UCASU
filed 10Q Showing 20% Net Equity Increase over 12 Months
Atlanta, GA -- September 13, 2021 --
InvestorsHub NewsWire -- UC Asset LP (OTCQX:
UCASU) filed its quarterly 10Q, reporting a 20% increase of net
equity, from $7.25 million to $8.67 million, over the 12-month
period from June 30, 3020 to June 30, 2021.
"After taking hits in first half of the year 2020, due to the Covid-19
pandemic, our management team responded and made correct
adjustments to our investment strategy," says Greg Bankston,
managing general partner of UC Asset. "We held back new investments from properties that
require heavy renovations to dodge the negative impact of
fast-rising construction costs. We rode the wave of a bullish
residential market and exited properties on the peak of
market in this 12- month period.
And the result is very encouraging."
For an investment entity like UC
Asset, book value per share (BVPS) may be the best indicator of its
performance. Since the number of outstanding shares did not change
for UC Asset during the 12- month period, the 20% net equity gain
translated to a same percentage of increase on BVPS, from $1.29 per
share as of June 30, 2020, to $1.54 per share as of June 30,
2021.
This quaterly10-Q also reports more
than 13 times an increase in cash, from $200,000 to $2.72 million,
over the same 12-month period by June 30, 2021. The
strong position in cash empowered the company to make bold and
innovative moves on a dynamic real estate market, which is still
under the impact of COVID pandemic. In July,
UC Asset acquired an infamous historical landmark, Rufus Rose
House, located in downtown Atlanta.
On Friday, September
10, Kasim Reed, former mayor of Atlanta and currently a
2021 mayoral candidate, along with various community leaders
attended a ribbon cutting for the company to kick off the
restoration project of Rufus Rose House. Reed praised the vision of
UC Asset seeing the importance of restoring Atlanta's rich
history.
"We remain optimistic that our new
and innovative investments such as Rufus Rose House will produce a
great return for our investors in the coming months," says
Bankston. "For one thing, we are partnering with a third-party who
will issue NFTs (non-fungible tokens) to represent the art value of
Rufus Rose House.
And we expect to receive a considerable
amount of fees from licensing the art value of Rufus Rose House to
this third party. Licensing the art value will have virtually zero
impact on the commercial use of property, so we view this as an
efficient way to monetize the art value of a historical building
without compromising its commercial value. We believe that this is
a great business model that may double our investment
income."
About UC Asset LP
UC Asset LP is a limited partnership
formed for the purpose of investing in real estate with innovative
strategies, concentrating in metropolitan areas of Atlanta,
GA. For more
information about UC Asset, please visit: www.ucasset.com
Disclaimer:
This News Release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
These forward-looking statements involve known and unknown risks,
uncertainties and other important factors that could cause our
actual results, performance or achievements, or industry results,
to differ materially from any these statements. You are cautioned
not to place undue reliance on any those forward-looking
statements. Except as otherwise required by the federal securities
laws, we undertake no obligation to publicly update or revise any
forward-looking statements after the date of this news release.
None of such forward-looking statements should be regarded as a
representation by us or any other person that the objectives and
plans set forth in this News Release will be achieved or be
executed.
For More Information Contact:
Christal Jordan | Executive Director, UC Asset LP
cjordan@ucasset.com |
678-499-0297