Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Mar. 28, 2019 | |
Document Information [Line Items] | ||
Document Type | 10-K | |
Amendment Flag | false | |
Document Period End Date | Dec. 31, 2018 | |
Document Fiscal Year Focus | 2018 | |
Document Fiscal Period Focus | FY | |
Entity Registrant Name | Starwood Real Estate Income Trust, Inc. | |
Entity Central Index Key | 0001711929 | |
Current Fiscal Year End Date | --12-31 | |
Entity Well-known Seasoned Issuer | No | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | true | |
Entity Shell Company | false | |
Entity Public Float | $ 0 | |
Class T Common Stock | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 207,535 | |
Class S Common Stock | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 8,340,840 | |
Class D Common Stock | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 309,860 | |
Class I Common Stock | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 3,602,242 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Assets | ||
Cash and cash equivalents | $ 164,021 | $ 200 |
Restricted cash | 900 | 0 |
Other assets | 42 | |
Total assets | 164,963 | 200 |
Liabilities and Equity | ||
Accounts payable, accrued expenses, and other liabilities | 1,087 | 36 |
Due to affiliates | 16,754 | 0 |
Total liabilities | 17,841 | 36 |
Equity | ||
Preferred stock, $0.01 par value per share, 100,000,000 shares authorized; none issued and outstanding as of December 31, 2018 and 2017 | ||
Additional paid-in capital | 148,770 | 200 |
Accumulated deficit | (1,729) | (36) |
Total equity | 147,122 | 164 |
Total liabilities and equity | 164,963 | $ 200 |
Common Stock Class S | ||
Equity | ||
Common stock value | 66 | |
Common Stock Class I | ||
Equity | ||
Common stock value | $ 15 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2018 | Dec. 31, 2017 |
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, authorized shares | 100,000,000 | 100,000,000 |
Preferred stock, issued | 0 | 0 |
Preferred stock, outstanding | 0 | 0 |
Common stock, shares issued | 8,198,838 | |
Common stock, shares outstanding | 8,198,838 | 10,000 |
Common Stock Class T | ||
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 250,000,000 | 250,000,000 |
Common stock, shares issued | 483 | 0 |
Common stock, shares outstanding | 483 | 0 |
Common Stock Class S | ||
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 250,000,000 | 250,000,000 |
Common stock, shares issued | 6,610,280 | 0 |
Common stock, shares outstanding | 6,610,280 | 0 |
Common Stock Class D | ||
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 250,000,000 | 250,000,000 |
Common stock, shares issued | 46,075 | 0 |
Common stock, shares outstanding | 46,075 | 0 |
Common Stock Class I | ||
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 250,000,000 | 250,000,000 |
Common stock, shares issued | 1,542,000 | 10,000 |
Common stock, shares outstanding | 1,542,000 | 10,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Dec. 31, 2017 | Dec. 31, 2018 | |
Revenues | ||
Total revenues | $ 0 | $ 0 |
Expenses | ||
General and administrative expenses | 36 | 1,745 |
Total expenses | 36 | 1,745 |
Other income | ||
Interest income | 0 | 52 |
Total other income | 0 | 52 |
Net loss | $ (36) | $ (1,693) |
Net loss per share of common stock — basic and diluted | $ (3.59) | $ (6.59) |
Weighted-average shares of common stock outstanding, basic and diluted | 10,000 | 256,787 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - USD ($) $ in Thousands | Total | Common StockCommon Stock Class S | Common StockCommon Stock Class I | Additional Paid-In Capital | Accumulated Deficit |
Beginning Balance (Date of Initial Capitalization) at Jul. 13, 2017 | $ 200 | $ 200 | |||
Net loss | (36) | $ (36) | |||
Ending Balance at Dec. 31, 2017 | 164 | 200 | (36) | ||
Common stock issued | 164,674 | $ 66 | $ 15 | 164,593 | |
Offering costs | (16,103) | (16,103) | |||
Amortization of restricted stock grants | 80 | 80 | |||
Net loss | (1,693) | (1,693) | |||
Ending Balance at Dec. 31, 2018 | $ 147,122 | $ 66 | $ 15 | $ 148,770 | $ (1,729) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Dec. 31, 2017 | Dec. 31, 2018 | |
Cash flows from operating activities: | ||
Net loss | $ (36) | $ (1,693) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Amortization of restricted stock grants | 0 | 80 |
Change in assets and liabilities: | ||
Increase in other assets | 0 | (42) |
Increase in due to affiliates | 0 | 1,549 |
Increase in accounts payable, accrued expenses, and other liabilities | 36 | 151 |
Net cash provided by operating activities | 0 | 45 |
Cash flows from investing activities: | ||
Net cash used in investing activities | 0 | 0 |
Cash flows from financing activities: | ||
Proceeds from issuance of common stock | 0 | 164,674 |
Offering costs paid | 0 | (898) |
Subscriptions received in advance | 0 | 900 |
Net cash provided by financing activities | 0 | 164,676 |
Net change in cash and cash equivalents and restricted cash | 0 | 164,721 |
Cash and cash equivalents and restricted cash, beginning of period | 200 | 200 |
Cash and cash equivalents and restricted cash, end of period | 200 | 164,921 |
Reconciliation of cash and cash equivalents and restricted cash to the consolidated balance sheets: | ||
Cash and cash equivalents | 200 | 164,021 |
Restricted cash | 0 | 900 |
Cash and cash equivalents and restricted cash, end of period | 200 | 164,921 |
Non-cash financing activities: | ||
Accrued stockholder servicing fee due to affiliate | 0 | 10,830 |
Accrued offering costs due to affiliate | $ 0 | $ 4,375 |
Organization and Business Purpo
Organization and Business Purpose | 12 Months Ended |
Dec. 31, 2018 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Organization and Business Purpose | 1. Organization and Business Purpose Starwood Real Estate Income Trust, Inc. (the “Company”) was formed on June 22, 2017 as a Maryland corporation and intends to qualify as a real estate investment trust (“REIT”) for U.S. federal income tax purposes. The Company is the sole general partner of Starwood REIT Operating Partnership, L.P., a Delaware limited partnership (the “Operating Partnership”). Starwood REIT Special Limited Partner, L.L.C. (the “Special Limited Partner”), a wholly owned subsidiary of Starwood Capital Group Holdings, L.P. (the “Sponsor”), owns a special limited partner interest in the Operating Partnership. The Company was organized to invest primarily in stabilized, income-oriented commercial real estate and debt secured by commercial real estate. The Company’s portfolio principally will be comprised of properties, and debt secured by properties, located in the United States but may also be diversified on a global basis through the acquisition of properties, and debt secured by properties, outside of the United States, with a focus on Europe. To a lesser extent, the Company also may invest in real estate-related securities. Substantially all of the Company’s business will be conducted through the Operating Partnership. The Company and the Operating Partnership are externally managed by Starwood REIT Advisors, L.L.C. (the “Advisor”), an affiliate of Starwood. The Company has registered with the Securities and Exchange Commission (the “SEC”) an offering of up to $5.0 billion in shares of common stock, consisting of up to $4.0 billion in shares in its primary offering and up to $1.0 billion in shares pursuant to its distribution reinvestment plan (the “Offering”). The Company intends to sell any combination of four classes of shares of its common stock, with a dollar value up to the maximum aggregate amount of the Offering. The share classes have different upfront selling commissions, dealer manager fees and ongoing stockholder servicing fees. As of December 21, 2018, the Company had satisfied the minimum offering requirement and the Company’s board of directors authorized the release of proceeds from escrow. As of December 31, 2018, the Company had issued and sold 8,198,838 shares of the Company’s common stock (consisting of 483 Class T shares, 6,610,280 Class S shares, 46,075 Class D shares and 1,542,000 Class I shares). The Company intends to continue selling shares on a monthly basis. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies The accompanying audited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Principles of Consolidation and Basis of Presentation The accompanying consolidated financial statements include the accounts of the Company and the Operating Partnership. All significant intercompany balances and transactions are eliminated in consolidation. The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the balance sheet. Actual results could differ from those estimates. Cash and Cash Equivalents Cash and cash equivalents represent cash held in banks, cash on hand, and liquid investments with original maturities of three months or less. The Company may have bank balances in excess of federally insured amounts; however, the Company deposits its cash and cash equivalents with high credit-quality institutions to minimize credit risk exposure. The Company did not hold cash equivalents as of December 31, 2018 and 2017. Restricted Cash As of December 31, 2018, restricted cash consists of $0.9 million of cash received for subscriptions prior to the date in which the subscriptions are effective. The Company’s restricted cash is primarily held in a bank account controlled by the Company’s transfer agent but in the name of the Company. Organization and Offering Expenses Subsequent to the release of offering proceeds from escrow, organization costs are expensed as incurred and recorded as a component of General and Administrative Expenses on the Company’s Consolidated Statements of Operations and offering costs are charged to equity as such amounts are The Advisor has agreed to advance organization and offering expenses on behalf of the Company (including legal, accounting, and other expenses attributable to the organization, but excluding upfront selling commissions, dealer manager fees and stockholder servicing fees) through the first anniversary of the date on which escrow was released. The Advisor has also agreed to advance all of the Company’s operating expenses incurred from July 13, 2017 (date of initial capitalization) through December 31, 2018. The Company will reimburse the Advisor for all such advanced expenses ratably over a 60 month period following December 21, 2019, which is the first anniversary of the date escrow was released. As of December 31, 2018, the Advisor and its affiliates had incurred organization and offering costs on the Company’s behalf of $5.8 million, consisting of offering costs of $4.4 million and organization costs of $1.4 million. Such costs became the Company’s liability on December 21, 2018, the date the proceeds from the Offering were released from escrow. These organization and offering costs are recorded as a component of Due to Affiliates on the Company’s Consolidated Balance Sheets as of December 31, The following table details the selling commissions, dealer manager fees, and stockholder servicing fees for each applicable share class as of December 31, Common Stock Class T Common Stock Class S Common Stock Class D Common Stock Class I Selling commissions and dealer manager fees (% of transaction price) up to 3.5% up to 3.5% — — Stockholder servicing fee (% of NAV) 0.85% 0.85% 0.25% — For Class S shares sold in the primary offering, investors will pay upfront selling commissions of up to 3.5% of the transaction price. For Class T shares sold in the primary offering, investors will pay upfront selling commissions of up to 3.0% of the transaction price and upfront dealer manager fees of 0.5% of the transaction price, however such amounts may vary at certain participating broker-dealers, provided that the sum will not exceed 3.5% of the transaction The Dealer Manager is entitled to receive stockholder servicing fees of 0.85% per annum of the aggregate NAV for Class S shares and Class T shares. For Class T shares such stockholder servicing fee includes, an advisor stockholder servicing fee of 0.65% per annum, and a dealer stockholder servicing fee of 0.20% per annum, of the aggregate NAV for the Class T shares, however, with respect to Class T shares sold through certain participating broker-dealers, the advisor stockholder servicing fee and the dealer stockholder servicing fee may be other amounts, provided that the sum of such fees will always equal 0.85% per annum of the NAV of such shares. The Class D shares will incur a stockholder servicing fee equal to 0.25% per annum of the aggregate NAV for the Class D The Dealer Manager has entered into agreements with the selected dealers distributing the Company’s shares in the Offering, which provide, among other things, for the re-allowance of the full amount of the selling commissions and dealer manager fees and all or a portion of the stockholder servicing fees received by the Dealer Manager to such selected dealers. Through December 31, 2018, the Dealer Manager had not retained any upfront selling commissions, dealer manager, or stockholder servicing fees. The Company will cease paying the stockholder servicing fee with respect to any Class T share, Class S share or Class D share held in a stockholder’s account at the end of the month in which the total selling commissions, dealer manager fees and stockholder servicing fees paid with respect to the shares held by such stockholder within such account would exceed, in the aggregate, 8.75% (or, in the case of Class Income Taxes The Company intends to make an election to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code commencing with its taxable year ending December 31, 2019. If the Company qualifies for taxation as a REIT, the Company generally will not be subject to federal corporate income tax on taxable income that it distributes to its stockholders. REITs are subject to a number of other organizational and operational requirements. Even if the Company qualifies for taxation as a REIT, it may be subject to certain state and local taxes on its income and property, and federal income and excise taxes on its undistributed income. The Company may elect to treat certain of its corporate subsidiaries as taxable REIT subsidiaries (“TRSs”). There were no active TRSs during the period for July 13, 2017 (date of initial capitalization) through December 31, 2017, or for the year ended December 31, 2018. In general, a TRS may perform additional services for the Company’s tenants and generally may engage in any real estate or non-real estate-related business other than management or operation of a lodging facility or a health care facility. A domestic TRS is subject to corporate federal income tax. The Company is a taxable corporation for its initial tax year ending December 31, 2018. For the year ended December 31, 2018 the Company generated a net operating loss and as such no income tax provision was required. Net Loss per Share Basic net loss per share is computed by dividing net loss for the period by the weighted average number of common shares outstanding during the period. Diluted loss per share is computed by dividing net loss for the period by the weighted average number of common shares and common share equivalents outstanding (unless their effect is antidilutive) for the period. There are no common share equivalents outstanding that would have a dilutive effect as a result of the net loss, and accordingly, the weighted average number of common shares outstanding is identical for July 13, 2017 (date of initial capitalization) through December 31, 2017, and for the year ended December 31, 2018 for both basic and diluted shares. Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update 2014-09 (ASU 2014-09) “Revenue from Contracts with Customers (Topic 606).” ASU 2014-09 broadly amends the accounting guidance for revenue recognition. ASU 2014-09 is effective for the first interim or annual period beginning after December 15, 2017, and is to be applied retrospectively. The Company has adopted this pronouncement as of January 1, 2018 and will apply this guidance to its consolidated financial statements once significant operations commence. In February 2016, the FASB issued ASU 2016-02, “Leases.” This new guidance, along with subsequent ASUs, was effective January 1, 2019 and requires lessees to record a lease liability and a right-of-use (ROU) asset. A lessee may make an accounting policy election for leases with a term 12 months or less to not recognize a lease liability and corresponding ROU asset. Lessor accounting remains predominately unchanged. The Company has adopted this pronouncement as of January 1, 2019 and will apply this guidance to its consolidated financial statements once significant operations commence. Effective January 1, 2018, the Company adopted FASB ASU No. 2016-15 (“ASU 2016-15”) which provides guidance where there is diversity in practice in how certain cash receipts and cash payments are presented and classified in the statement of cash flows, on a retrospective basis. The adoption of this guidance did not have an impact on our consolidated financial statements or notes to our consolidated financial statements. In July 2018, the FASB issued ASU 2018-11, “Leases (Topic 842) - Targeted Improvements,” which provides "practical expedient" options (a) to implement ASU 2016-02 prospectively by only applying the new rules to leases that are in place as of the effective date on a go-forward basis, and (b) for lessors to combine revenues from lease and non-lease components. The Company anticipates On August 2018, the FASB issued ASU 2018-13, “Fair Value Measurement (Topic 820) – Disclosure Framework,” which adds new disclosure requirements and modifies or eliminates existing disclosure requirements of ASC 820. This ASU is effective for annual periods, and interim periods therein, beginning after December 15, 2019. Early application is permitted. The Company does not expect the application of this ASU to materially impact the Company. |
Other Liabilities
Other Liabilities | 12 Months Ended |
Dec. 31, 2018 | |
Other Liabilities Disclosure [Abstract] | |
Other Liabilities | 3. Other Liabilities The following table summarizes the components of accounts payable, accrued expenses, and other liabilities ($ in December 31, 2018 December 31, 2017 Subscriptions received in advance $ 900 $ — Accounts payable and accrued expenses 187 36 Total $ 1,087 $ 36 |
Equity
Equity | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
Equity | 4. Equity Authorized Capital The Company is authorized to issue preferred stock and four classes of common stock consisting of Class T shares, Class S shares, Class D shares, and Class I shares. The Company’s board of directors has the ability to establish the preferences and rights of each class or series of preferred stock, without stockholder approval, and as such, it may afford the holders of any series or class of preferred stock preferences, powers and rights senior to the rights of holders of common stock. The differences among the common share classes relate to upfront selling commissions, dealer manager fees and ongoing stockholder servicing fees. See Note 2 for a further description of such items. Other than the differences in upfront selling commissions, dealer manager fees and ongoing stockholder servicing fees, each class of common stock has the same economic and voting As of December 31, 2018, the Company had authority to issue 1,100,000,000 shares, consisting of the Classification Number of Shares Par Value Preferred Stock 100,000,000 $ 0.01 Class T Shares 250,000,000 $ 0.01 Class S Shares 250,000,000 $ 0.01 Class D Shares 250,000,000 $ 0.01 Class I Shares 250,000,000 $ 0.01 Total 1,100,000,000 Common Stock As of December 31, 2018, the Company had sold 8.2 million shares of its common stock in the Offering for aggregate net proceeds of approximately $164.0 million. The following table details the movement in the Company’s outstanding shares of common stock: Year Ended December 31, 2018 Class T Class S Class D Class I Total Beginning balance — — — 10,000 10,000 Common stock issued 483 6,610,280 46,075 1,532,000 8,188,838 Ending balance 483 6,610,280 46,075 1,542,000 8,198,838 Share Repurchase Plan The Company has adopted a share repurchase plan, whereby on a monthly basis, stockholders may request that the Company repurchase all or any portion of their shares. The Company may choose to repurchase all, some or none of the shares that have been requested to be repurchased at the end of any particular month, in its discretion, subject to any limitations in the share repurchase plan. The total amount of aggregate repurchases of Class T, Class S, Class D, and Class I shares will be limited to 2% of the aggregate NAV per month and 5% of the aggregate NAV per calendar quarter. Shares would be repurchased at a price equal to the transaction price on the applicable repurchase date, subject to any early repurchase deduction. Shares that have not been outstanding for at least one year would be repurchased at 95% of the transaction price. Due to the illiquid nature of investments in real estate, the Company may not have sufficient liquid resources to fund repurchase requests and has established limitations on the amount of funds the Company may use for repurchases during any calendar month and quarter. Further, the Company may modify, suspend or terminate the share repurchase plan. Distribution Reinvestment Plan The Company has adopted a distribution reinvestment plan whereby stockholders (other than clients of participating broker-dealers and residents of certain states that do not permit automatic enrollment in the distribution reinvestment plan) will have their cash distributions automatically reinvested in additional shares of common stock unless they elect to receive their distributions in cash. Residents of Alabama, Arkansas, Idaho, Kansas, Kentucky, Maine, Maryland, Massachusetts, Nebraska, North Carolina, New Jersey, Ohio, Oregon and Washington and clients of participating broker-dealers that do not permit automatic enrollment in the distribution reinvestment plan will automatically receive their distributions in cash unless they elect to have their cash distributions reinvested in additional shares of our common stock. The per share purchase price for shares purchased pursuant to the distribution reinvestment plan will be equal to the offering price before upfront selling commissions and dealer manager fees (the “transaction price”) at the time the distribution is payable, which will generally be equal to the Company’s prior month’s NAV per share for that share class. Stockholders will not pay upfront selling commissions or dealer manager fees when purchasing shares pursuant to the distribution reinvestment plan. The stockholder servicing fees with respect to shares of the Company’s Class T shares, Class S shares and Class D shares are calculated based on the NAV for those shares and may reduce the NAV or, alternatively, the distributions payable with respect to shares of each such class, including shares issued in respect of distributions on such shares under the distribution reinvestment plan. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2018 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 5. On November 7, 2018 the Company renewed the advisory agreement among the Company, Operating Partnership and the Advisor for an additional one-year period ending December 14, 2019. Pursuant to the advisory agreement, the Advisor is responsible for Certain affiliates of the Company, including the Advisor, will receive fees and compensation in connection with the offering and ongoing management of the assets of the Company. The Advisor will be paid a management fee equal to 1.25% of NAV per annum, payable monthly. The management fee will be paid, at the Advisor’s election, in cash, Class I shares or Class I units of the Operating Partnership. The Advisor has agreed to waive its management fee for the three months following December 21, 2018, the date on which The Company may retain certain of the Advisor’s affiliates for necessary services relating to the Company’s investments or The Special Limited Partner holds an interest in the Operating Partnership that entitles it to receive performance In addition, Starwood Capital, L.L.C. (the “Dealer Manager”) serves as the dealer manager for the Offering pursuant to an agreement (the “Dealer Manager Agreement”) with the Company. The Dealer Manager is a registered broker-dealer affiliated with the The Dealer Manager will be entitled to receive selling commissions of up to 3.0%, and dealer manager fees of 0.5%, of the transaction price of each Class T share sold in the primary offering. The Dealer Manager will be entitled to receive selling commissions of up to 3.5% of the transaction price of each Class S share sold in the primary offering. The Dealer Manager will also receive a stockholder servicing fee of 0.85%, 0.85% and 0.25% per annum of the aggregate NAV of the Company’s outstanding Class T shares, Class S shares and Class D shares, respectively. The Dealer Manager anticipates that all or a portion of the upfront selling commissions and all or a portion of the stockholder servicing fees will be retained by or paid to, participating broker dealers. The Company will cease paying the stockholder servicing fee with respect to any Class T shares, Class S shares or Class D shares held in a stockholder’s account at the end of the month in which the Dealer Manager in conjunction with the transfer agent determines that total upfront selling commissions, dealer manager fees and stockholder servicing fees paid with respect to such shares would exceed 8.75% (or, in the case of Class T shares sold through certain participating broker-dealers, a lower limit as set forth in any applicable agreement between the Dealer Manager and a participating broker-dealer at the time such Class T shares were issued) of the gross proceeds from the sale of such shares (including the gross proceeds of any shares issued under the Company’s distribution reinvestment plan with respect thereto). The Company will accrue the cost of the stockholder servicing fee as an offering cost at the time each Class T, Class S and Class D share is sold during the primary offering. There will not be a stockholder servicing fee with respect to Class I shares. Subject to the terms of the Dealer Manager Agreement, the Company’s obligations to pay stockholder servicing fees with respect to the Class T, Class S and Class D shares distributed in the Offering shall survive until such shares are no longer outstanding (including because such shares converted into Class I shares). In addition, the Company will cease paying the stockholder servicing fee on the Class T shares, Class S shares and Class D shares on the earlier to occur of the following: (i) a listing of Class I shares, (ii) our merger or consolidation with or into another entity or the sale or other disposition of all or substantially all of the Company’s assets, in each case in a transaction in which the Company’s stockholders receive cash or securities listed on a national securities exchange or (iii) the date on which, in the aggregate, underwriting compensation from all sources in connection with the Offering, including upfront selling commissions, the stockholder servicing fee and other underwriting compensation, is equal to 10% of the gross proceeds from the Company’s primary offering. Due to Affiliates The following table details the components of due to affiliates ($ in thousands): December 31, 2018 December 31, 2017 Accrued stockholder servicing fee $ 10,830 $ — Advanced organization and offering costs 5,822 — Advanced expenses 102 — Total $ 16,754 $ — Accrued stockholder servicing As described in Note 2, the Company accrues the full amount of the future stockholder servicing fees payable to the Dealer Manager for Class T, Class S, and Class D shares up to the 8.75% of gross proceeds limit at the time such shares are sold. As of December 31, 2018, the Company accrued $10.8 million of stockholder servicing fees payable to the Dealer Manager related to the Class T, Class S, and Class D shares sold. The Dealer Manager has entered into agreements with the selected dealers distributing the Company’s shares in the Offering, which provide, among other things, for the re-allowance of the full amount of the selling commissions and dealer manager fee and all or a portion of the stockholder servicing fees received by the Dealer Manager to such selected Advanced organization and offering costs The Advisor advanced $5.8 million of organization and offering costs (excluding upfront selling commissions, dealer manager fees and stockholder servicing fees) on behalf of the Company through December 31, 2018. Such amounts will be reimbursed to Advanced expenses As of December 31, 2018 and 2017, the Advisor had advanced approximately $102,000 and $0, respectively, of expenses on the Company’s behalf for general corporate expenses provided by unaffiliated third |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2018 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 6. Commitments and Contingencies As of December 31, 2018 and 2017, the Company is not subject to any material litigation nor is the Company aware of any material litigation threatened against it. |
Quarterly Financial Information
Quarterly Financial Information (Unaudited) | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information (Unaudited) | 7. Quarterly Financial Information (Unaudited) The following tables present the Company’s quarterly results ($ in thousands): 2018 March 31 June 30 September 30 December 31 Total revenues $ — $ — $ — $ — Net loss $ (16 ) $ (16 ) $ (16 ) $ (1,645 ) Net loss per share, basic and diluted $ (1.55 ) $ (1.60 ) $ (1.60 ) $ (1.66 ) 2017 For the Period July 13, 2017 (date of initial capitalization) through September 30, 2017 December 31 Total revenues $ — $ — Net loss $ — $ (36 ) Net loss per share, basic and diluted $ — $ (3.59 ) |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events | 8. Subsequent Events Acquisitions Subsequent to December 31, 2018, the Company acquired an aggregate of approximately $423 million of real estate across five separate transactions (as outlined below), exclusive of closing costs and related working capital. The Company acquired multifamily and hotel properties in these acquisitions. Subsequent to December 31, 2018, the Company acquired approximately $94.0 million of real estate related securities. Florida Multifamily Portfolio On January 3, 2019, the Company acquired a multifamily portfolio (the “Florida Multifamily Portfolio”) from an affiliate of the Advisor for approximately $100 million, excluding closing costs. The Florida Multifamily Portfolio is a garden style multifamily portfolio totaling 1,150 units and comprised of two properties located in Jacksonville, Florida and two properties located in Naples, Florida. An affiliate of the Advisor acquired the Florida Multifamily Portfolio on October 5, 2018 from an unaffiliated third party for approximately $100 million, excluding closing costs and related working capital. Phoenix Property On January 3, 2019, the Company acquired a multifamily property (the “Phoenix Property”) from an affiliate of the Advisor for $46 million, excluding closing costs. The Phoenix Property is a garden style multifamily property totaling 256 units and is located in Mesa, Arizona. An affiliate of the Advisor acquired the Phoenix Property on June 29, 2018 from an unaffiliated third party for approximately $46 million, excluding closing costs and related working capital. Savannah Property On January 3, 2019, the Company acquired a multifamily property (the “Savannah Property”) from an affiliate of the Advisor for $36 million, excluding closing costs. The Savannah Property is a new-construction multifamily property totaling 203 units and is located in Savannah, Georgia. An affiliate of the Advisor acquired the Savannah Property on July 19, 2018 from an unaffiliated third party for approximately $36 million, excluding closing costs and related working capital. Hotel Portfolio Acquisition On each of January 10, 2019, January 11, 2019 and January 15, 2019, the Company acquired a fee simple interest in hotel properties which together comprise a U.S.-based select service hotel portfolio (the “Portfolio”) from affiliates of Noble Investment Group, an unrelated third party. The Portfolio is a fully renovated, premium-branded, select service portfolio totaling 1,057 hotel rooms, comprised of eight hotels located primarily in Florida and Colorado. The Portfolio was acquired for $229 million, excluding closing costs and related working capital. Hotel Acquisition On March 13, 2019, through an indirect wholly-owned subsidiary the Company entered into a joint venture with affiliates of Dovehill Capital Management (“Dovehill”), to acquire the Renaissance Fort Lauderdale Cruise Port Hotel (the “Property”), a 236-room hotel located on a 3.31 acre site on 17th Street in Fort Lauderdale, Florida. Following the acquisition of the Property by the joint venture from affiliates of Noble Investment Group, the Company owns a position in the Property for which the Company paid approximately $12.5 million and received a 43% interest in the joint venture. Status of the Offering As of March 28, 2019, the Company had sold an aggregate of 12,460,477 shares of its common stock (consisting of 207,535 Class T shares, 8,340,840 Class S shares, 309,860 Class D shares, and 3,602,242 Class I shares) in the Offering resulting in |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Principles of Consolidation and Basis of Presentation | Principles of Consolidation and Basis of Presentation The accompanying consolidated financial statements include the accounts of the Company and the Operating Partnership. All significant intercompany balances and transactions are eliminated in consolidation. The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the balance sheet. Actual results could differ from those estimates. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents represent cash held in banks, cash on hand, and liquid investments with original maturities of three months or less. The Company may have bank balances in excess of federally insured amounts; however, the Company deposits its cash and cash equivalents with high credit-quality institutions to minimize credit risk exposure. The Company did not hold cash equivalents as of December 31, 2018 and 2017. |
Restricted Cash | Restricted Cash As of December 31, 2018, restricted cash consists of $0.9 million of cash received for subscriptions prior to the date in which the subscriptions are effective. The Company’s restricted cash is primarily held in a bank account controlled by the Company’s transfer agent but in the name of the Company. |
Organization and Offering Expenses | Organization and Offering Expenses Subsequent to the release of offering proceeds from escrow, organization costs are expensed as incurred and recorded as a component of General and Administrative Expenses on the Company’s Consolidated Statements of Operations and offering costs are charged to equity as such amounts are The Advisor has agreed to advance organization and offering expenses on behalf of the Company (including legal, accounting, and other expenses attributable to the organization, but excluding upfront selling commissions, dealer manager fees and stockholder servicing fees) through the first anniversary of the date on which escrow was released. The Advisor has also agreed to advance all of the Company’s operating expenses incurred from July 13, 2017 (date of initial capitalization) through December 31, 2018. The Company will reimburse the Advisor for all such advanced expenses ratably over a 60 month period following December 21, 2019, which is the first anniversary of the date escrow was released. As of December 31, 2018, the Advisor and its affiliates had incurred organization and offering costs on the Company’s behalf of $5.8 million, consisting of offering costs of $4.4 million and organization costs of $1.4 million. Such costs became the Company’s liability on December 21, 2018, the date the proceeds from the Offering were released from escrow. These organization and offering costs are recorded as a component of Due to Affiliates on the Company’s Consolidated Balance Sheets as of December 31, The following table details the selling commissions, dealer manager fees, and stockholder servicing fees for each applicable share class as of December 31, Common Stock Class T Common Stock Class S Common Stock Class D Common Stock Class I Selling commissions and dealer manager fees (% of transaction price) up to 3.5% up to 3.5% — — Stockholder servicing fee (% of NAV) 0.85% 0.85% 0.25% — For Class S shares sold in the primary offering, investors will pay upfront selling commissions of up to 3.5% of the transaction price. For Class T shares sold in the primary offering, investors will pay upfront selling commissions of up to 3.0% of the transaction price and upfront dealer manager fees of 0.5% of the transaction price, however such amounts may vary at certain participating broker-dealers, provided that the sum will not exceed 3.5% of the transaction The Dealer Manager is entitled to receive stockholder servicing fees of 0.85% per annum of the aggregate NAV for Class S shares and Class T shares. For Class T shares such stockholder servicing fee includes, an advisor stockholder servicing fee of 0.65% per annum, and a dealer stockholder servicing fee of 0.20% per annum, of the aggregate NAV for the Class T shares, however, with respect to Class T shares sold through certain participating broker-dealers, the advisor stockholder servicing fee and the dealer stockholder servicing fee may be other amounts, provided that the sum of such fees will always equal 0.85% per annum of the NAV of such shares. The Class D shares will incur a stockholder servicing fee equal to 0.25% per annum of the aggregate NAV for the Class D The Dealer Manager has entered into agreements with the selected dealers distributing the Company’s shares in the Offering, which provide, among other things, for the re-allowance of the full amount of the selling commissions and dealer manager fees and all or a portion of the stockholder servicing fees received by the Dealer Manager to such selected dealers. Through December 31, 2018, the Dealer Manager had not retained any upfront selling commissions, dealer manager, or stockholder servicing fees. The Company will cease paying the stockholder servicing fee with respect to any Class T share, Class S share or Class D share held in a stockholder’s account at the end of the month in which the total selling commissions, dealer manager fees and stockholder servicing fees paid with respect to the shares held by such stockholder within such account would exceed, in the aggregate, 8.75% (or, in the case of Class |
Income Taxes | Income Taxes The Company intends to make an election to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code commencing with its taxable year ending December 31, 2019. If the Company qualifies for taxation as a REIT, the Company generally will not be subject to federal corporate income tax on taxable income that it distributes to its stockholders. REITs are subject to a number of other organizational and operational requirements. Even if the Company qualifies for taxation as a REIT, it may be subject to certain state and local taxes on its income and property, and federal income and excise taxes on its undistributed income. The Company may elect to treat certain of its corporate subsidiaries as taxable REIT subsidiaries (“TRSs”). There were no active TRSs during the period for July 13, 2017 (date of initial capitalization) through December 31, 2017, or for the year ended December 31, 2018. In general, a TRS may perform additional services for the Company’s tenants and generally may engage in any real estate or non-real estate-related business other than management or operation of a lodging facility or a health care facility. A domestic TRS is subject to corporate federal income tax. The Company is a taxable corporation for its initial tax year ending December 31, 2018. For the year ended December 31, 2018 the Company generated a net operating loss and as such no income tax provision was required. |
Net Loss per Share | Net Loss per Share Basic net loss per share is computed by dividing net loss for the period by the weighted average number of common shares outstanding during the period. Diluted loss per share is computed by dividing net loss for the period by the weighted average number of common shares and common share equivalents outstanding (unless their effect is antidilutive) for the period. There are no common share equivalents outstanding that would have a dilutive effect as a result of the net loss, and accordingly, the weighted average number of common shares outstanding is identical for July 13, 2017 (date of initial capitalization) through December 31, 2017, and for the year ended December 31, 2018 for both basic and diluted shares. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update 2014-09 (ASU 2014-09) “Revenue from Contracts with Customers (Topic 606).” ASU 2014-09 broadly amends the accounting guidance for revenue recognition. ASU 2014-09 is effective for the first interim or annual period beginning after December 15, 2017, and is to be applied retrospectively. The Company has adopted this pronouncement as of January 1, 2018 and will apply this guidance to its consolidated financial statements once significant operations commence. In February 2016, the FASB issued ASU 2016-02, “Leases.” This new guidance, along with subsequent ASUs, was effective January 1, 2019 and requires lessees to record a lease liability and a right-of-use (ROU) asset. A lessee may make an accounting policy election for leases with a term 12 months or less to not recognize a lease liability and corresponding ROU asset. Lessor accounting remains predominately unchanged. The Company has adopted this pronouncement as of January 1, 2019 and will apply this guidance to its consolidated financial statements once significant operations commence. Effective January 1, 2018, the Company adopted FASB ASU No. 2016-15 (“ASU 2016-15”) which provides guidance where there is diversity in practice in how certain cash receipts and cash payments are presented and classified in the statement of cash flows, on a retrospective basis. The adoption of this guidance did not have an impact on our consolidated financial statements or notes to our consolidated financial statements. In July 2018, the FASB issued ASU 2018-11, “Leases (Topic 842) - Targeted Improvements,” which provides "practical expedient" options (a) to implement ASU 2016-02 prospectively by only applying the new rules to leases that are in place as of the effective date on a go-forward basis, and (b) for lessors to combine revenues from lease and non-lease components. The Company anticipates On August 2018, the FASB issued ASU 2018-13, “Fair Value Measurement (Topic 820) – Disclosure Framework,” which adds new disclosure requirements and modifies or eliminates existing disclosure requirements of ASC 820. This ASU is effective for annual periods, and interim periods therein, beginning after December 15, 2019. Early application is permitted. The Company does not expect the application of this ASU to materially impact the Company. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Schedule of Selling Commissions, Dealer Manager Fees And Stockholder Servicing | The following table details the selling commissions, dealer manager fees, and stockholder servicing fees for each applicable share class as of December 31, Common Stock Class T Common Stock Class S Common Stock Class D Common Stock Class I Selling commissions and dealer manager fees (% of transaction price) up to 3.5% up to 3.5% — — Stockholder servicing fee (% of NAV) 0.85% 0.85% 0.25% — |
Other Liabilities (Tables)
Other Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Other Liabilities Disclosure [Abstract] | |
Schedule of Components of Accounts Payable, Accrued Expenses and Other Liabilities | The following table summarizes the components of accounts payable, accrued expenses, and other liabilities ($ in December 31, 2018 December 31, 2017 Subscriptions received in advance $ 900 $ — Accounts payable and accrued expenses 187 36 Total $ 1,087 $ 36 |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
Schedule of Company's Authorized Capital | As of December 31, 2018, the Company had authority to issue 1,100,000,000 shares, consisting of the Classification Number of Shares Par Value Preferred Stock 100,000,000 $ 0.01 Class T Shares 250,000,000 $ 0.01 Class S Shares 250,000,000 $ 0.01 Class D Shares 250,000,000 $ 0.01 Class I Shares 250,000,000 $ 0.01 Total 1,100,000,000 |
Schedule of Common Stock Outstanding shares | The following table details the movement in the Company’s outstanding shares of common stock: Year Ended December 31, 2018 Class T Class S Class D Class I Total Beginning balance — — — 10,000 10,000 Common stock issued 483 6,610,280 46,075 1,532,000 8,188,838 Ending balance 483 6,610,280 46,075 1,542,000 8,198,838 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Related Party Transactions [Abstract] | |
Summary of Components of Due to Affiliates | The following table details the components of due to affiliates ($ in thousands): December 31, 2018 December 31, 2017 Accrued stockholder servicing fee $ 10,830 $ — Advanced organization and offering costs 5,822 — Advanced expenses 102 — Total $ 16,754 $ — |
Quarterly Financial Informati_2
Quarterly Financial Information (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Summary of Company's Quarterly Results | The following tables present the Company’s quarterly results ($ in thousands): 2018 March 31 June 30 September 30 December 31 Total revenues $ — $ — $ — $ — Net loss $ (16 ) $ (16 ) $ (16 ) $ (1,645 ) Net loss per share, basic and diluted $ (1.55 ) $ (1.60 ) $ (1.60 ) $ (1.66 ) 2017 For the Period July 13, 2017 (date of initial capitalization) through September 30, 2017 December 31 Total revenues $ — $ — Net loss $ — $ (36 ) Net loss per share, basic and diluted $ — $ (3.59 ) |
Organization and Business Pur_2
Organization and Business Purpose - Additional Information (Details) | 1 Months Ended | ||||
Oct. 31, 2018Property | Jul. 31, 2018Property | Jun. 30, 2018Property | Dec. 31, 2018USD ($)Classshares | Dec. 31, 2017shares | |
Organization And Business Activities [Line Items] | |||||
Number of classes of common stock | Class | 4 | ||||
Common stock, shares registered, amount | $ | $ 5,000,000,000 | ||||
Common stock, shares issued | 8,198,838 | ||||
Multifamily | |||||
Organization And Business Activities [Line Items] | |||||
Number of real estate properties acquired by an affiliate of the advisor from third parties | Property | 4 | 1 | 1 | ||
Common Stock Class T | |||||
Organization And Business Activities [Line Items] | |||||
Common stock, shares issued | 483 | 0 | |||
Common Stock Class S | |||||
Organization And Business Activities [Line Items] | |||||
Common stock, shares issued | 6,610,280 | 0 | |||
Common Stock Class D | |||||
Organization And Business Activities [Line Items] | |||||
Common stock, shares issued | 46,075 | 0 | |||
Common Stock Class I | |||||
Organization And Business Activities [Line Items] | |||||
Common stock, shares issued | 1,542,000 | 10,000 | |||
Primary Offering | |||||
Organization And Business Activities [Line Items] | |||||
Common stock, shares authorized, amount | $ | $ 4,000,000,000 | ||||
Distribution Reinvestment Plan | |||||
Organization And Business Activities [Line Items] | |||||
Common stock, shares authorized, amount | $ | $ 1,000,000,000 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Significant Accounting Policies [Line Items] | ||
Restricted cash | $ 900 | $ 0 |
Income tax provision | $ 0 | |
Class T Shares (Member) | ||
Significant Accounting Policies [Line Items] | ||
Annual stockholder servicing fee percentage | 0.85% | |
Class T Shares (Member) | Maximum | ||
Significant Accounting Policies [Line Items] | ||
Upfront selling commissions and dealer manager fee percentage | 3.50% | |
Class S Shares (Member) | ||
Significant Accounting Policies [Line Items] | ||
Annual stockholder servicing fee percentage | 0.85% | |
Class S Shares (Member) | Maximum | ||
Significant Accounting Policies [Line Items] | ||
Upfront selling commissions and dealer manager fee percentage | 3.50% | |
Class D Shares (Member) | ||
Significant Accounting Policies [Line Items] | ||
Annual stockholder servicing fee percentage | 0.25% | |
Common Stock Class T, Class S and Class D | Due to Affiliates | ||
Significant Accounting Policies [Line Items] | ||
Stockholder servicing fees accrued | $ 10,800 | |
Advisor | ||
Significant Accounting Policies [Line Items] | ||
Period to reimburse the advisor for all organization and offering expenses | 60 months | 60 months |
Inception to date organization and offering expenses | $ 5,800 | |
Offering costs | 4,400 | |
Organization costs | $ 1,400 | |
Advisor | Class T Shares (Member) | ||
Significant Accounting Policies [Line Items] | ||
Advisor Percentage of stockholder servicing fee on NAV per annum | 0.65% | |
Dealer Manager | ||
Significant Accounting Policies [Line Items] | ||
Annual stockholder servicing fee percentage of gross proceeds limit | 8.75% | |
Dealer Manager | Class T Shares (Member) | ||
Significant Accounting Policies [Line Items] | ||
Annual stockholder servicing fee percentage | 0.85% | |
Upfront dealer manager fee percentage | 0.50% | |
Dealer stockholder servicing fee percentage | 0.20% | |
Dealer Manager | Class T Shares (Member) | Maximum | ||
Significant Accounting Policies [Line Items] | ||
Upfront selling commissions percentage | 3.00% | |
Upfront selling commissions and dealer manager fee percentage | 3.50% | |
Dealer Manager | Class S Shares (Member) | ||
Significant Accounting Policies [Line Items] | ||
Annual stockholder servicing fee percentage | 0.85% | |
Dealer Manager | Class S Shares (Member) | Maximum | ||
Significant Accounting Policies [Line Items] | ||
Upfront selling commissions percentage | 3.50% | |
Dealer Manager | Class D Shares (Member) | ||
Significant Accounting Policies [Line Items] | ||
Annual stockholder servicing fee percentage | 0.25% | |
Dealer Manager | Class I Shares (Member) | ||
Significant Accounting Policies [Line Items] | ||
Annual stockholder servicing fee percentage | 0.00% |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Schedule of Selling Commissions, Dealer Manager Fees And Stockholder Servicing (Details) | Dec. 31, 2018 |
Class T Shares (Member) | |
Significant Accounting Policies [Line Items] | |
Stockholder servicing fee (% of NAV) | 0.85% |
Class T Shares (Member) | Maximum | |
Significant Accounting Policies [Line Items] | |
Selling commissions and dealer manager fees (% of transaction price) | 3.50% |
Class S Shares (Member) | |
Significant Accounting Policies [Line Items] | |
Stockholder servicing fee (% of NAV) | 0.85% |
Class S Shares (Member) | Maximum | |
Significant Accounting Policies [Line Items] | |
Selling commissions and dealer manager fees (% of transaction price) | 3.50% |
Class D Shares (Member) | |
Significant Accounting Policies [Line Items] | |
Stockholder servicing fee (% of NAV) | 0.25% |
Other Liabilities - Schedule of
Other Liabilities - Schedule of Components of Accounts Payable, Accrued Expenses and Other Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Other Liabilities Disclosure [Abstract] | ||
Subscriptions received in advance | $ 900 | |
Accounts payable and accrued expenses | 187 | $ 36 |
Total | $ 1,087 | $ 36 |
Equity - Additional Information
Equity - Additional Information (Details) $ in Millions | 6 Months Ended | 12 Months Ended |
Dec. 31, 2017 | Dec. 31, 2018USD ($)Classshares | |
Equity [Abstract] | ||
Number of classes of common stock | Class | 4 | |
Number of shares authorized | 1,100,000,000 | |
Common stock, shares issued | 8,198,838 | |
Net proceeds from issuance of common stock | $ | $ 164 | |
Common stock repurchase limitations of aggregate NAV per month percentage | 2.00% | 2.00% |
Common stock repurchase limitations of aggregate NAV per calendar quarter percentage | 5.00% | 5.00% |
Minimum hold period for repurchases without a discount | 1 year | 1 year |
Repurchase percentage within one year at a discount | 95.00% | 95.00% |
Equity - Schedule of Company's
Equity - Schedule of Company's Authorized Capital (Details) - $ / shares | Dec. 31, 2018 | Dec. 31, 2017 |
Class Of Stock [Line Items] | ||
Preferred stock, authorized shares | 100,000,000 | 100,000,000 |
Total Number of Shares | 1,100,000,000 | |
Preferred stock, par value | $ 0.01 | $ 0.01 |
Common Stock Class T | ||
Class Of Stock [Line Items] | ||
Number of Shares | 250,000,000 | 250,000,000 |
Par value | $ 0.01 | $ 0.01 |
Common Stock Class S | ||
Class Of Stock [Line Items] | ||
Number of Shares | 250,000,000 | 250,000,000 |
Par value | $ 0.01 | $ 0.01 |
Common Stock Class D | ||
Class Of Stock [Line Items] | ||
Number of Shares | 250,000,000 | 250,000,000 |
Par value | $ 0.01 | $ 0.01 |
Common Stock Class I | ||
Class Of Stock [Line Items] | ||
Number of Shares | 250,000,000 | 250,000,000 |
Par value | $ 0.01 | $ 0.01 |
Equity - Schedule of Common Sto
Equity - Schedule of Common Stock Outstanding shares (Details) | 12 Months Ended |
Dec. 31, 2018shares | |
Class Of Stock [Line Items] | |
Beginning balance | 10,000 |
Common stock issued | 8,188,838 |
Ending balance | 8,198,838 |
Common Stock Class T | |
Class Of Stock [Line Items] | |
Beginning balance | 0 |
Common stock issued | 483 |
Ending balance | 483 |
Common Stock Class S | |
Class Of Stock [Line Items] | |
Beginning balance | 0 |
Common stock issued | 6,610,280 |
Ending balance | 6,610,280 |
Common Stock Class D | |
Class Of Stock [Line Items] | |
Beginning balance | 0 |
Common stock issued | 46,075 |
Ending balance | 46,075 |
Common Stock Class I | |
Class Of Stock [Line Items] | |
Beginning balance | 10,000 |
Common stock issued | 1,532,000 |
Ending balance | 1,542,000 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Related Party Transaction [Line Items] | ||
Period advisor agreed to waive management fee post escrow break | 3 months | |
Due to affiliates | $ 16,754 | $ 0 |
Accrued Stockholder Servicing Fee | ||
Related Party Transaction [Line Items] | ||
Due to affiliates | 10,830 | 0 |
Advanced Organization And Offering Costs | ||
Related Party Transaction [Line Items] | ||
Due to affiliates | 5,822 | 0 |
Advanced Expenses | ||
Related Party Transaction [Line Items] | ||
Due to affiliates | $ 102 | 0 |
Class T Shares (Member) | ||
Related Party Transaction [Line Items] | ||
Annual stockholder servicing fee percentage | 0.85% | |
Class S Shares (Member) | ||
Related Party Transaction [Line Items] | ||
Annual stockholder servicing fee percentage | 0.85% | |
Class D Shares (Member) | ||
Related Party Transaction [Line Items] | ||
Annual stockholder servicing fee percentage | 0.25% | |
Advisor | ||
Related Party Transaction [Line Items] | ||
Percentage of management fee on NAV per annum | 1.25% | |
Advisor | Advanced Organization And Offering Costs | ||
Related Party Transaction [Line Items] | ||
Due to affiliates | $ 5,800 | |
Advisor | Advanced Expenses | ||
Related Party Transaction [Line Items] | ||
Due to affiliates | $ 102 | $ 0 |
Special Limited Partner | ||
Related Party Transaction [Line Items] | ||
Annual hurdle percentage | 5.00% | |
Performance participation distribution percentage | 12.50% | |
Dealer Manager | ||
Related Party Transaction [Line Items] | ||
Annual stockholder servicing fee percentage of gross proceeds limit | 8.75% | |
Annual stockholder servicing fee percentage of gross proceeds limit (all sources) | 10.00% | |
Dealer Manager | Class T Shares (Member) | ||
Related Party Transaction [Line Items] | ||
Dealer manager fee percentage | 0.50% | |
Annual stockholder servicing fee percentage | 0.85% | |
Dealer Manager | Class T Shares (Member) | Maximum | ||
Related Party Transaction [Line Items] | ||
Selling commissions percentage | 3.00% | |
Dealer Manager | Class S Shares (Member) | ||
Related Party Transaction [Line Items] | ||
Annual stockholder servicing fee percentage | 0.85% | |
Dealer Manager | Class S Shares (Member) | Maximum | ||
Related Party Transaction [Line Items] | ||
Selling commissions percentage | 3.50% | |
Dealer Manager | Class D Shares (Member) | ||
Related Party Transaction [Line Items] | ||
Annual stockholder servicing fee percentage | 0.25% | |
Dealer Manager | Common Stock Class T, Class S and Class D | Accrued Stockholder Servicing Fee | ||
Related Party Transaction [Line Items] | ||
Due to affiliates | $ 10,800 |
Related Party Transactions - Su
Related Party Transactions - Summary of Components of Due to Affiliates (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Related Party Transaction [Line Items] | ||
Due to affiliates | $ 16,754 | $ 0 |
Accrued Stockholder Servicing Fee | ||
Related Party Transaction [Line Items] | ||
Due to affiliates | 10,830 | 0 |
Advanced Organization And Offering Costs | ||
Related Party Transaction [Line Items] | ||
Due to affiliates | 5,822 | 0 |
Advanced Expenses | ||
Related Party Transaction [Line Items] | ||
Due to affiliates | $ 102 | $ 0 |
Quarterly Financial Informati_3
Quarterly Financial Information (Unaudited) - Summary of Company's Quarterly Results (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||
Total revenues | $ 0 | $ 0 | |||||
Net loss | $ (1,645) | $ (16) | $ (16) | $ (16) | $ (36) | $ (36) | $ (1,693) |
Net loss per share, basic and diluted | $ (1.66) | $ (1.60) | $ (1.60) | $ (1.55) | $ (3.59) | $ (3.59) | $ (6.59) |
Subsequent Events - Additional
Subsequent Events - Additional Information (Details) $ in Millions | Mar. 28, 2019USD ($)shares | Mar. 13, 2019USD ($)Room | Jan. 15, 2019USD ($)RoomHotel | Jan. 03, 2019USD ($)PropertyUnit | Dec. 31, 2018USD ($)shares | Dec. 31, 2017shares |
Subsequent Event [Line Items] | ||||||
Aggregate payments to acquire real estate, exclusive of closing costs | $ | $ 423 | |||||
Acquired real estate related securities | $ | $ 94 | |||||
Common stock, shares issued | 8,198,838 | |||||
Proceeds from issuance of common stock | $ | $ 164 | |||||
Common Stock Class S | ||||||
Subsequent Event [Line Items] | ||||||
Common stock, shares issued | 6,610,280 | 0 | ||||
Common Stock Class T | ||||||
Subsequent Event [Line Items] | ||||||
Common stock, shares issued | 483 | 0 | ||||
Common Stock Class D | ||||||
Subsequent Event [Line Items] | ||||||
Common stock, shares issued | 46,075 | 0 | ||||
Common Stock Class I | ||||||
Subsequent Event [Line Items] | ||||||
Common stock, shares issued | 1,542,000 | 10,000 | ||||
Subsequent Event | ||||||
Subsequent Event [Line Items] | ||||||
Common stock, shares issued | 12,460,477 | |||||
Proceeds from issuance of common stock | $ | $ 249.5 | |||||
Subsequent Event | Common Stock Class S | ||||||
Subsequent Event [Line Items] | ||||||
Common stock, shares issued | 8,340,840 | |||||
Subsequent Event | Common Stock Class T | ||||||
Subsequent Event [Line Items] | ||||||
Common stock, shares issued | 207,535 | |||||
Subsequent Event | Common Stock Class D | ||||||
Subsequent Event [Line Items] | ||||||
Common stock, shares issued | 309,860 | |||||
Subsequent Event | Common Stock Class I | ||||||
Subsequent Event [Line Items] | ||||||
Common stock, shares issued | 3,602,242 | |||||
Subsequent Event | Florida Multifamily Portfolio | ||||||
Subsequent Event [Line Items] | ||||||
Purchase Price | $ | $ 100 | |||||
Number of units in portfolio | Unit | 1,150 | |||||
Subsequent Event | Phoenix Property | ||||||
Subsequent Event [Line Items] | ||||||
Purchase Price | $ | $ 46 | |||||
Subsequent Event | Savannah Property | ||||||
Subsequent Event [Line Items] | ||||||
Purchase Price | $ | $ 36 | |||||
Subsequent Event | Portfolio | ||||||
Subsequent Event [Line Items] | ||||||
Purchase Price | $ | $ 229 | |||||
Number of hotel rooms in acquired property | Room | 1,057 | |||||
Number of hotels acquired | Hotel | 8 | |||||
Subsequent Event | Renaissance Fort Lauderdale Cruise Port Hotel | ||||||
Subsequent Event [Line Items] | ||||||
Purchase Price | $ | $ 12.5 | |||||
Number of hotel rooms in acquired property | Room | 236 | |||||
Interest percentage in joint venture | 43.00% | |||||
Jacksonville, Florida | Subsequent Event | Florida Multifamily Portfolio | ||||||
Subsequent Event [Line Items] | ||||||
Number of Properties | Property | 2 | |||||
Naples, Florida | Subsequent Event | Florida Multifamily Portfolio | ||||||
Subsequent Event [Line Items] | ||||||
Number of Properties | Property | 2 | |||||
Mesa, Arizona | Subsequent Event | Phoenix Property | ||||||
Subsequent Event [Line Items] | ||||||
Number of units in portfolio | Unit | 256 | |||||
Savannah, Georgia | Subsequent Event | Savannah Property | ||||||
Subsequent Event [Line Items] | ||||||
Number of units in portfolio | Unit | 203 |