![](/cdn/assets/images/search/clock.png)
We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
TSXV:SUD.U | TSX Venture | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0 | - |
/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/
TORONTO, Nov. 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 September 30, 2015 (the "Third 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 Third Quarter of 2015
Operating Results
For the Third Quarter, property revenues were $4.41 million compared to $2.85 million in the comparable period last year and NOI was $2.50 million compared to $1.53 million in the comparable period last year. NOI growth for the Third Quarter was $972 or 63.7% higher than the three months ended September 30, 2014, predominately due to the acquisition of Travesia Apartments on March 2, 2015. Portfolio occupancy remained at 95.7% during the Third Quarter while the average monthly rent improved to $1,064 from $1,045 as at June 30, 2015. Same property NOI grew by 11.0% for the three months ended September 30, 2015 compared to the same period in 2014 and reflects the active asset management initiatives implemented by the manager.
Financial Position
As of September 30, 2015, the Fund's gross book value was $179.2 million and indebtedness was $116.5 million or 65.0% of gross book value. Interest coverage ratio and indebtedness coverage ratio for the Third Quarter were each 2.74 times and improved from the most recent previous quarter. The weighted average interest rate on the Fund's mortgage portfolio was 2.56% and the weighted average term to maturity was 5.0 years as of September 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 September 2015 Newsletter which is available on the Fund's profile at www.starlightus.com.
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
1 Year Starlight U.S. Multi-Family Chart |
1 Month Starlight U.S. Multi-Family Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions