Starlight U.S. Residential Fund (V:SURF.A)
Business Focus: Closed End Funds
| Sector: Financials | Industry: Closed End Funds |
| Company Contact | |
| Address: | 3280 Bloor Street West Centre Tower, Suite 1400 Toronto ON M8X 2X3 |
| Tel: | N/A |
| Website: | https://www.starlightinvest.com/real-estate/us-residential |
| IR: | See website |
| Key People | ||
| Evan Kirsh President | Daniel Drimmer Chief Executive Officer, Trustee | Martin Liddell Chief Financial Officer | David Hanick Company Secretary |
| Business Overview |
| Starlight U.S. Residential Fund (the Fund) is a Canada-based closed-end trust. The Fund's investment objectives are to indirectly acquire, own and operate a portfolio primarily composed of income producing multi-family and single- family residential rental properties in the United States residential real estate market that can achieve significant increases in rental rates as a result of undertaking high return, value-add capital expenditures and active asset management. The Company owns a portfolio of multi-family and single-family residential rental properties in the United States of America residential real estate market located primarily in Arizona, California, Colorado, Florida, Georgia, Idaho, Nevada, North Carolina, Oregon, South Carolina, Tennessee, Texas, Utah and Washington. The Company operates approximately 42 single-family residential rental homes in Atlanta, Georgia. The Fund is managed by Starlight Investments US AM Group LP. |
| Financial Overview |
| For the fiscal year ended 31 December 2023, Starlight US Residential Fund revenues increased 15% to $40M. Net loss increased from $21.7M to $106.3M. Revenues reflect an increase in demand for the Company's products and services due to favorable market conditions. Basic Earnings per Share excluding Extraordinary Items decreased from -$8.22 to -$52.16. |
| Reporting Currency: | U.S. Dollars |
| Enterprise value: | $628.96M as of Dec 31, 2023 |
| Annual revenue (TTM): | $54.65M as of Dec 31, 2023 |
| EBITDA (TTM): | $33.84M as of Dec 31, 2023 |
| Net annual income (TTM): | -$145.31M as of Dec 31, 2023 |
| Free cash flow (TTM): | $27.62M as of Dec 31, 2023 |
| Net Debt Last Fiscal Year: | $623.10M as of Dec 31, 2023 |
| Shares outstanding: | 1,952,186 as of Apr 16, 2024 |
| TTM: Trailing Twelve Months EBITDA: Earnings Before Interest, Taxes, Depreciation, & Amortization | |
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