Sources consist solely of $70,771,625 in equity proceeds. Uses fund the $60,800,000 purchase price, acquisition reserves, and $30,813,544 in total offering expenses.
Total Fees & Expenses
$30,813,544
% of offering
43.54%
All-equity offering — load on equity equals load on offering price.
Where the offering proceeds go
Acquisition Cost$61.70M87.2%
Offering Expenses$30.81M43.5%
Total fees & expenses
$30.81M
43.54% of offering
Offering expenses
$30.81M
43.54% of offering
Reserves held
—
— of offering
Cost of Acquisition
| Item | Amount | % Equity | % Offering |
|---|---|---|---|
| Finance Expenses | $1,031 | 0.00% | 0.00% |
| Total Acquisition Cost | $61,699,022 | 87.18% | 87.18% |
| Total Acq. Cost (Reserves) | $61,699,022 | 87.18% | 87.18% |
Offering Expenses
| Item | Amount | % Equity | % Offering |
|---|---|---|---|
| Dealer Fee | $20,602,794 | 29.11% | 29.11% |
| O&O Expenses | $10,210,750 | 14.43% | 14.43% |
| Total Offering Expenses | $30,813,544 | 43.54% | 43.54% |
Strengths
- Transparent allocation of the $70,771,625 gross equity raise
- Minimal finance expenses of $1,031
Concerns
- Total offering expenses of $30,813,544 reduce capital efficiency
- High dealer fee component of $20,602,794