Nope, not September. They will invest all of the proceeds unleveraged and then put cheap debt on the properties to recapture the cash and then buy more properties. Another secondary is possible in late late 2014.
Management is paid 75 basis points. The expenses went up and management claimed during the cc that much of that was related to being a newish public company.......I'm not sure as I didn't dissect the increase in the expenses.