TORONTO, May 16, 2024
/CNW/ - Starlight Western Starlight Western Canada Multi-Family
Limited Partnership (the "Partnership") is pleased to announce a
14.9% increase to its monthly distribution The amounts payable on
June 15, 2024 will be $0.33333 per class A limited partnership unit and
$0.33333 per class B limited
partnership unit and represent an increase in the annual
distribution yield from 3.5% to 4.0%. The increase reflects the
Partnership's strong operating performance including significant
net operating income ("NOI") growth and is consistent with its
objective of providing its limited partners with sustainable and
growing distributions.
Specifically, NOI increased by 8.9% for the three months ended
March 31, 2024, as compared to the
same period last year reflecting the Partnership's continued focus
on increasing occupancy and rents while emphasizing cost
containment through an active management strategy with the goal of
maximizing the total return to investors.
The distribution increase approved by the Partnership's general
partner, Starlight Western Canada Multi-Family, GP Inc., is
effective as of May 31, 2024, and
payable on June 15, 2024.
ABOUT STARLIGHT WESTERN
CANADA MULTI-FAMILY LIMITED PARTNERSHIP
The Partnership is a limited partnership formed under the
Limited Partnerships Act (Ontario) to acquire, own, operate and
stabilize a portfolio of 469 newly-constructed income-producing,
multi-family real estate assets which are geographically
diversified across Kelowna and
Vancouver Island.
SOURCE Starlight Western Canada Multi-Family Limited
Partnership