CNL Healthcare Properties II (CHPII) 10-Q 9 Aug 19 2019 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2019	Jul. 31, 2019
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q2
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	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Common Stock, Shares Outstanding		4,899,139
Entity Shell Company	false
Entity Current Reporting Status	Yes
Entity File Number	000-55777
Entity Tax Identification Number	474524619
Entity Address, Address Line One	CNL Center at City Commons
Entity Address, Address Line Two	450 South Orange Avenue
Entity Address, City or Town	Orlando
Entity Address, State or Province	Florida
Entity Address, Postal Zip Code	32801
City Area Code	407
Local Phone Number	650-1000

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($)	Jun. 30, 2019	Dec. 31, 2018
ASSETS
Real estate investment properties, net	$ 42,224,947	$ 42,969,180
Assets held for sale, net		14,202,202
Cash	4,431,446	8,003,576
Intangibles, net	983,925	1,497,809
Other assets	315,869	382,637
Restricted cash	367,035	233,971
Total assets	48,323,222	67,289,375
Liabilities:
Mortgage loans, net	6,047,401	18,665,013
Liabilities associated with assets held for sale		6,247,187
Accounts payable and accrued liabilities	705,664	497,081
Other liabilities	156,208	128,957
Due to related parties	67,660	85,902
Total liabilities	6,976,933	25,624,140
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	48,039,220	48,039,220
Accumulated loss	(3,077,633)	(3,464,160)
Accumulated distributions	(3,664,293)	(2,958,820)
Total stockholders' equity	41,346,289	41,665,235
Total liabilities and stockholders' equity	48,323,222	67,289,375
Class A Common Stock
Stockholders' equity:
Common stock value	48,995	48,995
Total stockholders' equity	$ 48,995	$ 48,995

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - $ / shares	Jun. 30, 2019	Dec. 31, 2018
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	4,899,139	4,899,139
Common stock, shares outstanding	4,899,139	4,899,139
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	0	0
Common stock, shares outstanding	0	0
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	0	0
Common stock, shares outstanding	0	0

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Revenues:
Resident fees and services	$ 2,152,100	$ 1,140,235	$ 4,350,450	$ 2,264,760
Type of Revenue [Extensible List]	us-gaap:HealthCareResidentServiceMember	us-gaap:HealthCareResidentServiceMember	us-gaap:HealthCareResidentServiceMember	us-gaap:HealthCareResidentServiceMember
Total revenues	$ 2,152,100	$ 1,140,235	$ 4,350,450	$ 2,264,760
Operating expenses:
Property operating expenses	1,322,985	622,018	2,715,453	1,239,166
General and administrative expenses	421,992	285,464	825,239	604,697
Acquisition fees and expenses				818
Property management fees	$ 107,879	$ 80,360	$ 217,626	$ 154,322
Type of Cost, Good or Service [Extensible List]	us-gaap:ManagementServiceMember	us-gaap:ManagementServiceMember	us-gaap:ManagementServiceMember	us-gaap:ManagementServiceMember
Depreciation and amortization	$ 674,109	$ 324,954	$ 1,344,290	$ 648,678
Total operating expenses	2,526,965	1,312,796	5,102,608	2,647,681
Operating loss	(374,865)	(172,561)	(752,158)	(382,921)
Other income (expense):
Interest and other income	12,035	40	18,260	62
Interest expense and loan cost amortization	(258,341)	(194,099)	(515,910)	(375,183)
Total other expense	(246,306)	(194,059)	(497,650)	(375,121)
Loss before income taxes	(621,171)	(366,620)	(1,249,808)	(758,042)
Income tax expense		(13,827)	(30,533)	(45,183)
Loss from continuing operations	(621,171)	(380,447)	(1,280,341)	(803,225)
Income from discontinued operations	1,563,821	30,254	1,666,868	62,794
Net income (loss) attributable to common stockholders	942,650	(350,193)	386,527	(740,431)
Class A Common Stock
Other income (expense):
Net income (loss) attributable to common stockholders	$ 942,650	$ (76,206)	$ 386,527	$ (170,164)
Net income (loss) per share of common stock outstanding (basic and diluted)	$ 0.19	$ (0.09)	$ 0.08	$ (0.20)
Weighted average number of common shares outstanding (basic and diluted)	4,899,139	867,723	4,899,139	846,574
Distributions declared per common share		$ 0.1440	$ 0.1440	$ 0.2880
Class T Common Stock
Other income (expense):
Net income (loss) attributable to common stockholders		$ (246,458)		$ (517,528)
Net income (loss) per share of common stock outstanding (basic and diluted)		$ (0.09)		$ (0.20)
Weighted average number of common shares outstanding (basic and diluted)		2,806,307		2,574,718
Distributions declared per common share		$ 0.1175		$ 0.2354
Class I Common Stock
Other income (expense):
Net income (loss) attributable to common stockholders		$ (27,529)		$ (52,739)
Net income (loss) per share of common stock outstanding (basic and diluted)		$ (0.09)		$ (0.20)
Weighted average number of common shares outstanding (basic and diluted)		313,463		262,378
Distributions declared per common share		$ 0.1314		$ 0.2626

CONDENSED CONSOLIDATED STATEM_2

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, 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	$ 12,548,169	12,536,152			$ 657	$ 9,493	$ 1,867
Subscriptions received for common stock, including distribution reinvestments (in shares)	500,000				65,726	949,264	186,687
Stock dividends issued		(216)			$ 52	$ 149	$ 15
Stock dividends issued (in shares)					5,202	14,919	1,467
Redemptions of common stock	$ (152,281)	(152,130)			$ (126)	$ (25)
Redemptions of common stock, shares					(12,614)	(2,538)
Stock issuance and offering costs	(1,012,805)	(1,012,805)
Net income (loss)	(740,431)		(740,431)
Cash distributions declared	(885,373)			(885,373)
Ending Balance at Jun. 30, 2018	36,267,211	40,355,933	(2,399,408)	(1,731,573)	$ 8,663	$ 30,109	$ 3,487
Ending Balance (in shares) at Jun. 30, 2018					866,325	3,010,868	348,644
Beginning Balance at Mar. 31, 2018	32,288,505	35,549,090	(2,049,215)	(1,248,505)	$ 8,394	$ 26,206	$ 2,535
Beginning Balance (in shares) at Mar. 31, 2018					839,410	2,620,776	253,489
Subscriptions received for common stock, including distribution reinvestments	$ 5,360,696	5,355,565			$ 367	$ 3,821	$ 943
Subscriptions received for common stock, including distribution reinvestments (in shares)	500,000				36,771	382,015	94,274
Stock dividends issued		(119)			$ 28	$ 82	$ 9
Stock dividends issued (in shares)					2,758	8,257	881
Redemptions of common stock	$ (126,899)	(126,773)			$ (126)
Redemptions of common stock, shares					(12,614)	(180)
Stock issuance and offering costs	(421,830)	(421,830)
Net income (loss)	(350,193)		(350,193)
Cash distributions declared	(483,068)			(483,068)
Ending Balance at Jun. 30, 2018	36,267,211	40,355,933	(2,399,408)	(1,731,573)	$ 8,663	$ 30,109	$ 3,487
Ending Balance (in shares) at Jun. 30, 2018					866,325	3,010,868	348,644
Beginning Balance at Dec. 31, 2018	$ 41,665,235	48,039,220	(3,464,160)	(2,958,820)	$ 48,995
Beginning Balance (in shares) at Dec. 31, 2018					4,899,139	0	0
Subscriptions received for common stock, including distribution reinvestments (in shares)	0
Net income (loss)	$ 386,527		386,527
Cash distributions declared	(705,473)			(705,473)
Ending Balance at Jun. 30, 2019	41,346,289	48,039,220	(3,077,633)	(3,664,293)	$ 48,995
Ending Balance (in shares) at Jun. 30, 2019					4,899,139	0	0
Beginning Balance at Mar. 31, 2019	$ 40,403,639	48,039,220	(4,020,283)	(3,664,293)	$ 48,995
Beginning Balance (in shares) at Mar. 31, 2019					4,899,139
Subscriptions received for common stock, including distribution reinvestments (in shares)	0
Net income (loss)	$ 942,650		942,650
Cash distributions declared	0
Ending Balance at Jun. 30, 2019	$ 41,346,289	$ 48,039,220	$ (3,077,633)	$ (3,664,293)	$ 48,995
Ending Balance (in shares) at Jun. 30, 2019					4,899,139	0	0

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Operating activities:
Net cash flows provided by (used in) operating activities – continuing operations	$ 470,175	$ (429,933)
Net cash flows provided by operating activities – discontinued operations	188,175	345,124
Net cash flows provided by (used in) operating activities	658,350	(84,809)
Investing activities:
Capital expenditures	(86,174)	(16,749)
Net cash flows used in investing activities – continuing operations	(86,174)	(16,749)
Capital expenditures		(23,520)
Proceeds from sale of real estate	15,044,231
Net cash flows provided by (used in) investing activities – discontinued operations	15,044,231	(23,520)
Net cash flows provided by (used in) investing activities	14,958,057	(40,269)
Financing activities:
Subscriptions received for common stock through primary offering		12,039,730
Payment of underwriting compensation		(641,724)
Payment of cash distributions, net of distribution reinvestments during 2018	(705,473)	(376,934)
Redemptions of common stock		(152,281)
Repayment of mortgage loans	(18,350,000)
Payment of loan costs		(10,397)
Net cash flows (used in) provided by financing activities	(19,055,473)	10,858,394
Net (decrease) increase in cash and restricted cash	(3,439,066)	10,733,316
Cash and restricted cash at beginning of period, including held for sale	8,237,547	12,421,919
Cash and restricted cash at end of period, including held for sale	$ 4,798,481	23,155,235
Amounts incurred but not paid (including amounts due to related parties):
Selling commissions and Dealer Manager fees		20,711
Annual distribution and stockholder servicing fee		$ 1,177,044

Organization

Organization	6 Months Ended
	Jun. 30, 2019
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Organization	1. Organization CNL Healthcare Properties II, Inc. (“Company”) is a Maryland corporation that incorporated on July 10, 2015 and elected to be taxed as a real estate investment trust (“REIT”) for United States (“U.S.”) federal income tax purposes beginning with the year ended December 31, 2017. The Company is sponsored by CNL Financial Group, LLC (“Sponsor” or “CNL”) and 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 and dispositions, asset management and other operational matters. 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 meant that CNL Securities Corp. (“Dealer Manager”), an affiliate of the Sponsor, used its best efforts but was not required to sell any specific amount of shares. The Company also offered up to $250 million, in any combination, of Class A, Class T and Class I shares pursuant to its distribution reinvestment plan (“Reinvestment Plan” and, together with the Primary Offering, the “Offering”). The Company has contributed the net proceeds from its Offering to CHP II Partners, LP (“Operating Partnership”) in exchange for partnership interests. The Company owns 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 owns 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. On August 31, 2018, the Company’s board of directors approved the termination of its Offering and the suspension of its Reinvestment Plan, effective October 1, 2018. The Company also suspended its share redemption plan (“Redemption Plan”) and discontinued its stock dividends concurrently. In October 2018, the Company deregistered the unsold shares of its common stock under its previous registration statement on Form S-11. Through the close of its Offering, the Company had received aggregate proceeds of approximately $51.2 million (4.9 million shares), including approximately $1.2 million (0.1 million shares) of proceeds pursuant to the Reinvestment Plan. In 2018, the Company announced it had formed a special committee consisting solely of its independent directors (“Special Committee”) to consider possible strategic alternatives available to the Company, including, without limitation, (i) an orderly disposition of the Company’s assets or one or more of the Company’s asset classes and the distribution of the net sale proceeds thereof to the stockholders of the Company and (ii) a potential business combination or other transaction In March 2019, the Company entered into an asset purchase agreement (“Sale Agreement”) with HCP Medical Office Buildings, LLC related to the sale of Mid America Surgery for a gross sales price of $15.4 million (“MOB Sale”), subject to certain pro-rations and other adjustments as described in the Sale Agreement. In May 2019, the Company completed the MOB Sale. In March 2019, in connection with the exploration of strategic alternatives, the Company’s board of directors suspended regular cash distributions to stockholders effective April 1, 2019. In addition, in March 2019, the Company’s advisory agreement was amended and restated to eliminate acquisition fees and dispositions fees as well as to reduce the asset management fees (“AUM Fees”) to 0.40% per annum of average invested assets. The Company’s board of directors and its Advisor also agreed to terminate the Expense Support Agreement effective April 1, 2019; refer to Note 8. “Related Party Arrangements” for additional information. Moreover, effective April 1, 2019, the Advisor waived its rights to any AUM Fees going forward, with such waiver to remain in effect through the Company’s dissolution and liquidation. 1. Organization (continued) As of June 30, 2019, the Company owned two seniors housing communities that are leased to single member limited liability companies wholly-owned by TRS Holdings, a subsidiary of the Company. TRS Holdings has engaged 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. In July 2019, the Company filed a definitive proxy statement with the Securities and Exchange Commission (“SEC”) requesting, among other items, the stockholders' approval of a plan of dissolution ("Plan of Dissolution") authorizing the Company to undertake the sale of all its assets, distribute the net proceeds after payment of all of the Company's liabilities to stockholders as liquidating distributions, wind-up the Company’s operations and dissolve the Company in accordance with Maryland law. There can be no assurance that stockholders will approve the Plan of Dissolution

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2019
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	1. 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 U.S. (“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 operating results for the interim period presented. Operating results for the six months ended June 30, 2019 may not be indicative of the results that may be expected for the year ending December 31, 2019. Amounts as of December 31, 2018 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, 2018. The accompanying unaudited 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. Assets Held for Sale, net and Discontinued Operations — The Company determines to classify a property as held for sale once management has the authority to approve and commits to a plan to sell the property, the property is available for immediate sale, there is an active program to locate a buyer, the sale of the property is probable and the transfer of the property is expected to occur within one year. Upon the determination to classify a property as held for sale, the Company ceases recording further depreciation and amortization relating to the associated assets and those assets are measured at the lower of its carrying amount or fair value less disposition costs and are presented separately in the consolidated balance sheets for all periods presented. In addition, the Company classifies assets held for sale as discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on the Company’s operations and financial results. For any disposal(s) qualifying as discontinued operations, the Company allocates interest expense and loan cost amortization that directly relates to any mortgage loan(s) collateralized by properties classified as discontinued operations. 2. Summary of Significant Accounting Policies (continued) Reclassifications – Certain amounts in the prior year’s condensed consolidated balance sheet, statement of operations and statement of cash flows have been reclassified to conform to the current year’s presentation, primarily related to the classification of the Company’s MOB property as held for sale and discontinued operations, with no effect on the other previously reported consolidated financial statements. 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 February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“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 also requires qualitative and quantitative disclosures designed to give financial statement users additional information on the amount, timing, and uncertainty of cash flows arising from leases. In July 2018, the FASB issued ASU 2018-11, “Leases (Topic 842): Targeted Improvements,” which includes a practical expedient for lessors that allows 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. The Company elected the practical expedient and applied the guidance to all of the leases that qualified under the established criteria. In December 2018, the FASB issued ASU 2018-20, “Leases (Topic 842): Narrow-Scope Improvements for Lessors,” which addressed challenges encountered in determining certain lessor costs paid by the lessee directly to third parties by allowing lessors to exclude these costs from its variable lease payments. This amendment did not have a material impact on the Company’s financial statements and related disclosures as it conformed Accounting Standard Codification (“ASC”) 842 to the Company’s historical accounting under ASC 840. In March 2019, the FASB issued ASU 2019-01, “Leases (Topic 842): Codification Improvements,” which clarified the transition guidance related to interim disclosure requirements in the year of adoption. All of the ASC 842 ASUs are effective for annual reporting periods, and interim periods within those annual periods, beginning after December 15, 2018. The Company adopted these ASUs on January 1, 2019 using a modified retrospective approach, the adoption of these ASUs did not have a material impact on the Company’s consolidated results of operations or cash flows. However, the adoption of these ASUs did impact the Company’s consolidated financial position for arrangements such as ground or other leases in which the Company is the lessee. More specifically, the adoption of ASC 842 resulted in the Company recording operating lease assets and liabilities on January 1, 2019. The following table provides additional details by financial statement line item of the adjusted presentation in the Company’s consolidated financial position: As Presented Effect of As Adjusted December 31, ASC 842 January 1, 2018 Adoption 2019 Other assets $ 382,637 $ 32,500 $ 415,137 Total assets $ 67,289,375 $ 32,500 $ 67,321,875 Other liabilities $ (128,957 ) $ (32,500 ) $ (161,457 ) Total liabilities $ (25,624,140 ) $ (32,500 ) $ (25,656,640 ) 2. Summary of Significant Accounting Policies (continued) In June 2018, the FASB issued ASU 2018-07, “Compensation – Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting,” which expands the scope to include share-based payment transactions for acquiring goods and services from nonemployees. The amendments specify that Topic 718 applies to all share-based payment transactions in which a grantor acquires goods or services to be used or consumed in a grantor’s own operations by issuing share-based payments. The amendments also clarify that this ASU does not apply to share-based payments used to provide financing to the issuer or awards granted in conjunction with selling of goods or services to customers as a part of a contract accounted for under Revenue from Contracts with Customers (Topic 606). The ASU is effective for annual reporting periods, and interim periods within those annual periods, beginning after December 15, 2018. The Company adopted this ASU prospectively on January 1, 2019; the adoption of which did not have a material impact on the Company’s consolidated results of operations or cash flows. Other Accounting Pronouncements — As described in Note 1. “Organization,” in July 2019, the Company filed a definitive proxy statement with the SEC requesting, among other items, the stockholders' approval of a Plan of Dissolution. If and upon approval by stockholders of a Plan of Dissolution, the Company’s financial position and results of operations will prospectively be presented using the liquidation basis of accounting (“Liquidation Basis”) as of the approval date and for each subsequent period thereafter. As a result, a new statement of financial position (Statement of Net Assets) will be presented, which will reflect the estimated amount of net cash proceeds that the Company expects to collect from the sale of all its assets as it completes the Plan of Dissolution. In addition, a new statement of operations (Statement of Changes in Net Assets) will be presented, which will reflect changes in net assets from the original estimated net cash proceeds as of the approval date through each subsequent period presented. All financial results and disclosures up through the approval date (if any) will be presented on a going concern basis (“Going Concern Basis”), which contemplates the realization of assets and liabilities in the normal course of business.

Revenue

Revenue	6 Months Ended
	Jun. 30, 2019
Revenue From Contract With Customer [Abstract]
Revenue	3. Revenue The following table presents disaggregated revenue related to the Company’s resident fees and services during the six months ended June 30, 2019 and 2018: Six Months Ended June 30, Type of Investment Number of Units Revenues Percentage of Revenues Resident fees and services: 2019 2018 2019 2018 2019 2018 Assisted living 125 63 $ 2,996,810 $ 1,651,054 68.9 % 72.9 % Memory care 50 20 1,304,913 584,920 30.0 % 25.8 % Other revenues — — 48,727 28,786 1.1 % 1.3 % 175 83 $ 4,350,450 $ 2,264,760 100.0 % 100.0 %

Real Estate Assets, net

Real Estate Assets, net	6 Months Ended
	Jun. 30, 2019
Real Estate [Abstract]
Real Estate Assets, net	4. Real Estate Assets, net The gross carrying amount and accumulated depreciation of the Company’s real estate assets as of June 30, 2019 and December 31, 2018, excluding assets held for sale, are as follows: June 30, December 2019 2018 Land and land improvements $ 4,075,733 $ 4,075,733 Building and building improvements 38,714,651 38,700,052 Furniture, fixtures and equipment 1,944,534 1,872,959 Less: accumulated depreciation (2,509,971 ) (1,679,564 ) Real estate investment properties, net $ 42,224,947 $ 42,969,180 Depreciation expense on the Company’s real estate investment properties, net was approximately $0.4 million and $0.8 million for the quarter and six months ended June 30, 2019, respectively, and approximately $0.2 million and $0.4 million for the quarter and six months ended June 30, 2018, respectively.

Intangibles, net

Intangibles, net	6 Months Ended
	Jun. 30, 2019
Goodwill And Intangible Assets Disclosure [Abstract]
Intangibles, net	5. Intangibles, net The gross carrying amount and accumulated amortization of the Company’s intangibles as of June 30, 2019 and December 31, 2018, excluding assets held for sale, are as follows: June 30, December 31, 2019 2018 In-place resident agreement intangibles $ 2,569,419 $ 2,569,419 Less: accumulated amortization (1,585,494 ) (1,071,610 ) Intangible assets, net $ 983,925 $ 1,497,809 For the quarter and six months ended June 30, 2019, amortization on the Company’s intangibles was approximately $0.3 million and $0.5 million, respectively, all of which was included in depreciation and amortization. For the quarter and six months ended June 30, 2018, amortization on the Company’s intangibles was approximately $0.1 million and $0.3 million, respectively, all of which was included in depreciation and amortization.

Assets and Associated Liabiliti

Assets and Associated Liabilities Held for Sale and Discontinued Operations	6 Months Ended
	Jun. 30, 2019
Real Estate Liabilities Associated With Assets Held For Development And Sale [Abstract]
Assets and Associated Liabilities Held for Sale and Discontinued Operations	6. Assets and Associated Liabilities Held for Sale and Discontinued Operations As part of executing on strategic alternatives, the Company committed to a plan to sell its MOB, Mid America Surgery, and classified the property as held for sale. The Company believed the sale of Mid America Surgery would cause a strategic shift in the Company’s operations and, therefore, classified the corresponding revenues and expenses for its MOB property as discontinued operations. In March 2019, the Company entered into a Sale Agreement with HCP Medical Office Buildings, LLC related to the MOB Sale. In May 2019, the Company completed the MOB Sale and recognized a gain on the sale of approximately $1.6 million for financial reporting purposes. As of June 30, 2019 and December 31, 2018, the amounts classified as assets held for sale and the liabilities associated with those assets held for sale consisted of the following: June 30, December 31, 2019 2018 Real estate investment properties, net $ — $ 10,603,833 Intangibles, net — 3,485,818 Other assets — 112,551 Assets held for sale, net $ — $ 14,202,202 Mortgage loan, net $ — $ 5,532,346 Accounts payable and accrued liabilities — 391,735 Other liabilities — 323,106 Liabilities associated with assets held for sale $ — $ 6,247,187 6. Assets and Associated Liabilities Held for Sale and Discontinued Operations The following table is a summary of the Company’s income from discontinued operations for the quarter and six months ended June 30, 2019 and 2018: Quarter Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 Revenues: Rental income and related revenues $ 144,022 $ 421,426 $ 486,294 $ 830,242 Operating expenses: Property operating expenses 54,097 178,987 165,782 350,220 General and administrative expenses 232 934 791 1,385 Property management fees 5,941 11,343 13,869 21,393 Depreciation and amortization — 131,235 43,793 261,929 Total operating expenses 60,270 322,499 224,235 634,927 Gain on sale of real estate 1,566,321 — 1,566,321 — Operating income 1,650,073 98,927 1,828,380 195,315 Other expense: Interest expense and loan cost amortization (86,252 ) (68,673 ) (161,512 ) (132,521 ) Total other expense (86,252 ) (68,673 ) (161,512 ) (132,521 ) Income before income taxes 1,563,821 30,254 1,666,868 62,794 Income tax expense — — — — Income from discontinued operations $ 1,563,821 $ 30,254 $ 1,666,868 $ 62,794

Indebtedness

Indebtedness	6 Months Ended
	Jun. 30, 2019
Debt Disclosure [Abstract]
Indebtedness	7. Indebtedness In May 2019, in connection with the MOB Sale, the Company strategically paid down approximately $12.8 million of debt secured by its Summer Vista Assisted Living (“Summer Vista”) property. In connection therewith, the Company wrote-off approximately $0.1 million in unamortized loan costs as a loss on the early extinguishment of debt, which is included in interest expense and loan cost amortization in the accompanying condensed consolidated statements of operations for the quarter and six months ended June 30, 2019. The following table provides details of the Company’s indebtedness as of June 30, 2019 and December 31, 2018: June 30, December 31, 2019 2018 Mortgage loans, net: Mortgage loans (1) $ 6,150,000 $ 18,900,000 Loan costs, net (102,599 ) (234,987 ) Total mortgage loans, net $ 6,047,401 $ 18,665,013 FOOTNOTE: (1) As of June 30, 2019, the Company’s mortgage loans are collateralized by its Summer Vista and Riverview properties. 7. Indebtedness (continued) The fair market value of the Company’s mortgage loans was approximately $6.1 million and $18.9 million as of June 30, 2019 and December 31, 2018, respectively, which is based on then-current rates and spreads the Company would expect to obtain for similar borrowings. Since this methodology includes inputs that are less observable by the public and are not necessarily reflected in active markets, the measurement of the estimated fair values is categorized as Level 3 on the three-level valuation hierarchy. The following is a schedule of future principal payments and maturity for the Company’s mortgage loans for the remainder of 2019, each of the next four years and thereafter, in the aggregate, as of June 30, 2019: 2019 $ — 2020 31,849 2021 85,947 2022 1,192,460 2023 4,839,744 Thereafter — $ 6,150,000

Related Party Arrangements

Related Party Arrangements	6 Months Ended
	Jun. 30, 2019
Related Party Transactions [Abstract]
Related Party Arrangements	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 connection with services provided to the Company, affiliates are entitled to the following fees: Dealer Manager — Through the termination of the Offering in October 2018, the Dealer Manager received 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 could be reallowed to participating broker dealers. In addition, for Class T shares sold in the Primary Offering, the Dealer Manager could choose the respective amounts of the commission and dealer manager fee, provided that the selling commission did not exceed 3.0% of the gross proceeds from the completed sale of such Class T shares. The Company paid 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 then-current gross offering price per Class T or Class I share. The Company recorded the annual distribution and stockholder servicing fees as a reduction to capital in excess of par value and measured 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 was relieved over time, as the fees were paid to the Dealer Manager. In connection with the close of the Offering effective October 1, 2018, certain underwriting compensation limits were met and, effective October 31, 2018, each Class T and Class I share automatically converted into a Class A share pursuant to the terms of the Company’s charter. The Class T and Class I shares converted into Class A shares on a one-for-one basis because the then-current estimated net asset value (“NAV”) per share of $10.06 was the same for all share classes. Effective October 31, 2018, Class T and Class I shares were no longer subject to class specific expenses upon conversion into Class A shares. The Company’s obligation to pay the remaining distribution and stockholder servicing fees liability of approximately $1.4 million to the Dealer Manager ceased effective October 31, 2018 upon the conversion of the Class T and Class I shares into Class A Shares. CNL Capital Markets, LLC — The Company will pay CNL Capital Markets, LLC, an affiliate of CNL, an annual fee payable monthly based on the average number of total investor accounts that are 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. 8. Related Party Arrangements (continued) Advisor — Pursuant to the Company’s advisory agreement, dated as of March 2, 2016, the Company paid the Advisor AUM Fees in an amount equal to 0.80% per annum of average invested assets. In March 2019, the Company’s advisory agreement was amended and restated to eliminate acquisition fees and dispositions fees as well as to reduce the AUM Fees to 0.40% per annum of average invested assets. The reduced AUM Fees were further subject and subordinate to an agreed upon hurdle relating to the total operating expenses (as described in the amended and restated advisory agreement) of the Company, though to the extent any portion of the AUM Fees are not paid as a result of total operating expenses exceeding the prescribed limits, it may be recovered by the Advisor if certain Company performance thresholds are subsequently met. The Company’s board of directors approved renewing the amended and restated advisory agreement through March 2020. Effective as of April 1, 2019, the Advisor waived its rights to any AUM Fees going forward, with such waiver to remain in effect through the Company’s dissolution and liquidation. 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. For the Expense Year ended June 30, 2019, the Company did not incur operating expenses in excess of the limitation. As of June 30, 2019, the Company had received cumulative approvals from its independent directors for total operating expenses in excess of this limitation of approximately $0.9 million. For the six months ended June 30, 2019, the Company paid cash distributions of approximately $38,000 to the Advisor related to the Class A common stock held by the Advisor. There were no cash distributions for the quarter ended June 30, 2019 as the Company Pursuant to an expense support arrangement, the Advisor agreed to accept payment in restricted stock in lieu of cash for services rendered, in the event that the Company did not achieve established distribution coverage targets (“Expense Support Agreement”). In exchange for services rendered and in consideration of the expense support provided under this arrangement, the Company issued, 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 NAV per share of the Class A common shares 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 advisory agreement), excluding for the purposes of calculating this threshold any shares of restricted stock owned by the Advisor. In March 2019, the Company’s board of directors and the Advisor agreed to terminate the Expense Support Agreement effective April 1, 2019. Any restricted stock shares granted to the Advisor under the Expense Support Agreement shall continue to be held by the Advisor, subject to the vesting and forfeiture provisions of the Expense Support Agreement which survive termination. 8. Related Party Arrangements (continued) The following fees for services rendered were settled in the form of restricted stock pursuant to the Expense Support Agreement for the quarter and six months ended June 30, 2019 and 2018 and cumulatively through the termination date effective April 1, 2019: Quarter Ended Six Months Ended Cumulative June 30, June 30, Fees 2019 2018 2019 2018 Settled Fees for services rendered: Asset management fees $ — $ 70,800 $ 99,417 $ 141,600 $ 578,171 Advisor personnel expenses (1) — 123,142 127,950 249,771 1,058,676 Total fees for services rendered $ — $ 193,942 $ 227,367 $ 391,371 $ 1,636,847 Then-current NAV $ 9.92 $ 10.06 $ 9.92 $ 10.06 $ 9.92 Restricted stock shares (2) — 19,279 22,920 38,904 164,210 Cash distributions on restricted stock (3) $ — $ 8,113 $ 8,113 $ 8,113 $ 16,226 Stock dividends on restricted stock (4) — 170 — 170 340 FOOTNOTES: (1) Amounts consisted 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 to the Advisor pursuant to the Expense Support Agreement through its termination effective April 1, 2019. No fair value was assigned to the restricted stock shares as the shares do not vest until a liquidity event is consummated and certain market conditions are achieved. In addition, the restricted stock shares will be treated as unissued for financial reporting purposes until the vesting criteria are met. (3) The cash distributions were recognized as compensation expense as issued and included in general and administrative expense in the accompanying condensed consolidated statements of operations. (4) The par value of the stock dividends was recognized as compensation expense as issued and included in general and administrative expense in the accompanying condensed consolidated statements of operations. 8. Related Party Arrangements (continued) The fees payable through the termination of the Offering in October 2018 to the Dealer Manager for the quarter and six months ended June 30, 2019 and 2018, and related amounts unpaid as of June 30, 2019 and December 31, 2018 were as follows: Quarter Ended Six Months Ended Unpaid amounts as of (1) June 30, June 30, June 30, December 31, 2019 2018 2019 2018 2019 2018 Selling commissions (2) $ — $ 89,834 $ — $ 221,675 $ — $ — Dealer manager fees (2) — 110,527 — 276,283 — — Distribution and stockholder servicing fees (2) — 221,469 — 514,847 — — $ — $ 421,830 $ — $ 1,012,805 $ — $ — The expenses incurred by and reimbursable to the Company’s related parties, including amounts included in income from discontinued operations, for the quarter and six months ended June 30, 2019 and 2018, and related amounts unpaid as of June 30, 2019 and December 31, 2018 are as follows: Quarter Ended Six Months Ended Unpaid amounts as of (1) June 30, June 30, June 30, December 31, 2019 2018 2019 2018 2019 2018 Reimbursable expenses: Operating expenses (3) $ 178,746 $ 263,201 $ 409,570 $ 526,795 $ 67,660 $ 85,902 Acquisition fees and expenses — 601 — 1,503 — — 178,746 263,802 409,570 528,298 67,660 85,902 Asset management fees (4) 51,069 70,800 150,486 141,600 — — $ 229,815 $ 334,602 $ 560,056 $ 669,898 $ 67,660 $ 85,902 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. In March 2019, the Company’s board of directors and its Advisor agreed to terminate the Expense Support Agreement effective April 1, 2019. As such, there were was no expense support provided by the Advisor for the quarter ended June 30, 2019. For the six months ended June 30, 2019, approximately $0.1 million of personnel expenses of affiliates of the Advisor were settled in accordance with the terms of the Expense Support Agreement and as such general and administrative expenses were reduced by approximately $0.1 million for the six months ended June 30, 2019. For the quarter and six months ended June 30, 2018, approximately $0.1 million and $0.2 million, respectively, of personnel expenses of affiliates of the Advisor were settled in accordance with the terms of the Expense Support Agreement and as such general and administrative expenses were reduced by approximately $0.1 million and $0.2 million, respectively, for the quarter and six months ended June 30, 2018. (4) In March 2019, the Company’s board of directors and its Advisor agreed to terminate the Expense Support Agreement effective April 1, 2019; as such, no further expense support was provided effective April 1, 2019. For the six months ended June 30, 2019, approximately $0.1 million of asset management fees were settled in accordance with the terms of the Expense Support Agreement through its termination and, as such, asset management fees were reduced by approximately $0.1 million for the six months ended June 30, 2019. For the quarter and six months ended June 30, 2018, approximately $70,000 and $0.1 million, respectively, of asset management fees were settled in accordance with the terms of the Expense Support Agreement and, as such, asset management fees were reduced by approximately $70,000 and $0.1 million, respectively, for the quarter and six months ended June 30, 2018. In addition, for the quarter ended June 30, 2019, the Advisor earned and waived approximately $51,000 of asset management fees, which will not be reimbursed by the Company in future periods, and as such asset management fees were reduced by approximately $51,000 for the quarter and six months ended June 30, 2019.

Equity

Equity	6 Months Ended
	Jun. 30, 2019
Equity [Abstract]
Equity	7. Equity Subscription Proceeds — In October 2018, in light of the Company’s decision to terminate its Offering, the Company suspended the Reinvestment Plan and the Redemption Plan. As such, there were no subscriptions proceeds received for either the quarter or six months ended June 30, 2019. For the quarter and six months ended June 30, 2018, the Company received subscription proceeds of approximately $5.4 million (0.5 million shares) and $12.5 million (1.2 million shares), respectively, through its Offering and Reinvestment Plan. Distributions — In October 2018, in light of the Company’s decision to terminate its Offering, the Company suspended the Reinvestment Plan and discontinued the issuance of stock dividends concurrently. In March 2019, in connection with the Company’s strategic alternatives discussed in Note 1. “Organization,” the Company’s board of directors suspended regular cash distributions to stockholders effective April 1, 2019. As such, there were no cash distributions declared for the quarter ended June 30, 2019. For the six months ended June 30, 2019, the Company declared cash distributions of approximately $0.7 million, all of which were paid in cash to stockholders. None of the cash distributions were reinvested during either the quarter or six months ended June 30, 2019 due to the suspension of the Reinvestment Plan effective October 2018. For the quarter and six months ended June 30, 2018, the Company declared cash distributions of approximately $0.5 million and $0.9 million, respectively, of which approximately $0.3 million and $0.5 million, respectively, was reinvested pursuant to the Reinvestment Plan Redemptions — In October 2018, in light of the Company’s decision to terminate its Offering, the Company suspended the Reinvestment Plan and the Redemption Plan. As such, there were no requests for the redemption of common stock during either the quarter or six months ended June 30, 2019. During the quarter and six months ended June 30, 2018, the Company received requests for the redemption of common stock of approximately $0.1 million and $0.2 million, respectively, which were approved for redemption at an average price of $10.06 and $10.05, respectively

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2019
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	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.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2019
Income Tax Disclosure [Abstract]
Income Taxes	11. Income Taxes The accompanying condensed consolidated financial statements include an interim tax provision for the quarter and six months ended June 30, 2019 and 2018. The components of income tax expense for the quarter and six months ended June 30, 2019 and 2018 are as follows: Quarter Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 Current: Federal $ — $ (9,250 ) $ — $ (34,500 ) State — (3,450 ) — (8,600 ) Total current expense — (12,700 ) — (43,100 ) Deferred: Federal — (735 ) (25,300 ) (1,328 ) State — (392 ) (5,233 ) (755 ) Total deferred expense — (1,127 ) (30,533 ) (2,083 ) Income tax expense $ — $ (13,827 ) $ (30,533 ) $ (45,183 ) 11. Income Taxes (continued) Deferred income taxes reflect the tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company’s deferred tax assets as of June 30, 2019 and December 31, 2018 are as follows: June 30, December 31, 2019 2018 Carryforward of net operating loss $ 63,060 $ — Prepaid rent 42,734 30,533 Valuation allowance (105,794 ) — Deferred tax assets, net $ — $ 30,533 The recording of a valuation allowance relates primarily to a change in judgment about the Company’s ability to realize deferred tax assets in future years, due to its current and foreseeable operations. A reconciliation of the income tax expense for the quarter and six months ended June 30, 2019 and 2018 computed at the statutory federal tax rate on income (loss) before income taxes is as follows: Quarter Ended June 30, 2019 2018 Tax benefit computed at federal statutory rate $ 130,446 21.0 % $ 70,637 21.0 % Impact of REIT election (130,446 ) (21.0 )% (80,622 ) (24.0 )% State income tax expense — — % (3,842 ) (1.1 )% Impact of change in deferred tax asset (14,984 ) (2.4 )% — — % Impact of change in valuation allowance 14,984 2.4 % — — % Income tax expense $ — — % $ (13,827 ) (4.1 )% Six Months Ended June 30, 2019 2018 Tax benefit computed at federal statutory rate $ 262,460 21.0 % $ 146,002 21.0 % Impact of REIT election (257,227 ) (20.6 )% (181,830 ) (26.2 )% State income tax expense (5,233 ) (0.4 )% (9,355 ) (1.3 )% Impact of change in deferred tax asset 75,261 6.0 % — — % Impact of change in valuation allowance (105,794 ) (8.5 )% — — % Income tax expense $ (30,533 ) (2.5 )% $ (45,183 ) (6.5 )% The Company analyzed its material tax positions and determined that it has not taken any uncertain tax positions. The tax years 2016 and forward remain subject to examination by taxing authorities throughout the United States.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2019
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 U.S. (“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 operating results for the interim period presented. Operating results for the six months ended June 30, 2019 may not be indicative of the results that may be expected for the year ending December 31, 2019. Amounts as of December 31, 2018 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, 2018. The accompanying unaudited 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.
Assets Held For Sale, Net and Discontinued Operations	Assets Held for Sale, net and Discontinued Operations — The Company determines to classify a property as held for sale once management has the authority to approve and commits to a plan to sell the property, the property is available for immediate sale, there is an active program to locate a buyer, the sale of the property is probable and the transfer of the property is expected to occur within one year. Upon the determination to classify a property as held for sale, the Company ceases recording further depreciation and amortization relating to the associated assets and those assets are measured at the lower of its carrying amount or fair value less disposition costs and are presented separately in the consolidated balance sheets for all periods presented. In addition, the Company classifies assets held for sale as discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on the Company’s operations and financial results. For any disposal(s) qualifying as discontinued operations, the Company allocates interest expense and loan cost amortization that directly relates to any mortgage loan(s) collateralized by properties classified as discontinued operations.
Reclassifications	2. Summary of Significant Accounting Policies (continued) Reclassifications – Certain amounts in the prior year’s condensed consolidated balance sheet, statement of operations and statement of cash flows have been reclassified to conform to the current year’s presentation, primarily related to the classification of the Company’s MOB property as held for sale and discontinued operations, with no effect on the other previously reported consolidated financial statements.
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 February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“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 also requires qualitative and quantitative disclosures designed to give financial statement users additional information on the amount, timing, and uncertainty of cash flows arising from leases. In July 2018, the FASB issued ASU 2018-11, “Leases (Topic 842): Targeted Improvements,” which includes a practical expedient for lessors that allows 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. The Company elected the practical expedient and applied the guidance to all of the leases that qualified under the established criteria. In December 2018, the FASB issued ASU 2018-20, “Leases (Topic 842): Narrow-Scope Improvements for Lessors,” which addressed challenges encountered in determining certain lessor costs paid by the lessee directly to third parties by allowing lessors to exclude these costs from its variable lease payments. This amendment did not have a material impact on the Company’s financial statements and related disclosures as it conformed Accounting Standard Codification (“ASC”) 842 to the Company’s historical accounting under ASC 840. In March 2019, the FASB issued ASU 2019-01, “Leases (Topic 842): Codification Improvements,” which clarified the transition guidance related to interim disclosure requirements in the year of adoption. All of the ASC 842 ASUs are effective for annual reporting periods, and interim periods within those annual periods, beginning after December 15, 2018. The Company adopted these ASUs on January 1, 2019 using a modified retrospective approach, the adoption of these ASUs did not have a material impact on the Company’s consolidated results of operations or cash flows. However, the adoption of these ASUs did impact the Company’s consolidated financial position for arrangements such as ground or other leases in which the Company is the lessee. More specifically, the adoption of ASC 842 resulted in the Company recording operating lease assets and liabilities on January 1, 2019. The following table provides additional details by financial statement line item of the adjusted presentation in the Company’s consolidated financial position: As Presented Effect of As Adjusted December 31, ASC 842 January 1, 2018 Adoption 2019 Other assets $ 382,637 $ 32,500 $ 415,137 Total assets $ 67,289,375 $ 32,500 $ 67,321,875 Other liabilities $ (128,957 ) $ (32,500 ) $ (161,457 ) Total liabilities $ (25,624,140 ) $ (32,500 ) $ (25,656,640 ) 2. Summary of Significant Accounting Policies (continued) In June 2018, the FASB issued ASU 2018-07, “Compensation – Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting,” which expands the scope to include share-based payment transactions for acquiring goods and services from nonemployees. The amendments specify that Topic 718 applies to all share-based payment transactions in which a grantor acquires goods or services to be used or consumed in a grantor’s own operations by issuing share-based payments. The amendments also clarify that this ASU does not apply to share-based payments used to provide financing to the issuer or awards granted in conjunction with selling of goods or services to customers as a part of a contract accounted for under Revenue from Contracts with Customers (Topic 606). The ASU is effective for annual reporting periods, and interim periods within those annual periods, beginning after December 15, 2018. The Company adopted this ASU prospectively on January 1, 2019; the adoption of which did not have a material impact on the Company’s consolidated results of operations or cash flows.
Other Accounting Pronouncements	Other Accounting Pronouncements — As described in Note 1. “Organization,” in July 2019, the Company filed a definitive proxy statement with the SEC requesting, among other items, the stockholders' approval of a Plan of Dissolution. If and upon approval by stockholders of a Plan of Dissolution, the Company’s financial position and results of operations will prospectively be presented using the liquidation basis of accounting (“Liquidation Basis”) as of the approval date and for each subsequent period thereafter. As a result, a new statement of financial position (Statement of Net Assets) will be presented, which will reflect the estimated amount of net cash proceeds that the Company expects to collect from the sale of all its assets as it completes the Plan of Dissolution. In addition, a new statement of operations (Statement of Changes in Net Assets) will be presented, which will reflect changes in net assets from the original estimated net cash proceeds as of the approval date through each subsequent period presented. All financial results and disclosures up through the approval date (if any) will be presented on a going concern basis (“Going Concern Basis”), which contemplates the realization of assets and liabilities in the normal course of business.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2019
ASC 842
Summary of Additional Details by Financial Statement Line Item Adjusted	The following table provides additional details by financial statement line item of the adjusted presentation in the Company’s consolidated financial position: As Presented Effect of As Adjusted December 31, ASC 842 January 1, 2018 Adoption 2019 Other assets $ 382,637 $ 32,500 $ 415,137 Total assets $ 67,289,375 $ 32,500 $ 67,321,875 Other liabilities $ (128,957 ) $ (32,500 ) $ (161,457 ) Total liabilities $ (25,624,140 ) $ (32,500 ) $ (25,656,640 )

Revenue (Tables)

Revenue (Tables)	6 Months Ended
	Jun. 30, 2019
Revenue From Contract With Customer [Abstract]
Schedule of Disaggregated Revenue for Resident Fees and Services	The following table presents disaggregated revenue related to the Company’s resident fees and services during the six months ended June 30, 2019 and 2018: Six Months Ended June 30, Type of Investment Number of Units Revenues Percentage of Revenues Resident fees and services: 2019 2018 2019 2018 2019 2018 Assisted living 125 63 $ 2,996,810 $ 1,651,054 68.9 % 72.9 % Memory care 50 20 1,304,913 584,920 30.0 % 25.8 % Other revenues — — 48,727 28,786 1.1 % 1.3 % 175 83 $ 4,350,450 $ 2,264,760 100.0 % 100.0 %

Real Estate Assets, net (Tables

Real Estate Assets, net (Tables)	6 Months Ended
	Jun. 30, 2019
Real Estate [Abstract]
Schedule of Real Estate Assets	The gross carrying amount and accumulated depreciation of the Company’s real estate assets as of June 30, 2019 and December 31, 2018, excluding assets held for sale, are as follows: June 30, December 2019 2018 Land and land improvements $ 4,075,733 $ 4,075,733 Building and building improvements 38,714,651 38,700,052 Furniture, fixtures and equipment 1,944,534 1,872,959 Less: accumulated depreciation (2,509,971 ) (1,679,564 ) Real estate investment properties, net $ 42,224,947 $ 42,969,180

Intangibles, net (Tables)

Intangibles, net (Tables)	6 Months Ended
	Jun. 30, 2019
Goodwill And Intangible Assets Disclosure [Abstract]
Schedule of Gross Carrying Amount and Accumulated Amortization of Intangibles Excluding Assets Held for Sale	The gross carrying amount and accumulated amortization of the Company’s intangibles as of June 30, 2019 and December 31, 2018, excluding assets held for sale, are as follows: June 30, December 31, 2019 2018 In-place resident agreement intangibles $ 2,569,419 $ 2,569,419 Less: accumulated amortization (1,585,494 ) (1,071,610 ) Intangible assets, net $ 983,925 $ 1,497,809

Assets and Associated Liabili_2

Assets and Associated Liabilities Held for Sale and Discontinued Operations (Tables)	6 Months Ended
	Jun. 30, 2019
Real Estate Liabilities Associated With Assets Held For Development And Sale [Abstract]
Schedule of Assets Classified as Held for Sale and Liabilities Associated with Those Assets Held for Sale	As of June 30, 2019 and December 31, 2018, the amounts classified as assets held for sale and the liabilities associated with those assets held for sale consisted of the following: June 30, December 31, 2019 2018 Real estate investment properties, net $ — $ 10,603,833 Intangibles, net — 3,485,818 Other assets — 112,551 Assets held for sale, net $ — $ 14,202,202 Mortgage loan, net $ — $ 5,532,346 Accounts payable and accrued liabilities — 391,735 Other liabilities — 323,106 Liabilities associated with assets held for sale $ — $ 6,247,187
Schedule of Disposal Groups Including Discontinued Operations Income Statement	The following table is a summary of the Company’s income from discontinued operations for the quarter and six months ended June 30, 2019 and 2018: Quarter Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 Revenues: Rental income and related revenues $ 144,022 $ 421,426 $ 486,294 $ 830,242 Operating expenses: Property operating expenses 54,097 178,987 165,782 350,220 General and administrative expenses 232 934 791 1,385 Property management fees 5,941 11,343 13,869 21,393 Depreciation and amortization — 131,235 43,793 261,929 Total operating expenses 60,270 322,499 224,235 634,927 Gain on sale of real estate 1,566,321 — 1,566,321 — Operating income 1,650,073 98,927 1,828,380 195,315 Other expense: Interest expense and loan cost amortization (86,252 ) (68,673 ) (161,512 ) (132,521 ) Total other expense (86,252 ) (68,673 ) (161,512 ) (132,521 ) Income before income taxes 1,563,821 30,254 1,666,868 62,794 Income tax expense — — — — Income from discontinued operations $ 1,563,821 $ 30,254 $ 1,666,868 $ 62,794

Indebtedness (Tables)

Indebtedness (Tables)	6 Months Ended
	Jun. 30, 2019
Debt Disclosure [Abstract]
Schedule of Indebtedness	The following table provides details of the Company’s indebtedness as of June 30, 2019 and December 31, 2018: June 30, December 31, 2019 2018 Mortgage loans, net: Mortgage loans (1) $ 6,150,000 $ 18,900,000 Loan costs, net (102,599 ) (234,987 ) Total mortgage loans, net $ 6,047,401 $ 18,665,013 FOOTNOTE: (1) As of June 30, 2019, the Company’s mortgage loans are collateralized by its Summer Vista and Riverview properties.
Schedule of Future Principal Payments and Maturity	The following is a schedule of future principal payments and maturity for the Company’s mortgage loans for the remainder of 2019, each of the next four years and thereafter, in the aggregate, as of June 30, 2019: 2019 $ — 2020 31,849 2021 85,947 2022 1,192,460 2023 4,839,744 Thereafter — $ 6,150,000

Related Party Arrangements (Tab

Related Party Arrangements (Tables)	6 Months Ended
	Jun. 30, 2019
Related Party Arrangement, Fees and Expenses Incurred By, Reimbursable, Settled and Paid	The expenses incurred by and reimbursable to the Company’s related parties, including amounts included in income from discontinued operations, for the quarter and six months ended June 30, 2019 and 2018, and related amounts unpaid as of June 30, 2019 and December 31, 2018 are as follows: Quarter Ended Six Months Ended Unpaid amounts as of (1) June 30, June 30, June 30, December 31, 2019 2018 2019 2018 2019 2018 Reimbursable expenses: Operating expenses (3) $ 178,746 $ 263,201 $ 409,570 $ 526,795 $ 67,660 $ 85,902 Acquisition fees and expenses — 601 — 1,503 — — 178,746 263,802 409,570 528,298 67,660 85,902 Asset management fees (4) 51,069 70,800 150,486 141,600 — — $ 229,815 $ 334,602 $ 560,056 $ 669,898 $ 67,660 $ 85,902 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. In March 2019, the Company’s board of directors and its Advisor agreed to terminate the Expense Support Agreement effective April 1, 2019. As such, there were was no expense support provided by the Advisor for the quarter ended June 30, 2019. For the six months ended June 30, 2019, approximately $0.1 million of personnel expenses of affiliates of the Advisor were settled in accordance with the terms of the Expense Support Agreement and as such general and administrative expenses were reduced by approximately $0.1 million for the six months ended June 30, 2019. For the quarter and six months ended June 30, 2018, approximately $0.1 million and $0.2 million, respectively, of personnel expenses of affiliates of the Advisor were settled in accordance with the terms of the Expense Support Agreement and as such general and administrative expenses were reduced by approximately $0.1 million and $0.2 million, respectively, for the quarter and six months ended June 30, 2018. (4) In March 2019, the Company’s board of directors and its Advisor agreed to terminate the Expense Support Agreement effective April 1, 2019; as such, no further expense support was provided effective April 1, 2019. For the six months ended June 30, 2019, approximately $0.1 million of asset management fees were settled in accordance with the terms of the Expense Support Agreement through its termination and, as such, asset management fees were reduced by approximately $0.1 million for the six months ended June 30, 2019. For the quarter and six months ended June 30, 2018, approximately $70,000 and $0.1 million, respectively, of asset management fees were settled in accordance with the terms of the Expense Support Agreement and, as such, asset management fees were reduced by approximately $70,000 and $0.1 million, respectively, for the quarter and six months ended June 30, 2018. In addition, for the quarter ended June 30, 2019, the Advisor earned and waived approximately $51,000 of asset management fees, which will not be reimbursed by the Company in future periods, and as such asset management fees were reduced by approximately $51,000 for the quarter and six months ended June 30, 2019.
Dealer Manager
Related Party Arrangement, Fees and Expenses Incurred By, Reimbursable, Settled and Paid	The fees payable through the termination of the Offering in October 2018 to the Dealer Manager for the quarter and six months ended June 30, 2019 and 2018, and related amounts unpaid as of June 30, 2019 and December 31, 2018 were as follows: Quarter Ended Six Months Ended Unpaid amounts as of (1) June 30, June 30, June 30, December 31, 2019 2018 2019 2018 2019 2018 Selling commissions (2) $ — $ 89,834 $ — $ 221,675 $ — $ — Dealer manager fees (2) — 110,527 — 276,283 — — Distribution and stockholder servicing fees (2) — 221,469 — 514,847 — — $ — $ 421,830 $ — $ 1,012,805 $ — $ —
Expense Support Agreement
Related Party Arrangement, Fees and Expenses Incurred By, Reimbursable, Settled and Paid	The following fees for services rendered were settled in the form of restricted stock pursuant to the Expense Support Agreement for the quarter and six months ended June 30, 2019 and 2018 and cumulatively through the termination date effective April 1, 2019: Quarter Ended Six Months Ended Cumulative June 30, June 30, Fees 2019 2018 2019 2018 Settled Fees for services rendered: Asset management fees $ — $ 70,800 $ 99,417 $ 141,600 $ 578,171 Advisor personnel expenses (1) — 123,142 127,950 249,771 1,058,676 Total fees for services rendered $ — $ 193,942 $ 227,367 $ 391,371 $ 1,636,847 Then-current NAV $ 9.92 $ 10.06 $ 9.92 $ 10.06 $ 9.92 Restricted stock shares (2) — 19,279 22,920 38,904 164,210 Cash distributions on restricted stock (3) $ — $ 8,113 $ 8,113 $ 8,113 $ 16,226 Stock dividends on restricted stock (4) — 170 — 170 340 FOOTNOTES: (1) Amounts consisted 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 to the Advisor pursuant to the Expense Support Agreement through its termination effective April 1, 2019. No fair value was assigned to the restricted stock shares as the shares do not vest until a liquidity event is consummated and certain market conditions are achieved. In addition, the restricted stock shares will be treated as unissued for financial reporting purposes until the vesting criteria are met. (3) The cash distributions were recognized as compensation expense as issued and included in general and administrative expense in the accompanying condensed consolidated statements of operations. (4) The par value of the stock dividends was recognized as compensation expense as issued and included in general and administrative expense in the accompanying condensed consolidated statements of operations.

Income Taxes (Tables)

Income Taxes (Tables)	6 Months Ended
	Jun. 30, 2019
Income Tax Disclosure [Abstract]
Components of Income Tax Expense	The components of income tax expense for the quarter and six months ended June 30, 2019 and 2018 are as follows: Quarter Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 Current: Federal $ — $ (9,250 ) $ — $ (34,500 ) State — (3,450 ) — (8,600 ) Total current expense — (12,700 ) — (43,100 ) Deferred: Federal — (735 ) (25,300 ) (1,328 ) State — (392 ) (5,233 ) (755 ) Total deferred expense — (1,127 ) (30,533 ) (2,083 ) Income tax expense $ — $ (13,827 ) $ (30,533 ) $ (45,183 )
Significant Components of Deferred Tax Assets	Significant components of the Company’s deferred tax assets as of June 30, 2019 and December 31, 2018 are as follows: June 30, December 31, 2019 2018 Carryforward of net operating loss $ 63,060 $ — Prepaid rent 42,734 30,533 Valuation allowance (105,794 ) — Deferred tax assets, net $ — $ 30,533
Reconciliation of Income Tax Expense	A reconciliation of the income tax expense for the quarter and six months ended June 30, 2019 and 2018 computed at the statutory federal tax rate on income (loss) before income taxes is as follows: Quarter Ended June 30, 2019 2018 Tax benefit computed at federal statutory rate $ 130,446 21.0 % $ 70,637 21.0 % Impact of REIT election (130,446 ) (21.0 )% (80,622 ) (24.0 )% State income tax expense — — % (3,842 ) (1.1 )% Impact of change in deferred tax asset (14,984 ) (2.4 )% — — % Impact of change in valuation allowance 14,984 2.4 % — — % Income tax expense $ — — % $ (13,827 ) (4.1 )% Six Months Ended June 30, 2019 2018 Tax benefit computed at federal statutory rate $ 262,460 21.0 % $ 146,002 21.0 % Impact of REIT election (257,227 ) (20.6 )% (181,830 ) (26.2 )% State income tax expense (5,233 ) (0.4 )% (9,355 ) (1.3 )% Impact of change in deferred tax asset 75,261 6.0 % — — % Impact of change in valuation allowance (105,794 ) (8.5 )% — — % Income tax expense $ (30,533 ) (2.5 )% $ (45,183 ) (6.5 )%

Organization - Additional Infor

Organization - Additional Information (Details)	1 Months Ended	3 Months Ended		6 Months Ended
	Mar. 31, 2019USD ($)	Jun. 30, 2019Propertyshares	Jun. 30, 2018shares	Jun. 30, 2019USD ($)Propertyshares	Jun. 30, 2018USD ($)shares	Mar. 02, 2016USD ($)
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Aggregate offering proceeds					$ 12,039,730
Common stock, shares sold | shares		0	500,000	0	500,000
Reduction in AUM fees percentage of average invested assets	0.40%
Seniors Housing Communities
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Number of properties owned | Property		2		2
Expense Support Agreement
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Agreement effective termination date	Apr. 1, 2019
Medical Office Building, Mid America Surgery Institute | Discontinued Operations, Held-for-sale | Sale Agreement | HCP Medical Office Buildings, LLC
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Gross sales price of properties	$ 15,400,000
Initial Public Offering
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Common stock, value authorized						$ 1,750,000,000
Aggregate offering proceeds				$ 51,200,000
Common stock, shares sold | shares				4,900,000
Reinvestment Plan
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Common stock, value authorized						$ 250,000,000
Aggregate offering proceeds				$ 1,200,000
Common stock, shares sold | shares				100,000

Summary of Siginificant Account

Summary of Siginificant Accounting Policies - Summary of Additional Details by Financial Statement Line Item Adjusted (Details) - USD ($)	Jun. 30, 2019	Jan. 01, 2019	Dec. 31, 2018
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Other assets	$ 315,869		$ 382,637
Total assets	48,323,222		67,289,375
Other liabilities	(156,208)		(128,957)
Total liabilities	$ (6,976,933)		$ (25,624,140)
ASC 842
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Other assets		$ 415,137
Total assets		67,321,875
Other liabilities		(161,457)
Total liabilities		(25,656,640)
ASC 842 | Effect of ASC 842 Adoption
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Other assets		32,500
Total assets		32,500
Other liabilities		(32,500)
Total liabilities		$ (32,500)

Revenue - Schedule of Disaggreg

Revenue - Schedule of Disaggregated Revenue for Resident Fees and Services (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2019USD ($)	Jun. 30, 2018USD ($)	Jun. 30, 2019USD ($)ResidentialUnit	Jun. 30, 2018USD ($)ResidentialUnit
Disaggregation Of Revenue [Line Items]
Resident fees and services: Number of Units | ResidentialUnit			175	83
Resident fees and services: Revenues	$ 2,152,100	$ 1,140,235	$ 4,350,450	$ 2,264,760
Resident fees and services: Percentage of Revenues			100.00%	100.00%
Assisted Living
Disaggregation Of Revenue [Line Items]
Resident fees and services: Number of Units | ResidentialUnit			125	63
Resident fees and services: Revenues			$ 2,996,810	$ 1,651,054
Resident fees and services: Percentage of Revenues			68.90%	72.90%
Memory Care
Disaggregation Of Revenue [Line Items]
Resident fees and services: Number of Units | ResidentialUnit			50	20
Resident fees and services: Revenues			$ 1,304,913	$ 584,920
Resident fees and services: Percentage of Revenues			30.00%	25.80%
Other Revenues
Disaggregation Of Revenue [Line Items]
Resident fees and services: Revenues			$ 48,727	$ 28,786
Resident fees and services: Percentage of Revenues			1.10%	1.30%

Real Estate Assets, net - Sched

Real Estate Assets, net - Schedule of Real Estate Assets (Details) - USD ($)	Jun. 30, 2019	Dec. 31, 2018
Real Estate [Abstract]
Land and land improvements	$ 4,075,733	$ 4,075,733
Building and building improvements	38,714,651	38,700,052
Furniture, fixtures and equipment	1,944,534	1,872,959
Less: accumulated depreciation	(2,509,971)	(1,679,564)
Real estate investment properties, net	$ 42,224,947	$ 42,969,180

Real Estate Assets, net - Addit

Real Estate Assets, net - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Real Estate Investment Properties
Real Estate Properties [Line Items]
Depreciation expense	$ 0.4	$ 0.2	$ 0.8	$ 0.4

Intangibles, net - Schedule of

Intangibles, net - Schedule of Gross Carrying Amount and Accumulated Amortization of Intangibles Excluding Assets Held for Sale (Details) - USD ($)	Jun. 30, 2019	Dec. 31, 2018
Goodwill And Intangible Assets Disclosure [Abstract]
In-place resident agreement intangibles	$ 2,569,419	$ 2,569,419
Less: accumulated amortization	(1,585,494)	(1,071,610)
Intangible assets, net	$ 983,925	$ 1,497,809

Intangibles, net - Additional I

Intangibles, net - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Depreciation And Amortization
Finite Lived Intangible Assets And Liabilities [Line Items]
Amortization expense on intangible assets	$ 0.3	$ 0.1	$ 0.5	$ 0.3

Assets and Associated Liabili_3

Assets and Associated Liabilities Held for Sale and Discontinued Operations - Additional Information (Details) - USD ($)	1 Months Ended	6 Months Ended
	May 31, 2019	Jun. 30, 2019
Long Lived Assets Held For Sale [Line Items]
Proceeds from sale of real estate		$ 15,044,231
Medical Office Building, Mid America Surgery Institute | Discontinued Operations, Held-for-sale
Long Lived Assets Held For Sale [Line Items]
Proceeds from sale of real estate	$ 1,600,000

Assets and Associated Liabili_4

Assets and Associated Liabilities Held for Sale and Discontinued Operations - Schedule of Assets Classified as Held for Sale and Liabilities Associated with Those Assets Held for Sale (Details)	Dec. 31, 2018USD ($)
Long Lived Assets Held For Sale [Line Items]
Assets held for sale, net	$ 14,202,202
Liabilities associated with assets held for sale	6,247,187
Medical Office Building, Mid America Surgery Institute | Discontinued Operations, Held-for-sale
Long Lived Assets Held For Sale [Line Items]
Real estate investment properties, net	10,603,833
Intangibles, net	3,485,818
Other assets	112,551
Assets held for sale, net	14,202,202
Mortgage loan, net	5,532,346
Accounts payable and accrued liabilities	391,735
Other liabilities	323,106
Liabilities associated with assets held for sale	$ 6,247,187

Assets and Associated Liabili_5

Assets and Associated Liabilities Held for Sale And Discontinued Operations - Schedule of Disposal Groups Including Discontinued Operations Income Statement (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Other expense:
Income from discontinued operations	$ 1,563,821	$ 30,254	$ 1,666,868	$ 62,794
Medical Office Building, Mid America Surgery Institute | Discontinued Operations, Held-for-sale
Revenues:
Rental income and related revenues	144,022	421,426	486,294	830,242
Operating expenses:
Property operating expenses	54,097	178,987	165,782	350,220
General and administrative expenses	232	934	791	1,385
Property management fees	5,941	11,343	13,869	21,393
Depreciation and amortization		131,235	43,793	261,929
Total operating expenses	60,270	322,499	224,235	634,927
Gain on sale of real estate	1,566,321		1,566,321
Operating income	1,650,073	98,927	1,828,380	195,315
Other expense:
Interest expense and loan cost amortization	(86,252)	(68,673)	(161,512)	(132,521)
Total other expense	(86,252)	(68,673)	(161,512)	(132,521)
Income before income taxes	1,563,821	30,254	1,666,868	62,794
Income from discontinued operations	$ 1,563,821	$ 30,254	$ 1,666,868	$ 62,794

Indebtedness - Additional Infor

Indebtedness - Additional Information (Details) - USD ($) $ in Millions	1 Months Ended
	May 31, 2019	Jun. 30, 2019	Dec. 31, 2018
Level 3
Debt Instrument [Line Items]
Mortgage loans, fair market value		$ 6.1	$ 18.9
Medical Office Building, Mid America Surgery Institute | Summer Vista Assisted Living | Mortgage Loan
Debt Instrument [Line Items]
Repayments debt	$ 12.8
Loss on extinguishment of debt	$ 0.1

Indebtedness - Schedule of Inde

Indebtedness - Schedule of Indebtedness (Details) - USD ($)		Jun. 30, 2019	Dec. 31, 2018
Mortgage loans, net:
Mortgage loans	[1]	$ 6,150,000	$ 18,900,000
Loan costs, net		(102,599)	(234,987)
Total mortgage loans, net		$ 6,047,401	$ 18,665,013
[1]	As of June 30, 2019, the Company’s mortgage loans are collateralized by its Summer Vista and Riverview properties.

Indebtedness - Schedule of Futu

Indebtedness - Schedule of Future Principal Payments and Maturity (Details)	Jun. 30, 2019USD ($)
Debt Disclosure [Abstract]
2020	$ 31,849
2021	85,947
2022	1,192,460
2023	4,839,744
Mortgage loans	$ 6,150,000

Related Party Arrangements - Ad

Related Party Arrangements - Additional Information (Details)	1 Months Ended		3 Months Ended		6 Months Ended
	Mar. 31, 2019	Oct. 31, 2018	Jun. 30, 2019USD ($)$ / sharesshares	Jun. 30, 2018USD ($)$ / sharesshares	Jun. 30, 2019USD ($)Quarter$ / sharesshares	Jun. 30, 2018USD ($)$ / sharesshares	Mar. 20, 2019
Related Party Transaction [Line Items]
Conversion of stock, description					The Class T and Class I shares converted into Class A shares on a one-for-one basis because the then-current estimated net asset value (“NAV”) per share of $10.06 was the same for all share classes.
Then-current estimated NAV per share | $ / shares					$ 10.06
Distribution and stockholder servicing fees liability | $			$ 1,400,000		$ 1,400,000
Percentage of AUM fee equal to advisor AUM fees, paid					0.80%
Reduction in AUM fees percentage of average invested assets							0.40%
Operating expenses reimbursement percentage of average invested assets					2.00%
Operating expenses reimbursement percentage of net income					25.00%
No. of consecutive fiscal quarters of net income calculation for operating expenses reimbursement | Quarter					4
Operating expenses in excess of limitation approved | $					$ 900,000
Cash distributions paid | $					$ 705,473	$ 376,934
Expense Support Agreement
Related Party Transaction [Line Items]
Then-current estimated NAV per share | $ / shares			$ 9.92	$ 10.06	$ 9.92	$ 10.06
Agreement effective termination date	Apr. 1, 2019
Advisor
Related Party Transaction [Line Items]
Cash distributions paid | $			$ 0	$ 62,000		$ 176,000
Regular cash distributions suspended date					Apr. 1, 2019
Stock dividends issued (in shares) | shares			0		0
Class A Common Stock
Related Party Transaction [Line Items]
Stock dividends issued (in shares) | shares				2,758		5,202
Class A Common Stock | Advisor
Related Party Transaction [Line Items]
Cash distributions paid | $					$ 38,000
Stock dividends issued (in shares) | shares				1,000		2,000
Class T Common Stock
Related Party Transaction [Line Items]
Distribution and stockholder servicing fee					1.00%
Stock dividends issued (in shares) | shares				8,257		14,919
Class I Common Stock
Related Party Transaction [Line Items]
Distribution and stockholder servicing fee					0.50%
Stock dividends issued (in shares) | shares				881		1,467
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%

Related Party Arrangements - Su

Related Party Arrangements - Summary of Fees for Services Rendered Settled in Restricted Stock (Details) - USD ($)		3 Months Ended		6 Months Ended
		Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Apr. 01, 2019
Fees for services rendered:
Asset management fees	[1]	$ 51,069	$ 70,800	$ 150,486	$ 141,600
Then-current NAV				$ 10.06
Expense Support Agreement
Fees for services rendered:
Asset management fees			70,800	$ 99,417	141,600
Advisor personnel expenses	[2]		123,142	127,950	249,771
Total fees for services rendered			$ 193,942	$ 227,367	$ 391,371
Asset management fees						$ 578,171
Advisor personnel expenses	[2]					1,058,676
Total fees for services rendered						$ 1,636,847
Then-current NAV		$ 9.92	$ 10.06	$ 9.92	$ 10.06
Then-current NAV						$ 9.92
Expense Support Agreement | Restricted Stock
Fees for services rendered:
Restricted stock shares	[3]		19,279	22,920	38,904
Cash distributions on restricted stock	[4]		$ 8,113	$ 8,113	$ 8,113
Stock dividends issued (in shares)	[5]		170		170
Restricted stock shares	[3]					164,210
Cash distributions on restricted stock	[4]					$ 16,226
Stock dividends on restricted stock	[5]					340
[1]	In March 2019, the Company’s board of directors and its Advisor agreed to terminate the Expense Support Agreement effective April 1, 2019; as such, no further expense support was provided effective April 1, 2019. For the six months ended June 30, 2019, approximately $0.1 million of asset management fees were settled in accordance with the terms of the Expense Support Agreement through its termination and, as such, asset management fees were reduced by approximately $0.1 million for the six months ended June 30, 2019. For the quarter and six months ended June 30, 2018, approximately $70,000 and $0.1 million, respectively, of asset management fees were settled in accordance with the terms of the Expense Support Agreement and, as such, asset management fees were reduced by approximately $70,000 and $0.1 million, respectively, for the quarter and six months ended June 30, 2018. In addition, for the quarter ended June 30, 2019, the Advisor earned and waived approximately $51,000 of asset management fees, which will not be reimbursed by the Company in future periods, and as such asset management fees were reduced by approximately $51,000 for the quarter and six months ended June 30, 2019.
[2]	Amounts consisted 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 to the Advisor pursuant to the Expense Support Agreement through its termination effective April 1, 2019. No fair value was assigned to the restricted stock shares as the shares do not vest until a liquidity event is consummated and certain market conditions are achieved. In addition, the restricted stock shares will be treated as unissued for financial reporting purposes until the vesting criteria are met.
[4]	The cash distributions were recognized as compensation expense as issued and included in general and administrative expense in the accompanying condensed consolidated statements of operations.
[5]	The par value of the stock dividends was recognized as compensation expense as issued and included in general and administrative expense in the accompanying condensed consolidated statements of operations.

Related Party Arrangements - _2

Related Party Arrangements - Summary of Fees for Services Rendered Settled in Restricted Stock (Parenthetical) (Details)	6 Months Ended
	Jun. 30, 2019USD ($)
Related Party Transactions [Abstract]
Restricted stock fair value	$ 0

Related Party Arrangements - Fe

Related Party Arrangements - Fees and Expenses Incurred and Reimbursable to Affiliates and Related Parties (Details) - USD ($)		3 Months Ended		6 Months Ended
		Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Related Party Transaction [Line Items]
Distribution and stockholder servicing fees					$ 1,177,044
Acquisition fees and expenses					818
Total reimbursable expenses		$ 178,746	$ 263,802	$ 409,570	528,298
Asset management fees	[1]	51,069	70,800	150,486	141,600
Total reimbursable expenses, net		229,815	334,602	560,056	669,898
Operating expenses, Unpaid amount	[2],[3]	67,660		67,660		$ 85,902
Total reimbursable expenses due	[2]	67,660		67,660		85,902
Related parties, Unpaid amount	[2]	67,660		67,660		$ 85,902
Reimbursable Expense
Related Party Transaction [Line Items]
Operating expenses	[3]	$ 178,746	263,201	$ 409,570	526,795
Acquisition fees and expenses			601		1,503
Dealer Manager
Related Party Transaction [Line Items]
Selling commissions	[4]		89,834		221,675
Dealer manager fees	[4]		110,527		276,283
Distribution and stockholder servicing fees	[4]		221,469		514,847
Total offering expenses			$ 421,830		$ 1,012,805
[1]	In March 2019, the Company’s board of directors and its Advisor agreed to terminate the Expense Support Agreement effective April 1, 2019; as such, no further expense support was provided effective April 1, 2019. For the six months ended June 30, 2019, approximately $0.1 million of asset management fees were settled in accordance with the terms of the Expense Support Agreement through its termination and, as such, asset management fees were reduced by approximately $0.1 million for the six months ended June 30, 2019. For the quarter and six months ended June 30, 2018, approximately $70,000 and $0.1 million, respectively, of asset management fees were settled in accordance with the terms of the Expense Support Agreement and, as such, asset management fees were reduced by approximately $70,000 and $0.1 million, respectively, for the quarter and six months ended June 30, 2018. In addition, for the quarter ended June 30, 2019, the Advisor earned and waived approximately $51,000 of asset management fees, which will not be reimbursed by the Company in future periods, and as such asset management fees were reduced by approximately $51,000 for the quarter and six months ended June 30, 2019.
[2]	Amounts are recorded as due to related parties in the accompanying condensed consolidated balance sheets.
[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. In March 2019, the Company’s board of directors and its Advisor agreed to terminate the Expense Support Agreement effective April 1, 2019. As such, there were was no expense support provided by the Advisor for the quarter ended June 30, 2019. For the six months ended June 30, 2019, approximately $0.1 million of personnel expenses of affiliates of the Advisor were settled in accordance with the terms of the Expense Support Agreement and as such general and administrative expenses were reduced by approximately $0.1 million for the six months ended June 30, 2019. For the quarter and six months ended June 30, 2018, approximately $0.1 million and $0.2 million, respectively, of personnel expenses of affiliates of the Advisor were settled in accordance with the terms of the Expense Support Agreement and as such general and administrative expenses were reduced by approximately $0.1 million and $0.2 million, respectively, for the quarter and six months ended June 30, 2018.
[4]	Amounts are recorded as stock issuance and offering costs in the accompanying condensed consolidated statements of stockholders’ equity.

Related Party Arrangements - _3

Related Party Arrangements - Fees and Expenses Incurred and Reimbursable to Affiliates and Related Parties (Parenthetical) (Details) - Expense Support Agreement - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Related Party Transaction [Line Items]
Advisor personnel expenses	$ 0	$ 100,000	$ 100,000	$ 200,000
Reduction in general and administrative expenses		100,000	100,000	200,000
Asset management fees	51,000	70,000	100,000	100,000
Reduction in asset management fees	$ 51,000	$ 70,000	51,000	$ 100,000
Reduction in asset management fees left			$ 100,000

Equity - Additional Information

Equity - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Schedule Of Capitalization Equity [Line Items]
Subscription proceeds pursuant to the Reinvestment Plan	$ 0	$ 12,500,000	$ 0	$ 12,500,000
Subscription proceeds pursuant to the Reinvestment Plan, shares	0	1,200,000	0	1,200,000
Proceeds from public offering	$ 0	$ 5,400,000	$ 0	$ 5,400,000
Common stock, shares sold	0	500,000	0	500,000
Cash distributions declared	$ 0	$ 483,068	$ 705,473	$ 885,373
Cash distributions paid			$ 705,473	376,934
Redemptions of common stock	0	$ 100,000		$ 152,281
Redemption of common stock, per share		$ 10.06		$ 10.05
Reinvestment Plan
Schedule Of Capitalization Equity [Line Items]
Common stock, shares sold			100,000
Cash distributions declared	$ 0	$ 300,000	$ 0	$ 500,000

Income Taxes - Components of In

Income Taxes - Components of Income Tax Expense (Details) - USD ($)	3 Months Ended	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Current:
Federal	$ (9,250)		$ (34,500)
State	(3,450)		(8,600)
Total current expense	(12,700)		(43,100)
Deferred:
Federal	(735)	$ (25,300)	(1,328)
State	(392)	(5,233)	(755)
Total deferred expense	(1,127)	(30,533)	(2,083)
Income tax expense	$ (13,827)	$ (30,533)	$ (45,183)

Income Taxes - Significant Comp

Income Taxes - Significant Components of Deferred Tax Assets (Details) - USD ($)	Jun. 30, 2019	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Carryforward of net operating loss	$ 63,060
Prepaid rent	42,734	$ 30,533
Valuation allowance	$ (105,794)
Deferred tax assets, net		$ 30,533

Income Taxes - Reconciliation o

Income Taxes - Reconciliation of Income Tax Expense (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Income Tax Disclosure [Abstract]
Tax benefit computed at federal statutory rate	$ 130,446	$ 70,637	$ 262,460	$ 146,002
Impact of REIT election	(130,446)	(80,622)	(257,227)	(181,830)
State income tax expense		(3,842)	(5,233)	(9,355)
Impact of change in deferred tax asset	(14,984)		75,261
Impact of change in valuation allowance	$ 14,984		(105,794)
Income tax expense		$ (13,827)	$ (30,533)	$ (45,183)
Tax benefit computed at federal statutory rate	21.00%	21.00%	21.00%	21.00%
Impact of REIT election	(21.00%)	(24.00%)	(20.60%)	(26.20%)
State income tax expense		(1.10%)	(0.40%)	(1.30%)
Impact of change in deferred tax asset	(2.40%)		6.00%
Impact of change in valuation allowance	2.40%		(8.50%)
Income tax expense		(4.10%)	(2.50%)	(6.50%)