TORONTO, April 22, 2015 /CNW/ - Timbercreek U.S. Multi-Residential Opportunity Fund #1 (the "Fund") announced today further details of a special distribution to unitholders resulting from the previously announced disposition of the Lynden Square property located in Charlotte, North Carolina.
The special distribution equates to $2.06 per class A unit of the Fund ("Class A Units"), $2.06 per class B unit of the Fund ("Class B Units") and $2.06 per Class C unit of the Fund ("Class C Units) to be paid on April 30, 2015 to holder of Class A Units, Class B Units and Class C Units of record on April 14, 2015. It is estimated that approximately $1.75 per unit is the return of capital to unitholders.
The special distribution is net of estimated U.S taxes payable and other post-closing holdbacks of approximately 25% in aggregate. U.S. taxes paid will be allocated to unitholder's as a foreign tax credit which may be available to reduce their total Canadian taxes payable. This foreign tax credit will be provided to investors on their 2015 tax slip prior to March 31, 2016. A unitholder's final tax liability will be dependent on each unitholder's personal tax situation. Investors should seek their own advice on the tax consequences that apply to them in their circumstances.
Semi-Annual Conference Call
The Manager would also like to remind unitholders of the national conference call that will be hosted on Tuesday, April 28, 2015 at 11:00 a.m. EST, to provide an update on the Fund's current operations. An investor presentation to accompany management's comments during the conference call will be available an hour before the call. Please visit www.timbercreek.com, Investments => Timbercreek U.S. Multi-Residential Opportunity Fund #1 => Webcasts & Presentations.
Toll-Free Dial-In Number: (855) 223-7310
International Dial-In #: (647) 788-4930
Conference ID#: 63487671
A replay of this call will be available on www.timbercreek.com, under the above mentioned breadcrumbs.
About the Fund
The Fund provides investors with the opportunity to participate in the investment in an asset class that has historically generated strong and stable long-term cash flows. The targeted 15% IRR is inclusive of a 4-5% pre-tax yield paid quarterly. The Fund focuses on an active, value-add investment strategy to acquire and improve multi-residential real estate assets with a minimum of 200 residential suites located in urban growth markets in the southeast United States. The Fund's properties are managed by Landmark Apartment Trust, an experienced property manager with a successful, long-term track record in the Fund's targeted geographic regions.
For more information on the Fund and Timbercreek Asset Management Inc., please visit our website at www.timbercreek.com.
SOURCE Timbercreek U.S. Multi-Residential Opportunity Fund #1
For further information: Timbercreek Asset Management: Carrie Morris, Investor Relations, [email protected]