Starlight U.S. Multi-Family Core Fund announces December distribution and provides update on occupancy and rental rates
/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 Core Fund (TSX.V: UMF.A, UMF.U) (the "Fund") announced today the cash distribution on the outstanding Class A Units, Class C Units, Class F Units, Class I 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:
|i.||C$0.05663 per Class A Unit;|
|ii.||C$0.06411 per Class C Unit;|
|iii.||C$0.06267 per Class F Unit;|
|iv.||C$0.06075 per Class I Unit; and|
|v.||US$0.05636 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 F Units, Class I Units and Class U Units reflect the applicable Agents' Fee (as defined in the Fund's second amended and restated limited partnership agreement dated May 22, 2013) that such classes of Units were subject to. The distributions in respect of the Class A Units, Class C Units, Class F Units and Class I Units were determined in U.S. dollars and converted into Canadian dollars at the spot rate available.
The Fund also announced that the weighted average occupancy of the Fund's properties during the Fund's period of ownership ending November 30, 2013 was 95%. The strong market conditions in Dallas and Houston have contributed to the solid performance of the properties.
Given the strong occupancies at the properties, the Fund has aggressively increased rental rates on both new and renewal leases and curtailed concessions. 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.
Property management for the Falls at Copper Lake and 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 the Bridgemoor at Denton, Villages of Towne Lake and Greenhaven Apartments is provided by the Pinnacle Family of Companies, the fourth 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 at http://starlightinvest.com/starlight-u-s-multi-family-core-fund.
About Starlight U.S. Multi-Family 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.
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 Core FundFor further information:
President, Starlight U.S. Multi-Family Core Fund