Investor distributions are projected to begin at 4.4% in Year 1, averaging 4.81% over the full hold period, underpinned by self-storage operations across 164,300 units/square feet.
Ongoing fee rates
Disposition Fee2.0%
Refinancing Fee1.0%the principal amount of the new loan
Asset Mgmt Fee (annual)
No
cost
Property Mgmt Fee
$3,000
Disposition Fee
2.0%
Refinancing Fee
1.0%
of the principal amount of the new loan
Strengths
- Projected income distributions increase from 4.4% in Year 1 to 4.81% full-term average
Concerns
- Year 1 distribution of 4.4% reflects an initial spread below the 6.11% acquisition cap rate