TORONTO--(BUSINESS WIRE)--Starlight Investments Capital LP (“Starlight Capital”), on behalf of Starlight Hybrid Global Real Assets Trust (the “Trust”), announced today the Trust’s financial results for the three and nine-months ended September 30, 2019.
Q3 2019 HIGHLIGHTS
Portfolio Investments
As at September 30, 2019, the Trust had an investment of $26,842,714 in the Starlight Global Real Assets LP (the “Public Portfolio LP”) and $7,735,365 in two private investments as well as a commitment of $3,279,503 to Starlight Canadian Residential Growth Fund. The Public Portfolio LP had 38 investments with a market value of $25,589,130 in publicly traded global real estate and infrastructure securities.
Distributions
The Trust targets $0.50 gross distributions per unit per annum (5.0% yield based on the initial offering price per unit) at the discretion of its trustees, to be paid on a monthly basis. As at September 30, 2019, the Trust declared eight distributions of $0.0416667 per series A unit and Series C Unit for a total distribution of $0.3333336 per unit for each of Series A and Series C. The Trust also declared two distributions of $0.0416667 per series F unit for a total distribution of $0.0833334.
Private Placement
On November 13, 2019, Starlight Capital announced that the Trust intends to complete a private placement offering, consisting of both a brokered private placement of Series B units and Series F units of the Trust and a non-brokered private placement of Series C units of the Trust for gross proceeds of up to $50,000,000.
Q3 2019 FINANCIAL AND OPERATIONAL HIGHLIGHTS
|
As at September 30, 2019 |
As at December 31, 2018 |
Current assets |
$34,690,747 |
$28,312,178 |
Current liabilities |
318,901 |
497,061 |
Net assets attributable to holders of redeemable units per series |
|
|
Series A |
21,835,673 |
19,085,354 |
Series C |
12,536,173 |
7,370,787 |
Series F |
– |
1,358,976 |
|
$34,371,846 |
$27,815,117 |
ANALYSIS OF FINANCIAL PERFORMANCE
The Trust’s financial performance and results of operations for the three and nine months ended September 30, 2019 are summarized below:
|
Three months ended September 30, 2019 |
Nine months ended September 30, 2019 |
Investment gain/(loss) |
$1,839,072 |
$3,433,659 |
Expenses |
(48,214) |
(365,884) |
Net Investment income |
1,790,858 |
3,067,775 |
Increase in net assets attributable to holders of redeemable units |
$1,790,858 |
$3,067,775 |
Financial Information
The Trust’s condensed interim financial statements, the notes thereto, and Management’s Discussion and Analysis for the three and nine-month period ended September 30, 2019, can be found on Starlight Capital’s website at www.starlightcapital.com or www.sedar.com.
About Starlight Hybrid Global Real Assets Trust
The Trust’s investment objective is to provide unitholders with stable monthly cash distributions and long-term capital appreciation through exposure to institutional quality real assets in the global real estate and global infrastructure sectors.
About Starlight Capital and Starlight Investments
Starlight Capital is an independent asset management firm offering mutual funds, exchange-traded funds and structured products. Our goal is to deliver superior risk adjusted returns to investors through a disciplined investment approach, Focused Business Investing. Starlight Capital is a wholly owned subsidiary of Starlight Investments. Starlight Investments is a privately held, full service, real estate investment and asset management company. The firm manages over $12.0 billion of assets on behalf of institutional joint ventures as well as publicly listed REITs, closed-end funds and investment funds and is driven by an experienced team of over 200 professionals. Please visit us at www.starlightcapital.com and connect with us on LinkedIn.