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TORONTO, Nov. 15 , 2017 /CNW/ – Starlight U.S. Multi-Family (No. 1) Value-Add Fund (TSX.V: SUVA.A, SUVA.U) (the “Fund“) today announced its November 2017 cash distribution amounts on its outstanding Class A Units, Class C Units, Class D Units, Class E Units, Class F Units, Class H Units and Class U Units (collectively, the “Units“), payable on December 15, 2017 to holders of Units of record at November 30, 2017. The distribution amounts will be as follows:
- C$0.05000 per Class A Unit, representing approximately C$0.60 per Unit on an annualized basis;
- C$0.05000 per Class C Unit, representing approximately C$0.60 per Unit on an annualized basis;
- C$0.05000 per Class D Unit, representing approximately C$0.60 per Unit on an annualized basis;
- US$0.05000 per Class E Unit, representing approximately US$0.60 per Unit on an annualized basis;
- C$0.05000 per Class F Unit, representing approximately C$0.60 per Unit on an annualized basis;
- C$0.01667 per Class H Unit, representing approximately C$0.60 per Unit on an annualized basis less a portion of the cost of the derivative instrument purchased by the Fund to provide the holders of Class H Units with some protection against any weakening of the U.S. dollar as compared to the Canadian dollar on termination and liquidation of the Fund (the “Class H Unit Liquidation Hedge“); and
- US$0.05000 per Class U Unit, representing approximately US$0.60 per Unit on an annualized basis.
Starlight Group Property Holdings Inc. (“Starlight“), the manager of the Fund, may at its sole discretion discontinue the Class H Unit Liquidation Hedge in the event that derivative instruments are not available on an economical basis or the manager determines that the continuation of the Class H Unit Liquidation is no longer in the best interests of holders of Class H Units.
The distribution amounts are based on the full deployment of the proceeds of the Fund’s initial public offering completed on June 16, 2017 (the “Offering“) notwithstanding that a portion of the proceeds have not been deployed to date. On October 27, 2017, the Fund announced it had agreed to acquire Landmark at Coventry Pointe located in Atlanta, Georgia. The Fund expects to close this acquisition on or about January 9, 2018, at which time the proceeds from the Offering will be fully deployed.
About Starlight U.S. Multi-Family (No. 1) Value-Add Fund
The Fund is a limited partnership formed under the Limited Partnerships Act (Ontario) for the primary purpose of indirectly acquiring, owning and operating a portfolio of value-add, income producing rental properties in the United States multi-family real estate market.
Forward Looking Information
This news release contains statements that include forward-looking information within the meaning of Canadian securities laws. These forward-looking statements reflect the current expectations of the Fund and Starlight regarding future events, including statements concerning the use of the remaining proceeds of the Offering to acquire Landmark at Coventry Pointe and the timing of the acquisition. In some cases, forward-looking statements can be identified by terms such as “may”, “might”, “will”, “could”, “should”, “would”, “occur”, “expect”, “plan”, “anticipate”, “believe”, “intend”, “seek”, “aim”, “estimate”, “target”, “project”, “predict”, “forecast”, “potential”, “continue”, “likely”, “schedule”, or the negative thereof or other similar expressions concerning matters that are not historical facts.
Material factors and assumptions used by management of the Fund to develop the forward-looking information, include, but are not limited to, the Fund’s current expectations about: the availability of properties for acquisition and the price at which such properties may be acquired; the availability of mortgage financing; the capital structure of the Fund, the global and North American economic environment; foreign currency exchange rates; and governmental regulations or tax laws. While management considers these assumptions to be reasonable based on currently available information, they may prove to be incorrect.
Although management believes the expectations reflected in such forward-looking statements are reasonable and represent the Fund’s internal projections, expectations and beliefs at this time, such statements involve known and unknown risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct and that objectives, strategic goals and priorities may not be achieved. A variety of factors, many of which are beyond the Fund’s control, could cause actual results in future periods to differ materially from current expectations of estimated or anticipated events or results expressed or implied by such forward-looking statements. Such factors include the risks identified in the prospectus, including under the heading “Risk Factors”, therein, as well as, among other things, risks related to the acquisition of Landmark at Coventry Pointe, the availability of mortgage financing for such property, and general economic and market factors, including interest rates, prospective purchasers of real estate, business competition, use of derivatives, changes in government regulations or income tax laws. Readers are cautioned against placing undue reliance on forward-looking statements. Except as required by applicable Canadian securities laws, the Fund undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Starlight U.S. Multi-Family (No. 1) Value-Add Fund
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