/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED
STATES/
TORONTO, Sept. 15, 2017 /CNW/ - Starlight U.S.
Multi-Family (No. 5) Core Fund (TSX.V: STUS.A, STUS.U) (the
"Fund") today announced its September
2017 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 October 16, 2017 to
holders of Units of record at September 29,
2017. The distribution amounts will be as follows:
i.
|
C$0.05417 per Class A
Unit, representing approximately C$0.65 per Unit on an annualized
basis;
|
|
|
ii.
|
C$0.05417 per Class C
Unit, representing approximately C$0.65 per Unit on an annualized
basis;
|
|
|
iii.
|
C$0.05417 per Class D
Unit, representing approximately C$0.65 per Unit on an annualized
basis;
|
|
|
iv.
|
US$0.05417 per Class
E Unit, representing approximately US$0.65 per Unit on an
annualized basis;
|
|
|
v.
|
C$0.05417 per Class F
Unit, representing approximately C$0.65 per Unit on an annualized
basis;
|
|
|
vi.
|
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
|
|
|
vii.
|
US$0.05417 per Class
U Unit, representing approximately US$0.65 per Unit on an
annualized basis.
|
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 October 1, 2017 to December 31, 2017 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: 0.99950
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: 0.99950
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