17 feb usr announcement
TRANSCRIPT
US Residential Fund Suite 204, 198 Harbour Esplanade, Docklands Victoria, 3008, Australia Phone +61 3 9602 4001 Email: [email protected] www.usresi.com.au
ASX Announcement 17 February 2016
USR achieves 12-month targeted distribution
Highlights:
• Distribution of 3.0 cents per stapled security confirmed for half year ending 31 December 2015 in line with prospectus forecast.
• Future distributions to be paid quarterly commencing after the March quarter 2016. • USR enters non-binding agreements to acquire management rights, assets and
syndication IP from Nimble Asset Management. Distribution for the half year ending 31 December 2015
United States-focused property investor US Residential Fund (ASX:USR, “the Fund”) is pleased to announce the distribution for the half year ending 31 December 2015 is 3.0 cents per stapled security.
The distribution represents an annualised yield of 8.89% at the security price at close of trade on 15 February 2016 and is in line with forecasts included in the Fund’s prospectus issued February 2015.
The Distribution Reinvestment Plan (DRP) will operate in respect of this distribution.
To participate in the DRP you will need to complete a Dividend Reinvestment Plan Application Form
The Application Form for the DRP is available on the Fund’s website www.usresi.com/dividend-reinvestment-plan . Stapled Security Holders wishing to participate in the DRP need to complete the DRP Application Form and return it to the Funds registry by 11 March 2016.
Distribution Timetable
2015 results announcement 25 February 2016* Ex-distribution date
1 March 2016 Record date 3 March 2015 Payment date 25 March 2016* Distribution per USR stapled security 3.0 cents
*Proposed
US Residential Fund Suite 204, 198 Harbour Esplanade, Docklands Victoria, 3008, Australia Phone +61 3 9602 4001 Email: [email protected] www.usresi.com.au
Managing Director, Andrew Meakin said: “After our one-year anniversary of being listed on the ASX, we are pleased to deliver a distribution in line with our prospectus target that reflects a strengthening US residential property market and improved operational efficiencies.”
Future distributions to be paid quarterly commencing after the March 2016 quarter
Future distributions will be paid on a quarterly basis following the end of the March, June, September and December quarters.
Funds Management Opportunity
Further to the ASX announcement dated 9 December 2015, USR has entered into two non-binding Letters of Intent for the possible acquisition of:
- Management rights, assets and intellectual property of Nimble Asset Management (Aust) Pty Ltd; and
- Syndication assets and capabilities from Nimble Asset Management Limited and Nimble Asset Management (Aust) Pty Ltd.
The terms and conditions of any transaction are subject to final agreement.
Both transactions are subject to due diligence and stapled security holder approval. If the transactions contemplated by the Letters of Intent proceeds, a general meeting is expected to be held in April 2016 with a view to obtaining stapled security holder approval. Independent expert reports for both transactions are being prepared to assist stapled security holders in this process and will be distributed with the Notice of Meeting.
Mr Meakin said: “As part of our strategy to build a fund management business that complements our current direct property holdings, we’re aiming to internalise and build management capabilities.
“The expansion of our funds management offer will seek to offer investments opportunities that take advantage of the robust US multifamily commercial property market. Multifamily assets are rental complexes held on one title for the purposes of rent. The long established asset class is central to housing the US population. The Fund will seek to earn fee income by inviting other investors to co-invest alongside the Fund.”
-ends- Further information:
Andrew Meakin Managing Director Email: [email protected] Phone +61 3 9602 4001
Media Luke Forrestal M +61 411 479 144 E [email protected]