Subject: DIV
Starlight U.S. Multi-Family (No. 5) Core Fund Announces June 2018 Distributions and Updates Conversion Rates
/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES./
TORONTO, June 15, 2018 /CNW/ - Starlight U.S. Multi-Family (No. 5) Core Fund (TSX.V: STUS.A, STUS.U) (the "Fund") today announced its June 2018 cash distribution amounts on its outstanding Class A Units, Class C Units, Class D Units, Class E Units, Class F Units, Class H Units and Class U Units (collectively, the "Units"), payable on July 16, 2018 to holders of Units of record at June 29, 2018. The distribution amounts will be as follows:
- C$0.05417 per Class A Unit, representing approximately C$0.65 per Unit on an annualized basis;
- C$0.05417 per Class C Unit, representing approximately C$0.65 per Unit on an annualized basis;
- C$0.05417 per Class D Unit, representing approximately C$0.65 per Unit on an annualized basis;
- US$0.05417 per Class E Unit, representing approximately US$0.65 per Unit on an annualized basis;
- C$0.05417 per Class F Unit, representing approximately C$0.65 per Unit on an annualized basis;
- C$0.02917 per Class H Unit, representing approximately C$0.65 per Unit on an annualized basis less a portion of the cost of the derivative instrument purchased by the Fund to provide the holders of Class H Units with some protection against any weakening of the U.S. dollar as compared to the Canadian dollar on termination and liquidation of the Fund (the "Class H Unit Liquidation Hedge"); and
- US$0.05417 per Class U Unit, representing approximately US$0.65 per Unit on an annualized basis.
A wholly-owned subsidiary of Starlight Group Property Holdings Inc., the manager of the Fund, may at its sole discretion, discontinue the Class H Unit Liquidation Hedge in the event that derivative instruments are not available on an economical basis or the manager determines that the continuation of the Class H Unit Liquidation is no longer in the best interests of holders of Class H Units.
Conversion Ratio Update
The Fund has confirmed the Unit conversion ratios for the period from July 1, 2018 to September 30, 2018 for all convertible units in accordance with, and subject to compliance with, the terms and conditions of the Fund's amended and restated limited partnership agreement dated as of October 12, 2016. For each Unit so converted, a holder will receive that number of Units set out below:
Canadian Dollar Dominated Units
|
Class A Units to Class D Units: |
0.99910 |
|
Class C Units to Class A Units: |
1.05541 |
|
Class D Units to Class A Units: |
1.00000 |
|
Class F Units to Class A Units: |
1.03166 |
|
Class H Units to Class A Units: |
1.00000 |
U.S. Dollar Dominated Units
|
Class E Units to Class U Units: |
1.00000 |
|
Class U Units to Class E Units: |
0.99910 |
In all cases, no fractional Units will be issued upon conversion, and any fractional amounts will be rounded down to the nearest whole Unit. The conversion ratios may be amended at the discretion of the Fund from time to time.
About Starlight U.S. Multi-Family (No. 5) 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.
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. 5) Core Fund
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