisor, CHP II Advisors, LLC. Our Advisor is responsible for managing our day-to-day affairs and for identifying and making acquisitions and investments on our behalf. We had no operations prior to the commencement of our Primary Offering.

Our investment focus is on acquiring a diversified portfolio of healthcare real estate or real estate-related assets, primarily in the United States, within the seniors housing, medical office, post-acute care and acute care asset classes. The types of seniors housing that we may acquire include active adult communities (age-restricted and age-targeted housing), independent and assisted living facilities, continuing care retirement communities, and memory care facilities. The types of medical office properties that we may acquire include medical office buildings, specialty medical and diagnostic service facilities, surgery centers, outpatient rehabilitation facilities, and other facilities designed for clinical services. The types of post-acute care facilities that we may acquire include skilled nursing facilities, long-term acute care hospitals and inpatient rehabilitative facilities. The types of acute care facilities that we may acquire include general acute care hospitals and specialty surgical hospitals. We view, manage and evaluate our portfolio homogeneously as one collection of healthcare assets with a common goal of maximizing revenues and property income regardless of the asset class or asset type.

We are committed to investing the proceeds of our Offering through strategic investment types aimed to maximize stockholder value by generating sustainable cash flow growth and increasing the value of our healthcare assets. We have and generally expect to lease seniors housing properties to single member limited liability companies wholly-owned by TRS Holdings and engage independent third-party managers under management agreements to operate the properties as permitted under RIDEA structures; however, we may also lease our properties to third-party tenants under triple-net or similar lease structures, where the tenant bears all or substantially all of the costs (including cost increases for real estate taxes, utilities, insurance and ordinary repairs). Medical office, post-acute care and acute care properties have and generally will be leased on a triple-net, net or modified gross basis to third-party tenants. In addition, we expect most investments will be wholly owned, although, we may invest through partnerships with other entities where we believe it is appropriate and beneficial. We expect to invest in a combination of stabilized assets, new property developments and properties which have not reached full stabilization. Finally, we also may invest in and originate mortgage, bridge or mezzanine loans or in entities that make investments similar to the foregoing investment types. We generally make loans to the owners of properties to enable them to acquire land, buildings, or to develop property. In exchange, the owner generally grants us a first lien or collateralized interest in a participating mortgage collateralized by the property or by interests in the entity that owns the property.

From the commencement of our Offering until September 15, 2017, our net investment value per share for Class A, Class T and Class I shares was $10.00 per share, which was based on the “amount available for investment/net investment amount” percentage shown in the Estimated Use of Proceeds section of our prospectus. From September 16, 2017 until March 13, 2018 our board of directors adopted an estimated NAV of $10.00 per share for each class of our common stock. On March 14, 2018, our board of directors adopted an estimated NAV of $10.06 per share for each class of our common stock outstanding as of December 31, 2017. For additional information on the determination of our estimated NAV, please refer to our Current Report on Form 8-K, filed with the SEC on March 15, 2018.

Portfolio Overview

We believe recent demographic trends and compelling supply and demand indicators present a strong case for an investment focus on healthcare real estate and real estate-related assets. We believe that the healthcare sector will continue to provide attractive opportunities as compared to other asset sectors over the long-term.

As of May 1, 2018, our healthcare investment portfolio consisted of interests in one seniors housing property and one medical office building (“MOB”). Our seniors housing property, Summer Vista, is operated under a RIDEA structure pursuant to a property management agreement with SRI Management, LLC, which represents our only RIDEA operator as of May 1, 2018. Our MOB, Mid America Surgery Institute, consisted of five tenants with the largest tenant, Mid America Surgery Institute, accounting for 50.6% of total rentable square feet.

While we are not directly impacted by the performance of our third-party tenants, we believe that the financial and operational performance of our tenants provides an indication about the stability of our tenants and their ability to pay rent. To the extent that our tenants or property managers experience operating difficulties and become unable to generate sufficient cash to make rent payments to us, there could be a material adverse impact on our consolidated results of operations, liquidity and/or financial condition. Our tenants and property managers are generally contractually required to provide this information to us in accordance with their respective lease and/or management agreements. Therefore, in order to mitigate the aforementioned risk, we monitor our investments through a variety of methods determined by the type of property.

Management reviews certain operating and other statistical measures of the underlying property such as occupancy levels and revenue per occupied unit (“RevPOU”), which we define as total revenue before charges for ancillary and care services offered at the community divided by average number of occupied units. As of March 31, 2018, 99% of resident units were occupied at Summer Vista. The average monthly RevPOU as of March 31, 2018 was $3,951 for assisted living units and $4,406 for memory care units. As of March 31, 2018, there were 42 residents on a waitlist indicating interest for units as they become available.

Similarly, within the medical office class, management reviews operating statistics of the underlying properties, including occupancy levels and monthly rent per square foot. As of March 31, 2018, Mid America Surgery was 100% leased to five tenants with a remaining weighted average lease term of approximately 8.9 years. The average monthly rent per square foot as of March 31, 2018 was $2.19.

We monitor the performance of our third-party operator(s) to stay abreast of material changes in the operations of underlying property by (1) reviewing the current, historical and prospective operating margins (measured by earnings before interest, taxes, depreciation, amortization and facility rent), (2) monitoring trends in the source of our revenue, including relative mix of payors (including Medicare, Medicaid, etc.) and private payors (including commercial insurance and private pay patients), (3) evaluating the effect of evolving healthcare legislation and other regulations on our profitability and liquidity, and (4) reviewing the competition and demographics of the local and surrounding areas in which we operate.

Liquidity and Capital Resources

General

Our primary source of capital for items other than acquisitions of real estate is expected to be the net proceeds from our Offering. We will use such amounts for investments in properties and other permitted investments, as well as the payment or reimbursement of fees and expenses relating to the selection, acquisition and development of properties and other permitted investments. Generally, once we are fully invested, we expect to meet cash needs for items other than acquisitions from our cash flows from operations, and we expect to meet cash needs for acquisitions from net proceeds from our Offering and borrowings. However, until such time as we are fully invested, we may use proceeds from our Offering and/or borrowings to pay all or a portion of our operating expenses, distributions and debt service.

The number of properties and other permitted investments we may acquire or make will depend on the number of shares sold through our Offering and the resulting net proceeds available for investment. If the number of shares sold is substantially less than the maximum amount of the Offering, we would likely make a limited number of investments resulting in our healthcare real estate portfolio being less diversified in terms of the type, number and amount of investments. If our healthcare real estate portfolio is concentrated in a small number of investments, the value of an investment in us will fluctuate with the performance of the specific assets we acquire and, therefore, expose our stockholders to increased risk. In addition, many of our operating expenses as a public company are fixed regardless of the number of investments in our healthcare real estate portfolio. Therefore, an inability to raise substantial funds in our Offering or otherwise would increase our fixed operating expenses as a percentage of gross income and, in turn, reduce the amount of proceeds available for distribution to our stockholders.

We intend to strategically leverage our real estate assets and use debt as a means of providing additional funds for the acquisition of properties and the diversification of our portfolio. Our ability to increase our diversification through borrowings could be adversely affected by credit market conditions, which could result in lenders reducing or limiting funds available for loans, including loans collateralized by real estate. We may also be negatively

impacted by rising interest rates on any unhedged variable rate debt or the timing of when we seek to refinance existing debt. During times when interest rates on mortgage loans are high or financing is otherwise unavailable on a timely basis, we may purchase certain properties for cash with the intention of obtaining a mortgage loan for a portion of the purchase price at a later time. Potential future sources of capital include proceeds from collateralized or uncollateralized financings from banks or other lenders. If necessary, we may use financings or other sources of capital in the event of unforeseen significant capital expenditures. As of March 31, 2018 and December 31, 2017, our debt leverage ratio was approximately 35.9% and 40.4% of the aggregate carrying value of our assets, respectively.

Sources of Liquidity and Capital Resources

Common Stock Subscriptions

We have received gross offering proceeds sufficient to satisfy the minimum offering amounts in all states where we are conducting our offering except Pennsylvania.

For the three months ended March 31, 2018 and 2017, we received aggregate subscription proceeds of approximately $7.0 million (0.7 million shares) and $6.8 million (0.6 million shares), respectively, and approximately $0.2 million (0.02 million shares) and $28,000 (2,800 shares), respectively, of subscription proceeds received pursuant to our Reinvestment Plan.

For the period from April 1, 2018 through May 1, 2018, we received additional subscription proceeds of approximately $1.9 million (0.2 million shares). We expect to continue to raise capital under our Offering.

Indebtedness

During the three months ended March 31, 2018, we did not borrow any additional proceeds. During the three months ended March 31, 2017, we borrowed approximately $16.1 million in connection with our acquisition of Summer Vista. In December 2017, we paid the sum of approximately $2.2 million of the original outstanding principal balance of the Summer Vista Loan, and as a result, interest payable on the Summer Vista Loan was reduced to a rate equal to the sum of LIBOR plus 2.70% in accordance with the terms of the Summer Vista Loan. We may prepay, without a penalty, all or any part of the Summer Vista Loan at any time.

Net Cash Provided By (Used In) Operating Activities

We experienced positive cash flow from operating activities for the three months ended March 31, 2018 of approximately $0.2 million as compared to cash used in operating activities of approximately ($0.2) million for the three months ended March 31, 2017. This fluctuation across periods is primarily reflective of the acquisition of our first two properties on or subsequent to March 31, 2017. We generally expect to meet future cash needs for general and administrative expenses, debt service and distributions from the net operating income (“NOI”) from our properties.

Expense Support Agreement

During the three months ended March 31, 2018 and 2017, our cash flows from operating activities was positively impacted by the Expense Support Agreement with our Advisor pursuant to which our Advisor has agreed to accept payment in restricted stock in lieu of cash for services rendered, in the event that the Company does not achieve established distribution coverage targets (as defined in the Expense Support Agreement). For the three months ended March 31, 2018 and 2017, we expect that approximately $0.2 million and $0.1 million of asset management fees and Advisor personnel expenses will be or have been settled in the form of restricted stock pursuant to the Expense Support Agreement. Any amounts settled, and for which restricted stock shares will be issued, pursuant to the Expense Support Agreement are permanently settled and we have no further obligation to pay such amounts to our Advisor.

Refer to Note 7. “Related Party Arrangements” in Item 1. “Financial Statements” for additional information.

Uses of Liquidity and Capital Resources

Real Estate Acquisition

There were no properties acquired during the three months ended March 31, 2018. During the three months ended March 31, 2017, we acquired Summer Vista for a total purchase price consideration of approximately $21.8 million. We expect to continue to expand our healthcare investment portfolio through additional acquisitions as we raise additional capital from our Offering.

Underwriting Compensation

From the time we broke escrow through March 2017, we had a maximum combined sales commissions, dealer manager fees and ongoing annual distribution and stockholder servicing fees (“Maximum Underwriting Fees”) payable to the Dealer Manager and participating broker-dealers totaling 9.75% of the gross proceeds for each share class of common stock sold in the Primary Offering. In March 2017, we entered into an amended and restated dealer manager agreement, which reduced the Maximum Underwriting Fees from 9.75% to 8.5% of the gross proceeds for each share class of common stock sold in the Primary Offering. The aforementioned reduction to our Maximum Underwriting Fees resulted in a lower amount of commissions and fees being paid to the Dealer Manager and provided for increased net proceeds from our Primary Offering to be available for investment.

For the three months ended March 31, 2018 and 2017, we paid approximately $0.4 million and $0.4 million, respectively, in underwriting compensation. Under the terms of the Primary Offering, our Dealer Manager is entitled to receive selling commissions, dealer manager fees and/or annual distribution and stockholder servicing fees, which are based on the respective share class of our common stock sold, all or a portion of which may be reallowed to participating broker dealers.

Distributions

In order to qualify as a REIT, we will be required to make distributions, other than capital gain distributions, to our stockholders each year in the amount of at least 90% of our taxable income. We may make distributions in the form of cash or other property, including distributions of our own securities. We expect to have little, if any, cash flows from operations available for distribution until we make substantial investments. There may be a delay between the sale of our common stock and the purchase of properties or other investments, which could result in a delay in our ability to generate cash flows to cover distributions to our stockholders. Therefore, we may determine to pay some or all of our cash distributions from sources other than cash flows from operations, such as from cash flows provided by financing activities, a component of which may include the proceeds of our Offering and/or borrowings, whether collateralized by our assets or unsecured. We have not established any limit on the extent to which we may use borrowings or proceeds of our Offering to pay distributions, and there is no assurance we will be able to sustain distributions at any level.

The following table details our cash distributions per share and our total cash distributions paid, including distribution reinvestments, for the three months ended March 31, 2018 and 2017 (in thousands, except per share data):

	Cash Distributions per Share ⁽¹⁾						Cash Distributions Paid ⁽²⁾						Cash Flows Provided by (Used in) Operating Activities ⁽³⁾
Periods	Class A Share		Class T Share		Class I Share		Cash Distributions Declared		Distribution Reinvestments		Cash Distributions net of Distribution Reinvestments		Cash Flows Provided by (Used in) Operating Activities ⁽³⁾
2018 Quarters
First	$	0.1440	$	0.1178	$	0.1312	$	402	$	225	$	177	$	157
Year	$	0.1440	$	0.1178	$	0.1312	$	402	$	225	$	177	$	157

2017 Quarters
First	$	0.1050	$	0.0750	$	0.1050	$	73	$	28	$	45	$	(154)
Year	$	0.1050	$	0.0750	$	0.1050	$	73	$	28	$	45	$	(154)

FOOTNOTES:

⁽¹⁾

Our board of directors authorized monthly cash distributions on the outstanding shares of all classes of our common stock, beginning in August 2016 and continuing each month through March 31, 2017, in monthly amounts equal to $0.0350 per share, less class-specific expenses with respect to each class. Beginning April 1, 2017 and continuing each month through March 31, 2018, monthly cash distributions on the outstanding shares of all classes of our common stock were declared in monthly amounts equal to $0.0480 per share, less class-specific expenses with respect to each class.

⁽²⁾	Represents cash distributions declared, the amount of distributions reinvested in additional shares through our Reinvestment Plan and the amount of Offering proceeds used to fund cash distributions.

⁽³⁾

For the three months ended March 31, 2018 and 2017, our net loss was approximately $0.4 million and $0.3 million, respectively, while cash distributions declared were approximately $0.4 million and $0.1 million, respectively. For the three months ended March 31, 2018, approximately 39% of cash distributions declared to stockholders were considered to be funded with cash provided by operating activities as calculated on a quarterly basis for GAAP purposes. For the three months ended March 31, 2018 and 2017, approximately 61% and 100%, respectively, of the cash distributions paid to stockholders were considered to be funded with proceeds from our Offering. For the three months ended March 31, 2018 and 2017, 100.0% of the cash distributions paid to stockholders were considered a return of capital to stockholders for federal income tax purposes.

In March 2018, our board of directors declared a monthly cash distribution of $0.0480, less class-specific expenses, and a monthly stock dividend of 0.00100625 shares on each outstanding share of common stock on April 1, 2018, May 1, 2018 and June 1, 2018. These distributions and dividends will be paid and distributed by June 30, 2018.

Common Stock Redemptions

Our redemption plan allows our stockholders who have held shares for at least one year to request that we redeem between 25% and 100% of their shares, provided that if a stockholder presents fewer than all of their shares for redemption, the stockholder must retain at least $5,000 worth of shares based on the most recent public primary offering price per share or, subsequent to the termination of the public primary offering period for the shares, the then estimated NAV per share. If we have sufficient funds available to do so and if we choose, in our sole discretion, to redeem shares, the number of shares we may redeem in any calendar year and the price at which they are redeemed are subject to conditions and limitations, including:

•

At no time during a 12-month period may we redeem more than 5% of the weighted average number of shares of our common stock outstanding at the beginning of such 12-month period;

•

Redemption pricing shall be at our then-current NAV per share as published from time to time in our Annual Report on Form 10-K, Quarterly Report on Form 10-Q or Current Report on Form 8-K; and

•

The aggregate amount of funds under the redemption plan will be determined on a quarterly basis in the sole discretion of our board of directors, and may be less than but shall not exceed the aggregate proceeds from our distribution reinvestment plan during that quarter. There is no guarantee that any funds will be set aside under the distribution reinvestment plan or otherwise made available for the redemption plan during any period during which redemptions may be requested.

Our board of directors has the ability, in their sole discretion, to amend or suspend the redemption plan or to waive any specific conditions if it is deemed to be in our best interest.

During the three months ended March 31, 2018, we received a request for the redemption of common stock of approximately $25,000 in Class T shares. The redemption was approved by our board of directors and paid in March 2018.

No other redemption requests were made during this period. The redemptions were funded by proceeds from our Reinvestment Plan.

Results of Operations

The following discussion and analysis should be read in conjunction with the accompanying unaudited condensed consolidated financial statements and the notes thereto.

Three months ended March 31, 2018 as compared to three months ended March 31, 2017

•

Resident fees and services for the three months ended March 31, 2018 was approximately $1.1 million as compared to approximately $11,000 for the three months ended March 31, 2017. As a result of our seniors housing investment, Summer Vista, being acquired on March 31, 2017, the prior period consisted entirely of allocated pro-rations at closing while the current period included an entire quarter of resident fees and services.

•

Rental income and tenant reimbursements for the three months ended March 31, 2018 was approximately $0.4 million and related entirely to our Mid America Surgery property, which was acquired on December 27, 2017. There was no rental income and tenant reimbursements for the three months ended March 31, 2017.

•

Property operating expenses were approximately $0.8 million for the three months ended March 31, 2018 as compared to approximately $9,000 for the three months ended March 31, 2017. As a result of our seniors housing investment, Summer Vista, being acquired on March 31, 2017, the prior period consisted entirely of allocated pro-rations at closing while the current period includes an entire quarter of property operating expenses for both of our investment properties.

•

General and administrative expenses for the three months ended March 31, 2018 were approximately $0.3 million as compared to $0.2 million for 2017 and were comprised primarily of directors’ and officers’ insurance, accounting and legal fees, Advisor personnel expenses and board of director fees. However, these Advisor personnel expenses have been or are expected to be settled in the form of restricted stock pursuant to the Expense Support Agreement and as such our general and administrative expenses were reduced by approximately $0.1 million and $0.1 million for the three months ended March 31, 2018 and 2017, respectively. Until such time that we meet established distribution coverage targets, our Advisor has agreed to accept payment in the form of restricted stock in lieu of cash.

•	Property management fees were approximately $0.1 million for the three months ended March 31, 2018 and relate entirely to the operations of our investment properties. There were no property management fees expense for the three months ended March 31, 2017.

•

Acquisition fees and expenses for the three months ended March 31, 2018 were approximately $800 as compared to approximately $0.6 million for the three months ended March 31, 2017. The acquisition fees and expenses for the three months ended March 31, 2017 were capitalized as a component of the cost of the assets acquired and allocated on a relative fair value basis.

•

Asset management fees for the three months ended March 31, 2018 were approximately $0.1 million. There were no asset management fees recorded for the three months ended March 31, 2017 as a result of our first acquisition, Summer Vista, being on March 31, 2017. These asset management fees have been or are expected to be settled in the form of restricted stock pursuant to the Expense Support Agreement and as such our asset management fees were reduced by approximately $0.1 million. Until such time that we meet established distribution coverage targets, the Advisor has agreed to accept payment in the form of restricted stock in lieu of cash.

•

Depreciation and amortization expenses were approximately $0.5 million for the three months ended March 31, 2018 and relate entirely to the operations of our investment properties. There were no depreciation or amortization expenses for the three months ended March 31, 2017 as a result of our first acquisition, Summer Vista, being on March 31, 2017.

•

Interest expense for the three months ended March 31, 2018 was approximately $0.2 million as compared to approximately $19,000 for the three months ended March 31, 2017. The increase relates to the Summer Vista and Mid America Surgery loans being outstanding for the entire period in 2018; whereas in 2017 interest expenses related to one day of interest on our Summer Vista Loan as well as the notes issued in connection with our private placement (“Notes”).

•	Income tax expense for the three months ended March 31, 2018 was approximately $31,000. For the three months ended March 31, 2017, we had no income tax expense. The income tax expense is related entirely to

TRS Holdings and as such the increase across periods is primarily reflective of the acquisition of our first property, Summer Vista, on March 31, 2017.

We are not aware of any material trends or uncertainties, favorable or unfavorable, that may be reasonably anticipated to have a material impact on either capital resources or the revenues and income to be derived from the acquisition and operation of properties and other permitted investments, other than those referred to in the risk factors identified in Item 1A. “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2017.

Net Operating Income

We generally expect to meet future cash needs for general and administrative expenses, debt service and distributions from NOI. We define NOI, a non-GAAP measure, as total revenues and services less property operating expenses and property management fees. We use NOI as a key performance metric for internal monitoring and planning purposes, including the preparation of annual operating budgets and monthly operating reviews, as well as to facilitate analysis of future investment and business decisions. It does not represent cash flows generated from operating activities in accordance with GAAP and should not be considered to be an alternative to net income or loss (determined in accordance with GAAP) as an indication of our operating performance or to be an alternative to cash flows from operating activities (determined in accordance with GAAP) as a measure of our liquidity. We believe the presentation of this non-GAAP measure is important to the understanding of our operating results for the periods presented because it is an indicator of the return on property investment and provides a method of comparing property performance over time. We made our first investment on March 31, 2017 while we had two operating properties for the entirety of the three months ended March 31, 2018.

The chart below illustrates our net losses and NOI for the three months ended March 31, 2018 and 2017 (in thousands):

		Three Months Ended
		March 31,			Change
		2018	2017		$
Net loss	$	(390)	$	(251)
Adjusted to exclude:
General and administrative expenses		320		235
Acquisition fees and expenses		1		―
Depreciation and amortization		454		―
Other expenses, net of other income		245		19
Income tax expense		31		―
NOI	$	661	$	3	$	658

Funds from Operations and Modified Funds from Operations

Due to certain unique operating characteristics of real estate companies, as discussed below, the North American Real Estate Investment Trust (“NAREIT”) promulgated a measure known as Funds From Operations (“FFO”), which we believe to be an appropriate supplemental measure to reflect the operating performance of a REIT. The use of FFO is recommended by the REIT industry as a supplemental performance measure. FFO is not equivalent to net income or loss as determined under GAAP.

We define FFO, a non-GAAP measure, consistent with the standards approved by the board of governors of NAREIT. NAREIT defines FFO as net income or loss computed in accordance with GAAP, excluding gains or losses from sales of property, real estate asset impairment write-downs, plus depreciation and amortization of real estate related assets, and after adjustments for unconsolidated partnerships and joint ventures. Our FFO calculation complies with NAREIT’s policy described above.

The historical accounting convention used for real estate assets requires straight-line depreciation of buildings and improvements, which implies that the value of real estate assets diminishes predictably over time, especially if such assets are not adequately maintained or repaired and renovated as required by relevant circumstances and/or is requested or required by lessees for operational purposes in order to maintain the value of the property. We believe

that, because real estate values historically rise and fall with market conditions, including inflation, interest rates, the business cycle, unemployment and consumer spending, presentations of operating results for a REIT using historical accounting for depreciation may be less informative. Historical accounting for real estate involves the use of GAAP. Any other method of accounting for real estate such as the fair value method cannot be construed to be any more accurate or relevant than the comparable methodologies of real estate valuation found in GAAP. Nevertheless, we believe that the use of FFO, which excludes the impact of real estate related depreciation and amortization, provides a more complete understanding of our performance to investors and to management, and when compared year over year, reflects the impact on our operations from trends in occupancy rates, rental rates, operating costs, general and administrative expenses, and interest costs, which may not be immediately apparent from net income or loss. However, FFO and Modified Funds From Operations (“MFFO”), as described below, should not be construed to be more relevant or accurate than the current GAAP methodology in calculating net income or loss in its applicability in evaluating operating performance. The method utilized to evaluate the value and performance of real estate under GAAP should be construed as a more relevant measure of operational performance and considered more prominently than the non-GAAP FFO and MFFO measures and the adjustments to GAAP in calculating FFO and MFFO.

Changes in the accounting and reporting promulgations under GAAP (for acquisition fees and expenses for business combinations from a capitalization/depreciation model) to an expensed-as-incurred model that were put into effect in 2009, and other changes to GAAP accounting for real estate subsequent to the establishment of NAREIT’s definition of FFO, have prompted an increase in cash-settled expenses, specifically acquisition fees and expenses, as items that are expensed under GAAP and accounted for as operating expenses. Our management believes these fees and expenses do not affect our overall long-term operating performance. Publicly registered, non-listed REITs typically have a significant amount of acquisition activity and are substantially more dynamic during their initial years of investment and operation. While other start up entities may also experience significant acquisition activity during their initial years, we believe that non-listed REITs are unique in that they have a limited life with targeted exit strategies within a relatively limited time frame after acquisition activity ceases. Due to the above factors and other unique features of publicly registered, non-listed REITs, the Investment Program Association (“IPA”), an industry trade group, has standardized a measure known as MFFO which the IPA has recommended as a supplemental measure for publicly registered non-listed REITs and which we believe to be another appropriate supplemental measure to reflect the operating performance of a non-listed REIT. MFFO is not equivalent to our net income or loss as determined under GAAP, and MFFO may not be a useful measure of the impact of long-term operating performance on value if we do not continue to operate with a limited life and targeted exit strategy, as currently intended. We believe that because MFFO excludes costs that we consider more reflective of investing activities and other non-operating items included in FFO and also excludes acquisition fees and expenses that affect our operations only in periods in which properties are acquired, MFFO can provide, on a going forward basis, an indication of the sustainability (that is, the capacity to continue to be maintained) of our operating performance after the period in which we acquired our properties and once our portfolio is in place. By providing MFFO, we believe we are presenting useful information that assists investors and analysts to better assess the sustainability of our operating performance after our properties have been acquired. We also believe that MFFO is a recognized measure of sustainable operating performance by the non-listed REIT industry.

We define MFFO, a non-GAAP measure, consistent with the IPA’s Guideline 2010-01, Supplemental Performance Measure for Publicly Registered, Non-Listed REITs: MFFO, or the Practice Guideline, issued by the IPA in November 2010. The Practice Guideline defines MFFO as FFO further adjusted for the following items, as applicable, included in the determination of GAAP net income or loss: acquisition fees and expenses; amounts relating to deferred rent receivables and amortization of above and below market leases and liabilities (which are adjusted in order to remove the impact of GAAP straight-line adjustments from rental revenues); accretion of discounts and amortization of premiums on debt investments, mark-to-market adjustments included in net income; gains or losses included in net income from the extinguishment or sale of debt, hedges, foreign exchange, derivatives or securities holdings where trading of such holdings is not a fundamental attribute of the business plan, and unrealized gains or losses resulting from consolidation from, or deconsolidation to, equity accounting and after adjustments for consolidated and unconsolidated partnerships and joint ventures, with such adjustments calculated to reflect MFFO on the same basis. The accretion of discounts and amortization of premiums on debt investments, unrealized gains and losses on hedges, foreign exchange, derivatives or securities holdings, unrealized gains and losses resulting from consolidations, as well as other listed cash flow adjustments are adjustments made to net

income in calculating the cash flows provided by operating activities and, in some cases, reflect gains or losses which are unrealized and may not ultimately be realized.

Our MFFO calculation complies with the IPA’s Practice Guideline described above. In calculating MFFO, we exclude acquisition related expenses. Under GAAP, acquisition fees and expenses are characterized as operating expenses in determining operating net income or loss. These expenses are paid in cash by us. All paid and accrued acquisition fees and expenses will have negative effects on returns to investors, the potential for future distributions, and cash flows generated by us, unless earnings from operations or net sales proceeds from the disposition of other properties are generated to cover the purchase price of the property.

Our management uses MFFO and the adjustments used to calculate it in order to evaluate our performance against other non-listed REITs which have limited lives with short and defined acquisition periods and targeted exit strategies shortly thereafter. As noted above, MFFO may not be a useful measure of the impact of long-term operating performance on value if we do not continue to operate in this manner. We believe that our use of MFFO and the adjustments used to calculate it allow us to present our performance in a manner that reflects certain characteristics that are unique to non-listed REITs, such as their limited life, limited and defined acquisition period and targeted exit strategy, and hence that the use of such measures is useful to investors. For example, acquisition costs are funded from our subscription proceeds and other financing sources and not from operations. By excluding expensed acquisition costs, the use of MFFO provides information consistent with management’s analysis of the operating performance of the properties.

Presentation of this information is intended to provide useful information to investors as they compare the operating performance of different non-listed REITs, although it should be noted that not all REITs calculate FFO and MFFO the same way and as such comparisons with other REITs may not be meaningful. Furthermore, FFO and MFFO are not necessarily indicative of cash flows available to fund cash needs and should not be considered as an alternative to net income (loss) or income (loss) from continuing operations as an indication of our performance, as an alternative to cash flows from operations, as an indication of our liquidity, or indicative of funds available to fund our cash needs including our ability to make distributions to our stockholders. FFO and MFFO should be reviewed in conjunction with other GAAP measurements as an indication of our performance. MFFO is useful in assisting management and investors in assessing the sustainability of operating performance in future operating periods, and in particular, after the offering and acquisition stages are complete. FFO and MFFO are not useful measures in evaluating NAV because impairments are taken into account in determining NAV but not in determining FFO and MFFO.

Neither the SEC, NAREIT nor any other regulatory body has passed judgment on the acceptability of the adjustments we use to calculate FFO or MFFO. In the future, the SEC, NAREIT or another regulatory body may decide to standardize the allowable adjustments across the non-listed REIT industry and we would have to adjust our calculation and characterization of FFO or MFFO.

The following table presents a reconciliation of net loss to FFO and MFFO for the three months ended March 31, 2018 and 2017 (in thousands, except per share data):

	Three Months Ended
	March 31,
	2018		2017
Net loss	$	(390)	$	(251)
Adjustments to reconcile net loss to FFO
Depreciation and amortization		454		―
Total FFO		64		(251)
Straight-line rent adjustments		(32)		―
Amortization of above and below market intangibles		2
Acquisition fees and expenses		1		―
Total MFFO	$	35	$	(251)

Class A common stock:
Weighted average number of Class A common shares outstanding⁽¹⁾		820		378
Net loss per share of Class A common stock outstanding (basic and diluted)		(0.12)		(0.25)
FFO per share of Class A common stock outstanding (basic and diluted)		0.02		(0.25)
MFFO per share of Class A common stock outstanding (basic and diluted)		0.01		(0.25)

Class T common stock:
Weighted average number of Class T common shares outstanding⁽¹⁾		2,303		612
Net loss per share of Class T common stock outstanding (basic and diluted)		(0.12)		(0.25)
FFO per share of Class T common stock outstanding (basic and diluted)		0.02		(0.25)
MFFO per share of Class T common stock outstanding (basic and diluted)		0.01		(0.25)

Class I common stock:
Weighted average number of Class I common shares outstanding⁽¹⁾		209		12
Net loss per share of Class I common stock outstanding (basic and diluted)		(0.12)		(0.25)
FFO per share of Class I common stock outstanding (basic and diluted)		0.02		(0.25)
MFFO per share of Class I common stock outstanding (basic and diluted)		0.01		(0.25)

FOOTNOTE:

⁽¹⁾	For the purposes of determining the weighted average number of shares of common stock outstanding, stock dividends are treated as if such shares were outstanding as of July 11, 2016 (the date we commenced operations).

Related Party Transactions

We have entered into agreements with our Advisor and its affiliates, whereby we agree to pay certain fees to, or reimburse certain expenses of, our Advisor or its affiliates for acquisition and advisory services, selling commissions, dealer manager fees, asset management fees and reimbursement of operating costs.

Our Advisor and its affiliates and related parties also are entitled to reimbursement of certain operating expenses in connection with their provision of services to us, including personnel costs, subject to the limitation that, beginning on the earlier of the Expense Year after (i) we make our first investment or (ii) six months after the commencement of the Offering, we will not reimburse the Advisor for any amount by which operating expenses exceed the greater of 2% of our average invested assets or 25% of our net income in any Expense Year unless approved by the independent directors. We commenced our Offering in March 2016 and made our first investment in March 2017. For the Expense Year ended March 31, 2018, our total operating expenses were in excess of this limitation by approximately $0.5 million. As of March 31, 2018, we had received cumulative approvals by our independent directors for total operating expenses in excess of this limitation of approximately $0.7 million. Our independent directors determined that the higher relationship of operating expenses to average invested assets was justified based on our being in the early stages of raising and deploying capital and the limited number of investments to date, both of which were impacted by the downtime required to modify the dealer manager agreement to reduce overall underwriting compensation as discussed above, and the cost of operating a public company.

As of March 31, 2018, our Advisor has incurred aggregate other organizational and offering expenses of approximately $6.4 million, which are not eligible for reimbursement by us. These expenses include, but are not limited to, SEC registration fees, FINRA filing fees, printing and mailing expenses, blue sky fees and expenses, legal fees and expenses, accounting fees and expenses, advertising and sales literature, transfer agent fees, due diligence expenses, personnel costs associated with processing investor subscriptions, escrow fees and other administrative expenses of the Offering.

See Item 1. “Financial Statements” – Note 7 “Related Party Arrangements” in the accompanying condensed consolidated financial statements for additional information.

Off-Balance Sheet Arrangements

We had no off-balance sheet arrangements as of March 31, 2018.

Contractual Obligations

The following table presents our contractual obligations by payment period as of March 31, 2018 (in thousands):

	Payments Due by Period
	2018		2019-2020		2021-2022		Thereafter		Total
Mortgages and notes payable (principal and interest)	$	676	$	7,810	$	14,386	$	1,991	$	24,863
	$	676	$	7,810	$	14,386	$	1,991	$	24,863

Critical Accounting Policies and Estimates

See Item 1. “Condensed Consolidated Financial Information (unaudited)” for a summary of our significant accounting policies.

Recent Accounting Pronouncements

See Item 1. “Condensed Consolidated Financial Information (unaudited)” for a summary of the impact of recent accounting pronouncements.

Item 3.

Quantitative and Qualitative Disclosures about Market Risks

We may be exposed to financial market risks, specifically changes in interest rates to the extent we borrow money to acquire properties or to make loans and other permitted investments. Our management objectives related to interest rate risk will be to limit the impact of interest rate changes on earnings and cash flows and to lower our overall borrowing costs. To achieve our objectives, we expect to borrow primarily at fixed rates or variable rates with the lowest margins available, and in some cases, with the ability to convert variable rates to fixed rates. With regard to variable rate financing, we will assess interest rate cash flow risk by continually identifying and monitoring changes

in interest rate exposures that may adversely impact expected future cash flows and by evaluating interest rate protection opportunities through swaps or caps.

We expect to hold our fixed-rate note obligations to maturity (or prepayment) and the amounts due under such instruments would be limited to the outstanding principal balance, any accrued and unpaid interest and any prepayment premiums. Accordingly, we do not expect that fluctuations in interest rates, and the resulting change in fair value of our fixed-rate note obligations, would have a significant impact on our operations.

The fair market value of the Notes was approximately $0.3 million as of March 31, 2018, which was determined using discounted cash flows based on current rates and spreads we would expect to obtain for similar borrowings.

The following is a schedule as of March 31, 2018 of our variable rate debt maturities for the remainder of 2018 and each of the next four years and thereafter (principal maturities only) (in thousands):

	Expected Maturities
	2018		2019		2020		2021		2022		Thereafter		Total		Fair Value⁽¹⁾
Variable rate debt	$	32	$	199	$	5,811	$	224	$	13,234	$	―	$	19,500	$	19,589
Average interest rate on variable rate debt		LIBOR + 2.70%		LIBOR + 2.70%		LIBOR + 2.70%		LIBOR + 2.70%						LIBOR + 2.56%

FOOTNOTE:

⁽¹⁾	The estimated fair value of our variable rate debt was determined using discounted cash flows based on current rates and spreads we would expect to obtain for similar borrowings.

Management estimates that a one-percentage point increase or decrease in LIBOR in 2018, compared to LIBOR rates as of March 31, 2018, would result in fluctuation of interest expense on our variable rate debt of approximately $0.2 million for the year ended December 31, 2018. This sensitivity analysis contains certain simplifying assumptions, and although it gives an indication of our exposure to changes in interest rates, it is not intended to predict future results and actual results will likely vary given that our sensitivity analysis on effects of changes in LIBOR does not factor in a potential change in variable rate debt levels, any offsetting gains on interest swap contracts, or the impact of any LIBOR floors or caps.

Item 4.

Controls and Procedures

Evaluation of Disclosure Controls and Procedures

Our management, including our principal executive officer and principal financial officer, evaluated the effectiveness of our disclosure controls and procedures as of the end of the period covered by this report. Based upon that evaluation, our management, including our principal executive officer and principal financial officer, concluded that our disclosure controls and procedures are effective at the reasonable assurance level as of the end of the period covered by this report to provide reasonable assurance that information required to be disclosed by us in the reports we filed under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the relevant SEC rules and forms.

Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by us in the reports we file and submit under the Exchange Act is accumulated and communicated to our management, including our principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosure.

Internal Controls Over Financial Reporting

During the most recent fiscal quarter, there were no changes in our internal controls over financial reporting (as defined under Rule 13a-15(f) under the Exchange Act) that have materially affected, or are reasonably likely to materially affect, our internal controls over financial reporting.

PART II. OTHER INFORMATION

Item 1.

Legal Proceedings

From time to time, we may be a party to legal proceedings in the ordinary course of, or incidental to the normal course of, our business, including proceedings to enforce our contractual or statutory rights. While we cannot predict the outcome of these legal proceedings with certainty, based upon currently available information, we do not believe the final outcome of any pending or threatened legal proceeding will have a material adverse effect on our results of operations or financial condition.

Item 1A.

Risk Factors

With the exception of the risk factor set forth below, which updates the risk factors disclosed in our Annual Report on Form 10-K for the fiscal year ended December 31, 2017, there have been no material changes in our assessment of our risk factors from those set forth in our Annual Report on Form 10-K for the fiscal year ended December 31, 2017.

Our charter designates the Circuit Court for Baltimore City, Maryland as the sole and exclusive forum for certain types of actions and proceedings that may be initiated by our stockholders, which could limit our stockholders’ ability to obtain a favorable judicial forum for disputes with us or our directors, officers or employees.

Our charter provides that, unless we consent in writing to the selection of an alternative forum, the Circuit Court for Baltimore City, Maryland shall be the sole and exclusive forum for certain types of actions and proceedings that may be initiated by our stockholders with respect to our company, our directors, our officers or our employees (we note we currently have no employees). This choice of forum provision may limit a stockholder’s ability to bring a claim in a judicial forum that the stockholder believes is favorable for disputes with us or our directors, officers or employees, which may discourage meritorious claims from being asserted against us and our directors, officers and employees. Alternatively, if a court were to find this provision of our charter inapplicable to, or unenforceable in respect of, one or more of the specified types of actions or proceedings, we may incur additional costs associated with resolving such matters in other jurisdictions, which could adversely affect our business, financial condition or results of operations. We adopted this provision because we believe it makes it less likely that we will be forced to incur the expense of defending duplicative actions in multiple forums and less likely that plaintiffs’ attorneys will be able to employ such litigation to coerce us into otherwise unjustified settlements, and we believe the risk of a court declining to enforce this provision is remote, as the General Assembly of Maryland has specifically amended the Maryland General Corporation Law to authorize the adoption of such provisions.

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

Unregistered Sales of Equity Securities

During the period covered by this quarterly report, we did not sell any equity securities that were not registered under the Securities Act of 1933.

Use of Proceeds from Registered Securities

On March 2, 2016, our Registration Statement on Form S-11 (File No. 333-206017), covering a public offering of up to $2.0 billion shares of common stock, was initially declared effective under the Securities Act of 1933, as amended. Our Primary Offering commenced on a “best efforts” basis wherein we are offering, in any combination, three classes of our common stock: Class A shares, Class T shares and Class I shares. There are differing selling fees and commissions for each class of common stock. We will also pay annual distribution and stockholder servicing fees, subject to certain underwriting compensation limits, on the Class T and Class I shares sold in the Primary Offering. This is a continuous offering that will end no later than March 2, 2019, unless extended in accordance with applicable securities laws.

The use of proceeds from our Primary Offering was as follows as of March 31, 2018 (in thousands):

	Total		Payments to Affiliates ⁽¹⁾		Payments to Others
Aggregate price of offering amount registered ⁽²⁾	$	1,750,000
Shares sold ⁽³⁾		3,574

Aggregate amount sold ⁽³⁾	$	37,531
Payment of underwriting compensation ⁽⁴⁾		(1,780)	$	(1,780)	$	—
Net offering proceeds to the issuer		35,751
Purchases of real estate and development costs		(13,569)		—		(13,569)
Payment of investment services fees and acquisition expenses		(1,029)		—		(1,029)
Payment of capital expenditures		(32)		—		(32)
Redemptions of common stock		(25)		—		(25)
Repayments of mortgages and notes payable⁽⁵⁾		(2,150)		—		(2,150)
Distributions to stockholders ⁽⁵⁾		(182)		(123)		(59)
Remaining proceeds from the Offering	$	18,764

_____________

FOOTNOTES:

⁽¹⁾	Represents direct or indirect payments to directors, officers, or general partners of the issuer or their associates; to persons owning 10% or more of any class of equity securities of the issuer; and to affiliates of the issuer.

⁽²⁾	We are also offering, in any combination, up to $250 million of Class A, Class T and Class I shares pursuant to our Reinvestment Plan and reserve the right to reallocate shares of common stock between our Reinvestment Plan and our Primary Offering.

⁽³⁾

Excludes all shares issued as stock dividends, all shares issued pursuant to our Reinvestment Plan, $200,000 of unregistered shares issued to our Advisor in a private transaction exempt from the registration requirements pursuant to section 4(a)(2) of the Securities Act of 1933, as amended, and $251,250 of unregistered equity securities sold in our private placement.

⁽⁴⁾	Underwriting compensation includes selling commissions and fees paid to the Dealer Manager; all or a portion of which may be reallowed to participating broker-dealers.

⁽⁵⁾	Until such time as we have sufficient operating cash flows from our assets, we will pay cash distributions, debt service and/or operating expenses from net proceeds of our Offering. The amounts presented above represent the net proceeds used for such purposes.

Issuer Purchases of Equity Securities

The following details our repurchases of securities between January 1, 2018 and March 31, 2018:

Period	Total number of shares purchased		Average price paid per share		Total number of shares purchased under the plan		Maximum number of shares that may yet be purchased under the plan ⁽¹⁾
January 1, 2018 through January 31, 2018		—		—		—		87,283
February 1, 2018 through February 28, 2018		—		—		—		87,283
March 1, 2018 through March 31, 2018		2,538	$	10.00		2,538		84,745
Total		2,538	$	10.00		2,538

____________

FOOTNOTE:

⁽¹⁾

This represents the maximum number of shares which can be redeemed under the redemption plan and is subject to a five percent limitation of the weighted-average aggregate number of Class A, Class T and Class I shares of our common stock outstanding during the prior calendar year. However, we are not obligated to redeem such amounts and this does not take into account the amount the board of directors has determined to redeem or whether there are sufficient proceeds under the redemption plan. Under the redemption plan, we can, at our discretion, use the full amount of the proceeds from the sale of shares under our Reinvestment Plan attributable to any month to redeem shares presented for redemption during such month. Any amount of proceeds from our Reinvestment Plan, which is available for redemptions but which is unused, may be carried over to the next succeeding calendar quarter for use in addition to the amount of proceeds from our Reinvestment Plan that would otherwise be available for redemptions.

Item 3.

Defaults Upon Senior Securities - None

Item 4.

Mine Safety Disclosure – Not Applicable

Item 5.

Other Information - None

Item 6.

Exhibits

The exhibits required by this item are set forth in the Exhibit Index attached hereto and are filed or incorporated as part of this report.

EXHIBIT INDEX

The following exhibits are included, or incorporated by reference in this Quarterly Report on Form 10-Q for the three months ended March 31, 2018 (and are numbered in accordance with Item 601 of Regulation S-K).

Exhibit No.		Description

3.1		Second Articles of Amendment and Restatement (Previously filed as Exhibit 3.1 to the Company’s Current Report on Form 8-K filed March 15, 2017 and incorporated herein by reference.)

3.2		Amended and Restated Bylaws (Previously filed as Exhibit 3.2 to the Company’s Quarterly Report on Form 10-Q filed May 6, 2016 and incorporated herein by reference.)

4.1		Form of Subscription Agreement (Previously included as Appendix B to the Prospectus filed with the Company’s Post-Effective Amendment No. 8 to the Registration Statement on Form S-11 (File No. 333-206017), filed April 13, 2018 and incorporated herein by reference.)

4.2		Distribution Reinvestment Plan (Previously filed as Exhibit 4.2 to the Company’s Quarterly Report on Form 10-Q filed May 6, 2016 and incorporated herein by reference.)

4.3		Amended and Restated Redemption Plan (Previously filed as Exhibit 4.3 to the Company’s Current Report on Form 8-K filed April 17, 2017 and incorporated herein by reference.)

4.4		Statement regarding transfer restrictions, preferences, limitations and rights of holders of shares of common stock (to appear on stock certificate or to be sent upon request and without charge to stockholders issued shares without certificates) (Previously filed as Exhibit 4.4 to the Company’s Pre-Effective Amendment No. 2 to Registration Statement on Form S-11 (File No. 333-206017), filed January 15, 2016 and incorporated herein by reference.)

31.1		Certification of Chief Executive Officer of CNL Healthcare Properties II, Inc., Pursuant to Rule 13a-14(a), as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. (Filed herewith.)

31.2		Certification of Chief Financial Officer of CNL Healthcare Properties II, Inc., Pursuant to Rule 13a-14(a), as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. (Filed herewith.)

32.1		Certification of Chief Executive Officer and Chief Financial Officer of CNL Healthcare Properties II, Inc., Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. (Filed herewith.)

101		The following materials from CNL Healthcare Properties II, Inc. Quarterly Report on Form 10-Q for the three months ended March 31, 2018, formatted in XBRL (Extensible Business Reporting Language); (i) Condensed Consolidated Balance Sheets, (ii) Condensed Consolidated Statements of Operations, (iii) Condensed Consolidated Statements of Stockholders’ Equity, (iv) Condensed Consolidated Statements of Cash Flows, and (v) Notes to the Condensed Consolidated Financial Statements.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized, on the 10th day of May 2018.


CNL HEALTHCARE PROPERTIES II, INC.

By:	/s/ Stephen H. Mauldin
	STEPHEN H. MAULDIN
	Chief Executive Officer and President
	(Principal Executive Officer)

By:	/s/ Ixchell C. Duarte
	IXCHELL C. DUARTE
	Chief Financial Officer, Senior Vice President and Treasurer
	(Principal Financial Officer)

EX-31.1 2 chpii-ex311_35.htm CERTIFICATION OF CHIEF EXECUTIVE OFFICER chpii-ex311_35.htm

EXHIBIT 31.1

CERTIFICATION OF CHIEF EXECUTIVE OFFICER

OF CNL HEALTHCARE PROPERTIES II, INC.

PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Stephen H. Mauldin, certify that:

I have reviewed this quarterly report on Form 10-Q of CNL Healthcare Properties II, Inc. (the “Registrant”);

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this report;

The Registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Registrant and have:

(a)

designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)

designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)

evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)

disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the Registrant’s most recent fiscal quarter (the Registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and

The Registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions):

(a)

all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize and report financial information; and

(b)

any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.


Date: May 10, 2018	By:	/s/ Stephen H. Mauldin
		STEPHEN H. MAULDIN
		Chief Executive Officer and President
		(Principal Executive Officer)

EX-31.2 3 chpii-ex312_33.htm CERTIFICATION OF CHIEF FINANCIAL OFFICER chpii-ex312_33.htm

EXHIBIT 31.2

CERTIFICATION OF CHIEF FINANCIAL OFFICER

OF CNL HEALTHCARE PROPERTIES II, INC.

PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Ixchell C. Duarte, certify that:

I have reviewed this quarterly report on Form 10-Q of CNL Healthcare Properties II, Inc. (the “Registrant”);

(a)

(b)

(c)

(d)

(a)

(b)

any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.


Date: May 10, 2018	By:	/s/ Ixchell C. Duarte
		IXCHELL C. DUARTE
		Chief Financial Officer, Senior Vice President and Treasurer
		(Principal Financial Officer)

EX-32.1 4 chpii-ex321_34.htm CERTIFICATION OF CHIEF EXECUTIVE OFFICER AND CHIEF FINANCIAL OFFICER chpii-ex321_34.htm

EXHIBIT 32.1

CERTIFICATION

PURSUANT TO 18 U.S.C. SECTION 1350 AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the quarterly report of CNL Healthcare Properties II, Inc. (the “Company”) on Form 10-Q for the period ended March 31, 2018, as filed with the United States Securities and Exchange Commission on the date hereof (the “Report”), I, Stephen H. Mauldin, Chief Executive Officer and Ixchell C. Duarte, Chief Financial Officer and Treasurer of the Company, each certify, pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.


Date: May 10, 2018	By:	/s/ Stephen H. Mauldin
		Stephen H. Mauldin
		Chief Executive Officer and President

Date: May 10, 2018	By:	/s/ Ixchell C. Duarte
		Ixchell C. Duarte
		Chief Financial Officer, Senior Vice President and Treasurer

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<div> <div align="left"> <table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;"> <tr> <td valign="top" style="width:3.85%;white-space:nowrap"> 7.</td> <td valign="top"> Related Party Arrangements</td></tr></table></div> <p style="text-align:justify;margin-top:10pt;margin-bottom:0pt;margin-left:3.85%;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company is externally advised and has no direct employees. All of the Company’s executive officers are executive officers, or on the board of managers, of the Advisor. In addition, certain directors and officers hold similar positions with CNL Securities Corp., the Dealer Manager of the Offering and a wholly owned subsidiary of CNL. In connection with services provided to the Company, affiliates are entitled to the following fees: <p style="text-align:justify;margin-bottom:0pt;margin-top:10pt;margin-left:3.85%;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Dealer Manager — In March 2017, the Company entered into an amended and restated dealer manager agreement pursuant to which the Dealer Manager receives a combined selling commission and dealer manager fee of up to 8.5% of the sale price for each Class A share and up to 4.75% of the sale price for each Class T share sold in the Primary Offering, all or a portion of which may be reallowed to participating broker dealers.  In addition, for Class T shares sold in the Primary Offering, the Dealer Manager may choose the respective amounts of the commission and dealer manager fee, provided that the selling commission shall not exceed 3.0% of the gross proceeds from the completed sale of such Class T shares. <p style="text-align:justify;margin-bottom:0pt;margin-top:10pt;margin-left:3.85%;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company has and will continue to pay a distribution and stockholder servicing fee, subject to certain underwriting compensation limits, with respect to the Class T and Class I shares sold in the Primary Offering in an annual amount equal to 1% and 0.50%, respectively, of the current gross offering price per Class T or Class I share, respectively, or if the Company is no longer offering shares in a public offering, the estimated per share value per Class T or Class I share, respectively.  The annual distribution and stockholder servicing fee will continue to be calculated as a percentage of the current gross offering price per Class T or Class I share until the Company reports an estimated per share value following the termination of the Primary Offering, at which point the distribution fee will be calculated based on the new estimated per share value, until such underwriting compensation limits are met or the shares are converted to Class A shares pursuant to the terms of the securities. <div align="left"> <table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;"> <tr> <td valign="top" style="width:3.85%;white-space:nowrap"> 7.</td> <td valign="top"> Related Party Arrangements (continued) </td></tr></table></div> <p style="text-align:justify;margin-bottom:0pt;margin-top:10pt;margin-left:3.85%;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company records the annual distribution and stockholder servicing fees as a reduction to capital in excess of par value and measures the related liability in an amount equal to the maximum fees owed in relation to the Class T and Class I shares on the shares’ issuance date.  The liability is relieved over time, as the fees are paid to the Dealer Manager, or is adjusted if the fees are no longer owed on any Class T or Class I share that is redeemed or repurchased, as well as upon the earliest occurrence of: (i) a listing on a national securities exchange; (ii) a merger or consolidation of the Company with or into another entity, or the sale or other disposition of all or substantially all of the Company’s assets; (iii) after the termination of the Primary Offering in which the initial shares in the account were sold, the end of the month in which total underwriting compensation paid in the Primary Offering is not less than 10% of the gross proceeds from all share classes of the Primary Offering; (iv) the end of the month in which the total underwriting compensation paid in a Primary Offering with respect to shares purchased in a Primary Offering is not less than 8.5% of the gross offering price of those shares purchased in such Primary Offering (excluding shares purchased through the Reinvestment Plan and those received as stock dividends); or (v) any other conditions described in the Company’s prospectus.   <p style="text-align:justify;margin-bottom:0pt;margin-top:10pt;margin-left:3.85%;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">CNL Capital Markets Corp. — The Company will pay CNL Capital Markets Corp., an affiliate of CNL, an annual fee payable monthly based on the average number of total investor accounts that will be open during the term of the capital markets service agreement pursuant to which certain administrative services are provided to the Company.  These services may include, but are not limited to, the facilitation and coordination of the transfer agent’s activities, client services and administrative call center activities, financial advisor administrative correspondence services, material distribution services and various reporting and troubleshooting activities. <p style="text-align:justify;margin-top:10pt;margin-bottom:0pt;margin-left:3.85%;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Advisor — The Company will pay the Advisor a monthly asset management fee in an amount equal to 0.0667% of the monthly average of the sum of the Company’s and the Operating Partnership’s respective daily real estate asset value, without duplication, plus the outstanding principal amount of any loans made, plus the amount invested in other permitted investments.  For this purpose, “real estate asset value” equals the amount invested in wholly-owned properties, determined on the basis of cost, and in the case of properties owned by any joint venture or partnership in which the Company is a co-venturer or partner the portion of the cost of such properties paid by the Company, exclusive of acquisition fees and acquisition expenses and will not be reduced for any recognized impairment.  Any recognized impairment loss will not reduce the real estate asset value for the purposes of calculating the asset management fee.  The asset management fee, which will not exceed fees which are competitive for similar services in the same geographic area, may or may not be taken, in whole or in part as to any year, in the Advisor’s sole discretion.  All or any portion of the asset management fee not taken as to any fiscal year shall be deferred without interest and may be taken in such other fiscal year as the Advisor shall determine. <p style="text-align:justify;margin-bottom:0pt;margin-top:10pt;margin-left:3.85%;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company will pay the Advisor a construction management fee of up to 1% of hard and soft costs associated with the initial construction or renovation of a property, or with the management and oversight of expansion projects and other capital improvements, in those cases in which the value of the construction, renovation, expansion or improvements exceeds (i) 10% of the initial purchase price of the property and (ii) $1 million in which case such fee will be due and payable as draws are funded for such projects. <p style="text-align:justify;margin-bottom:0pt;margin-top:10pt;margin-left:3.85%;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Advisor will receive an investment services fee of 2.25% of the purchase price of properties and funds advanced for loans or the amount invested in the case of other assets for services in connection with the selection, evaluation, structure and purchase of assets.  No investment services fee will be paid to the Advisor in connection with the Company’s purchase of securities. <div align="left"> <table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;"> <tr> <td valign="top" style="width:3.85%;white-space:nowrap"> 7.</td> <td valign="top"> Related Party Arrangements (continued) </td></tr></table></div> <p style="text-align:justify;margin-bottom:0pt;margin-top:10pt;margin-left:3.85%;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Advisor, its affiliates and related parties also are entitled to reimbursement of certain operating expenses in connection with their provision of services to the Company, including personnel costs, subject to the limitation that the Company will not reimburse the Advisor for any amount by which operating expenses exceed the greater of 2% of its average invested assets or 25% of its net income in any four consecutive fiscal quarters (“Expense Year”) unless approved by the independent directors.  The Company commenced its Primary Offering in March 2016 and made its first investment in March 2017.  For the Expense Year ended March 31, 2018, the Company’s total operating expenses were in excess of this limitation by approximately $0.5 million.  As of March 31, 2018, the Company had received cumulative approvals from its independent directors for total operating expenses in excess of this limitation of approximately $0.7 million.  The Company’s independent directors determined that the higher relationship of operating expenses to average invested assets was justified based on the Company being in the early stages of raising and deploying capital and the limited number of investments to date, both of which were impacted by the downtime required to modify the dealer manager agreement to reduce overall underwriting compensation as discussed above, and the cost of operating a public company. <p style="text-align:justify;margin-bottom:0pt;margin-top:10pt;margin-left:3.85%;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Advisor will pay all other organizational and offering expenses incurred in connection with the formation of the Company, without reimbursement by the Company.  These expenses include, but are not limited to, Security and Exchange Commission (“SEC”) registration fees, Financial Industry Regulatory Authority (“FINRA”) filing fees, printing and mailing expenses, blue sky fees and expenses, legal fees and expenses, accounting fees and expenses, advertising and sales literature, transfer agent fees, due diligence expenses, personnel costs associated with processing investor subscriptions, escrow fees and other administrative expenses of the Offering. <p style="text-align:justify;margin-bottom:0pt;margin-top:10pt;margin-left:3.85%;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">For the three months ended March 31, 2018 and 2017, the Company paid cash distributions of approximately $38,000 and $29,000, respectively, and issued stock dividends of approximately 7,400 shares and 1,500 shares, respectively, to the Advisor. <p style="text-align:justify;margin-bottom:0pt;margin-top:10pt;margin-left:3.85%;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Pursuant to an expense support arrangement, the Advisor has agreed to accept payment in restricted stock in lieu of cash for services rendered, in the event that the Company does not achieve established distribution coverage targets (“Expense Support Agreement”).  Under the terms of the Expense Support Agreement, for each quarter within a calendar expense support year, the Company will record a proportional estimate of the cumulative year-to-date period based on an estimate of the annual expense support expected for the calendar expense support year.  In exchange for services rendered and in consideration of the expense support provided under this arrangement, the Company shall issue, following each determination date, a number of shares of restricted stock equal to the quotient of the expense support amount provided by the Advisor for the preceding year divided by the board of directors’ most recent determination of net asset value (“NAV”) per share of the Class A common shares, if the board has made such a determination, or otherwise the most recent public offering price per Class A common share, on the terms and conditions and subject to the restrictions set forth in the Expense Support Agreement.  The restricted stock is subordinated and forfeited to the extent that shareholders do not receive a Priority Return on their Invested Capital (as such terms are defined in the Company’s prospectus), excluding for the purposes of calculating this threshold any shares of restricted stock owned by the Advisor. <div align="left"> <table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;"> <tr> <td valign="top" style="width:3.85%;white-space:nowrap"> 7.</td> <td valign="top"> Related Party Arrangements (continued) </td></tr></table></div> <p style="margin-bottom:10pt;text-align:justify;margin-top:0pt;margin-left:3.85%;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The following fees for services rendered are expected to be settled in the form of restricted stock pursuant to the Expense Support Agreement for the three months ended March 31, 2018 and 2017 and cumulatively as of March 31, 2018: <div> <table border="0" cellspacing="0" cellpadding="0" align="center" style="border-collapse:collapse; width:60.2%;"> <tr> <td valign="bottom" style="padding-left:0pt;padding-Right:0pt;width:2.28%;white-space:nowrap;">  </td> <td valign="top" style="padding-left:0pt;padding-Right:0pt;width:48.98%;white-space:nowrap;">  </td> <td valign="bottom" style="padding-left:0pt;padding-Right:0pt;width:0.1%;white-space:nowrap;">  </td> <td colspan="5" valign="bottom" style="padding-left:0pt;padding-Right:0pt;width:32.36%;white-space:nowrap;"> <p style="margin-bottom:0pt;text-align:center;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Three Months Ended</td> <td valign="bottom" style="padding-left:0pt;padding-Right:0pt;width:0.1%;white-space:nowrap;">  </td> <td colspan="2" valign="bottom" style="padding-left:0pt;padding-Right:0pt;width:16.16%;white-space:nowrap;"> <p style="margin-bottom:0pt;text-align:center;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">As of</td> </tr> <tr> <td valign="middle" style="padding-left:0pt;padding-Right:0pt;width:2.28%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">  </td> <td valign="top" style="padding-left:0pt;padding-Right:0pt;width:48.98%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">  </td> <td valign="middle" style="padding-left:0pt;padding-Right:0pt;width:0.1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">  </td> <td colspan="5" valign="bottom" style="padding-left:0pt;padding-Right:0pt;width:32.36%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;text-align:center;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">March 31,</td> <td valign="bottom" style="padding-left:0pt;padding-Right:0pt;width:0.1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">  </td> <td colspan="2" valign="bottom" style="padding-left:0pt;padding-Right:0pt;width:16.16%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;text-align:center;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">March 31,</td> </tr> <tr> <td valign="middle" style="padding-left:0pt;padding-Right:0pt;width:2.28%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">  </td> <td valign="top" style="padding-left:0pt;padding-Right:0pt;width:48.98%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">  </td> <td valign="middle" style="padding-left:0pt;padding-Right:0pt;width:0.1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">  </td> <td colspan="2" valign="bottom" style="padding-left:0pt;padding-Right:0pt;width:15.12%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;text-align:center;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2018</td> <td valign="bottom" style="padding-left:0pt;padding-Right:0pt;width:2.14%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;white-space:nowrap;">  </td> <td colspan="2" valign="bottom" style="padding-left:0pt;padding-Right:0pt;width:15.08%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;text-align:center;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2017</td> <td valign="bottom" style="padding-left:0pt;padding-Right:0pt;width:0.1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">  </td> <td colspan="2" valign="bottom" style="padding-left:0pt;padding-Right:0pt;width:16.16%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;text-align:center;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2018</td> </tr> <tr> <td colspan="2" valign="top" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0pt;width:51.26%;white-space:nowrap;"> <p style="text-align:left;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Fees for services rendered:</td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0pt;width:0.1%;white-space:nowrap;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0pt;width:2.16%; border-top:solid 0.75pt #000000;white-space:nowrap;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0pt;width:12.96%; border-top:solid 0.75pt #000000;white-space:nowrap;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0pt;width:2.14%;white-space:nowrap;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0pt;width:2.14%; border-top:solid 0.75pt #000000;white-space:nowrap;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0pt;width:12.94%; border-top:solid 0.75pt #000000;white-space:nowrap;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0pt;width:0.1%;white-space:nowrap;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0pt;width:1.8%; border-top:solid 0.75pt #000000;white-space:nowrap;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0pt;width:14.38%; border-top:solid 0.75pt #000000;white-space:nowrap;">  </td> </tr> <tr> <td valign="bottom" style="padding-left:0pt;padding-Right:0pt;width:2.28%;white-space:nowrap;">  </td> <td valign="top" style="padding-left:0pt;padding-Right:0pt;width:48.98%;white-space:nowrap;"> <p style="text-align:left;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Asset management fees </td> <td valign="middle" style="padding-left:0pt;padding-Right:0pt;width:0.1%;white-space:nowrap;">  </td> <td valign="middle" style="padding-left:0pt;padding-Right:0pt;width:2.16%;white-space:nowrap;"> <p style="margin-bottom:0pt;text-align:center;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="middle" style="padding-left:0pt;padding-Right:3pt;width:12.96%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">70,800</td> <td valign="middle" style="padding-left:0pt;padding-Right:0pt;width:2.14%;white-space:nowrap;">  </td> <td valign="middle" style="padding-left:0pt;padding-Right:0pt;width:2.14%;white-space:nowrap;"> <p style="margin-bottom:0pt;text-align:center;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="middle" style="padding-left:0pt;padding-Right:3pt;width:12.94%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">460</td> <td valign="bottom" style="padding-left:0pt;padding-Right:0pt;width:0.1%;white-space:nowrap;">  </td> <td valign="middle" style="padding-left:0pt;padding-Right:0pt;width:1.8%;white-space:nowrap;"> <p style="margin-bottom:0pt;text-align:center;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="middle" style="padding-left:0pt;padding-Right:3pt;width:14.38%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">201,166</td> </tr> <tr> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0pt;width:2.28%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">  </td> <td valign="top" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0pt;width:48.98%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"> <p style="text-align:left;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Advisor personnel expenses (1)</td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0pt;width:0.1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0pt;width:2.16%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">  </td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:3pt;width:12.96%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">126,629</td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0pt;width:2.14%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0pt;width:2.14%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">  </td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:3pt;width:12.94%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">102,263</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0pt;width:0.1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">  </td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0pt;width:1.8%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">  </td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:3pt;width:14.38%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">563,032</td> </tr> <tr> <td colspan="2" valign="top" style="padding-left:0pt;padding-Right:0pt;width:51.26%; border-bottom:double 2.5pt transparent;white-space:nowrap;"> <p style="text-align:left;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Total fees for services rendered</td> <td valign="middle" style="padding-left:0pt;padding-Right:0pt;width:0.1%; border-bottom:double 2.5pt transparent;white-space:nowrap;">  </td> <td valign="middle" style="padding-left:0pt;padding-Right:0pt;width:2.16%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;text-align:center;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="middle" style="padding-left:0pt;padding-Right:3pt;width:12.96%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">197,429</td> <td valign="middle" style="padding-left:0pt;padding-Right:0pt;width:2.14%; border-bottom:double 2.5pt transparent;white-space:nowrap;">  </td> <td valign="middle" style="padding-left:0pt;padding-Right:0pt;width:2.14%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;text-align:center;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="middle" style="padding-left:0pt;padding-Right:3pt;width:12.94%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">102,723</td> <td valign="bottom" style="padding-left:0pt;padding-Right:0pt;width:0.1%; border-bottom:double 2.5pt transparent;white-space:nowrap;">  </td> <td valign="middle" style="padding-left:0pt;padding-Right:0pt;width:1.8%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;text-align:center;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="middle" style="padding-left:0pt;padding-Right:3pt;width:14.38%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">764,198</td> </tr> <tr> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0pt;width:2.28%;white-space:nowrap;">  </td> <td valign="top" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0pt;width:48.98%;white-space:nowrap;">  </td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0pt;width:0.1%;white-space:nowrap;">  </td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0pt;width:2.16%; border-top:double 2.5pt #000000;white-space:nowrap;">  </td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0pt;width:12.96%; border-top:double 2.5pt #000000;white-space:nowrap;">  </td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0pt;width:2.14%;white-space:nowrap;">  </td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0pt;width:2.14%; border-top:double 2.5pt #000000;white-space:nowrap;">  </td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0pt;width:12.94%; border-top:double 2.5pt #000000;white-space:nowrap;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0pt;width:0.1%;white-space:nowrap;">  </td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0pt;width:1.8%; border-top:double 2.5pt #000000;white-space:nowrap;">  </td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0pt;width:14.38%; border-top:double 2.5pt #000000;white-space:nowrap;">  </td> </tr> <tr> <td colspan="2" valign="top" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0pt;width:51.26%; border-bottom:double 2.5pt transparent;white-space:nowrap;"> <p style="text-align:left;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Then-current offering price or NAV </td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0pt;width:0.1%; border-bottom:double 2.5pt transparent;white-space:nowrap;">  </td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0pt;width:2.16%; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;text-align:center;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:3pt;width:12.96%; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">10.06</td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0pt;width:2.14%; border-bottom:double 2.5pt transparent;white-space:nowrap;">  </td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0pt;width:2.14%; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;text-align:center;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:3pt;width:12.94%; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">10.93</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0pt;width:0.1%; border-bottom:double 2.5pt transparent;white-space:nowrap;">  </td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0pt;width:1.8%; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;text-align:center;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:3pt;width:14.38%; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">10.06</td> </tr> <tr> <td colspan="2" valign="top" style="padding-left:0pt;padding-Right:0pt;width:51.26%; border-bottom:double 2.5pt transparent;white-space:nowrap;"> <p style="text-align:left;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Restricted stock shares (2)</td> <td valign="middle" style="padding-left:0pt;padding-Right:0pt;width:0.1%; border-bottom:double 2.5pt transparent;white-space:nowrap;">  </td> <td valign="middle" style="padding-left:0pt;padding-Right:0pt;width:2.16%; border-top:double 2.5pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">  </td> <td valign="middle" style="padding-left:0pt;padding-Right:3pt;width:12.96%; border-top:double 2.5pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">19,625</td> <td valign="middle" style="padding-left:0pt;padding-Right:0pt;width:2.14%; border-bottom:double 2.5pt transparent;white-space:nowrap;">  </td> <td valign="middle" style="padding-left:0pt;padding-Right:0pt;width:2.14%; border-top:double 2.5pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">  </td> <td valign="middle" style="padding-left:0pt;padding-Right:3pt;width:12.94%; border-top:double 2.5pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">9,398</td> <td valign="bottom" style="padding-left:0pt;padding-Right:0pt;width:0.1%; border-bottom:double 2.5pt transparent;white-space:nowrap;">  </td> <td valign="middle" style="padding-left:0pt;padding-Right:0pt;width:1.8%; border-top:double 2.5pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">  </td> <td valign="middle" style="padding-left:0pt;padding-Right:3pt;width:14.38%; border-top:double 2.5pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">75,964</td> </tr> </table></div> <p style="text-align:left;margin-bottom:0pt;margin-top:0pt;margin-left:3.85%;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">_____________ <p style="text-align:left;margin-bottom:3pt;margin-top:0pt;margin-left:7.69%;text-indent:-3.85%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">FOOTNOTES: <div align="left"> <table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;"> <tr> <td valign="top" style="width:3.85%;white-space:nowrap">  </td> <td valign="top" style="width:3.85%;white-space:nowrap"> (1)</td> <td valign="top"> Amounts consist of personnel and related overhead costs of the Advisor or its affiliates (which, in general, are those expenses relating to the Company’s administration on an on-going basis) that are reimbursable by the Company.</td></tr></table></div> <div align="left"> <table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;"> <tr> <td valign="top" style="width:3.85%;white-space:nowrap">  </td> <td valign="top" style="width:3.85%;white-space:nowrap"> (2)</td> <td valign="top"> Represents restricted stock shares issued or expected to be issued to the Advisor as of March 31, 2018 pursuant to the Expense Support Agreement.  No fair value was assigned to the restricted stock shares as the shares are expected to be valued at zero upon issuance, which represents the lowest possible value estimated at vesting.  In addition, the restricted stock shares will be treated as unissued for financial reporting purposes until the vesting criteria are met.</td></tr></table></div> <p style="margin-bottom:0pt;margin-top:10pt;text-align:justify;margin-left:3.85%;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The fees payable to the Dealer Manager for the three months ended March 31, 2018 and 2017, and related amounts unpaid as of March 31, 2018 and December 31, 2017 are as follows:   <div> <table border="0" cellspacing="0" cellpadding="0" align="center" style="border-collapse:collapse; width:100%;"> <tr style="height:12.75pt;"> <td valign="top" style="width:44%; border-bottom:solid 0.75pt transparent;">  </td> <td valign="bottom" style="padding-left:0pt;padding-Right:0pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">  </td> <td colspan="5" valign="bottom" style="padding-left:0pt;padding-Right:0pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;text-align:center;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Three Months Ended</td> <td valign="bottom" style="padding-left:0pt;padding-Right:0pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">  </td> <td colspan="5" valign="bottom" style="padding-left:0pt;padding-Right:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;text-align:center;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Unpaid amounts as of (1)</td> </tr> <tr style="height:12pt;"> <td valign="top" style="width:44%; border-bottom:solid 0.75pt transparent;">  </td> <td valign="bottom" style="padding-left:0pt;padding-Right:0pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">  </td> <td colspan="5" valign="bottom" style="padding-left:0pt;padding-Right:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;text-align:center;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">March 31,</td> <td valign="bottom" style="padding-left:0pt;padding-Right:0pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">  </td> <td colspan="2" valign="bottom" style="padding-left:0pt;padding-Right:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;text-align:center;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">March 31,</td> <td valign="bottom" style="padding-left:0pt;padding-Right:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;white-space:nowrap;">  </td> <td colspan="2" valign="bottom" style="padding-left:0pt;padding-Right:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;text-align:center;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">December 31,</td> </tr> <tr style="height:12pt;"> <td valign="top" style="width:44%; border-bottom:solid 0.75pt transparent;">  </td> <td valign="middle" style="padding-left:0pt;padding-Right:0pt;width:1%; border-bottom:solid 0.75pt transparent;">  </td> <td colspan="2" valign="middle" style="padding-left:0pt;padding-Right:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;"> <p style="margin-bottom:0pt;text-align:center;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2018</td> <td valign="middle" style="padding-left:0pt;padding-Right:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;">  </td> <td colspan="2" valign="middle" style="padding-left:0pt;padding-Right:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;"> <p style="margin-bottom:0pt;text-align:center;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2017</td> <td valign="middle" style="padding-left:0pt;padding-Right:0pt;width:1%; border-bottom:solid 0.75pt transparent;">  </td> <td colspan="2" valign="middle" style="padding-left:0pt;padding-Right:0pt;width:1%; border-bottom:solid 0.75pt #000000;"> <p style="margin-bottom:0pt;text-align:center;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2018</td> <td valign="middle" style="padding-left:0pt;padding-Right:0pt;width:1%; border-bottom:solid 0.75pt transparent;">  </td> <td colspan="2" valign="middle" style="padding-left:0pt;padding-Right:0pt;width:1%; border-bottom:solid 0.75pt #000000;"> <p style="margin-bottom:0pt;text-align:center;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2017</td> </tr> <tr style="height:12.75pt;"> <td valign="top" bgcolor="#CFF0FC" style="width:44%;"> <p style="text-align:left;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Selling commissions (2)</td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0pt;width:1%;white-space:nowrap;">  </td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:3pt;width:12%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">131,841</td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0pt;width:1%;white-space:nowrap;">  </td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:3pt;width:12%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">192,876</td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0pt;width:1%;white-space:nowrap;">  </td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:3pt;width:12%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,109</td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0pt;width:1%;white-space:nowrap;">  </td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:3pt;width:12%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">10,000</td> </tr> <tr style="height:12.75pt;"> <td valign="top" style="width:44%;"> <p style="text-align:left;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Dealer manager fees (2)</td> <td valign="middle" style="padding-left:0pt;padding-Right:0pt;width:1%;white-space:nowrap;">  </td> <td valign="middle" style="padding-left:0pt;padding-Right:0pt;width:1%;white-space:nowrap;">  </td> <td valign="middle" style="padding-left:0pt;padding-Right:3pt;width:12%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">165,756</td> <td valign="middle" style="padding-left:0pt;padding-Right:0pt;width:1%;white-space:nowrap;">  </td> <td valign="middle" style="padding-left:0pt;padding-Right:0pt;width:1%;white-space:nowrap;">  </td> <td valign="middle" style="padding-left:0pt;padding-Right:3pt;width:12%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">183,736</td> <td valign="middle" style="padding-left:0pt;padding-Right:0pt;width:1%;white-space:nowrap;">  </td> <td valign="middle" style="padding-left:0pt;padding-Right:0pt;width:1%;white-space:nowrap;">  </td> <td valign="middle" style="padding-left:0pt;padding-Right:3pt;width:12%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,700</td> <td valign="middle" style="padding-left:0pt;padding-Right:0pt;width:1%;white-space:nowrap;">  </td> <td valign="middle" style="padding-left:0pt;padding-Right:0pt;width:1%;white-space:nowrap;">  </td> <td valign="middle" style="padding-left:0pt;padding-Right:3pt;width:12%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">18,150</td> </tr> <tr style="height:12.75pt;"> <td valign="top" bgcolor="#CFF0FC" style="width:44%; border-bottom:solid 0.75pt transparent;"> <p style="text-align:left;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Distribution and stockholder servicing fees (2)</td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">  </td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">  </td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:3pt;width:12%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">293,378</td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">  </td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">  </td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:3pt;width:12%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">174,796</td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">  </td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">  </td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:3pt;width:12%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,031,612</td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">  </td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">  </td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:3pt;width:12%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">798,524</td> </tr> <tr style="height:12.75pt;"> <td valign="top" style="width:44%; border-bottom:double 2.5pt transparent;">  </td> <td valign="middle" style="padding-left:0pt;padding-Right:0pt;width:1%; border-bottom:double 2.5pt transparent;white-space:nowrap;">  </td> <td valign="middle" style="padding-left:0pt;padding-Right:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="middle" style="padding-left:0pt;padding-Right:3pt;width:12%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">590,975</td> <td valign="middle" style="padding-left:0pt;padding-Right:0pt;width:1%; border-bottom:double 2.5pt transparent;white-space:nowrap;">  </td> <td valign="middle" style="padding-left:0pt;padding-Right:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="middle" style="padding-left:0pt;padding-Right:3pt;width:12%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">551,408</td> <td valign="middle" style="padding-left:0pt;padding-Right:0pt;width:1%; border-bottom:double 2.5pt transparent;white-space:nowrap;">  </td> <td valign="middle" style="padding-left:0pt;padding-Right:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="middle" style="padding-left:0pt;padding-Right:3pt;width:12%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,034,421</td> <td valign="middle" style="padding-left:0pt;padding-Right:0pt;width:1%; border-bottom:double 2.5pt transparent;white-space:nowrap;">  </td> <td valign="middle" style="padding-left:0pt;padding-Right:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="middle" style="padding-left:0pt;padding-Right:3pt;width:12%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">826,674</td> </tr> </table></div> <p style="margin-bottom:0pt;margin-top:10pt;text-align:justify;margin-left:3.85%;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The expenses incurred by and reimbursable to the Company’s related parties for the three months ended March 31, 2018 and 2017, and related amounts unpaid as of March 31, 2018 and December 31, 2017 are as follows:   <div> <table border="0" cellspacing="0" cellpadding="0" align="center" style="border-collapse:collapse; width:100%;"> <tr style="height:12pt;"> <td valign="bottom" style="padding-left:0pt;padding-Right:0pt;width:44%;white-space:nowrap;">  </td> <td valign="bottom" style="padding-left:0pt;padding-Right:0pt;width:1%;white-space:nowrap;">  </td> <td colspan="5" valign="bottom" style="padding-left:0pt;padding-Right:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;text-align:center;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Three Months Ended</td> <td valign="bottom" style="padding-left:0pt;padding-Right:0pt;width:1%;white-space:nowrap;">  </td> <td colspan="5" valign="bottom" style="padding-left:0pt;padding-Right:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;text-align:center;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Unpaid amounts as of (1)</td> </tr> <tr style="height:12pt;"> <td valign="bottom" style="padding-left:0pt;padding-Right:0pt;width:44%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">  </td> <td valign="bottom" style="padding-left:0pt;padding-Right:0pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">  </td> <td colspan="5" valign="bottom" style="padding-left:0pt;padding-Right:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;text-align:center;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">March 31,</td> <td valign="bottom" style="padding-left:0pt;padding-Right:0pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">  </td> <td colspan="2" valign="bottom" style="padding-left:0pt;padding-Right:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;text-align:center;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">March 31,</td> <td valign="bottom" style="padding-left:0pt;padding-Right:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;white-space:nowrap;">  </td> <td colspan="2" valign="bottom" style="padding-left:0pt;padding-Right:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;text-align:center;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">December 31,</td> </tr> <tr style="height:12pt;"> <td valign="bottom" style="padding-left:0pt;padding-Right:0pt;width:44%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">  </td> <td valign="bottom" style="padding-left:0pt;padding-Right:0pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">  </td> <td colspan="2" valign="bottom" style="padding-left:0pt;padding-Right:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;text-align:center;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2018</td> <td valign="bottom" style="padding-left:0pt;padding-Right:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;white-space:nowrap;">  </td> <td colspan="2" valign="bottom" style="padding-left:0pt;padding-Right:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;text-align:center;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2017</td> <td valign="bottom" style="padding-left:0pt;padding-Right:0pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">  </td> <td colspan="2" valign="bottom" style="padding-left:0pt;padding-Right:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;text-align:center;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2018</td> <td valign="bottom" style="padding-left:0pt;padding-Right:0pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">  </td> <td colspan="2" valign="bottom" style="padding-left:0pt;padding-Right:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;text-align:center;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2017</td> </tr> <tr style="height:12.75pt;"> <td valign="top" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0pt;width:44%;"> <p style="text-align:left;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Reimbursable expenses:</td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0pt;width:1%;white-space:nowrap;">  </td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">  </td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0pt;width:12%; border-top:solid 0.75pt #000000;white-space:nowrap;">  </td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0pt;width:1%;white-space:nowrap;">  </td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">  </td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0pt;width:12%; border-top:solid 0.75pt #000000;white-space:nowrap;">  </td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0pt;width:1%;white-space:nowrap;">  </td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">  </td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0pt;width:12%; border-top:solid 0.75pt #000000;white-space:nowrap;">  </td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0pt;width:1%;white-space:nowrap;">  </td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">  </td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0pt;width:12%; border-top:solid 0.75pt #000000;white-space:nowrap;">  </td> </tr> <tr style="height:12.75pt;"> <td valign="bottom" style="padding-left:0pt;padding-Right:0pt;width:44%;white-space:nowrap;"> <p style="text-align:left;margin-bottom:0pt;margin-top:0pt;margin-left:8pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Operating expenses (3)</td> <td valign="middle" style="padding-left:0pt;padding-Right:0pt;width:1%;white-space:nowrap;">  </td> <td valign="middle" style="padding-left:0pt;padding-Right:0pt;width:1%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="middle" style="padding-left:0pt;padding-Right:3pt;width:12%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">274,844</td> <td valign="middle" style="padding-left:0pt;padding-Right:0pt;width:1%;white-space:nowrap;">  </td> <td valign="middle" style="padding-left:0pt;padding-Right:0pt;width:1%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="middle" style="padding-left:0pt;padding-Right:3pt;width:12%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">190,526</td> <td valign="middle" style="padding-left:0pt;padding-Right:0pt;width:1%;white-space:nowrap;">  </td> <td valign="middle" style="padding-left:0pt;padding-Right:0pt;width:1%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="middle" style="padding-left:0pt;padding-Right:3pt;width:12%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">130,993</td> <td valign="middle" style="padding-left:0pt;padding-Right:0pt;width:1%;white-space:nowrap;">  </td> <td valign="middle" style="padding-left:0pt;padding-Right:0pt;width:1%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="middle" style="padding-left:0pt;padding-Right:3pt;width:12%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">197,235</td> </tr> <tr style="height:12.75pt;"> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0pt;width:44%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"> <p style="text-align:left;margin-bottom:0pt;margin-top:0pt;margin-left:8pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Acquisition fees and expenses</td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">  </td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">  </td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:3pt;width:12%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">901</td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">  </td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">  </td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:3pt;width:12%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,889</td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">  </td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">  </td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:3pt;width:12%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">―</td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">  </td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">  </td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:3pt;width:12%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">―</td> </tr> <tr style="height:12.75pt;"> <td valign="bottom" style="padding-left:0pt;padding-Right:0pt;width:44%;white-space:nowrap;">  </td> <td valign="middle" style="padding-left:0pt;padding-Right:0pt;width:1%;white-space:nowrap;">  </td> <td valign="middle" style="padding-left:0pt;padding-Right:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">  </td> <td valign="middle" style="padding-left:0pt;padding-Right:3pt;width:12%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">275,745</td> <td valign="middle" style="padding-left:0pt;padding-Right:0pt;width:1%;white-space:nowrap;">  </td> <td valign="middle" style="padding-left:0pt;padding-Right:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">  </td> <td valign="middle" style="padding-left:0pt;padding-Right:3pt;width:12%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">192,415</td> <td valign="middle" style="padding-left:0pt;padding-Right:0pt;width:1%;white-space:nowrap;">  </td> <td valign="middle" style="padding-left:0pt;padding-Right:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">  </td> <td valign="middle" style="padding-left:0pt;padding-Right:3pt;width:12%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">130,993</td> <td valign="middle" style="padding-left:0pt;padding-Right:0pt;width:1%;white-space:nowrap;">  </td> <td valign="middle" style="padding-left:0pt;padding-Right:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">  </td> <td valign="middle" style="padding-left:0pt;padding-Right:3pt;width:12%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">197,235</td> </tr> <tr style="height:12.75pt;"> <td valign="top" bgcolor="#CFF0FC" style="padding-left:0pt;width:44%;"> <p style="text-align:left;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Investment service fees (4)</td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0pt;width:1%;white-space:nowrap;">  </td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0pt;width:1%;white-space:nowrap;">  </td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:3pt;width:12%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">―</td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0pt;width:1%;white-space:nowrap;">  </td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0pt;width:1%;white-space:nowrap;">  </td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:3pt;width:12%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">481,500</td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0pt;width:1%;white-space:nowrap;">  </td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0pt;width:1%;white-space:nowrap;">  </td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:3pt;width:12%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">―</td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0pt;width:1%;white-space:nowrap;">  </td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0pt;width:1%;white-space:nowrap;">  </td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:3pt;width:12%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">―</td> </tr> <tr style="height:12.75pt;"> <td valign="top" style="padding-left:0pt;width:44%; border-bottom:solid 0.75pt transparent;"> <p style="text-align:left;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Asset management fees (5)</td> <td valign="middle" style="padding-left:0pt;padding-Right:0pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">  </td> <td valign="middle" style="padding-left:0pt;padding-Right:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">  </td> <td valign="middle" style="padding-left:0pt;padding-Right:3pt;width:12%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">70,800</td> <td valign="middle" style="padding-left:0pt;padding-Right:0pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">  </td> <td valign="middle" style="padding-left:0pt;padding-Right:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">  </td> <td valign="middle" style="padding-left:0pt;padding-Right:3pt;width:12%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">460</td> <td valign="middle" style="padding-left:0pt;padding-Right:0pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">  </td> <td valign="middle" style="padding-left:0pt;padding-Right:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">  </td> <td valign="middle" style="padding-left:0pt;padding-Right:3pt;width:12%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">―</td> <td valign="middle" style="padding-left:0pt;padding-Right:0pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">  </td> <td valign="middle" style="padding-left:0pt;padding-Right:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">  </td> <td valign="bottom" style="padding-left:0pt;padding-Right:3pt;width:12%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">―</td> </tr> <tr style="height:12.75pt;"> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0pt;width:44%; border-bottom:double 2.5pt transparent;white-space:nowrap;">  </td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0pt;width:1%; border-bottom:double 2.5pt transparent;white-space:nowrap;">  </td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:3pt;width:12%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">346,545</td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0pt;width:1%; border-bottom:double 2.5pt transparent;white-space:nowrap;">  </td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:3pt;width:12%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">674,375</td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0pt;width:1%; border-bottom:double 2.5pt transparent;white-space:nowrap;">  </td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:3pt;width:12%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">130,993</td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0pt;width:1%; border-bottom:double 2.5pt transparent;white-space:nowrap;">  </td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:3pt;width:12%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">197,235</td> </tr> </table></div> <div align="left"> <table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;"> <tr> <td valign="top" style="width:3.85%;white-space:nowrap"> 7.</td> <td valign="top"> Related Party Arrangements (continued) </td></tr></table></div> <p style="text-align:left;margin-bottom:0pt;margin-top:0pt;margin-left:3.85%;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">_____________ <p style="text-align:left;margin-bottom:3pt;margin-top:0pt;margin-left:7.69%;text-indent:-3.85%;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">FOOTNOTES: <div align="left"> <table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;"> <tr> <td valign="top" style="width:3.85%;white-space:nowrap">  </td> <td valign="top" style="width:3.85%;white-space:nowrap"> (1)</td> <td valign="top"> Amounts are recorded as due to related parties in the accompanying condensed consolidated balance sheets.</td></tr></table></div> <div align="left"> <table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;"> <tr> <td valign="top" style="width:3.85%;white-space:nowrap">  </td> <td valign="top" style="width:3.85%;white-space:nowrap"> (2)</td> <td valign="top"> Amounts are recorded as stock issuance and offering costs in the accompanying condensed consolidated statements of stockholders’ equity.</td></tr></table></div> <div align="left"> <table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;"> <tr> <td valign="top" style="width:3.85%;white-space:nowrap">  </td> <td valign="top" style="width:3.85%;white-space:nowrap"> (3)</td> <td valign="top"> Amounts are recorded as general and administrative expenses in the accompanying condensed consolidated statements of operations unless such amounts represent prepaid expenses, which are capitalized in the accompanying condensed consolidated balance sheets.  For the three months ended March 31, 2018 and 2017, approximately $0.1 million and $0.1 million, respectively, of personnel expenses of affiliates of the Advisor are expected to be or were settled in accordance with the terms of the Expense Support Agreement and as such our general and administrative expenses were reduced by approximately $0.1 million and $0.1 million, respectively. </td></tr></table></div> <div align="left"> <table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;"> <tr> <td valign="top" style="width:3.85%;white-space:nowrap">  </td> <td valign="top" style="width:3.85%;white-space:nowrap"> (4)</td> <td valign="top"> For the three months ended March 31, 2018 the Company did not incur any investment services fees.  For the three months ended March 31, 2017 the Company incurred approximately $0.5 million in investment services fees all of which was capitalized and included in real estate investment properties, net in the accompanying condensed consolidated balance sheet.  </td></tr></table></div> <div align="left"> <table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;"> <tr> <td valign="top" style="width:3.85%;white-space:nowrap">  </td> <td valign="top" style="width:3.85%;white-space:nowrap"> (5)</td> <td valign="top"> For the three months ended March 31, 2018 and 2017, the Company incurred asset management fees of approximately $0.1 million and $460, respectively, all of which are expected to be or were settled in accordance with the terms of the Expense Support Agreement and as such asset management fees were reduced by approximately $0.1 million and $460, respectively.</td></tr></table></div></div>

<div> <p style="margin-bottom:10pt;margin-top:10pt;text-align:justify;margin-left:3.85%;text-indent:0%;font-style:italic;font-size:10pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">Basis of Presentation and Consolidation — The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and do not include all of the information and note disclosures required by generally accepted accounting principles in the United States (“GAAP”).  The unaudited condensed consolidated financial statements reflect all normal recurring adjustments, which, in the opinion of management, are necessary for the fair statement of the Company’s results for the interim period presented.  Operating results for the three months ended March 31, 2018 may not be indicative of the results that may be expected for the year ending December 31, 2018.  Amounts as of December 31, 2017 included in the unaudited condensed consolidated financial statements have been derived from audited consolidated financial statements as of that date but do not include all disclosures required by GAAP.  These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2017. <p style="margin-bottom:10pt;text-align:justify;margin-top:0pt;margin-left:3.85%;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The accompanying condensed consolidated financial statements include the accounts of the Company, the Operating Partnership and its other subsidiaries.  All material intercompany accounts and transactions have been eliminated in consolidation.  </div>

<div> <p style="margin-bottom:10pt;text-align:justify;margin-top:0pt;margin-left:3.85%;text-indent:0%;font-style:italic;font-size:10pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">Adopted Accounting Pronouncements — In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers,” as a new ASC topic (Topic 606).  The core principle of this ASU is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.  The ASU further provides guidance for any entity that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of nonfinancial assets, unless those contracts are within the scope of other standards (for example, lease contracts).  The FASB subsequently issued ASU 2015-14 to defer the effective date of ASU 2014-09 until annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period, with earlier adoption permitted.  In addition, the FASB issued ASU 2017-05, "Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20)," which clarifies the scope of subtopic 610-20, that was issued as a part of ASU 2014-09, as it relates to in-substance nonfinancial assets and must be adopted concurrently with ASC 606.  Both ASUs can be adopted using one of two retrospective transition methods: (i) retrospectively to each prior reporting period presented or (ii) as a cumulative-effect adjustment as of the date of adoption.  The Company adopted these ASUs using the modified retrospective approach as its transition method on January 1, 2018; the adoption of which did not have a material impact to its consolidated financial statements. <p style="margin-bottom:10pt;text-align:justify;margin-top:0pt;margin-left:3.85%;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In August 2017, the FASB issued ASU 2017-12 “Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities,” which amended the hedge accounting model to better reflect an entity’s risk management activities. The ASU expands an entities ability to hedge nonfinancial and financial risk components as well as reduce the complexity related to fair value hedges of interest rate risk. The ASU further eliminates the requirement to separately measure and report hedge ineffectiveness and generally requires the entire change in the fair value of a hedging instrument to be presented in the same income statement line as the hedged item. The ASU is effective for annual reporting periods, and interim periods within those annual periods, beginning after December 15, 2018. The Company early adopted this ASU prospectively on January 1, 2018; the adoption of which did not have a material impact on the Company’s consolidated financial statements.</div>

<div> <p style="text-align:justify;margin-top:10pt;margin-bottom:0pt;margin-left:3.85%;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The following table represents the disaggregated revenue for resident fees and services during the three months ended March 31, 2018 and 2017:   <div> <table border="0" cellspacing="0" cellpadding="0" align="center" style="border-collapse:collapse; width:100%;"> <tr> <td valign="bottom" style="padding-left:0pt;padding-Right:0pt;padding-Top:0pt;width:37.28%; border-bottom:solid 0.75pt transparent;">  </td> <td valign="bottom" style="padding-left:0pt;padding-Right:0pt;padding-Top:0pt;width:1.54%; border-bottom:solid 0.75pt transparent;">  </td> <td colspan="15" valign="bottom" style="padding-left:0pt;padding-Right:0pt;padding-Top:0pt;padding-Bottom:0pt;width:59.26%; border-bottom:solid 0.75pt #000000;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Three Months Ended March 31,</td> <td valign="bottom" style="width:1.9%; border-bottom:solid 0.75pt transparent;">  </td> </tr> <tr> <td valign="bottom" style="padding-left:0pt;padding-Right:0pt;padding-Top:0pt;padding-Bottom:0pt;width:37.28%; border-bottom:solid 0.75pt #000000;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Type of Investment</td> <td valign="bottom" style="padding-left:0pt;padding-Right:0pt;padding-Top:0pt;padding-Bottom:0pt;width:1.54%; border-bottom:solid 0.75pt transparent;">  </td> <td colspan="3" valign="bottom" style="padding-left:0pt;padding-Right:0pt;padding-Top:0pt;padding-Bottom:0pt;width:15.1%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Number of <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Units</td> <td valign="bottom" style="padding-left:0pt;padding-Right:0pt;padding-Top:0pt;padding-Bottom:0pt;width:1.56%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;">  </td> <td valign="top" style="width:1.58%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">  </td> <td colspan="4" valign="bottom" style="padding-left:0pt;padding-Right:0pt;padding-Top:0pt;padding-Bottom:0pt;width:19.8%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Revenues</td> <td valign="bottom" style="padding-left:0pt;padding-Right:0pt;padding-Top:0pt;padding-Bottom:0pt;width:1.58%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;">  </td> <td valign="top" style="width:1.06%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">  </td> <td colspan="4" valign="bottom" style="padding-left:0pt;padding-Right:0pt;padding-Top:0pt;padding-Bottom:0pt;width:18.58%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Percentage <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">of Revenues</td> <td valign="bottom" style="width:1.9%; border-bottom:solid 0.75pt transparent;">  </td> </tr> <tr style="height:12.75pt;"> <td valign="middle" style="padding-left:0pt;padding-Right:0pt;padding-Top:0pt;padding-Bottom:0pt;width:37.28%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;"> <p style="text-align:left;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-style:italic;font-family:Times New Roman;font-size:12pt;font-weight:normal;text-transform:none;font-variant: normal;">Resident fees and services:</td> <td valign="bottom" style="padding-left:0pt;padding-Right:0pt;padding-Top:0pt;padding-Bottom:0pt;width:1.54%; border-bottom:solid 0.75pt transparent;">  </td> <td valign="bottom" style="padding-left:0pt;padding-Right:0pt;padding-Top:0pt;padding-Bottom:0pt;width:6.7%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2018</td> <td valign="bottom" style="padding-left:0pt;padding-Right:0pt;padding-Top:0pt;padding-Bottom:0pt;width:1.58%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;">  </td> <td valign="bottom" style="padding-left:0pt;padding-Right:0pt;padding-Top:0pt;padding-Bottom:0pt;width:6.82%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2017</td> <td valign="bottom" style="padding-left:0pt;padding-Right:0pt;padding-Top:0pt;padding-Bottom:0pt;width:1.56%; border-bottom:solid 0.75pt transparent;">  </td> <td valign="bottom" style="padding-left:0pt;padding-Right:0pt;padding-Top:0pt;padding-Bottom:0pt;width:1.58%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">  </td> <td valign="bottom" style="padding-left:0pt;padding-Right:0pt;padding-Top:0pt;padding-Bottom:0pt;width:9.12%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2018</td> <td valign="top" style="width:1.58%; border-bottom:solid 0.75pt transparent;">  </td> <td valign="bottom" style="padding-left:0pt;padding-Right:0pt;padding-Top:0pt;padding-Bottom:0pt;width:1.58%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">  </td> <td valign="bottom" style="padding-left:0pt;padding-Right:0pt;padding-Top:0pt;padding-Bottom:0pt;width:7.52%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2017 (1)</td> <td valign="bottom" style="padding-left:0pt;padding-Right:0pt;padding-Top:0pt;padding-Bottom:0pt;width:1.58%; border-bottom:solid 0.75pt transparent;">  </td> <td valign="top" style="width:1.06%; border-bottom:solid 0.75pt #000000;">  </td> <td valign="bottom" style="padding-left:0pt;padding-Right:0pt;padding-Top:0pt;padding-Bottom:0pt;width:7.88%; border-bottom:solid 0.75pt #000000;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2018</td> <td valign="bottom" style="width:1.9%; border-bottom:solid 0.75pt transparent;">  </td> <td valign="bottom" style="padding-left:0pt;padding-Right:0pt;padding-Top:0pt;padding-Bottom:0pt;width:0.88%; border-bottom:solid 0.75pt transparent;">  </td> <td valign="bottom" style="padding-left:0pt;padding-Right:0pt;padding-Top:0pt;padding-Bottom:0pt;width:7.92%; border-bottom:solid 0.75pt #000000;"> <p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2017</td> <td valign="bottom" style="width:1.9%; border-bottom:solid 0.75pt transparent;">  </td> </tr> <tr style="height:11.25pt;"> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0pt;padding-Top:0pt;padding-Bottom:0pt;width:37.28%;"> <p style="text-align:left;margin-bottom:0pt;margin-top:0pt;margin-left:15pt;;text-indent:0pt;;font-family:Times New Roman;font-size:12pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Assisted living</td> <td valign="top" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0pt;padding-Top:0pt;padding-Bottom:0pt;width:1.54%;">  </td> <td valign="top" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0pt;padding-Top:0pt;padding-Bottom:0pt;width:6.7%; border-top:solid 0.75pt #000000;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">67</td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0pt;padding-Top:0pt;padding-Bottom:0pt;width:1.58%;">  </td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0pt;padding-Top:0pt;padding-Bottom:0pt;width:6.82%; border-top:solid 0.75pt #000000;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">67</td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0pt;padding-Top:0pt;padding-Bottom:0pt;width:1.56%;">  </td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0pt;padding-Top:0pt;padding-Bottom:0pt;width:1.58%; border-top:solid 0.75pt #000000;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0pt;padding-Top:0pt;padding-Bottom:0pt;width:9.12%; border-top:solid 0.75pt #000000;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">818,006</td> <td valign="top" bgcolor="#CFF0FC" style="width:1.58%;">  </td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0pt;padding-Top:0pt;padding-Bottom:0pt;width:1.58%; border-top:solid 0.75pt #000000;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0pt;padding-Top:0pt;padding-Bottom:0pt;width:7.52%; border-top:solid 0.75pt #000000;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">―</td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0pt;padding-Top:0pt;padding-Bottom:0pt;width:1.58%;">  </td> <td valign="top" bgcolor="#CFF0FC" style="width:1.06%; border-top:solid 0.75pt #000000;">  </td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0pt;padding-Top:0pt;padding-Bottom:0pt;width:7.88%; border-top:solid 0.75pt #000000;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">72.8</td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0pt;padding-Top:0pt;padding-Bottom:0pt;width:1.9%;"> <p style="margin-bottom:0pt;text-align:center;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">%</td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0pt;padding-Top:0pt;padding-Bottom:0pt;width:0.88%;">  </td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0pt;padding-Top:0pt;padding-Bottom:0pt;width:7.92%; border-top:solid 0.75pt #000000;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">―</td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0pt;padding-Top:0pt;padding-Bottom:0pt;width:1.9%;"> <p style="margin-bottom:0pt;text-align:center;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">%</td> </tr> <tr style="height:11.25pt;"> <td valign="middle" style="padding-left:0pt;padding-Right:0pt;padding-Top:0pt;padding-Bottom:0pt;width:37.28%;"> <p style="text-align:left;margin-bottom:0pt;margin-top:0pt;margin-left:15pt;;text-indent:0pt;;font-family:Times New Roman;font-size:12pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Memory care</td> <td valign="top" style="padding-left:0pt;padding-Right:0pt;padding-Top:0pt;padding-Bottom:0pt;width:1.54%;">  </td> <td valign="top" style="padding-left:0pt;padding-Right:0pt;padding-Top:0pt;padding-Bottom:0pt;width:6.7%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">22</td> <td valign="middle" style="padding-left:0pt;padding-Right:0pt;padding-Top:0pt;padding-Bottom:0pt;width:1.58%;">  </td> <td valign="middle" style="padding-left:0pt;padding-Right:0pt;padding-Top:0pt;padding-Bottom:0pt;width:6.82%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">22</td> <td valign="middle" style="padding-left:0pt;padding-Right:0pt;padding-Top:0pt;padding-Bottom:0pt;width:1.56%;">  </td> <td valign="middle" style="padding-left:0pt;padding-Right:0pt;padding-Top:0pt;padding-Bottom:0pt;width:1.58%;">  </td> <td valign="middle" style="padding-left:0pt;padding-Right:0pt;padding-Top:0pt;padding-Bottom:0pt;width:9.12%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">292,786</td> <td valign="top" style="width:1.58%;">  </td> <td valign="middle" style="padding-left:0pt;padding-Right:0pt;padding-Top:0pt;padding-Bottom:0pt;width:1.58%;">  </td> <td valign="middle" style="padding-left:0pt;padding-Right:0pt;padding-Top:0pt;padding-Bottom:0pt;width:7.52%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">―</td> <td valign="middle" style="padding-left:0pt;padding-Right:0pt;padding-Top:0pt;padding-Bottom:0pt;width:1.58%;">  </td> <td valign="top" style="width:1.06%;">  </td> <td valign="middle" style="padding-left:0pt;padding-Right:0pt;padding-Top:0pt;padding-Bottom:0pt;width:7.88%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">26.0</td> <td valign="middle" style="padding-left:0pt;padding-Right:0pt;padding-Top:0pt;padding-Bottom:0pt;width:1.9%;"> <p style="margin-bottom:0pt;text-align:center;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">%</td> <td valign="middle" style="padding-left:0pt;padding-Right:0pt;padding-Top:0pt;padding-Bottom:0pt;width:0.88%;">  </td> <td valign="middle" style="padding-left:0pt;padding-Right:0pt;padding-Top:0pt;padding-Bottom:0pt;width:7.92%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">―</td> <td valign="middle" style="padding-left:0pt;padding-Right:0pt;padding-Top:0pt;padding-Bottom:0pt;width:1.9%;"> <p style="margin-bottom:0pt;text-align:center;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">%</td> </tr> <tr style="height:11.25pt;"> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0pt;padding-Top:0pt;padding-Bottom:0pt;width:37.28%; border-bottom:solid 0.75pt transparent;"> <p style="text-align:left;margin-bottom:0pt;margin-top:0pt;margin-left:15pt;;text-indent:0pt;;font-family:Times New Roman;font-size:12pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Other revenues</td> <td valign="top" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0pt;padding-Top:0pt;padding-Bottom:0pt;width:1.54%; border-bottom:solid 0.75pt transparent;">  </td> <td valign="top" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0pt;padding-Top:0pt;padding-Bottom:0pt;width:6.7%; border-bottom:solid 0.75pt #000000;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">―</td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0pt;padding-Top:0pt;padding-Bottom:0pt;width:1.58%; border-bottom:solid 0.75pt transparent;">  </td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0pt;padding-Top:0pt;padding-Bottom:0pt;width:6.82%; border-bottom:solid 0.75pt #000000;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">―</td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0pt;padding-Top:0pt;padding-Bottom:0pt;width:1.56%; border-bottom:solid 0.75pt transparent;">  </td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0pt;padding-Top:0pt;padding-Bottom:0pt;width:1.58%; border-bottom:solid 0.75pt #000000;">  </td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0pt;padding-Top:0pt;padding-Bottom:0pt;width:9.12%; border-bottom:solid 0.75pt #000000;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">13,733</td> <td valign="top" bgcolor="#CFF0FC" style="width:1.58%; border-bottom:solid 0.75pt transparent;">  </td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0pt;padding-Top:0pt;padding-Bottom:0pt;width:1.58%; border-bottom:solid 0.75pt #000000;">  </td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0pt;padding-Top:0pt;padding-Bottom:0pt;width:7.52%; border-bottom:solid 0.75pt #000000;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">―</td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0pt;padding-Top:0pt;padding-Bottom:0pt;width:1.58%; border-bottom:solid 0.75pt transparent;">  </td> <td valign="top" bgcolor="#CFF0FC" style="width:1.06%; border-bottom:solid 0.75pt #000000;">  </td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0pt;padding-Top:0pt;padding-Bottom:0pt;width:7.88%; border-bottom:solid 0.75pt #000000;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1.2</td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0pt;padding-Top:0pt;padding-Bottom:0pt;width:1.9%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;text-align:center;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">%</td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0pt;padding-Top:0pt;padding-Bottom:0pt;width:0.88%; border-bottom:solid 0.75pt transparent;">  </td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0pt;padding-Top:0pt;padding-Bottom:0pt;width:7.92%; border-bottom:solid 0.75pt #000000;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">―</td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0pt;padding-Top:0pt;padding-Bottom:0pt;width:1.9%; border-bottom:solid 0.75pt transparent;"> <p style="margin-bottom:0pt;text-align:center;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">%</td> </tr> <tr style="height:11.25pt;"> <td valign="top" style="padding-left:0pt;padding-Right:0pt;padding-Top:0pt;padding-Bottom:0pt;width:37.28%; border-bottom:double 2.5pt transparent;">  </td> <td valign="top" style="padding-left:0pt;padding-Right:0pt;padding-Top:0pt;padding-Bottom:0pt;width:1.54%; border-bottom:double 2.5pt transparent;">  </td> <td valign="top" style="padding-left:0pt;padding-Right:0pt;padding-Top:0pt;padding-Bottom:0pt;width:6.7%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">89</td> <td valign="middle" style="padding-left:0pt;padding-Right:0pt;padding-Top:0pt;padding-Bottom:0pt;width:1.58%; border-bottom:double 2.5pt transparent;">  </td> <td valign="middle" style="padding-left:0pt;padding-Right:0pt;padding-Top:0pt;padding-Bottom:0pt;width:6.82%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">89</td> <td valign="middle" style="padding-left:0pt;padding-Right:0pt;padding-Top:0pt;padding-Bottom:0pt;width:1.56%; border-bottom:double 2.5pt transparent;">  </td> <td valign="middle" style="padding-left:0pt;padding-Right:0pt;padding-Top:0pt;padding-Bottom:0pt;width:1.58%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="middle" style="padding-left:0pt;padding-Right:0pt;padding-Top:0pt;padding-Bottom:0pt;width:9.12%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,124,525</td> <td valign="top" style="width:1.58%; border-bottom:double 2.5pt transparent;">  </td> <td valign="middle" style="padding-left:0pt;padding-Right:0pt;padding-Top:0pt;padding-Bottom:0pt;width:1.58%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="middle" style="padding-left:0pt;padding-Right:0pt;padding-Top:0pt;padding-Bottom:0pt;width:7.52%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">―</td> <td valign="middle" style="padding-left:0pt;padding-Right:0pt;padding-Top:0pt;padding-Bottom:0pt;width:1.58%; border-bottom:double 2.5pt transparent;">  </td> <td valign="top" style="width:1.06%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;">  </td> <td valign="middle" style="padding-left:0pt;padding-Right:0pt;padding-Top:0pt;padding-Bottom:0pt;width:7.88%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">100.0</td> <td valign="middle" style="padding-left:0pt;padding-Right:0pt;padding-Top:0pt;padding-Bottom:0pt;width:1.9%; border-bottom:double 2.5pt transparent;"> <p style="margin-bottom:0pt;text-align:center;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">%</td> <td valign="middle" style="padding-left:0pt;padding-Right:0pt;padding-Top:0pt;padding-Bottom:0pt;width:0.88%; border-bottom:double 2.5pt transparent;">  </td> <td valign="middle" style="padding-left:0pt;padding-Right:0pt;padding-Top:0pt;padding-Bottom:0pt;width:7.92%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">―</td> <td valign="middle" style="padding-left:0pt;padding-Right:0pt;padding-Top:0pt;padding-Bottom:0pt;width:1.9%; border-bottom:double 2.5pt transparent;"> <p style="margin-bottom:0pt;text-align:center;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">%</td> </tr> </table></div> <p style="text-align:left;margin-bottom:2pt;margin-top:0pt;margin-left:3.85%;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">_____________ <p style="margin-bottom:0pt;text-align:justify;margin-top:0pt;margin-left:3.85%;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">FOOTNOTE: <div align="left"> <table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;"> <tr> <td valign="top" style="width:3.85%;white-space:nowrap">  </td> <td valign="top" style="width:3.85%;white-space:nowrap"> (1)</td> <td valign="top"> Resident fees and services of approximately $11,000 were comprised entirely of allocated pro-rations at closing as the Summer Vista Assisted Living (“Summer Vista”) acquisition occurred on the last day of March 2017.</td></tr></table></div></div>

<div> <p style="margin-bottom:0pt;text-align:justify;margin-top:0pt;margin-left:3.85%;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The following summarizes the purchase price allocation for Summer Vista, and the related assets acquired and liabilities assumed in connection with the acquisition:   <div> <table border="0" cellspacing="0" cellpadding="0" align="center" style="border-collapse:collapse; width:60%;"> <tr style="height:14.25pt;"> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0pt;padding-Top:0pt;padding-Bottom:0pt;width:75.48%;"> <p style="text-align:left;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Land and land improvements </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0pt;padding-Top:0pt;padding-Bottom:0pt;width:2.96%;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0pt;padding-Top:0pt;padding-Bottom:0pt;width:21.56%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2,269,406</td> </tr> <tr style="height:12.75pt;"> <td valign="bottom" style="padding-left:0pt;padding-Right:0pt;padding-Top:0pt;padding-Bottom:0pt;width:75.48%;"> <p style="text-align:left;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Buildings and building improvements</td> <td valign="bottom" style="padding-left:0pt;padding-Right:0pt;padding-Top:0pt;padding-Bottom:0pt;width:2.96%;">  </td> <td valign="bottom" style="padding-left:0pt;padding-Right:0pt;padding-Top:0pt;padding-Bottom:0pt;width:21.56%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">17,611,786</td> </tr> <tr style="height:12.75pt;"> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0pt;padding-Top:0pt;padding-Bottom:0pt;width:75.48%;"> <p style="text-align:left;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Furniture, fixtures and equipment </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0pt;padding-Top:0pt;padding-Bottom:0pt;width:2.96%;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0pt;padding-Top:0pt;padding-Bottom:0pt;width:21.56%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">857,338</td> </tr> <tr style="height:12.75pt;"> <td valign="bottom" style="padding-left:0pt;padding-Right:0pt;padding-Top:0pt;padding-Bottom:0pt;width:75.48%;"> <p style="text-align:left;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In-place lease intangibles (1)</td> <td valign="bottom" style="padding-left:0pt;padding-Right:0pt;padding-Top:0pt;padding-Bottom:0pt;width:2.96%;">  </td> <td valign="bottom" style="padding-left:0pt;padding-Right:0pt;padding-Top:0pt;padding-Bottom:0pt;width:21.56%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,286,507</td> </tr> <tr style="height:12.75pt;"> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0pt;padding-Top:0pt;padding-Bottom:0pt;width:75.48%; border-bottom:solid 0.75pt transparent;"> <p style="text-align:left;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Liabilities assumed</td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0pt;padding-Top:0pt;padding-Bottom:0pt;width:2.96%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">  </td> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0pt;padding-Top:0pt;padding-Bottom:0pt;width:21.56%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(170,918)</td> </tr> <tr style="height:13.5pt;"> <td valign="bottom" style="padding-left:27.75pt;padding-Right:0pt;padding-Top:0pt;padding-Bottom:0pt;width:75.48%; border-bottom:double 2.5pt transparent;"> <p style="text-align:left;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Total purchase price consideration</td> <td valign="bottom" style="padding-left:0pt;padding-Right:0pt;padding-Top:0pt;padding-Bottom:0pt;width:2.96%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="bottom" style="padding-left:0pt;padding-Right:0pt;padding-Top:0pt;padding-Bottom:0pt;width:21.56%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">21,854,119</td> </tr> </table></div> <p style="text-align:left;margin-bottom:2pt;margin-top:0pt;margin-left:3.85%;text-indent:0%;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">_____________ <p style="margin-bottom:0pt;text-align:justify;margin-top:0pt;margin-left:3.85%;text-indent:0%;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">FOOTNOTE: <div align="left"> <table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;"> <tr> <td valign="top" style="width:3.85%;white-space:nowrap">  </td> <td valign="top" style="width:3.85%;white-space:nowrap"> (1)</td> <td valign="top"> At the acquisition date, the weighted-average amortization period on the acquired in-place lease intangibles was approximately 2.5 years and is based on the expected unit turnover.</td></tr></table></div></div>

<div> <p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:3.85%;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The gross carrying amount and accumulated amortization of the Company’s intangible assets and liabilities as of March 31, 2018 and December 31, 2017 are as follows:   <div> <table border="0" cellspacing="0" cellpadding="0" align="center" style="border-collapse:collapse; width:60%;"> <tr style="height:12.75pt;"> <td valign="bottom" style="padding-left:0pt;padding-Right:0pt;width:2.16%;white-space:nowrap;">  </td> <td valign="top" style="padding-left:0pt;padding-Right:0pt;width:59.06%;white-space:nowrap;">  </td> <td colspan="2" valign="bottom" style="padding-left:0pt;padding-Right:0pt;width:18.32%;white-space:nowrap;"> <p style="margin-bottom:0pt;text-align:center;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">March 31,</td> <td valign="bottom" style="padding-left:0pt;padding-Right:0pt;width:2.16%;white-space:nowrap;">  </td> <td colspan="2" valign="bottom" style="padding-left:0pt;padding-Right:0pt;width:18.32%;white-space:nowrap;"> <p style="margin-bottom:0pt;text-align:center;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">December 31,</td> </tr> <tr style="height:12.75pt;"> <td valign="middle" style="padding-left:0pt;padding-Right:0pt;width:2.16%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">  </td> <td valign="top" style="padding-left:0pt;padding-Right:0pt;width:59.06%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">  </td> <td colspan="2" valign="middle" style="padding-left:0pt;padding-Right:0pt;width:18.32%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;text-align:center;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2018</td> <td valign="middle" style="padding-left:0pt;padding-Right:0pt;width:2.16%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">  </td> <td colspan="2" valign="middle" style="padding-left:0pt;padding-Right:0pt;width:18.32%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;text-align:center;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2017</td> </tr> <tr style="height:12.75pt;"> <td colspan="2" valign="top" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0pt;width:61.22%;white-space:nowrap;"> <p style="text-align:left;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In-place lease intangibles</td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0pt;width:2.16%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:3pt;width:16.16%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">3,495,754</td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0pt;width:2.16%;white-space:nowrap;">  </td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0pt;width:2.16%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:3pt;width:16.16%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">3,495,632</td> </tr> <tr style="height:12.75pt;"> <td colspan="2" valign="top" style="padding-left:0pt;padding-Right:0pt;width:61.22%;white-space:nowrap;"> <p style="text-align:left;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Below-market ground lease intangibles</td> <td valign="middle" style="padding-left:0pt;padding-Right:0pt;width:2.16%;white-space:nowrap;">  </td> <td valign="middle" style="padding-left:0pt;padding-Right:3pt;width:16.16%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,543,910</td> <td valign="middle" style="padding-left:0pt;padding-Right:0pt;width:2.16%;white-space:nowrap;">  </td> <td valign="middle" style="padding-left:0pt;padding-Right:0pt;width:2.16%;white-space:nowrap;">  </td> <td valign="middle" style="padding-left:0pt;padding-Right:3pt;width:16.16%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,543,824</td> </tr> <tr style="height:12.75pt;"> <td colspan="2" valign="top" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0pt;width:61.22%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"> <p style="text-align:left;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Less: accumulated amortization</td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0pt;width:2.16%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">  </td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0pt;width:16.16%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(581,434)</td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0pt;width:2.16%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">  </td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0pt;width:2.16%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">  </td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0pt;width:16.16%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(385,952)</td> </tr> <tr style="height:12.75pt;"> <td valign="middle" style="padding-left:0pt;padding-Right:0pt;width:2.16%; border-bottom:double 2.5pt transparent;white-space:nowrap;">  </td> <td valign="top" style="padding-left:0pt;padding-Right:0pt;width:59.06%; border-bottom:double 2.5pt transparent;white-space:nowrap;"> <p style="text-align:left;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Intangible assets, net</td> <td valign="middle" style="padding-left:0pt;padding-Right:0pt;width:2.16%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="middle" style="padding-left:0pt;padding-Right:3pt;width:16.16%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">4,458,230</td> <td valign="middle" style="padding-left:0pt;padding-Right:0pt;width:2.16%; border-bottom:double 2.5pt transparent;white-space:nowrap;">  </td> <td valign="middle" style="padding-left:0pt;padding-Right:0pt;width:2.16%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="middle" style="padding-left:0pt;padding-Right:3pt;width:16.16%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">4,653,504</td> </tr> <tr style="height:12.75pt;"> <td colspan="2" valign="top" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0pt;width:61.22%;white-space:nowrap;"> <p style="text-align:left;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Below-market lease intangibles</td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0pt;width:2.16%; border-top:double 2.5pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0pt;width:16.16%; border-top:double 2.5pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(340,409)</td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0pt;width:2.16%;white-space:nowrap;">  </td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0pt;width:2.16%; border-top:double 2.5pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0pt;width:16.16%; border-top:double 2.5pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(340,390)</td> </tr> <tr style="height:12.75pt;"> <td colspan="2" valign="top" style="padding-left:0pt;padding-Right:0pt;width:61.22%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"> <p style="text-align:left;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Less: accumulated amortization</td> <td valign="middle" style="padding-left:0pt;padding-Right:0pt;width:2.16%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">  </td> <td valign="middle" style="padding-left:0pt;padding-Right:3pt;width:16.16%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">7,638</td> <td valign="middle" style="padding-left:0pt;padding-Right:0pt;width:2.16%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">  </td> <td valign="middle" style="padding-left:0pt;padding-Right:0pt;width:2.16%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">  </td> <td valign="middle" style="padding-left:0pt;padding-Right:3pt;width:16.16%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">―</td> </tr> <tr style="height:12.75pt;"> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0pt;width:2.16%; border-bottom:double 2.5pt transparent;white-space:nowrap;">  </td> <td valign="top" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0pt;width:59.06%; border-bottom:double 2.5pt transparent;white-space:nowrap;"> <p style="text-align:left;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Intangible liabilities, net (1)</td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0pt;width:2.16%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0pt;width:16.16%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(332,771)</td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0pt;width:2.16%; border-bottom:double 2.5pt transparent;white-space:nowrap;">  </td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0pt;width:2.16%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0pt;width:16.16%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(340,390)</td> </tr> </table></div> <p style="text-align:left;margin-bottom:0pt;margin-top:0pt;margin-left:3.85%;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">____________ <p style="text-align:left;margin-bottom:0pt;margin-top:0pt;margin-left:3.85%;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">FOOTNOTE: <div align="left"> <table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;"> <tr> <td valign="top" style="width:3.85%;white-space:nowrap">  </td> <td valign="top" style="width:3.85%;white-space:nowrap"> (1)</td> <td valign="top"> Intangible liabilities, net are included in other liabilities in the accompanying condensed consolidated balance sheets.</td></tr></table></div></div>

<div> <p style="margin-bottom:0pt;margin-top:10pt;text-align:justify;margin-left:3.85%;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The expenses incurred by and reimbursable to the Company’s related parties for the three months ended March 31, 2018 and 2017, and related amounts unpaid as of March 31, 2018 and December 31, 2017 are as follows:   <div> <table border="0" cellspacing="0" cellpadding="0" align="center" style="border-collapse:collapse; width:100%;"> <tr style="height:12pt;"> <td valign="bottom" style="padding-left:0pt;padding-Right:0pt;width:44%;white-space:nowrap;">  </td> <td valign="bottom" style="padding-left:0pt;padding-Right:0pt;width:1%;white-space:nowrap;">  </td> <td colspan="5" valign="bottom" style="padding-left:0pt;padding-Right:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;text-align:center;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Three Months Ended</td> <td valign="bottom" style="padding-left:0pt;padding-Right:0pt;width:1%;white-space:nowrap;">  </td> <td colspan="5" valign="bottom" style="padding-left:0pt;padding-Right:0pt;width:1%;white-space:nowrap;"> <p style="margin-bottom:0pt;text-align:center;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Unpaid amounts as of (1)</td> </tr> <tr style="height:12pt;"> <td valign="bottom" style="padding-left:0pt;padding-Right:0pt;width:44%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">  </td> <td valign="bottom" style="padding-left:0pt;padding-Right:0pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">  </td> <td colspan="5" valign="bottom" style="padding-left:0pt;padding-Right:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;text-align:center;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">March 31,</td> <td valign="bottom" style="padding-left:0pt;padding-Right:0pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">  </td> <td colspan="2" valign="bottom" style="padding-left:0pt;padding-Right:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;text-align:center;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">March 31,</td> <td valign="bottom" style="padding-left:0pt;padding-Right:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;white-space:nowrap;">  </td> <td colspan="2" valign="bottom" style="padding-left:0pt;padding-Right:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;white-space:nowrap;"> <p style="margin-bottom:0pt;text-align:center;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">December 31,</td> </tr> <tr style="height:12pt;"> <td valign="bottom" style="padding-left:0pt;padding-Right:0pt;width:44%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">  </td> <td valign="bottom" style="padding-left:0pt;padding-Right:0pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">  </td> <td colspan="2" valign="bottom" style="padding-left:0pt;padding-Right:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;text-align:center;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2018</td> <td valign="bottom" style="padding-left:0pt;padding-Right:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;white-space:nowrap;">  </td> <td colspan="2" valign="bottom" style="padding-left:0pt;padding-Right:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;text-align:center;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2017</td> <td valign="bottom" style="padding-left:0pt;padding-Right:0pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">  </td> <td colspan="2" valign="bottom" style="padding-left:0pt;padding-Right:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;text-align:center;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2018</td> <td valign="bottom" style="padding-left:0pt;padding-Right:0pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">  </td> <td colspan="2" valign="bottom" style="padding-left:0pt;padding-Right:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="margin-bottom:0pt;text-align:center;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2017</td> </tr> <tr style="height:12.75pt;"> <td valign="top" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0pt;width:44%;"> <p style="text-align:left;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Reimbursable expenses:</td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0pt;width:1%;white-space:nowrap;">  </td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">  </td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0pt;width:12%; border-top:solid 0.75pt #000000;white-space:nowrap;">  </td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0pt;width:1%;white-space:nowrap;">  </td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">  </td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0pt;width:12%; border-top:solid 0.75pt #000000;white-space:nowrap;">  </td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0pt;width:1%;white-space:nowrap;">  </td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">  </td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0pt;width:12%; border-top:solid 0.75pt #000000;white-space:nowrap;">  </td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0pt;width:1%;white-space:nowrap;">  </td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">  </td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0pt;width:12%; border-top:solid 0.75pt #000000;white-space:nowrap;">  </td> </tr> <tr style="height:12.75pt;"> <td valign="bottom" style="padding-left:0pt;padding-Right:0pt;width:44%;white-space:nowrap;"> <p style="text-align:left;margin-bottom:0pt;margin-top:0pt;margin-left:8pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Operating expenses (3)</td> <td valign="middle" style="padding-left:0pt;padding-Right:0pt;width:1%;white-space:nowrap;">  </td> <td valign="middle" style="padding-left:0pt;padding-Right:0pt;width:1%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="middle" style="padding-left:0pt;padding-Right:3pt;width:12%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">274,844</td> <td valign="middle" style="padding-left:0pt;padding-Right:0pt;width:1%;white-space:nowrap;">  </td> <td valign="middle" style="padding-left:0pt;padding-Right:0pt;width:1%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="middle" style="padding-left:0pt;padding-Right:3pt;width:12%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">190,526</td> <td valign="middle" style="padding-left:0pt;padding-Right:0pt;width:1%;white-space:nowrap;">  </td> <td valign="middle" style="padding-left:0pt;padding-Right:0pt;width:1%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="middle" style="padding-left:0pt;padding-Right:3pt;width:12%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">130,993</td> <td valign="middle" style="padding-left:0pt;padding-Right:0pt;width:1%;white-space:nowrap;">  </td> <td valign="middle" style="padding-left:0pt;padding-Right:0pt;width:1%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="middle" style="padding-left:0pt;padding-Right:3pt;width:12%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">197,235</td> </tr> <tr style="height:12.75pt;"> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0pt;width:44%; border-bottom:solid 0.75pt transparent;white-space:nowrap;"> <p style="text-align:left;margin-bottom:0pt;margin-top:0pt;margin-left:8pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Acquisition fees and expenses</td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">  </td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">  </td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:3pt;width:12%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">901</td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">  </td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">  </td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:3pt;width:12%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,889</td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">  </td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">  </td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:3pt;width:12%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">―</td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">  </td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">  </td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:3pt;width:12%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">―</td> </tr> <tr style="height:12.75pt;"> <td valign="bottom" style="padding-left:0pt;padding-Right:0pt;width:44%;white-space:nowrap;">  </td> <td valign="middle" style="padding-left:0pt;padding-Right:0pt;width:1%;white-space:nowrap;">  </td> <td valign="middle" style="padding-left:0pt;padding-Right:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">  </td> <td valign="middle" style="padding-left:0pt;padding-Right:3pt;width:12%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">275,745</td> <td valign="middle" style="padding-left:0pt;padding-Right:0pt;width:1%;white-space:nowrap;">  </td> <td valign="middle" style="padding-left:0pt;padding-Right:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">  </td> <td valign="middle" style="padding-left:0pt;padding-Right:3pt;width:12%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">192,415</td> <td valign="middle" style="padding-left:0pt;padding-Right:0pt;width:1%;white-space:nowrap;">  </td> <td valign="middle" style="padding-left:0pt;padding-Right:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">  </td> <td valign="middle" style="padding-left:0pt;padding-Right:3pt;width:12%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">130,993</td> <td valign="middle" style="padding-left:0pt;padding-Right:0pt;width:1%;white-space:nowrap;">  </td> <td valign="middle" style="padding-left:0pt;padding-Right:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">  </td> <td valign="middle" style="padding-left:0pt;padding-Right:3pt;width:12%; border-top:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">197,235</td> </tr> <tr style="height:12.75pt;"> <td valign="top" bgcolor="#CFF0FC" style="padding-left:0pt;width:44%;"> <p style="text-align:left;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Investment service fees (4)</td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0pt;width:1%;white-space:nowrap;">  </td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0pt;width:1%;white-space:nowrap;">  </td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:3pt;width:12%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">―</td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0pt;width:1%;white-space:nowrap;">  </td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0pt;width:1%;white-space:nowrap;">  </td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:3pt;width:12%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">481,500</td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0pt;width:1%;white-space:nowrap;">  </td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0pt;width:1%;white-space:nowrap;">  </td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:3pt;width:12%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">―</td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0pt;width:1%;white-space:nowrap;">  </td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0pt;width:1%;white-space:nowrap;">  </td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:3pt;width:12%;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">―</td> </tr> <tr style="height:12.75pt;"> <td valign="top" style="padding-left:0pt;width:44%; border-bottom:solid 0.75pt transparent;"> <p style="text-align:left;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Asset management fees (5)</td> <td valign="middle" style="padding-left:0pt;padding-Right:0pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">  </td> <td valign="middle" style="padding-left:0pt;padding-Right:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">  </td> <td valign="middle" style="padding-left:0pt;padding-Right:3pt;width:12%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">70,800</td> <td valign="middle" style="padding-left:0pt;padding-Right:0pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">  </td> <td valign="middle" style="padding-left:0pt;padding-Right:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">  </td> <td valign="middle" style="padding-left:0pt;padding-Right:3pt;width:12%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">460</td> <td valign="middle" style="padding-left:0pt;padding-Right:0pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">  </td> <td valign="middle" style="padding-left:0pt;padding-Right:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">  </td> <td valign="middle" style="padding-left:0pt;padding-Right:3pt;width:12%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">―</td> <td valign="middle" style="padding-left:0pt;padding-Right:0pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">  </td> <td valign="middle" style="padding-left:0pt;padding-Right:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">  </td> <td valign="bottom" style="padding-left:0pt;padding-Right:3pt;width:12%; border-bottom:solid 0.75pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">―</td> </tr> <tr style="height:12.75pt;"> <td valign="bottom" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0pt;width:44%; border-bottom:double 2.5pt transparent;white-space:nowrap;">  </td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0pt;width:1%; border-bottom:double 2.5pt transparent;white-space:nowrap;">  </td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:3pt;width:12%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">346,545</td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0pt;width:1%; border-bottom:double 2.5pt transparent;white-space:nowrap;">  </td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:3pt;width:12%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">674,375</td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0pt;width:1%; border-bottom:double 2.5pt transparent;white-space:nowrap;">  </td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:3pt;width:12%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">130,993</td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0pt;width:1%; border-bottom:double 2.5pt transparent;white-space:nowrap;">  </td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</td> <td valign="middle" bgcolor="#CFF0FC" style="padding-left:0pt;padding-Right:3pt;width:12%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;"> <p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">197,235</td> </tr> </table></div> <div align="left"> <table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;"> <tr> <td valign="top" style="width:3.85%;white-space:nowrap"> 7.</td> <td valign="top"> Related Party Arrangements (continued) </td></tr></table></div> <p style="text-align:left;margin-bottom:0pt;margin-top:0pt;margin-left:3.85%;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">_____________ <p style="text-align:left;margin-bottom:3pt;margin-top:0pt;margin-left:7.69%;text-indent:-3.85%;font-weight:bold;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">FOOTNOTES: <div align="left"> <table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;"> <tr> <td valign="top" style="width:3.85%;white-space:nowrap">  </td> <td valign="top" style="width:3.85%;white-space:nowrap"> (1)</td> <td valign="top"> Amounts are recorded as due to related parties in the accompanying condensed consolidated balance sheets.</td></tr></table></div> <div align="left"> <table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;"> <tr> <td valign="top" style="width:3.85%;white-space:nowrap">  </td> <td valign="top" style="width:3.85%;white-space:nowrap"> (2)</td> <td valign="top"> Amounts are recorded as stock issuance and offering costs in the accompanying condensed consolidated statements of stockholders’ equity.</td></tr></table></div> <div align="left"> <table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;"> <tr> <td valign="top" style="width:3.85%;white-space:nowrap">  </td> <td valign="top" style="width:3.85%;white-space:nowrap"> (3)</td> <td valign="top"> Amounts are recorded as general and administrative expenses in the accompanying condensed consolidated statements of operations unless such amounts represent prepaid expenses, which are capitalized in the accompanying condensed consolidated balance sheets.  For the three months ended March 31, 2018 and 2017, approximately $0.1 million and $0.1 million, respectively, of personnel expenses of affiliates of the Advisor are expected to be or were settled in accordance with the terms of the Expense Support Agreement and as such our general and administrative expenses were reduced by approximately $0.1 million and $0.1 million, respectively. </td></tr></table></div> <div align="left"> <table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;"> <tr> <td valign="top" style="width:3.85%;white-space:nowrap">  </td> <td valign="top" style="width:3.85%;white-space:nowrap"> (4)</td> <td valign="top"> For the three months ended March 31, 2018 the Company did not incur any investment services fees.  For the three months ended March 31, 2017 the Company incurred approximately $0.5 million in investment services fees all of which was capitalized and included in real estate investment properties, net in the accompanying condensed consolidated balance sheet.  </td></tr></table></div> <div align="left"> <table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;"> <tr> <td valign="top" style="width:3.85%;white-space:nowrap">  </td> <td valign="top" style="width:3.85%;white-space:nowrap"> (5)</td> <td valign="top"> For the three months ended March 31, 2018 and 2017, the Company incurred asset management fees of approximately $0.1 million and $460, respectively, all of which are expected to be or were settled in accordance with the terms of the Expense Support Agreement and as such asset management fees were reduced by approximately $0.1 million and $460, respectively.</td></tr></table></div></div>

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At the acquisition date, the weighted-average amortization period on the acquired in-place lease intangibles was approximately 2.5 years and is based on the expected unit turnover. Amounts consist of personnel and related overhead costs of the Advisor or its affiliates (which, in general, are those expenses relating to the Company’s administration on an on-going basis) that are reimbursable by the Company. Represents restricted stock shares issued or expected to be issued to the Advisor as of March 31, 2018 pursuant to the Expense Support Agreement. No fair value was assigned to the restricted stock shares as the shares are expected to be valued at zero upon issuance, which represents the lowest possible value estimated at vesting. In addition, the restricted stock shares will be treated as unissued for financial reporting purposes until the vesting criteria are met. Amounts are recorded as stock issuance and offering costs in the accompanying condensed consolidated statements of stockholders’ equity. Amounts are recorded as due to related parties in the accompanying condensed consolidated balance sheets. Amounts are recorded as general and administrative expenses in the accompanying condensed consolidated statements of operations unless such amounts represent prepaid expenses, which are capitalized in the accompanying condensed consolidated balance sheets. For the three months ended March 31, 2018 and 2017, approximately $0.1 million and $0.1 million, respectively, of personnel expenses of affiliates of the Advisor are expected to be or were settled in accordance with the terms of the Expense Support Agreement and as such our general and administrative expenses were reduced by approximately $0.1 million and $0.1 million, respectively. For the three months ended March 31, 2018 the Company did not incur any investment services fees. For the three months ended March 31, 2017 the Company incurred approximately $0.5 million in investment services fees all of which was capitalized and included in real estate investment properties, net in the accompanying condensed consolidated balance sheet. For the three months ended March 31, 2018 and 2017, the Company incurred asset management fees of approximately $0.1 million and $460, respectively, all of which are expected to be or were settled in accordance with the terms of the Expense Support Agreement and as such asset management fees were reduced by approximately $0.1 million and $460, respectively.

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Disclosure - Revenue - Schedule of Disaggregated Revenue for Resident Fees and Services (Parenthetical) (Details) link:calculationLink link:presentationLink link:definitionLink 100260 - Disclosure - Acquisitions - Additional Information (Details) link:calculationLink link:presentationLink link:definitionLink 100270 - Disclosure - Acquisitions - Summary of Purchase Price Allocation and Related Assets Acquired and Liabilities Assumed (Details) link:calculationLink link:presentationLink link:definitionLink 100280 - Disclosure - Acquisitions - Summary of Purchase Price Allocation and Related Assets Acquired and Liabilities Assumed (Parenthetical) (Details) link:calculationLink link:presentationLink link:definitionLink 100290 - Disclosure - Real Estate Assets, net - Schedule of Real Estate Assets (Details) link:calculationLink link:presentationLink link:definitionLink 100300 - Disclosure - Real Estate Assets, net - Additional Information (Details) link:calculationLink link:presentationLink link:definitionLink 100310 - Disclosure - Intangibles, net - Schedule of Gross Carrying Amount and Accumulated Amortization of Intangibles (Details) link:calculationLink link:presentationLink link:definitionLink 100320 - Disclosure - Intangibles, net - Additional Information (Details) link:calculationLink link:presentationLink link:definitionLink 100330 - Disclosure - Related Party Arrangements - Additional Information (Details) link:calculationLink link:presentationLink link:definitionLink 100340 - Disclosure - Related Party Arrangements - Summary of Fees for Services Rendered Expected to be Settled in Restricted Stock (Details) link:calculationLink link:presentationLink link:definitionLink 100350 - Disclosure - Related Party Arrangements - Summary of Fees for Services Rendered Expected to be Settled in Restricted Stock (Parenthetical) (Details) link:calculationLink link:presentationLink link:definitionLink 100360 - Disclosure - Related Party Arrangements - Fees and Expenses Incurred and Reimbursable to Affiliates and Related Parties (Details) link:calculationLink link:presentationLink link:definitionLink 100370 - Disclosure - Related Party Arrangements - Fees and Expenses Incurred and Reimbursable to Affiliates and Related Parties (Parenthetical) (Details) link:calculationLink link:presentationLink link:definitionLink 100380 - Disclosure - Equity - Additional Information (Details) link:calculationLink link:presentationLink link:definitionLink 100390 - Disclosure - Income Taxes - Additional Information (Details) link:calculationLink link:presentationLink link:definitionLink 100400 - Disclosure - Subsequent Events - Additional Information (Details) link:calculationLink link:presentationLink link:definitionLink EX-101.CAL 7 chpii-20180331_cal.xml XBRL TAXONOMY EXTENSION CALCULATION LINKBASE EX-101.DEF 8 chpii-20180331_def.xml XBRL TAXONOMY EXTENSION DEFINITION LINKBASE EX-101.LAB 9 chpii-20180331_lab.xml XBRL TAXONOMY EXTENSION LABEL LINKBASE Entity Central Index Key Document And Entity Information [Abstract] Document And Entity Information [Abstract] Document ad entity information. Document ad entity information. Document And Entity Information [Table] Document And Entity Information [Table] Class of Stock Statement Class Of Stock [Axis] Class of Stock Class Of Stock [Domain] Class A Common Stock Common Class A [Member] Common class T. Class T Common Stock Common Class T [Member] Common class I. Class I Common Stock Common Class I [Member] Document And Entity Information [Line Items] Document And Entity Information [Line Items] Document Type Document Type Amendment Flag Amendment Flag Document Period End Date Document Period End Date Document Fiscal Year Focus Document Fiscal Year Focus Document Fiscal Period Focus Document Fiscal Period Focus Trading Symbol Trading Symbol Entity Registrant Name Entity Registrant Name Entity Central Index Key Current Fiscal Year End Date Current Fiscal Year End Date Entity Filer Category Entity Filer Category Entity Common Stock, Shares Outstanding Entity Common Stock Shares Outstanding Statement Of Financial Position [Abstract] Statement [Table] Statement [Table] Statement [Line Items] Statement [Line Items] ASSETS Assets [Abstract] Real estate investment properties, net Real Estate Investment Property Net Cash Cash Intangibles, net Finite Lived Intangible Assets Net Other assets Other Assets Restricted cash Restricted Cash And Cash Equivalents Total assets Assets LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities And Stockholders Equity [Abstract] Liabilities: Liabilities [Abstract] Mortgages and notes payable, net Long Term Debt Due to related parties Due To Related Parties Current And Noncurrent Accounts payable and accrued liabilities Accounts Payable And Accrued Liabilities Current And Noncurrent Other liabilities Other Liabilities Total liabilities Liabilities Commitments and contingencies (Note 10) Commitments And Contingencies Stockholders' equity: Stockholders Equity [Abstract] Preferred stock, $0.01 par value per share, 10,000,000 shares authorized; none issued or outstanding Preferred Stock Value Common stock value Common Stock Value Capital in excess of par value Additional Paid In Capital Common Stock Accumulated loss Retained Earnings Accumulated Deficit Accumulated distributions Accumulated Distributions In Excess Of Net Income Total stockholders' equity Stockholders Equity Total liabilities and stockholders' equity Liabilities And Stockholders Equity Preferred stock, par value Preferred Stock Par Or Stated Value Per Share Preferred stock, shares authorized Preferred Stock Shares Authorized Preferred stock, shares issued Preferred Stock Shares Issued Preferred stock, shares outstanding Preferred Stock Shares Outstanding Common stock, par value Common Stock Par Or Stated Value Per Share Common stock, shares authorized Common Stock Shares Authorized Common stock, shares issued Common Stock Shares Issued Common stock, shares outstanding Common Stock Shares Outstanding Rental income and tenant reimbursements. Income Statement [Abstract] Revenues: Revenues [Abstract] Resident fees and services Health Care Organization Resident Service Revenue Rental income and tenant reimbursements Rental Income And Tenant Reimbursements Total revenues Revenues Operating expenses: Costs And Expenses [Abstract] Property operating expenses Direct Costs Of Leased And Rented Property Or Equipment General and administrative expenses General And Administrative Expense Acquisition fees and expenses Business Combination Acquisition Related Costs Property management fees Owned Property Management Costs Depreciation and amortization Depreciation And Amortization Total operating expenses Costs And Expenses Operating loss Operating Income Loss Other income (expense): Nonoperating Income Expense [Abstract] Interest and other income Interest And Other Income Interest expense and loan cost amortization Interest And Debt Expense Total other expense Nonoperating Income Expense Loss before income taxes Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest Income tax expense Income Tax Expense Benefit Net loss attributable to common stockholders Net Income Loss Net loss per share of common stock outstanding (basic and diluted) Earnings Per Share Basic And Diluted Weighted average number of common shares outstanding (basic and diluted) Weighted Average Number Of Share Outstanding Basic And Diluted Distributions declared per common share Common Stock Dividends Per Share Declared Statement Of Stockholders Equity [Abstract] Equity Components Statement Equity Components [Axis] Equity Component Equity Component [Domain] Capital in Excess of Par Value Additional Paid In Capital [Member] Accumulated Loss Accumulated Net Unrealized Investment Gain Loss [Member] Accumulated Distributions Accumulated Distributions In Excess Of Net Income [Member] Beginning Balance Beginning Balance (in shares) Subscriptions received for common stock, including distribution reinvestments Stock Issued During Period Value New Issues Subscriptions received for common stock, including distribution reinvestments (in shares) Stock Issued During Period Shares New Issues Stock dividends issued Stock Issued During Period Value Stock Dividend Stock dividends issued (in shares) Common Stock Dividends Shares Redemptions of common stock Stock Redeemed Or Called During Period Value Redemptions of common stock, shares Stock Redeemed Or Called During Period Shares Stock issuance and offering costs Adjustments To Additional Paid In Capital Stock Issued Issuance Costs Net loss Profit Loss Cash distributions declared Dividends Common Stock Cash Ending Balance Ending Balance (in shares) Selling commissions and dealer manager fees. Distribution and stockholder servicing fees. Statement Of Cash Flows [Abstract] Operating activities: Net Cash Provided By Used In Operating Activities Continuing Operations [Abstract] Net cash flows provided by (used in) operating activities Net Cash Provided By Used In Operating Activities Continuing Operations Investing activities: Net Cash Provided By Used In Investing Activities Continuing Operations [Abstract] Acquisition of property Payments To Acquire Property Plant And Equipment Capital expenditures Payments To Acquire Productive Assets Net cash used in investing activities Net Cash Provided By Used In Investing Activities Continuing Operations Financing activities: Net Cash Provided By Used In Financing Activities Continuing Operations [Abstract] Subscriptions received for common stock through primary offering Proceeds From Issuance Of Common Stock Payment of underwriting compensation Payments Of Stock Issuance Costs Payment of cash distributions, net of distribution reinvestments Payments Of Dividends Redemptions of common stock Payments For Repurchase Of Common Stock Proceeds from mortgages and notes payable Proceeds From Notes Payable Payment of loan costs Payments Of Loan Costs Net cash flows provided by financing activities Net Cash Provided By Used In Financing Activities Continuing Operations Net increase in cash and restricted cash Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect Cash and restricted cash at beginning of period Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Cash and restricted cash at end of period Supplemental disclosure of non-cash investing and financing activities: Supplemental Cash Flow Information [Abstract] Amounts incurred but not paid (including amounts due to related parties): Cash Flow Noncash Investing And Financing Activities Disclosure [Abstract] Acquisition fees and expenses related to asset acquisition Capital Expenditures Incurred But Not Yet Paid Selling commissions and Dealer Manager fees Selling Commissions And Dealer Manager Fees Annual distribution and stockholder servicing fee Distribution And Stockholder Servicing Fees Assumption of liabilities on acquisition of property Noncash Or Part Noncash Acquisition Value Of Liabilities Assumed1 Organization Consolidation And Presentation Of Financial Statements [Abstract] Organization Organization Consolidation And Presentation Of Financial Statements Disclosure [Text Block] Accounting Policies [Abstract] Summary of Significant Accounting Policies Significant Accounting Policies [Text Block] Revenue From Contract With Customer [Abstract] Revenue Revenue From Contract With Customer [Text Block] Business Combinations [Abstract] Acquisitions Business Combination Disclosure [Text Block] Real Estate [Abstract] Real Estate Assets, net Real Estate Disclosure [Text Block] Goodwill And Intangible Assets Disclosure [Abstract] Intangibles, net Intangible Assets Disclosure [Text Block] Related Party Transactions [Abstract] Related Party Arrangements Related Party Transactions Disclosure [Text Block] Equity [Abstract] Equity Stockholders Equity Note Disclosure [Text Block] Income Tax Disclosure [Abstract] Income Taxes Income Tax Disclosure [Text Block] Commitments And Contingencies Disclosure [Abstract] Commitments and Contingencies Commitments And Contingencies Disclosure [Text Block] Subsequent Events [Abstract] Subsequent Events Subsequent Events [Text Block] Basis of Presentation and Consolidation Basis Of Accounting Policy Policy [Text Block] Use of Estimates Use Of Estimates Adopted Accounting Pronouncements New Accounting Pronouncements Policy Policy [Text Block] New accounting pronouncements, not yet adopted policy. Recent Accounting Pronouncements New Accounting Pronouncements Not Yet Adopted Policy Policy [Text Block] Schedule of Disaggregated Revenue for Resident Fees and Services Disaggregation Of Revenue Table [Text Block] Schedule Of Business Acquisitions By Acquisition [Table] Schedule Of Business Acquisitions By Acquisition [Table] Business Acquisition Business Acquisition [Axis] Business Acquisition, Acquiree Business Acquisition Acquiree [Domain] Summer Vista Assisted Living. Summer Vista Summer Vista Assisted Living [Member] Business Acquisition [Line Items] Business Acquisition [Line Items] Summary of Purchase Price Allocation and Related Assets Acquired and Liabilities Assumed Schedule Of Recognized Identified Assets Acquired And Liabilities Assumed Table [Text Block] Schedule of Real Estate Assets Schedule Of Real Estate Properties Table [Text Block] Schedule of Gross Carrying Amount and Accumulated Amortization of Intangibles Schedule Of Finite Lived Intangible Assets Table [Text Block] Related Party Transaction Related Party Transaction [Axis] Related Party Transaction Related Party Transaction [Domain] Expense support agreement. Expense Support Agreement Expense Support Agreement [Member] Related Party Related Party Transactions By Related Party [Axis] Related Party Related Party [Domain] Dealer Manager Affiliated Entity [Member] Related Party Arrangement, Fees and Expenses Incurred By, Reimbursable, Settled and Paid Schedule Of Related Party Transactions Table [Text Block] Organization, consolidation and presentation of financial statements disclosure. Organization, Consolidation and Presentation of Financial Statements Disclosure [Table] Organization Consolidation And Presentation Of Financial Statements Disclosure [Table] Organization Consolidation And Presentation Of Financial Statements Disclosure [Table] Advisor. Advisor Advisor [Member] Sale of Stock Subsidiary Sale Of Stock [Axis] Sale of Stock Sale Of Stock Name Of Transaction [Domain] Initial Public Offering I P O [Member] Reinvestment plan. Reinvestment Plan Reinvestment Plan [Member] Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] Common stock, shares sold Aggregate purchase price Conversion of shares Stock Issued During Period Shares Conversion Of Units Common stock, value, authorized. Common stock, value authorized Common Stock Value Authorized Minimum offering amount. Minimum offering amount Minimum Offering Amount Sale of common stock, shares Sale of common stock, value Number of residential unit. Percentage of revenue. Disaggregation Of Revenue [Abstract] Disaggregation Of Revenue [Table] Disaggregation Of Revenue [Table] Investment Type Investment Type [Axis] Investments Investment Type Categorization [Member] Assisted living. Assisted Living Assisted Living [Member] Memory care. Memory Care Memory Care [Member] Other revenues. Other Revenues Other Revenues [Member] Disaggregation Of Revenue [Line Items] Disaggregation Of Revenue [Line Items] Resident fees and services: Number of Units Number Of Residential Unit Resident fees and services: Revenues Resident fees and services: Percentage of Revenues Percentage Of Revenue Number of real estate properties acquired. SRI Management, LLC. Superior Residences S R I Management Limited Liability Company [Member] Number of properties acquired Number Of Real Estate Properties Acquired Purchase price Business Combination Consideration Transferred1 Property management agreement period. Number of residential units Number Of Units In Real Estate Property Property management agreement period Property Management Agreement Period Mid America Surgery Institute and Summer Vista Assisted Living Mid America Surgery Institute and Summer Vista Assisted Living Mid America Surgery Institute And Summer Vista Assisted Living [Member] Land and land improvements Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Land Buildings and building improvements Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Buildings Furniture, fixtures and equipment Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Equipment In-place lease intangibles Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Intangibles Liabilities assumed Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Liabilities Total purchase price consideration Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Net Weighted average amortization period on acquired in-place lease intangibles Acquired Finite Lived Intangible Assets Weighted Average Useful Life Land and land improvements Land And Land Improvements Building and building improvements Investment Building And Building Improvements EX-101.PRE 10 chpii-20180331_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE XML 11 R1.htm IDEA: XBRL DOCUMENT

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2018	May 01, 2018
Document And Entity Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2018
Document Fiscal Year Focus	2018
Document Fiscal Period Focus	Q1
Trading Symbol	CHPII
Entity Registrant Name	CNL Healthcare Properties II, Inc.
Entity Central Index Key	0001648383
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Class A Common Stock
Document And Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		856,916
Class T Common Stock
Document And Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		2,738,811
Class I Common Stock
Document And Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		300,705

XML 12 R2.htm IDEA: XBRL DOCUMENT

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($)	Mar. 31, 2018	Dec. 31, 2017
ASSETS
Real estate investment properties, net	$ 30,826,528	$ 31,085,939
Cash	18,794,963	12,310,920
Intangibles, net	4,458,230	4,653,504
Other assets	199,616	192,423
Restricted cash	139,378	110,999
Total assets	54,418,715	48,353,785
Liabilities:
Mortgages and notes payable, net	19,554,640	19,532,986
Due to related parties	1,165,414	1,023,909
Accounts payable and accrued liabilities	958,637	836,647
Other liabilities	451,519	450,311
Total liabilities	22,130,210	21,843,853
Commitments and contingencies (Note 10)
Stockholders' equity:
Preferred stock, $0.01 par value per share, 10,000,000 shares authorized; none issued or outstanding
Capital in excess of par value	35,549,090	28,984,932
Accumulated loss	(2,049,215)	(1,658,977)
Accumulated distributions	(1,248,505)	(846,200)
Total stockholders' equity	32,288,505	26,509,932
Total liabilities and stockholders' equity	54,418,715	48,353,785
Class A Common Stock
Stockholders' equity:
Common stock value	8,394	8,080
Total stockholders' equity	8,394	8,080
Class T Common Stock
Stockholders' equity:
Common stock value	26,206	20,492
Total stockholders' equity	26,206	20,492
Class I Common Stock
Stockholders' equity:
Common stock value	2,535	1,605
Total stockholders' equity	$ 2,535	$ 1,605

XML 13 R3.htm IDEA: XBRL DOCUMENT

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - $ / shares	Mar. 31, 2018	Dec. 31, 2017
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Class A Common Stock
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	1,200,000,000	1,200,000,000
Common stock, shares issued	839,410	808,011
Common stock, shares outstanding	839,410	808,011
Class T Common Stock
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	700,000,000	700,000,000
Common stock, shares issued	2,623,134	2,049,223
Common stock, shares outstanding	2,620,596	2,049,223
Class I Common Stock
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	253,489	160,490
Common stock, shares outstanding	253,489	160,490

XML 14 R4.htm IDEA: XBRL DOCUMENT

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Revenues:
Resident fees and services	$ 1,124,525	$ 11,430
Rental income and tenant reimbursements	408,816
Total revenues	1,533,341	11,430
Operating expenses:
Property operating expenses	788,381	8,686
General and administrative expenses	319,684	234,538
Acquisition fees and expenses	818
Property management fees	84,012
Depreciation and amortization	454,418
Total operating expenses	1,647,313	243,224
Operating loss	(113,972)	(231,794)
Other income (expense):
Interest and other income	22
Interest expense and loan cost amortization	(244,932)	(19,326)
Total other expense	(244,910)	(19,326)
Loss before income taxes	(358,882)	(251,120)
Income tax expense	31,356
Net loss attributable to common stockholders	(390,238)	(251,120)
Class A Common Stock
Other income (expense):
Net loss attributable to common stockholders	$ (96,010)	$ (94,685)
Net loss per share of common stock outstanding (basic and diluted)	$ (0.12)	$ (0.25)
Weighted average number of common shares outstanding (basic and diluted)	819,613	377,773
Distributions declared per common share	$ 0.1440	$ 0.1050
Class T Common Stock
Other income (expense):
Net loss attributable to common stockholders	$ (269,791)	$ (153,460)
Net loss per share of common stock outstanding (basic and diluted)	$ (0.12)	$ (0.25)
Weighted average number of common shares outstanding (basic and diluted)	2,303,138	612,266
Distributions declared per common share	$ 0.1178	$ 0.0750
Class I Common Stock
Other income (expense):
Net loss attributable to common stockholders	$ (24,437)	$ (2,975)
Net loss per share of common stock outstanding (basic and diluted)	$ (0.12)	$ (0.25)
Weighted average number of common shares outstanding (basic and diluted)	208,616	11,868
Distributions declared per common share	$ 0.1312	$ 0.1050

XML 15 R5.htm IDEA: XBRL DOCUMENT

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (UNAUDITED) - USD ($)	Total	Capital in Excess of Par Value	Accumulated Loss	Accumulated Distributions	Class A Common Stock	Class T Common Stock	Class I Common Stock
Beginning Balance at Dec. 31, 2016	$ 5,832,755	$ 6,226,141	$ (342,447)	$ (57,361)	$ 3,251	$ 3,086	$ 85
Beginning Balance (in shares) at Dec. 31, 2016					325,119	308,587	8,454
Subscriptions received for common stock, including distribution reinvestments	$ 6,803,572	6,797,145			$ 1,075	$ 5,258	$ 94
Subscriptions received for common stock, including distribution reinvestments (in shares)	1,300,000				107,480	525,753	9,400
Stock dividends issued		(47)			$ 19	$ 27	$ 1
Stock dividends issued (in shares)	5,000				1,948	2,698	48
Stock issuance and offering costs	$ (551,408)	(551,408)
Net loss	(251,120)		(251,120)
Cash distributions declared	(73,202)			(73,202)
Ending Balance at Mar. 31, 2017	11,760,597	12,471,831	(593,567)	(130,563)	$ 4,345	$ 8,371	$ 180
Ending Balance (in shares) at Mar. 31, 2017					434,547	837,038	17,902
Beginning Balance at Dec. 31, 2017	26,509,932	28,984,932	(1,658,977)	(846,200)	$ 8,080	$ 20,492	$ 1,605
Beginning Balance (in shares) at Dec. 31, 2017					808,011	2,049,223	160,490
Subscriptions received for common stock, including distribution reinvestments	$ 7,187,473	7,180,587			$ 290	$ 5,672	$ 924
Subscriptions received for common stock, including distribution reinvestments (in shares)	3,700,000				28,955	567,249	92,413
Stock dividends issued		(97)			$ 24	$ 67	$ 6
Stock dividends issued (in shares)	5,000				2,444	6,662	586
Redemptions of common stock	$ (25,382)	(25,357)				$ (25)
Redemptions of common stock, shares						(2,538)
Stock issuance and offering costs	(590,975)	(590,975)
Net loss	(390,238)		(390,238)
Cash distributions declared	(402,305)			(402,305)
Ending Balance at Mar. 31, 2018	$ 32,288,505	$ 35,549,090	$ (2,049,215)	$ (1,248,505)	$ 8,394	$ 26,206	$ 2,535
Ending Balance (in shares) at Mar. 31, 2018					839,410	2,620,596	253,489

XML 16 R6.htm IDEA: XBRL DOCUMENT

CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED) - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Operating activities:
Net cash flows provided by (used in) operating activities	$ 156,890	$ (154,202)
Investing activities:
Acquisition of property	(1,000)	(21,769,784)
Capital expenditures	(9,630)
Net cash used in investing activities	(10,630)	(21,769,784)
Financing activities:
Subscriptions received for common stock through primary offering	6,962,029	6,775,312
Payment of underwriting compensation	(383,228)	(403,128)
Payment of cash distributions, net of distribution reinvestments	(176,860)	(44,942)
Redemptions of common stock	(25,382)
Proceeds from mortgages and notes payable		16,050,000
Payment of loan costs	(10,397)	(177,512)
Net cash flows provided by financing activities	6,366,162	22,199,730
Net increase in cash and restricted cash	6,512,422	275,744
Cash and restricted cash at beginning of period	12,421,919	6,360,241
Cash and restricted cash at end of period	18,934,341	6,635,985
Amounts incurred but not paid (including amounts due to related parties):
Acquisition fees and expenses related to asset acquisition	5,000	38,790
Selling commissions and Dealer Manager fees	2,809
Annual distribution and stockholder servicing fee	$ 1,031,613	315,386
Assumption of liabilities on acquisition of property		$ 170,918

XML 17 R7.htm IDEA: XBRL DOCUMENT

Organization

3 Months Ended

Mar. 31, 2018

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Organization

1.	Organization

XML 18 R8.htm IDEA: XBRL DOCUMENT

Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2018

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2.	Summary of Significant Accounting Policies

2.	Summary of Significant Accounting Policies (continued)

XML 19 R9.htm IDEA: XBRL DOCUMENT

Revenue

3 Months Ended

Mar. 31, 2018

Revenue From Contract With Customer [Abstract]

Revenue

The following table represents the disaggregated revenue for resident fees and services during the three months ended March 31, 2018 and 2017:

	Three Months Ended March 31,
Type of Investment	Number of Units			Revenues			Percentage of Revenues
Resident fees and services:	2018	2017		2018		2017 ⁽¹⁾	2018		2017
Assisted living	67	67	$	818,006	$	―	72.8	%	―	%
Memory care	22	22		292,786		―	26.0	%	―	%
Other revenues	―	―		13,733		―	1.2	%	―	%
	89	89	$	1,124,525	$	―	100.0	%	―	%

_____________

FOOTNOTE:

(1)

XML 20 R10.htm IDEA: XBRL DOCUMENT

Acquisitions

3 Months Ended

Mar. 31, 2018

Business Combinations [Abstract]

Acquisitions

4.	Acquisitions

The Company made no acquisitions during the three months ended March 31, 2018.

The following summarizes the purchase price allocation for Summer Vista, and the related assets acquired and liabilities assumed in connection with the acquisition:

Land and land improvements	$	2,269,406
Buildings and building improvements		17,611,786
Furniture, fixtures and equipment		857,338
In-place lease intangibles⁽¹⁾		1,286,507
Liabilities assumed		(170,918)
Total purchase price consideration	$	21,854,119

_____________

FOOTNOTE:

(1)

At the acquisition date, the weighted-average amortization period on the acquired in-place lease intangibles was approximately 2.5 years and is based on the expected unit turnover.

XML 21 R11.htm IDEA: XBRL DOCUMENT

Real Estate Assets, net

3 Months Ended

Mar. 31, 2018

Real Estate [Abstract]

Real Estate Assets, net

5.	Real Estate Assets, net

The gross carrying amount and accumulated depreciation of the Company’s real estate assets as of March 31, 2018 and December 31, 2017 are as follows:

	March 31,		December 31,
	2018		2017
Land and land improvements	$	2,683,072	$	2,683,051
Building and building improvements		28,109,623		28,109,037
Furniture, fixtures and equipment		888,102		879,288
Less: accumulated depreciation		(854,269)		(585,437)
Real estate assets, net	$	30,826,528	$	31,085,939

XML 22 R12.htm IDEA: XBRL DOCUMENT

Intangibles, net

3 Months Ended

Mar. 31, 2018

Goodwill And Intangible Assets Disclosure [Abstract]

Intangibles, net

6.	Intangibles, net

The gross carrying amount and accumulated amortization of the Company’s intangible assets and liabilities as of March 31, 2018 and December 31, 2017 are as follows:

		March 31,		December 31,
		2018		2017
In-place lease intangibles		$	3,495,754	$	3,495,632
Below-market ground lease intangibles			1,543,910		1,543,824
Less: accumulated amortization			(581,434)		(385,952)
	Intangible assets, net	$	4,458,230	$	4,653,504
Below-market lease intangibles		$	(340,409)	$	(340,390)
Less: accumulated amortization			7,638		―
	Intangible liabilities, net ⁽¹⁾	$	(332,771)	$	(340,390)

____________

FOOTNOTE:

⁽¹⁾

Intangible liabilities, net are included in other liabilities in the accompanying condensed consolidated balance sheets.

XML 23 R13.htm IDEA: XBRL DOCUMENT

Related Party Arrangements

3 Months Ended

Mar. 31, 2018

Related Party Arrangements

7.	Related Party Arrangements

7.	Related Party Arrangements (continued)

7.	Related Party Arrangements (continued)

7.	Related Party Arrangements (continued)

		Three Months Ended				As of
		March 31,				March 31,
		2018		2017		2018
Fees for services rendered:
	Asset management fees	$	70,800	$	460	$	201,166
	Advisor personnel expenses ⁽¹⁾		126,629		102,263		563,032
Total fees for services rendered		$	197,429	$	102,723	$	764,198

Then-current offering price or NAV		$	10.06	$	10.93	$	10.06
Restricted stock shares ⁽²⁾			19,625		9,398		75,964

_____________

FOOTNOTES:

⁽¹⁾

⁽²⁾

The fees payable to the Dealer Manager for the three months ended March 31, 2018 and 2017, and related amounts unpaid as of March 31, 2018 and December 31, 2017 are as follows:

	Three Months Ended				Unpaid amounts as of ⁽¹⁾
	March 31,				March 31,		December 31,
	2018		2017		2018		2017
Selling commissions⁽²⁾	$	131,841	$	192,876	$	1,109	$	10,000
Dealer manager fees⁽²⁾		165,756		183,736		1,700		18,150
Distribution and stockholder servicing fees⁽²⁾		293,378		174,796		1,031,612		798,524
	$	590,975	$	551,408	$	1,034,421	$	826,674

	Three Months Ended				Unpaid amounts as of ⁽¹⁾
	March 31,				March 31,		December 31,
	2018		2017		2018		2017
Reimbursable expenses:
Operating expenses⁽³⁾	$	274,844	$	190,526	$	130,993	$	197,235
Acquisition fees and expenses		901		1,889		―		―
		275,745		192,415		130,993		197,235
Investment service fees⁽⁴⁾		―		481,500		―		―
Asset management fees⁽⁵⁾		70,800		460		―		―
	$	346,545	$	674,375	$	130,993	$	197,235

7.	Related Party Arrangements (continued)

_____________

FOOTNOTES:

⁽¹⁾

Amounts are recorded as due to related parties in the accompanying condensed consolidated balance sheets.

⁽²⁾

Amounts are recorded as stock issuance and offering costs in the accompanying condensed consolidated statements of stockholders’ equity.

⁽³⁾

⁽⁴⁾

⁽⁵⁾

XML 24 R14.htm IDEA: XBRL DOCUMENT

Equity

3 Months Ended

Mar. 31, 2018

Equity [Abstract]

Equity

XML 25 R15.htm IDEA: XBRL DOCUMENT

Income Taxes

3 Months Ended

Mar. 31, 2018

Income Tax Disclosure [Abstract]

Income Taxes

9.	Income Taxes

XML 26 R16.htm IDEA: XBRL DOCUMENT

Commitment and Contingencies

3 Months Ended

Mar. 31, 2018

Commitments And Contingencies Disclosure [Abstract]

Commitments and Contingencies

10.	Commitments and Contingencies

XML 27 R17.htm IDEA: XBRL DOCUMENT

Subsequent Events

3 Months Ended

Mar. 31, 2018

Subsequent Events [Abstract]

Subsequent Events

11.	Subsequent Events

During the period from April 1, 2018 through May 1, 2018, the Company received additional subscription proceeds of approximately $1.9 million (0.2 million shares).

XML 28 R18.htm IDEA: XBRL DOCUMENT

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2018
Accounting Policies [Abstract]
Basis of Presentation and Consolidation	Basis of Presentation and Consolidation — The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and do not include all of the information and note disclosures required by generally accepted accounting principles in the United States (“GAAP”). The unaudited condensed consolidated financial statements reflect all normal recurring adjustments, which, in the opinion of management, are necessary for the fair statement of the Company’s results for the interim period presented. Operating results for the three months ended March 31, 2018 may not be indicative of the results that may be expected for the year ending December 31, 2018. Amounts as of December 31, 2017 included in the unaudited condensed consolidated financial statements have been derived from audited consolidated financial statements as of that date but do not include all disclosures required by GAAP. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2017. The accompanying condensed consolidated financial statements include the accounts of the Company, the Operating Partnership and its other subsidiaries. All material intercompany accounts and transactions have been eliminated in consolidation.
Use of Estimates	Use of Estimates — The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts in the Company’s condensed consolidated financial statements and accompanying notes. Actual results could differ from those estimates.
Adopted Accounting Pronouncements	Adopted Accounting Pronouncements — In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers,” as a new ASC topic (Topic 606). The core principle of this ASU is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The ASU further provides guidance for any entity that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of nonfinancial assets, unless those contracts are within the scope of other standards (for example, lease contracts). The FASB subsequently issued ASU 2015-14 to defer the effective date of ASU 2014-09 until annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period, with earlier adoption permitted. In addition, the FASB issued ASU 2017-05, "Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20)," which clarifies the scope of subtopic 610-20, that was issued as a part of ASU 2014-09, as it relates to in-substance nonfinancial assets and must be adopted concurrently with ASC 606. Both ASUs can be adopted using one of two retrospective transition methods: (i) retrospectively to each prior reporting period presented or (ii) as a cumulative-effect adjustment as of the date of adoption. The Company adopted these ASUs using the modified retrospective approach as its transition method on January 1, 2018; the adoption of which did not have a material impact to its consolidated financial statements. In August 2017, the FASB issued ASU 2017-12 “Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities,” which amended the hedge accounting model to better reflect an entity’s risk management activities. The ASU expands an entities ability to hedge nonfinancial and financial risk components as well as reduce the complexity related to fair value hedges of interest rate risk. The ASU further eliminates the requirement to separately measure and report hedge ineffectiveness and generally requires the entire change in the fair value of a hedging instrument to be presented in the same income statement line as the hedged item. The ASU is effective for annual reporting periods, and interim periods within those annual periods, beginning after December 15, 2018. The Company early adopted this ASU prospectively on January 1, 2018; the adoption of which did not have a material impact on the Company’s consolidated financial statements.
Recent Accounting Pronouncements	Recent Accounting Pronouncements — In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842): Accounting for Leases,” which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e. lessees and lessors). The ASU requires lessees to recognize assets and liabilities on the balance sheet for the rights and obligations created by all leases with terms of more than 12 months. The ASU further modifies lessors’ classification criteria for leases and the accounting for sales-type and direct financing leases. The ASU will also require qualitative and quantitative disclosures designed to give financial statement users additional information on the amount, timing, and uncertainty of cash flows arising from leases. The ASU is effective for annual reporting periods, and interim periods within those annual periods, beginning after December 15, 2018 with early adoption permitted. The ASU is to be applied using a modified retrospective approach. The Company expects that adoption will impact the Company’s consolidated financial statements and related financial statement disclosures; specifically, the Company’s consolidated financial position as it relates to the required presentation for arrangements such as ground and or other leases in which the Company is the lessee. However, the Company does not expect the adoption of this ASU to have a material impact on the Company’s consolidated results of operations or cash flows. In addition, while still in exposure draft, the FASB has proposed a practical expedient for lessors allowing them to elect to not separate lease and non-lease components in a contract for the purpose of revenue recognition and disclosure if certain criteria are met. If the proposed practical expedient is finalized, the Company plans to elect the practical expedient.

XML 29 R19.htm IDEA: XBRL DOCUMENT

Revenue (Tables)

3 Months Ended

Mar. 31, 2018

Revenue From Contract With Customer [Abstract]

Schedule of Disaggregated Revenue for Resident Fees and Services

The following table represents the disaggregated revenue for resident fees and services during the three months ended March 31, 2018 and 2017:

	Three Months Ended March 31,
Type of Investment	Number of Units			Revenues			Percentage of Revenues
Resident fees and services:	2018	2017		2018		2017 ⁽¹⁾	2018		2017
Assisted living	67	67	$	818,006	$	―	72.8	%	―	%
Memory care	22	22		292,786		―	26.0	%	―	%
Other revenues	―	―		13,733		―	1.2	%	―	%
	89	89	$	1,124,525	$	―	100.0	%	―	%

_____________

FOOTNOTE:

(1)

XML 30 R20.htm IDEA: XBRL DOCUMENT

Acquisitions (Tables)

3 Months Ended

Mar. 31, 2018

Summer Vista

Business Acquisition [Line Items]

Summary of Purchase Price Allocation and Related Assets Acquired and Liabilities Assumed

The following summarizes the purchase price allocation for Summer Vista, and the related assets acquired and liabilities assumed in connection with the acquisition:

Land and land improvements	$	2,269,406
Buildings and building improvements		17,611,786
Furniture, fixtures and equipment		857,338
In-place lease intangibles⁽¹⁾		1,286,507
Liabilities assumed		(170,918)
Total purchase price consideration	$	21,854,119

_____________

FOOTNOTE:

(1)

At the acquisition date, the weighted-average amortization period on the acquired in-place lease intangibles was approximately 2.5 years and is based on the expected unit turnover.

XML 31 R21.htm IDEA: XBRL DOCUMENT

Real Estate Assets, net (Tables)

3 Months Ended

Mar. 31, 2018

Real Estate [Abstract]

Schedule of Real Estate Assets

The gross carrying amount and accumulated depreciation of the Company’s real estate assets as of March 31, 2018 and December 31, 2017 are as follows:

	March 31,		December 31,
	2018		2017
Land and land improvements	$	2,683,072	$	2,683,051
Building and building improvements		28,109,623		28,109,037
Furniture, fixtures and equipment		888,102		879,288
Less: accumulated depreciation		(854,269)		(585,437)
Real estate assets, net	$	30,826,528	$	31,085,939

XML 32 R22.htm IDEA: XBRL DOCUMENT

Intangibles, net (Tables)

3 Months Ended

Mar. 31, 2018

Goodwill And Intangible Assets Disclosure [Abstract]

Schedule of Gross Carrying Amount and Accumulated Amortization of Intangibles

The gross carrying amount and accumulated amortization of the Company’s intangible assets and liabilities as of March 31, 2018 and December 31, 2017 are as follows:

		March 31,		December 31,
		2018		2017
In-place lease intangibles		$	3,495,754	$	3,495,632
Below-market ground lease intangibles			1,543,910		1,543,824
Less: accumulated amortization			(581,434)		(385,952)
	Intangible assets, net	$	4,458,230	$	4,653,504
Below-market lease intangibles		$	(340,409)	$	(340,390)
Less: accumulated amortization			7,638		―
	Intangible liabilities, net ⁽¹⁾	$	(332,771)	$	(340,390)

____________

FOOTNOTE:

⁽¹⁾

Intangible liabilities, net are included in other liabilities in the accompanying condensed consolidated balance sheets.

XML 33 R23.htm IDEA: XBRL DOCUMENT

Related Party Arrangements (Tables)

3 Months Ended

Mar. 31, 2018

	Three Months Ended				Unpaid amounts as of ⁽¹⁾
	March 31,				March 31,		December 31,
	2018		2017		2018		2017
Reimbursable expenses:
Operating expenses⁽³⁾	$	274,844	$	190,526	$	130,993	$	197,235
Acquisition fees and expenses		901		1,889		―		―
		275,745		192,415		130,993		197,235
Investment service fees⁽⁴⁾		―		481,500		―		―
Asset management fees⁽⁵⁾		70,800		460		―		―
	$	346,545	$	674,375	$	130,993	$	197,235

7.	Related Party Arrangements (continued)

_____________

FOOTNOTES:

⁽¹⁾

Amounts are recorded as due to related parties in the accompanying condensed consolidated balance sheets.

⁽²⁾

Amounts are recorded as stock issuance and offering costs in the accompanying condensed consolidated statements of stockholders’ equity.

⁽³⁾

⁽⁴⁾

⁽⁵⁾

Dealer Manager

The fees payable to the Dealer Manager for the three months ended March 31, 2018 and 2017, and related amounts unpaid as of March 31, 2018 and December 31, 2017 are as follows:

	Three Months Ended				Unpaid amounts as of ⁽¹⁾
	March 31,				March 31,		December 31,
	2018		2017		2018		2017
Selling commissions⁽²⁾	$	131,841	$	192,876	$	1,109	$	10,000
Dealer manager fees⁽²⁾		165,756		183,736		1,700		18,150
Distribution and stockholder servicing fees⁽²⁾		293,378		174,796		1,031,612		798,524
	$	590,975	$	551,408	$	1,034,421	$	826,674

Expense Support Agreement

7.	Related Party Arrangements (continued)

		Three Months Ended				As of
		March 31,				March 31,
		2018		2017		2018
Fees for services rendered:
	Asset management fees	$	70,800	$	460	$	201,166
	Advisor personnel expenses ⁽¹⁾		126,629		102,263		563,032
Total fees for services rendered		$	197,429	$	102,723	$	764,198

Then-current offering price or NAV		$	10.06	$	10.93	$	10.06
Restricted stock shares ⁽²⁾			19,625		9,398		75,964

_____________

FOOTNOTES:

⁽¹⁾

⁽²⁾

XML 34 R24.htm IDEA: XBRL DOCUMENT

Organization - Additional Information (Details) - USD ($)	1 Months Ended	3 Months Ended		6 Months Ended
	May 01, 2018	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2015	Dec. 31, 2017	Jul. 11, 2016	Mar. 02, 2016
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Common stock, shares sold	200,000	3,700,000	1,300,000
Aggregate purchase price		$ 7,187,473	$ 6,803,572
Minimum offering amount		$ 2,000,000
Initial Public Offering
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Common stock, value authorized							$ 1,750,000,000
Reinvestment Plan
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Common stock, value authorized							$ 250,000,000
Advisor
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Common stock, shares sold				20,000
Aggregate purchase price				$ 200,000
Class A Common Stock
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Common stock, shares sold		28,955	107,480
Aggregate purchase price		$ 290	$ 1,075
Sale of common stock, shares		839,410			808,011
Sale of common stock, value		$ 8,394			$ 8,080
Class A Common Stock \| Advisor
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Conversion of shares				20,000
Sale of common stock, shares						250,000
Sale of common stock, value						$ 2,500,000

XML 35 R25.htm IDEA: XBRL DOCUMENT

Revenue - Schedule of Disaggregated Revenue for Resident Fees and Services (Details)	3 Months Ended
	Mar. 31, 2018 USD ($) ResidentialUnit	Mar. 31, 2017 USD ($) ResidentialUnit
Disaggregation Of Revenue [Line Items]
Resident fees and services: Number of Units \| ResidentialUnit	89	89
Resident fees and services: Revenues	$ 1,124,525	$ 11,430
Resident fees and services: Percentage of Revenues	100.00%
Assisted Living
Disaggregation Of Revenue [Line Items]
Resident fees and services: Number of Units \| ResidentialUnit	67	67
Resident fees and services: Revenues	$ 818,006
Resident fees and services: Percentage of Revenues	72.80%
Memory Care
Disaggregation Of Revenue [Line Items]
Resident fees and services: Number of Units \| ResidentialUnit	22	22
Resident fees and services: Revenues	$ 292,786
Resident fees and services: Percentage of Revenues	26.00%
Other Revenues
Disaggregation Of Revenue [Line Items]
Resident fees and services: Revenues	$ 13,733
Resident fees and services: Percentage of Revenues	1.20%

XML 36 R26.htm IDEA: XBRL DOCUMENT

Revenue - Schedule of Disaggregated Revenue for Resident Fees and Services (Parenthetical) (Details) - USD ($)		3 Months Ended
	Mar. 31, 2017	Mar. 31, 2018	Mar. 31, 2017
Disaggregation Of Revenue [Line Items]
Resident fees and services		$ 1,124,525	$ 11,430
Summer Vista
Disaggregation Of Revenue [Line Items]
Resident fees and services	$ 11,000

XML 37 R27.htm IDEA: XBRL DOCUMENT

Acquisitions - Additional Information (Details)	3 Months Ended
Acquisitions - Additional Information (Details)	Mar. 31, 2018 USD ($) Property Residential	Mar. 31, 2017 USD ($)
Business Acquisition [Line Items]
Number of properties acquired \| Property	0
Acquisition fees and expenses	$ 818
Superior Residences
Business Acquisition [Line Items]
Property management agreement period	5 years
Summer Vista
Business Acquisition [Line Items]
Purchase price		$ 21,400,000
Acquisition fees and expenses		$ 600,000
Number of residential units \| Residential	89

XML 38 R28.htm IDEA: XBRL DOCUMENT

Acquisitions - Summary of Purchase Price Allocation and Related Assets Acquired and Liabilities Assumed (Details) - Mid America Surgery Institute and Summer Vista Assisted Living

Mar. 31, 2017

USD ($)

Business Acquisition [Line Items]

Land and land improvements

$ 2,269,406

Buildings and building improvements

17,611,786

Furniture, fixtures and equipment

857,338

In-place lease intangibles

1,286,507

^[1]

Liabilities assumed

(170,918)

Total purchase price consideration

$ 21,854,119

[1]	At the acquisition date, the weighted-average amortization period on the acquired in-place lease intangibles was approximately 2.5 years and is based on the expected unit turnover.

XML 39 R29.htm IDEA: XBRL DOCUMENT

Acquisitions - Summary of Purchase Price Allocation and Related Assets Acquired and Liabilities Assumed (Parenthetical) (Details)	3 Months Ended
	Mar. 31, 2017
Summer Vista
Business Acquisition [Line Items]
Weighted average amortization period on acquired in-place lease intangibles	2 years 6 months

XML 40 R30.htm IDEA: XBRL DOCUMENT

Real Estate Assets, net - Schedule of Real Estate Assets (Details) - USD ($)	Mar. 31, 2018	Dec. 31, 2017
Real Estate [Abstract]
Land and land improvements	$ 2,683,072	$ 2,683,051
Building and building improvements	28,109,623	28,109,037
Furniture, fixtures and equipment	888,102	879,288
Less: accumulated depreciation	(854,269)	(585,437)
Real estate assets, net	$ 30,826,528	$ 31,085,939

XML 41 R31.htm IDEA: XBRL DOCUMENT

Real Estate Assets, net - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Real Estate Assets,Net [Member]
Real Estate Properties [Line Items]
Depreciation expense	$ 300,000	$ 0

XML 42 R32.htm IDEA: XBRL DOCUMENT

Intangibles, net - Schedule of Gross Carrying Amount and Accumulated Amortization of Intangibles (Details) - USD ($)	Mar. 31, 2018	Dec. 31, 2017
Goodwill And Intangible Assets Disclosure [Abstract]
In-place lease intangibles	$ 3,495,754	$ 3,495,632
Below-market ground lease intangibles	1,543,910	1,543,824
Less: accumulated amortization	(581,434)	(385,952)
Intangible assets, net	4,458,230	4,653,504
Below-market lease intangibles	(340,409)	(340,390)
Less: accumulated amortization	7,638
Intangible liabilities, net	$ (332,771)	$ (340,390)

XML 43 R33.htm IDEA: XBRL DOCUMENT

Intangibles, net - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Finite Lived Intangible Assets And Liabilities [Line Items]
Amortization expense on intangible assets	$ 200,000	$ 0
Amortization of intangible liabilities		$ 0
Property Operating Expenses
Finite Lived Intangible Assets And Liabilities [Line Items]
Amortization expense on intangible assets	9,900
Depreciation And Amortization
Finite Lived Intangible Assets And Liabilities [Line Items]
Amortization expense on intangible assets	200,000
Rental Income from Operating Leases
Finite Lived Intangible Assets And Liabilities [Line Items]
Amortization of intangible liabilities	$ 7,600

XML 44 R34.htm IDEA: XBRL DOCUMENT

Related Party Arrangements - Additional Information (Details) - USD ($)	1 Months Ended	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2018	Mar. 31, 2017
Related Party Transaction [Line Items]
Cash distributions paid		$ 176,860	$ 44,942
Stock dividends issued		5,000	5,000
Advisor
Related Party Transaction [Line Items]
Monthly asset management fee as percentage of real estate value		0.0667%
Initial purchase price of property percentage		10.00%
Property management fee due and payable		$ 1,000,000
Investment service fee as percentage of purchase price of properties		2.25%
Investment services fee		$ 0
Operating expenses in excess of limitation		500,000
Operating expenses in excess of limitation approved		700,000
Cash distributions paid		$ 38,000	$ 29,000
Stock dividends issued		7,400	1,500
Class A Common Stock
Related Party Transaction [Line Items]
Stock dividends issued		2,444	1,948
Class T Common Stock
Related Party Transaction [Line Items]
Distribution and stockholder servicing fee		1.00%
Stock dividends issued		6,662	2,698
Class I Common Stock
Related Party Transaction [Line Items]
Distribution and stockholder servicing fee		0.50%
Stock dividends issued		586	48
Maximum \| Advisor
Related Party Transaction [Line Items]
Construction management fee as percentage of hard and soft costs		1.00%
Operating expenses reimbursement percentage of average invested assets		2.00%
Operating expenses reimbursement percentage of net income		25.00%
Maximum \| Class A Common Stock
Related Party Transaction [Line Items]
Selling commission and dealer manager fee	8.50%
Maximum \| Class T Common Stock
Related Party Transaction [Line Items]
Selling commission and dealer manager fee	4.75%
Selling commission	3.00%
Minimum
Related Party Transaction [Line Items]
Underwriting compensation percentage on gross proceeds from shares of primary offering		10.00%
Underwriting compensation percentage on gross offering price from shares of primary offering		8.50%

XML 45 R35.htm IDEA: XBRL DOCUMENT

Related Party Arrangements - Summary of Fees for Services Rendered Expected to be Settled in Restricted Stock (Details) - USD ($)

3 Months Ended

Mar. 31, 2018

Mar. 31, 2017

Fees for services rendered:

Asset management fees

^[1]

$ 70,800

$ 460

Expense Support Agreement

Fees for services rendered:

Asset management fees

70,800

460

Advisor personnel expenses

^[2]

126,629

102,263

Total fees for services rendered

197,429

$ 102,723

Asset management fees

201,166

Advisor personnel expenses

^[2]

563,032

Total fees for services rendered

$ 764,198

Then-current offering price or NAV

$ 10.06

$ 10.93

Then-current offering price or NAV

$ 10.06

Expense Support Agreement | Restricted Stock

Fees for services rendered:

Restricted stock shares

^[3]

19,625

9,398

Restricted stock shares

^[3]

75,964

[1]	For the three months ended March 31, 2018 and 2017, the Company incurred asset management fees of approximately $0.1 million and $460, respectively, all of which are expected to be or were settled in accordance with the terms of the Expense Support Agreement and as such asset management fees were reduced by approximately $0.1 million and $460, respectively.
[2]	Amounts consist of personnel and related overhead costs of the Advisor or its affiliates (which, in general, are those expenses relating to the Company’s administration on an on-going basis) that are reimbursable by the Company.
[3]	Represents restricted stock shares issued or expected to be issued to the Advisor as of March 31, 2018 pursuant to the Expense Support Agreement. No fair value was assigned to the restricted stock shares as the shares are expected to be valued at zero upon issuance, which represents the lowest possible value estimated at vesting. In addition, the restricted stock shares will be treated as unissued for financial reporting purposes until the vesting criteria are met.

XML 46 R36.htm IDEA: XBRL DOCUMENT

Related Party Arrangements - Summary of Fees for Services Rendered Expected to be Settled in Restricted Stock (Parenthetical) (Details)	3 Months Ended
	Mar. 31, 2018 USD ($)
Related Party Transactions [Abstract]
Restricted stock fair value	$ 0

XML 47 R37.htm IDEA: XBRL DOCUMENT

Related Party Arrangements - Fees and Expenses Incurred and Reimbursable to Affiliates and Related Parties (Details) - USD ($)

3 Months Ended

Mar. 31, 2018

Mar. 31, 2017

Dec. 31, 2017

Distribution and stockholder servicing fees

$ 1,031,613

$ 315,386

Acquisition fees and expenses

818

Total reimbursable expenses

275,745

192,415

Investment service fees

^[1]

481,500

Asset management fees

^[2]

70,800

460

Total reimbursable expenses, net

346,545

674,375

Operating expenses, Unpaid amount

^[3],[4]

130,993

$ 197,235

Total reimbursable expenses due

^[3]

130,993

197,235

Related parties, Unpaid amount

^[3]

130,993

197,235

Reimbursable Expense

Operating expenses

^[4]

274,844

190,526

Acquisition fees and expenses

901

1,889

Dealer Manager

Selling commissions

^[5]

131,841

192,876

Dealer manager fees

^[5]

165,756

183,736

Distribution and stockholder servicing fees

^[5]

293,378

174,796

Total offering expenses

590,975

$ 551,408

Selling commissions, Unpaid amount

^[3],[5]

1,109

10,000

Dealer Manager fees, Unpaid amount

^[3],[5]

1,700

18,150

Distribution and stockholder servicing fees, Unpaid amount

^[3],[5]

1,031,612

798,524

Total offering expenses unpaid

^[3]

$ 1,034,421

$ 826,674

[1]	For the three months ended March 31, 2018 the Company did not incur any investment services fees. For the three months ended March 31, 2017 the Company incurred approximately $0.5 million in investment services fees all of which was capitalized and included in real estate investment properties, net in the accompanying condensed consolidated balance sheet.
[2]	For the three months ended March 31, 2018 and 2017, the Company incurred asset management fees of approximately $0.1 million and $460, respectively, all of which are expected to be or were settled in accordance with the terms of the Expense Support Agreement and as such asset management fees were reduced by approximately $0.1 million and $460, respectively.
[3]	Amounts are recorded as due to related parties in the accompanying condensed consolidated balance sheets.
[4]	Amounts are recorded as general and administrative expenses in the accompanying condensed consolidated statements of operations unless such amounts represent prepaid expenses, which are capitalized in the accompanying condensed consolidated balance sheets. For the three months ended March 31, 2018 and 2017, approximately $0.1 million and $0.1 million, respectively, of personnel expenses of affiliates of the Advisor are expected to be or were settled in accordance with the terms of the Expense Support Agreement and as such our general and administrative expenses were reduced by approximately $0.1 million and $0.1 million, respectively.
[5]	Amounts are recorded as stock issuance and offering costs in the accompanying condensed consolidated statements of stockholders’ equity.

XML 48 R38.htm IDEA: XBRL DOCUMENT

Related Party Arrangements - Fees and Expenses Incurred and Reimbursable to Affiliates and Related Parties (Parenthetical) (Details) - USD ($)

3 Months Ended

Mar. 31, 2018

Mar. 31, 2017

Dec. 31, 2017

Investment services fees

^[1]

$ 481,500

Investment service fees capitalized

$ 30,826,528

$ 31,085,939

Asset management fees

^[2]

70,800

460

Investment Services Fees

Investment services fees

500,000

Investment service fees capitalized

500,000

Expense Support Agreement

Advisor personnel expenses

100,000

Reduction in general and administrative expenses

100,000

Asset management fees

70,800

460

Reduction in asset management fees

$ 100,000

$ 460

[1]	For the three months ended March 31, 2018 the Company did not incur any investment services fees. For the three months ended March 31, 2017 the Company incurred approximately $0.5 million in investment services fees all of which was capitalized and included in real estate investment properties, net in the accompanying condensed consolidated balance sheet.
[2]	For the three months ended March 31, 2018 and 2017, the Company incurred asset management fees of approximately $0.1 million and $460, respectively, all of which are expected to be or were settled in accordance with the terms of the Expense Support Agreement and as such asset management fees were reduced by approximately $0.1 million and $460, respectively.

XML 49 R39.htm IDEA: XBRL DOCUMENT

Equity - Additional Information (Details) - USD ($)				1 Months Ended		3 Months Ended		6 Months Ended	12 Months Ended
Equity - Additional Information (Details) - USD ($)	Jun. 01, 2018	May 01, 2018	Apr. 01, 2018	May 01, 2018	Mar. 31, 2018	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2015	Dec. 31, 2016
Class Of Stock [Line Items]
Aggregate proceeds from public offering						$ 38,600,000	$ 13,400,000
Common stock, shares sold				200,000		3,700,000	1,300,000
Subscription proceeds pursuant to the Reinvestment Plan						$ 600,000	$ 32,000
Subscription proceeds pursuant to the Reinvestment Plan, shares						60,000	3,000
Cash distributions declared net of class-specific expenses						$ 400,000	$ 73,000
Cash distributions paid net of class-specific expenses						$ 400,000	$ 73,000
Stock dividends declared						34,700	34,700
Stock dividends issued (in shares)						5,000	5,000
Percentage of cash distributions considered as return on capital for income tax purposes						100.00%	100.00%
Amount of distributions to stockholders considered as return of capital by the company						$ 0	$ 0
Monthly cash distributions less class-specific expenses per share					$ 0.0480	$ 0.0480
Monthly stock dividend, shares					$ 0.00100625
Distributions to be paid and distributed date					Jun. 30, 2018
Dividends payable, date declared					2018-03	2018-03
Redemption of common stock, per share					$ 10	$ 10
Redemptions of common stock						$ 25,382
Class T Common Stock
Class Of Stock [Line Items]
Redemptions of common stock						$ 25,000	$ 0
Subsequent Event
Class Of Stock [Line Items]
Cash distribution and stock dividend declared date		May 01, 2018	Apr. 01, 2018
Scenario Forecast
Class Of Stock [Line Items]
Cash distribution and stock dividend declared date	Jun. 01, 2018
Private Placement
Class Of Stock [Line Items]
Aggregate proceeds from public offering									$ 251,250
Common stock, shares sold									25,125
Advisor
Class Of Stock [Line Items]
Common stock, shares sold								20,000
Stock dividends issued (in shares)						7,400	1,500
Advisor \| Prior to Commencement of Offering
Class Of Stock [Line Items]
Aggregate proceeds from public offering						$ 200,000	$ 200,000
Common stock, shares sold						20,000	20,000

XML 50 R40.htm IDEA: XBRL DOCUMENT

Income Taxes - Additional Information (Details)	3 Months Ended
Income Taxes - Additional Information (Details)	Mar. 31, 2018 USD ($)
Income Tax Disclosure [Abstract]
Interim tax provision	$ 31,000
Current income tax expense	30,000
Decrease to net deferred tax assets	$ (1,000)

XML 51 R41.htm IDEA: XBRL DOCUMENT

Subsequent Events - Additional Information (Details) - USD ($) shares in Millions	1 Months Ended	3 Months Ended
	May 01, 2018	Mar. 31, 2018	Mar. 31, 2017
Subsequent Events [Abstract]
Aggregate proceeds from offering	$ 1,900,000	$ 6,962,029	$ 6,775,312
Common stock, shares sold	0.2	3.7	1.3

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