14.05.2019 23:30:00
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Starlight Hybrid Global Real Assets Trust (NEO: SCHG.UN) Reports Q1 2019 Results
TORONTO, May 14, 2019 /CNW/ - 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-month period ended March 31, 2019.
Q1 2019 HIGHLIGHTS
Redesignation of Units
Series F units were redesignated as Series A Units on March 29, 2019 at NAV. Series F unitholders received 144,746 Series A Units with a NAV of $9.81 in exchange for 141,000 Series F Units with a NAV of $10.07. The Series A Units are listed on the Exchange under the ticker SCHG.UN. The Series C Units are unlisted.
Portfolio Investments
As at March 31, 2019, the Trust had an investment of $27,800,000 in the Public Portfolio LP, and a commitment of $5.5 million to EagleCrest Infrastructure Canada LP ("EICLP") and a commitment of $5.5 million to the Starlight Canadian Growth Fund (the "Starlight Residential Fund"). The Public Portfolio LP had 36 investments with a market value of $18,269,058 in publicly traded real estate and infrastructure securities. In April 2019, $5.5 million of the capital committed to EICLP was called and $2.22 million of the capital committed to the Starlight Residential Fund was called, both amounts payable on April 29, 2019. The Trust has a remaining commitment of $3.28 million to the Starlight Residential Fund. The commitment is callable on demand on a pro-rata basis with other investors.
Distributions
The Trust targets a $0.50 gross distributions per Unit per annum (5.0% yield based on the offering price per Unit) at the discretion of the Trustees, to be paid on a monthly basis. The Trust declared 2 distributions of $0.04166 per Series A Unit, Series F Unit and Series C Unit for a total distribution of $0.08332 per Unit for each Series A, Series C and Series F, with the first distribution paid to Unitholders of record on February 28, 2019.
Distribution Reinvestment Plan
On March 25, 2019, the Trust announced the distribution reinvestment and optional cash purchase plan (the "DRIP Plan"). The DRIP Plan provides eligible Unitholders of Series A Units and Series C Units of the Trust, an opportunity to acquire additional Series A Units at the greater of either the NAV per Series A Unit or 97% of the average market price (as such term is defined in the DRIP Plan). The DRIP Plan provides an efficient and cost-effective way for the Trust to issue additional equity to existing Unitholders.
Unitholders may choose to make optional cash purchases of Series A Units under the DRIP Plan at any time in amounts equal to or greater than $1,000, but not to exceed $100,000 per annum. The aggregate number of Series A Units issued pursuant to optional cash payments, in any financial year, cannot exceed 2% of the issued and outstanding Series A Units as at the beginning of that financial year.
Private Placement
On May 6, 2019, the Trust announced its intention to complete a non-brokered private placement of Series C Units of the Trust for gross proceeds of up to $20,000,000. The private placement is expected to close on or about June 28, 2019.
Q1 2019 FINANCIAL AND OPERATIONAL HIGHLIGHTS
For the three-months ended March 31, 2019 | For the period from December 13, 2018 to December 31, 2018 | |||
Current assets | $ | 29,097,080 | $ | 28,312,178 |
Current liabilities | 202,621 | 497,061 | ||
Net assets attributable to holders | ||||
Series A | 21,249,598 | 19,085,354 | ||
Series C | 7,644,861 | 7,370,787 | ||
Series F | – | 1,358,976 | ||
$ | 28,894,459 | $ | 27,815,117 |
Financial Information
The Trust's condensed interim financial statements, the notes thereto, and Interim Management's Discussion and Analysis for the three-month period ended March 31, 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 $11.0 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.
SOURCE Starlight Capital
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