/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED
STATES./
TORONTO, Oct. 3, 2022
/CNW/ - Starlight U.S. Residential Fund (TSX.V: SURF.A) (TSX:
SURF.U) (the "Fund") today confirmed that following an initial
inspection of each of its multi-residential properties located in
the States of Florida and
North Carolina, its portfolio has
not incurred any material damage as a result of Hurricane Ian. The
Fund's initial reports also confirm the residents at its properties
remain safe and without injury. The Fund will continue to monitor
its portfolio and will provide an update, if necessary. Subject to
specified exceptions and deductibles, any damage is expected to be
covered under the insurance policies of the Fund and its
residents.
"On behalf of the Fund, we wish to express our
deepest concern for the well-being of all who have encountered the
devastation caused by Hurricane Ian. Our first priority is to
ensure the safety and security of our residents, first responders
and those dedicated to the well-being of all affected," commented
Evan Kirsh, the Fund's
President.
Forward-looking
Statements
This news release contains statements that may constitute
forward-looking statements within the meaning of Canadian
securities laws, and which reflect the Fund's current expectations
regarding future events, including the financial performance of the
Fund and its properties, including the impact of Hurricane Ian, the
availability of insurance, and overall improvement of the financial
performance of the Fund. Particularly, statements regarding future
results, performance, achievements, prospects or opportunities for
Fund or the real estate industry are forward- looking statements.
In some cases, forward-looking statements can be identified by
terms such as "may", "might", "will", "could", "should", "would",
"occur", "expect", "plan", "anticipate", "believe", "intend",
"seek", "aim", "estimate", "target", "project", "predict",
"forecast", "potential", "continue", "likely", "schedule", or the
negative thereof or other similar expressions concerning matters
that are not historical facts.
The forward-looking statements in this news release involve
risks and uncertainties, including those set forth in the Fund's
materials filed with the Canadian securities regulatory authorities
from time to time at www.sedar.com. Actual results could differ
materially from those projected herein. Those risks and
uncertainties include, among other things, risks related to: the
impact of Hurricane Ian, the availability of insurance, the impact
of COVID-19 on the Fund's portfolio, as well as the impact of
COVID-19 on the markets in which the Fund operates and the trading
price of the Fund's listed units; the applicability of any
government regulation concerning the Fund's tenants or rents as a
result of COVID-19; reliance on the Fund's manager; the experience
of the Fund's officers and directors; substitutes for residential
real estate rental suites; reliance on property management;
competition for real property investments and tenants; and
United States market factors.
Information contained in forward-looking statements is based
upon certain material assumptions that were applied in developing
such forward-looking statements including management's perceptions
of historical trends, current conditions and expected future
developments, as well as other considerations that are believed to
be appropriate in the circumstances, including the following: the
overall financial performance of the Fund's portfolio; the impact
of Hurricane Ian; the availability of insurance; the impact of
COVID-19 on the markets in which the Fund operates and the trading
price of the Fund's listed units; the applicability of any
government regulation concerning the Fund's tenants or rents as a
result of COVID-19; the ability of the manager of the Fund to
manage and operate the Fund's properties; the ability of the
property managers selected to manage the Fund's properties; the
population of multi-family real estate market participants;
assumptions about the markets in which the Fund operates; the
global and North American economic environment; foreign currency
exchange rates; and governmental regulations or tax laws. Readers
are cautioned against placing undue reliance on forward- looking
statements. Except as required by applicable Canadian securities
laws, none of the Fund or its manager undertake any obligation to
update or revise publicly any forward- looking statements, whether
as a result of new information, future events or otherwise, after
the date on which the statements are made or to reflect the
occurrence of unanticipated events.
About Starlight U.S. Residential
Fund
The Fund is a trust formed under the laws of Ontario for the primary purpose of indirectly
acquiring, owning and operating a portfolio of income producing
multi-family and single-family residential rental properties in the
U.S. residential real estate market located primarily in
Arizona, California, Colorado, Florida, Georgia, Idaho, Nevada, North
Carolina, Oregon,
South Carolina, Tennessee, Texas, Utah
and Washington.
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. Residential Fund