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286 Lenox LLC (Ticker: TESLU) announced a cash distribution of $1.92 per Unit for Q3 fiscal 2022, payable on December 2, 2022. This reflects the firm’s robust performance amid market volatility, with no changes in tenant base or cash flows. The building is fully occupied, housing Wells Fargo, the Child Mind Institute, and the Visiting Nurse Service of New York. The distribution is aimed at rewarding unitholders of record as of November 28, 2022.
Positive
Declared distribution of $1.92 per Unit for Q3 2022, indicating stable cash flow.
100% occupancy of the building by reliable tenants reinforces business stability.
Negative
None.
NEW YORK--(BUSINESS WIRE)--
On November 16, 2022, 286 Lenox LLC, (Ticker: TESLU, trading on the LEX Markets platform), declared a cash distribution of $1.92 per Unit of the Company’s limited liability company interests. The distribution for the fiscal third quarter ending September 30, 2022, is payable to unitholders on December 2, 2022, to holders of record on November 28, 2022.
“We are excited to announce continued strong performance from 286 Lenox, despite broader market volatility. We've had no changes to our tenant base or cash flows; in this economic climate, stability is good news," said Alexander Smith, Co-Founder and Managing Director of Regal Ventures, the building’s operating company.
Financial Highlights:
Declared distribution for the fiscal third quarter ending September 30, 2022
$1.92 per Unit
Distribution Policy
We will be making a distribution to our unitholders for the fiscal quarter ending September 30, 2022, of $1.92 per Unit, net of expenses. Unitholders of record as of November 28, 2022, will receive their distribution on the planned payment date of December 2, 2022.
About 286 Lenox Avenue
286 Lenox Avenue (the "Building") is an 18,759 square foot mixed-use retail/office building located in central Harlem. It consists of three office floors and one retail floor, and, as of this writing, is 100% occupied by three tenants: Wells Fargo, Child Mind Institute, and Visiting Nurse Service of New York. The title to the Building is held by Regal 286 Lenox LLC, a Delaware limited liability company ("Real Estate Operating Company").
As of March 30, 2022, the company began trading on the LEX Markets platform pursuant to the LEX ATS Issuer Agreement under the ticker "TESLU." The LEX Markets platform is comprised of (a) a front-end order management system that enables customers of LEX Markets LLC to research securities offered by LEX Markets and enter orders to buy or sell them, and (b) a matching engine that crosses buy and sell orders and reports trades to brokers for clearing and settlement and to the FINRA OTC Trade Reporting Facility. The matching engine is operated by LEX Markets LLC as an Alternative Trading System (ATS) in compliance with Regulation ATS, and offers access to other FINRA-licensed broker-dealers on a non-discriminatory basis.
Non-US Withholding Information
The following statement is intended to be a qualified notice under Treasury Regulation Section 1.1446-4(b): Brokers and nominees should treat one hundred percent (100%) of 286 Lenox LLC’s distributions to non-U.S. investors as being attributable to income that is effectively connected with a United States trade or business. Accordingly, such distributions to non-U.S. investors are subject to federal income tax withholding at the highest applicable effective tax rate.
No Offer or Solicitation
This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval, nor shall there be any sale of any securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of such other jurisdiction.
Forward-looking Statements
Any forward-looking statement made by us in this press release is based only on information currently available to us and speaks only as of the date on which it is made. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.
This press release contains "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. The words "believe," "expect," "anticipate," "plan," "intend," "foresee," "should," "would," "could" or other similar expressions are intended to identify forward-looking statements, which are generally not historical in nature, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on 286 Lenox LLC’s ("286 Lenox") current expectations and beliefs concerning future developments and their potential effect on it. While the Manager believes that these forward-looking statements are reasonable as and when made, there can be no assurance that future developments affecting the will be those that it anticipates. Forward-looking statements involve significant risks and uncertainties (some of which are beyond 286 Lenox’s control) including, without limitation, the impact, and duration of the COVID-19 pandemic, uncertainty around the timing of an economic recovery in the United States which will impact the real estate sector, uncertainty around the impact of the COVID-19 pandemic to our tenants and their corresponding ability to perform their obligations, uncertainty around the impact and duration of federal, state and municipal regulations relating to the COVID-19 pandemic, and assumptions that could cause actual results to differ materially from 286 Lenox’s historical experience and present expectations or projections.
About Regal Ventures (formerly known as Regal Capital Acquisitions)
Regal Ventures is a real estate investment firm born out of a family office with a deep history of ownership in New York City. The founders of our firm have decades of experience successfully owning and operating retail, hospitality, industrial, and office assets in Manhattan as well as the outer boroughs. Regal Ventures has recently rebranded from Regal Capital Acquisitions as the firm enters a new phase of growth and operation. For more information, please visit www.regalventures.com.
About LEX Markets
LEX is a new way to invest in real estate. LEX turns individual buildings into public stocks. Any U.S. investor can open a LEX account, browse opportunities in various asset classes such as multifamily and office buildings, and buy shares of individual buildings. As a shareholder, investors can earn income quarterly and can trade their shares on our public market whenever they need to exit. Each building on LEX has a ticker symbol and stock chart. LEX opens up direct and tax-advantaged ownership in an asset class that has previously been inaccessible to most investors. For more information, please visit www.lex-markets.com.
