The $89,517,000 in equity proceeds is allocated to property acquisition ($82,270,000), total offering and front-end expenses ($6,712,000), and master tenant reserves ($275,000).
Total Fees & Expenses
$6,712,000
% of offering
6712000.00%
All-equity offering — load on equity equals load on offering price.
Where the offering proceeds go
Acquisition Cost$82.27M91.9%
Offering Expenses$6.71M7.5%
Reserves$275K0.3%
Unallocated / other uses$260K0.3%
Total fees & expenses
$6.71M
6712000.00% of offering
Offering expenses
$6.71M
7.50% of offering
Reserves held
$275K
0.31% of offering
Cost of Acquisition
| Item | Amount | % Equity | % Offering |
|---|---|---|---|
| Title & Recording Costs | $260,000 | 0.29% | 0.29% |
| Reserves (Master Tenant) | $275,000 | 0.31% | 0.31% |
| Total Acquisition Cost | $82,270,000 | 91.90% | 91.90% |
| Total Acq. Cost (Reserves) | $82,805,000 | 92.50% | 92.50% |
Offering Expenses
| Item | Amount | % Equity | % Offering |
|---|---|---|---|
| Dealer Fee | $1,342,000 | 1.50% | 1.50% |
| O&O Expenses | $895,000 | 1.00% | 1.00% |
| Total Offering Expenses | $6,712,000 | 7.50% | 7.50% |
| Total Fees / Expenses | $6,712,000 | 7.50% | 7.50% |
Strengths
- $82,270,000 directly deployed into income-producing real estate
- $275,000 reserved upfront for master tenant needs
Concerns
- $6,712,000 consumed by upfront transactional and dealer costs