While you should view your investment as long-term, we have adopted a stockholder redemption plan which may provide an opportunity for our stockholders to have their shares of our common stock redeemed by us, subject to certain restrictions and limitations. Shares may not be redeemed under our stockholder redemption plan until the first anniversary of the date such shares were purchased. Please view the Stockholder Redemption Plan in the Offering Circular for more details as well as below:
The purchase price for shares redeemed under our stockholder redemption plan will be as follows:
Less than 1 year – No redemption allowed
1 year until 2 years – 90.0% of NAV
2 years until 3 years – 92.5% of NAV
3 years until 4 years – 95.0% of NAV
4 years until 5 years – 97.5% of NAV
5 years or more – 100% of NAV
In the event of a stockholder’s death or complete disability – 100% of NAV
- For purposes of the stockholder redemption plan, the per share redemption price will be calculated as a percentage of the NAV per share in effect at the time of the redemption. The redemption price per share for shares redeemed pursuant to the stockholder redemption plan will be further reduced by the aggregate amount of net proceeds per share, if any, distributed to our stockholders following the date that the NAV per share in effect at the time of the redemption was established but prior to the redemption date as a result of the sale of one or more of our assets that constitutes a return of capital distribution as a result of such sales. In addition, the redemption price will be reduced by the aggregate sum of dividends, if any, declared on the shares subject to the redemption request with record dates during the period between the quarterend redemption request date and the redemption date. For more details on how our Manager will determine the net asset value, see “Plan of Operation—Valuation Policies” and “Plan of Operation—Quarterly NAV Share Price Adjustments.”
- A stockholder requesting redemption will be responsible for paying or reimbursing us for any third-party costs incurred by us as a result of the redemption request, including but not limited to, bank transaction charges, custody fees, taxes, assessments and/or transfer agent charges.
For more information about our stockholder redemption plan, see Stockholder Redemption Plan section of the Offering Circular.