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TSXV:SUD.U | TSX Venture | Common Stock |
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/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/
TORONTO, Aug. 18, 2015 /CNW/ - Starlight U.S. Multi-Family (No. 2) Core Fund (TSX.V: SUD.A, SUD.U) (the "Fund") today announced its results of operations and financial condition for the three months ended June 30, 2015 (the "Second Quarter"). All amounts in this news release are in thousands of United States currency unless otherwise stated and include the Fund's equity investment in the Falls at Eagle Creek unless otherwise stated.
HIGHLIGHTS FOR THE SECOND QUARTER OF 2015
Operating Results
For the Second Quarter, property revenues were $4.29 million compared to $2.78 million in the comparable period last year and NOI was $2.40 million compared to $1.50 million in the comparable period last year. NOI growth for the Second Quarter was $900 or 59.8% higher than the three months ended June 30, 2014, predominately due to the acquisition of Travesia Apartments on March 2, 2015. Portfolio occupancy was 95.7% during the Second Quarter compared to 94.3% during the three months ended June 30, 2014 and at the high end of the Fund's targeted occupancy range. Same property NOI was 9.3% and 12.2% higher for the three and six months ended June 30, 2015 compared to the same 2014 periods and reflects the active asset management initiatives implemented. Average in place rental rates per suite per month for same properties increased from $1,026 to $1,045, a $19 increase or 1.9% over the last 3 months.
Financial Position
As of June 30, 2015, the Fund's gross book value was $172.9 million and indebtedness was $118.9 million or 68.8% of gross book value. Interest coverage ratio and indebtedness coverage ratio for the six months ended June 30, 2015 were 2.67 times, lower when compared to the prior year's overall interest coverage ratio of 2.93 times. Both ratios are lower due to the acquisition of Travesia Apartments increasing the Fund's leverage, but remain strong. The weighted average interest rate on the Fund's mortgage portfolio was 2.71% and the weighted average term to maturity was 5.4 years as of June 30, 2015.
About Starlight U.S. Multi-Family (No. 2) 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.
For complete consolidated financial statements and management's discussion and analysis for the period, and any other information relating to the Fund, please visit www.sedar.com. Further details regarding the Fund's unit performance and distributions, market conditions where the Fund's properties are located, performance by the Fund's properties and a capital investment update are also available in the Fund's June 2015 Newsletter which is available at http://www.starlightinvest.com/starlight-u-s-multi-family-no-2-core-fund.
Non-IFRS Financial Measures
Certain terms used in this news release including NOI, AFFO, gross book value, indebtedness, indebtedness to gross book value and interest coverage ratio are not measures defined under International Financial Reporting Standards ("IFRS") as prescribed by the International Accounting Standard Board. Details on non-IFRS financial measures are set out in the Fund's management's discussion and analysis for the period available on the Fund's profile at www.sedar.com.
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. 2) Core Fund
Copyright 2015 Canada NewsWire
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