•
|
the transaction price and offering price for each class of our common stock for subscriptions to be accepted as of July 1, 2019;
|
•
|
the calculation of our May 31, 2019 net asset value (“NAV”) per share, as determined in accordance with our valuation procedures, for each of our share classes; and
|
•
|
updated experts information.
|
•
|
JULY 1, 2019 TRANSACTION PRICE
|
Share Class
|
|
Transaction Price
(per share) |
|
Offering Price
(per share) |
||||
Class T
|
|
$
|
10.0477
|
|
|
$
|
10.5212
|
|
Class W
|
|
$
|
10.0477
|
|
|
$
|
10.0477
|
|
Class I
|
|
$
|
10.0477
|
|
|
$
|
10.0477
|
|
•
|
MAY 31, 2019 NAV PER SHARE
|
|
|
As of
|
||||||
(in thousands)
|
|
May 31, 2019
|
|
April 30, 2019
|
||||
Real estate properties
|
|
$
|
428,050
|
|
|
$
|
356,850
|
|
Cash and other assets, net of other liabilities
|
|
35,575
|
|
|
53,047
|
|
||
Debt obligations
|
|
(116,000
|
)
|
|
(90,000
|
)
|
||
Aggregate Fund NAV
|
|
$
|
347,625
|
|
|
$
|
319,897
|
|
Total Fund Interests outstanding
|
|
34,598
|
|
|
31,815
|
|
(in thousands, except per Fund Interest data)
|
|
Total
|
|
Class T
Shares |
|
Class W
Shares |
|
Class I
Shares |
|
OP Units
|
||||||||||
As of May 31, 2019
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Monthly NAV
|
|
$
|
347,625
|
|
|
$
|
327,476
|
|
|
$
|
12,942
|
|
|
$
|
6,485
|
|
|
$
|
722
|
|
Fund Interests outstanding
|
|
34,598
|
|
|
32,592
|
|
|
1,288
|
|
|
646
|
|
|
72
|
|
|||||
NAV Per Fund Interest
|
|
$
|
10.0477
|
|
|
$
|
10.0477
|
|
|
$
|
10.0477
|
|
|
$
|
10.0477
|
|
|
$
|
10.0477
|
|
As of April 30, 2019
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Monthly NAV
|
|
$
|
319,897
|
|
|
$
|
303,471
|
|
|
$
|
10,328
|
|
|
$
|
5,375
|
|
|
$
|
723
|
|
Fund Interests outstanding
|
|
31,815
|
|
|
30,181
|
|
|
1,027
|
|
|
535
|
|
|
72
|
|
|||||
NAV Per Fund Interest
|
|
$
|
10.0550
|
|
|
$
|
10.0550
|
|
|
$
|
10.0550
|
|
|
$
|
10.0550
|
|
|
$
|
10.0550
|
|
|
|
Weighted-Average
Basis
|
|
Exit capitalization rate
|
|
5.5
|
%
|
Discount rate / internal rate of return
|
|
6.6
|
%
|
Holding period of real properties (years)
|
|
10.5
|
|
Input
|
|
Hypothetical
Change |
|
Increase (Decrease)
to the NAV of Real Properties |
|
Exit capitalization rate (weighted-average)
|
|
0.25% decrease
|
|
3.2
|
%
|
|
|
0.25% increase
|
|
(2.9
|
)%
|
Discount rate (weighted-average)
|
|
0.25% decrease
|
|
2.1
|
%
|
|
|
0.25% increase
|
|
(2.0
|
)%
|
•
|
EXPERTS
|