/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED
STATES/
TORONTO,
Dec. 16, 2013 /CNW/ - Starlight U.S.
Multi-Family (No. 2) Core Fund (TSX.V: SUD.A, SUD.U) (the
"Fund") announced today its initial cash distribution on the
outstanding Class A Units, Class C Units, Class D Units, Class F
Units and Class U Units (collectively, the "Units") for the
period from December 1, 2013 to
December 31, 2013. The distribution
amounts will be as follows:
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i. |
C$0.03334 per Class A Unit; |
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ii. |
C$0.03958 per Class C Unit; |
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iii. |
C$0.03750 per Class D Unit; |
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iv. |
C$0.03869 per Class F Unit; and |
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v. |
US$0.03334 per Class U Unit. |
The distribution will be paid on January 15, 2014 to unitholders of record as at
December 31, 2013. The distribution
amounts in respect of the Class A Units, Class D Units, Class F
Units and Class U Units reflect the applicable Agents' Fee (as
defined in the Fund's amended and restated limited partnership
agreement dated November 5, 2013 (the
"Limited Partnership Agreement")) that such classes of Units
were subject to. The distributions in respect of the Class A Units,
Class C Units, Class D Units and Class F Units were determined in
U.S. dollars and converted into Canadian dollars at the spot rate
available. The distribution amounts are based on the proceeds of
the Fund's initial public offering deployed to date. Starlight
Investments Ltd., the manager of the Fund, continues to identify
and consider, on behalf of the Fund, additional properties meeting
the Fund's criteria for acquisition in order to deploy the
remaining unallocated proceeds from the Fund's initial public
offering.
The Fund also announced the exchange ratios for
the conversion of the Class C Units, Class D Units and Class F
Units, which are each convertible into Class A Units in accordance
with and subject to compliance with the terms and conditions of the
Limited Partnership Agreement. For each Class C Unit, Class D Unit
and Class F Unit so converted, a holder will receive that number of
Class A Units equal to the following exchange ratio:
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Class C Units: 1.05541 |
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Class D Units: 1.00000 |
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Class F Units: 1.03166 |
No fractions of Class A Units will be issued upon conversion,
and any fractional amounts will be rounded down to the nearest
whole number of Class A Units.
The Fund also announced that as at December 16, 2013, occupancy for the Fund's
properties was 93.6%, or 0.8% higher than the pro forma
occupancy for the period ending December 31,
2013 as set out in the Fund's final prospectus dated
October 30, 2013. The Fund's
manager has implemented yield management software at each of the
Fund's properties and is utilizing the software to adjust asking
rents and renewal rents in real time based on supply and demand for
different unit types. No concessions are currently being offered on
new or renewal leases at any of the Fund's properties.
Property management for the Falls at Eagle Creek is provided by
Greystar Real Estate Partners, the largest third party multi-family
property manager in the United
States. Property Management for Palm Valley is provided by
Alliance Residential Company, the tenth largest third party
multi-family property manager in the
United States.
Further details regarding market conditions
where the Fund's properties are located and the Fund's property
performance are available in the Fund's December 2013 Newsletter which is available on
the Fund's profile at www.sedar.com.
About Starlight U.S. Multi-Family (No. 2) Core 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 diversified income
producing rental properties in the U.S. multi-family real estate
market.
Forward-Looking Information
This news release contains statements that may
constitute forward-looking information within the meaning of
Canadian securities laws and which reflect the Fund's current
expectations regarding future events, including statements
concerning: the payment of distributions; national and local real
estate market conditions and economic variables; rental rates; and
occupancy rates. Particularly, statements regarding future results,
performance, achievements, prospects or opportunities for the Fund
or the real estate industry are forward-looking statements. In some
cases, forward-looking information 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.
The forward-looking information in this news
release involves risks and uncertainties, including those set forth
in the Fund's materials filed with the Canadian securities
regulatory authorities from time to time at www.sedar.com. Actual
results could differ materially from those projected herein. Those
risks and uncertainties include, among other things, risks related
to: reliance on the Fund's manager; the experience of the Fund's
officers and directors; substitutes for residential real estate
rental suites; reliance on property management; competition for
real property investments and tenants; U.S. market factors; and
currency exchange rates.
Information contained in forward-looking
information is based upon certain material assumptions that were
applied in drawing a conclusion or making a forecast or projection,
including management's perceptions of historical trends, current
conditions and expected future developments, as well as other
considerations that are believed to be appropriate in the
circumstances, including the following: the inventory of
multi-family real estate properties; the population of multi-family
real estate market participants; assumptions about the markets in
which the Fund operates; the ability of the manager of the Fund to
manage and operate the properties; the global and North American
economic environment; foreign currency exchange rates; and
governmental regulations or tax laws. Readers are cautioned against
placing undue reliance on forward-looking statements. Except as
required by applicable Canadian securities laws, neither the Fund
nor its manager undertakes any 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.2) Core Fund