The master lease structure projects a Year 1 income distribution of 5.00% ($2,164 master tenant income stated) with a full-term average of 5.75% based on a 5% acquisition cap rate.
Ongoing fee rates
Asset Mgmt Fee (annual)0.50%the total offering proceeds
Asset Mgmt Fee (annual)
0.50%
of the total offering proceeds
Master Tenant Income
$2,164
Property Mgmt Fee
Seven
of percent (7%) of gross collected revenues
Disposition Fee
Two
of percent (2.00%) of the gross sale price
Trust Administration
The
Delaware Trustee shall receive as compensation for its services an initial fee, annual fees and document execution fees as agreed to by the Sponsor and the Delaware Trustee in one or more separate agreement(s).
Strengths
- Acquisition cap rate of 5.00%
- 5.75% projected average distribution over full term
Concerns
- Master lease relies on steady occupancy across 51 individual homesites