UCASU distributed $0.10/share dividend and aims at higher dividends in coming years

Rhea-AI Summary

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.

Positive

• Completed $0.10/share dividend distribution to shareholders.
• Reported $0.12 per share net income for 2021.
• Projected net equity increase to $0.15 per share.
• Plans for higher dividends as the company shifts to a focus on income-producing properties.

Negative

• None.

Atlanta, Oct. 12, 2022 (GLOBE NEWSWIRE) -- UC Asset LP (OTCQX: UCASU) announces that with a few exceptions, the firm has completed the distribution of $0.10/share dividend to all shareholders holding UCASU common shares by December 31, 2021. 

“Many of our shareholders chose to receive their dividend via direct wire, while others have received their dividends by check.  With a few exceptions, including those who received dividend checks but did not deposit or cash them, we are pleased most of our shareholders received their dividends,” says Greg Bankston, managing partner of UC Asset. 

“For the year of 2021, UC Asset reports a $0.12 per share net income. This net income, combined with a $0.03 per net equity increase resulting from buyback shares, will likely lead to a $0.15 per share net equity increase,” says Bankston. 

Looking forward, Bankston expects UC Asset will become more profitable and be able to distribute dividends higher than $0.10/share, as the company has switched its portfolio allocation strategy and now focuses on income-producing properties.  

“Last month, we announced an exclusive partnership to develop properties designed specifically as short-rentals and lease them out through online platforms such as Airbnb. We plan to develop up to $50 million Airbnb properties under this exclusive partnership,” explains Bankston.  

“We put great efforts in searching high-yielding cannabis properties, as we have screened more than 500 cannabis growers and engaged more than a dozen of them. We are on the track to develop a cannabis property portfolio of $10-20 million.” 

Both Airbnb properties and cannabis properties are expected to yield stable and higher-than-average cash income in the form of rents. If UC Asset can successfully implement its new investment strategy, its cash income will likely improve, and it may be able to distribute dividends higher than the $0.10/share dividend it has just distributed.  

About UC Asset LP

UC Asset LP is a limited partnership formed for the purpose of investing in real estate with innovative strategies, concentrating in metropolitan areas of Atlanta, GA.  For more information about UC Asset, please visit: www.ucasset.com

Disclaimer:

This News Release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause our actual results, performance or achievements, or industry results, to differ materially from any these statements. You are cautioned not to place undue reliance on any those forward-looking statements. Except as otherwise required by the federal securities laws, we undertake no obligation to publicly update or revise any forward-looking statements after the date of this news release. None of such forward-looking statements should be regarded as a representation by us or any other person that the objectives and plans set forth in this News Release will be achieved or be executed. 

For More Information Contact: IR@UcAsset.com

FAQ

What is the dividend amount announced by UCASU?

UC Asset LP announced a dividend of $0.10 per share.

When was the dividend distributed to shareholders of UCASU?

The dividend was distributed to shareholders holding common shares by December 31, 2021.

What is the expected increase in dividends for UCASU?

UC Asset LP expects to distribute dividends higher than $0.10/share in the future.

What strategies is UCASU implementing to increase profitability?

UC Asset is focusing on income-producing properties, including short-rentals and cannabis properties.