UC ASSET LTD PRTNSHP UTS - UCASU STOCK NEWS

UC Asset LP (OTCQB: UCASU) aims for over $1 million in gross profit for 2023, marking a 100% increase from previous highs. In prior years, the company reported gross profits of $491,000 in 2021, $103,000 in 2020, and $42,000 in 2019. With two deals expected to close in H1 2023, projected profits range from $600,000 to $800,000. Despite optimism, management warns of potential challenges in net income growth due to non-operating costs. Nonetheless, plans to reduce management payments may improve net margins and allow for increased dividends for shareholders.

UC Asset (OTCQX: UCASU) has secured a building permit from Atlanta to renovate the historic Rufus Rose House, the first permit granted in two decades. The property, built in 1901 and listed on the National Register of Historic Places, will be transformed into a dual-use office and attraction similar to the Empire State Building. The renovation aims to leverage its prime location and potential tourism revenue, estimated at 50-60 million visitors annually. UC Asset also anticipates value from Transfer of Development Rights (TDR), potentially worth $2 million.

UC Asset LP (OTCQX: UCASU) has secured a buyer for a 72-acre farmland in Dallas, Texas, at a sale price of $2.05 million. Initially listed at $2.25 million, the company acquired the property in October 2016 for approximately $800,000, leading to a projected gross profit of about $700,000 from this transaction. The land is free of debt, ensuring that net proceeds will go directly to UC Asset. The company is also pursuing further profitable deals before year-end.

UC Asset LP (OTCQX: UCASU) projects a gross profit of $600,000 to $800,000 from two real estate deals in the second half of 2022. The company has listed a 72-acre land in Dallas and has signed a Memorandum of Understanding (MOU) for another property in downtown Atlanta. Greg Bankston, managing general partner, indicates that the likelihood of closing these deals has significantly increased, with one property having a committed buyer and the other attracting multiple offers. However, he cautions that payment receipt remains uncertain.

In 2021, UC Asset reported a net profit of $0.12 per share, alongside a $0.10 dividend, although it experienced a loss in the first half of 2022.

On October 12, 2022, UC Asset LP (OTCQX: UCASU) announced the completion of its $0.10/share dividend distribution to shareholders as of December 31, 2021. The firm reported a net income of $0.12 per share for 2021, with a projected net equity increase to $0.15 per share. Looking ahead, UC Asset plans to boost profitability by focusing on income-producing properties, including a $50 million exclusive partnership for short-rentals and developing a cannabis property portfolio worth $10-20 million. Management anticipates higher dividends moving forward.

UC Asset LP (OTCQX: UCASU) has listed a 72-acre property in Dallas, Texas, for $2.25 million. The land was purchased back for $1.35 million after a partnership with Puration Inc. ended, where Puration owed UC Asset approximately $1.10 million. Despite the setback, the property represents a 250% increase in value since its acquisition in 2016. UC Asset carries no debt on the property, meaning all proceeds from the sale will benefit the company financially. Interest from potential buyers has already been expressed within days of the listing.

UC Asset (OTCQX: UCASU) has clarified that it is not selling the historic Rufus Rose House, countering claims found on HistoricAtlanta.org. The company plans to renovate the property into a dual-purpose venue akin to the Empire State Building. UC Asset has already restored basic utilities and aims to create an office space and tourist attraction. The nonprofit's valuation of the property’s Transfer of Development Rights (TDR) at $2 million is questioned by UC Asset, which holds a purchase price of $1.65 million. The Rufus Rose House is a designated Landmark Building and a tourist site in Atlanta.

UC Asset LP (OTCQX: UCASU) has renewed its partnership with Puration Inc. to further develop a 72-acre property in Dallas, Texas. The aim is to boost short-term cash income for both entities. Originally sold to Puration two years ago, this land is intended for a medical plant cultivation project. Despite recognizing the long-term nature of this plan amid current economic conditions, significant appreciation in land value has been noted, with current estimates exceeding $2 million. A successful realization of this appreciation could offer over 16% compound annual returns.

UC Asset LP (OTCQX: UCASU) has formed an exclusive partnership to develop 10 to 50 short rental units valued up to $50 million, aiming to enhance homeownership for disadvantaged groups. This initiative, in collaboration with a local nonprofit in Atlanta, seeks to address the perceived conflict between short-term rentals and affordable housing. UC Asset's investment strategy in short rentals dates back to late 2020, with its first property set to launch this year. The partnership is expected to provide additional resources for success in the Airbnb market.