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After an initial 42-month lock-up period, either party can enter into an agreement for the sale of the Charter Oak portfolio, subject to a right of first offer of the other party to acquire the entire portfolio. 

During the operation of the joint venture, Blackstone will receive a preferred cash distribution of 10% on their invested capital. We will then receive a preferred cash distribution of 10% on our invested capital. 

Any remaining cash flows from ongoing operations will be distributed one-third to Blackstone and two- thirds to us. 

Upon exit or the sale of the properties, to the extent that cash is available, Blackstone will first receive a distribution equal to their invested capital and any unpaid preferred cash distribution, if any. We will then receive an unpaid preferred cash distribution, if any. Blackstone will then receive an additional 2% annu- al preferred cash distribution. We will then receive a distribution equal to our invested capital and an addi- tional 2% annual preferred cash distribution. Finally, any remaining proceeds will be distributed one-third to Blackstone and two-thirds to us. 

The following table summarizes the estimated fair values of the assets acquired and liabilities assumed at the date of acquisition (in thousands): 

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The following condensed pro forma (unaudited) information assumes the acquisition had occurred as of the beginning of each respective period and that the issuance of 2,300,000 common shares also occurred as of the beginning of each respective period (in thousands except per share data): 

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