iCap Vault 1, LLC: M&A transaction — iCap Vault 1 provides historical and pro forma financials for $6M property acquisition from affiliates

iCap Vault 1, LLC

Acquired office/warehouse property in Vancouver, WA for $6,004,052 on July 26, 2022; seller was borrower under prior $2M loan.
Property generated rental income of $179,712 (H1 2022 unaudited) and $359,424 (FY2021); operating expenses were $20,300 and $40,600.
Pro forma net loss for H1 2022 increased from $650,401 to $664,507; for FY2021 from $1,263,347 to $1,381,620, reflecting financing costs.
Property is leased through April 2028 with initial rent of $28,500/month and 2% annual increases; two 5-year renewal options.
Acquisition was funded by Private and Public Placement Notes; related-party nature noted in filing.

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.95

iCap Vault 1, LLC completed an acquisition involving Patrick T. Files, Jr. and Jennifer S. Files for $6.0 million (closed 2022-07-26).

Action: acquisition
Counterparty: Patrick T. Files, Jr. and Jennifer S. Files
Consideration: $6.0 million
Closing: 2022-07-26

Exact text from the filing

purchase price for the Property payable to Seller by Purchaser (including the “Earnest Money Deposit” of $1.0 million payable on or around 10 days after the Effective Date) is $6.0 million (“Purchase Price”), which shall be paid in cash at closing and all of which shall be allocated to the Property, subject to prorations and adjustments as provided in the Purchase

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

iCap Vault 1, LLC entered into Purchase and Sale Agreement with Patrick T. Files, Jr. and Jennifer S. Files valued at $6.0 million (effective 2022-06-21).

Action: entry
Agreement: asset purchase
Counterparty: Patrick T. Files, Jr. and Jennifer S. Files
Value: $6.0 million
Effective: 2022-06-21

Exact text from the filing

On June 21, 2022 ("Effective Date"), VH 2 nd Street Office, LLC (the "Purchaser"), an indirect wholly owned subsidiary of the Company and direct wholly owned subsidiary of Holding, entered into a Purchase and Sale Agreement (the "Purchase Agreement"), dated June 21, 2022, by and between Patrick T. Files, Jr. and Jennifer S. Files (together, the "Seller"), to purchase the Property.

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Source: SEC EDGAR

accession 0001493152-22-033299

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