/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES./ TORONTO, Aug. 14, 2024 /CNW/ - Starlight U.S. Multi-Family (No. 2) Core Plus Fund (TSXV:SCPT) (TSXV:SCPT) (the "Fund") announced today its results of operations and financial condition for the three months ended June 30, 2024 ("Q2-2024") and six months ended June 30, 2024 ("YTD-2024"). Certain comparative figures are included for the three months ended June 30, 2023 ("Q2-2023") and six months ended June 30, 2023 ("YTD-2023") All amounts in this press release are in thousands of United States ("U.S.") dollars except for average monthly rent ("AMR") or unless otherwise stated. All references to "C$" are to Canadian dollars. "The Fund owns a high-quality, well located portfolio of multi-family communities which achieved net operating income growth of 2.8% for Q2-2024," commented Evan Kirsh, the Fund's President. "The Fund continues to focus on increasing net operating income at its properties through active asset management and navigating the current challenging capital markets environment with the goal of maximizing the total return for investors upon exit." Q2-2024 HIGHLIGHTS Q2-2024 revenue from property operations and net operating income ("NOI")1 were $5,491 and $3,396 (Q2-2023 - $5,251 and $3,302), respectively, representing an increase of 4.6% and 2.8%, respectively relative to Q2-2023. The Fund achieved a 1.8% increase in AMR1 from Q2-2023 to Q2-2024 and the Fund achieved economic occupancy1 of 94.6% during Q2-2024. The Fund completed 22 in-suite value-add upgrades at Summermill at Falls River ("Summermill") during Q2-2024, which generated an average rental premium of $206 and an average return on cost of approximately 15.0%. As at August 13, 2024, the Fund had collected 98.4% of rents for Q2-2024, with further amounts expected to be collected in future periods, demonstrating the Fund's high quality resident base and operating performance. The Fund reported a net loss and comprehensive loss for Q2-2024 of $2,803 (Q2-2023 - $9,520).  Q2-2023 included amounts for fair value loss on investment properties, deferred taxes and provision for carried interest expense (no corresponding amounts in Q2-2024). On April 29, 2024, Starlight U.S. Multi-Family (No.2) Core Plus, GP Inc., the general partner of the Fund ("Starlight GP") approved the first one-year extension of the Fund's term to March 31, 2025 ("Term Extension") to provide the Fund with the opportunity to capitalize on anticipated improvements to the real estate investment market. YTD-2024 HIGHLIGHTS Revenue from property operations and NOI for YTD-2024 were $10,837 and $6,675 (YTD-2023 - $10,530 and $6,573), respectively, representing an increase of 2.9% and 1.6%, respectively, relative to YTD-2023. Net loss and comprehensive loss for YTD-2024 of $6,173 (YTD-2023 - $11,392). YTD-2023 included amounts for fair value loss on investment properties, deferred taxes and provision for carried interest expense (YTD-2024 had lower or no corresponding amounts). The Fund completed 35 in-suite value-add upgrades at Summermill during YTD-2024, which generated an average rental premium of $239 and an average return on cost of approximately 17.3%. On February 27, 2024, Summermill was selected as a winner of the Carbon Reduction and Energy Conservation Award under the US multi-family asset class for exceptional water conservation, as part of the Institute of Real Estate Management submissions. On January 22, 2024, the Fund modified the Summermill loan payable to discharge its obligation to purchase a replacement interest rate cap and defer a portion of the debt service at the property, up to a maximum of $290 per month subject to certain terms. The amendment will allow the Fund to retain additional liquidity of up to $3,480, per annum, highlighting the Fund's focus on preserving liquidity to allow the Fund to capitalize on more robust market dynamics upon the eventual sale of the Fund's properties. 1 This  metric is a non-IFRS measure. Non-IFRS financial measures do not have standardized meanings prescribed by IFRS (see "non-IFRS financial measures"). FINANCIAL CONDITION AND OPERATING RESULTS Highlights of the financial and operating performance of the Fund as at June 30, 2024 and for Q2-2024 and YTD-2024, including a comparison to June 30, 2023 and Q2-2023 and YTD-2023 as applicable, are provided below: June 30, 2024  December 31,2023 Operational Information Number of properties 3 3 Total suites 995 995 Economic occupancy(1) 94.6 % 92.2 % Physical occupancy(1) 93.4 % 92.6 % AMR (in actual dollars)(2) $           1,743 $           1,744 AMR per square foot (in actual dollars)(2) $             1.73 $             1.72 Estimated gap to market versus in-place rents(3) 5.0 % 2.4 % Selected Financial Information Gross book value(3) $       302,447 $       301,600 Indebtedness(3) $       254,835 $       252,054 Indebtedness to gross book value(3) 84.3 % 83.6 % Weighted average interest rate - as at period end(3)(4) 6.61 % 5.78 % Weighted average loan term to maturity 1.54 years 1.19 years Q2-2024 Q2-2023 YTD-2024 YTD-2023 Summarized Income Statement Revenue from property operations $           5,491 $           5,251 $         10,837 $         10,530 Property operating costs (1,432) (1,386) (2,835) (2,803) Property taxes(5) (663) (563) (1,327) (1,154) Adjusted income from operations / NOI $           3,396 $           3,302 $           6,675 $           6,573 Fund and trust expenses (393) (381) (781) (733) Finance costs (including non-cash items)(6) (5,471) (3,579) (10,862) (8,154) Other income and expenses(7) (335) (8,862) (1,205) (9,078) Net loss and comprehensive loss $          (2,803) $          (9,520) $          (6,173) $        (11,392) Other Selected Financial Information    Funds from operations ("FFO")(3) $          (1,768) $             (746) $          (3,568) $          (1,073)    FFO per unit - basic and diluted $            (0.16) $            (0.07) $            (0.33) $            (0.10)    Adjusted funds from operations ("AFFO")(3) $             (365) $             (546) $             (954)