CAPITALIZATION The following table sets forth our cash and cash equivalents and our capitalization as of June 30, 2015 on: • an actual basis; and • our unaudited pro forma capitalization, as adjusted to give effect to (i) the completion of this offering by us of shares of common stock at an assumed initial public offering price of $9.50 per share (the mid-point of the price range on the front cover of this prospectus), (ii) our receipt of the estimated net proceeds from that sale after deducting the estimated underwriting discounts and estimated offering expenses payable by us, (iii) the redemption of our outstanding Series A Preferred Stock, (iv) the Internalization and (v) repayment of our revolving credit facilities. This table should be read in conjunction with "Use of Proceeds," "Selected I listorical and Pro Forma Financial Data," "Management's Discussion and Analysis of Financial Condition and Results of Operations," and our consolidated financial statements and the unaudited pro forma consolidated financial statements and related notes thereto included elsewhere in this prospectus. As at June 30, 2013 Actual Pm Forma Cash and cash equivalents $ 1,822,336 $ 77,592,793 Debt: Revolving credit faciliticso( $ 24,150,0(X) $ Equity: Common stock, $0.01 par value, 300,000,000 shares authorized, and 10,890,847 shares issued and outstanding, actual; 300.000,000 shares authorized, and 22,890,846 shares issued and outstanding, on a pro 108,908 228,908 forma basis Series A Preferred stock $0.01 par value, 35 shares authorized, and 29 shares issued and outstanding. actual; 35 shares authorized and 0 shares issued and outstanding, on a pro forma basis Additional paid-in capital 110,690,875 212.678,408 Accumulated deficit (7,554,104) (19,284,080) Company stockholders' equity 103,245,679 193,623,236 Non-controlling interest in our operating partnership 20.674,463 28,004,321 Ibtal equity 123,920,142 221,627,557 Total Ca