TORONTO, March , 2014 – 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 December 31, 2013 (the “Fourth Quarter”) and period from September 23, 2013 (date of formation) to December 31, 2013. The results and financial condition reflect operations for the Fund’s initial portfolio comprised of Palm Valley and a 65% equity interest in the Falls at Eagle Creek, the two properties that were acquired on November 18, 2013.
The forecast figures below represent the financial forecast (“Forecast”) set out in the final long form prospectus of the Fund dated October 30, 2013. All dollar amounts set out in this news release are in thousands of United States currency other than average monthly rent.
HIGHLIGHTS FROM 2013
- Net Operating Income (“NOI”) was 12.4% higher than the Forecast for the Fourth Quarter and for the period from September 23, 2013 to December 31, 2013. Overall, the Fund’s NOI margin for the Fourth Quarter and period from September 23, 2013 to December 31, 2013 was 58.8%, representing a 4.2% increase compared to the Forecast.
- Occupancy for the Fourth Quarter was 93.9% or 1.1% above the Forecast including the Fund’s equity investment.
- Adjusted Funds from Operations (“AFFO”) for the Fourth Quarter and for the period from September 23, 2013 to December 31, 2013 including the Fund’s equity investment was $170 with an AFFO payout ratio of 68.31% for the first 44 days of operations.
- Capital expenditures were nominal for the Fourth Quarter and highlight the fact that the Fund acquired recently constructed assets with minimal capital expenditure requirements.
- The Fund’s weighted average interest rate is 3.01% and weighted average term to maturity is 2.84 years
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