/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES FOR
DISSEMINATION IN THE UNITED
STATES/
TORONTO, Dec. 15, 2017 /CNW/ - Starlight U.S.
Multi-Family (No. 1) Value-Add Fund (TSX.V: SUVA.A, SUVA.U) (the
"Fund") today announced its December
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 January 15, 2018 to
holders of Units of record at December 29,
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