UCASU Confirmed $0.10/share Dividend Plan and Strongly Optimistic for 2022 on Annual Meeting
November 19th, 2021
ATLANTA, Nov. 19, 2021 /PRNewswire/ — During its annal shareholder meeting on yesterday, UC Asset LP (OTCQX: UCASU), confirmed its dividend plan of $0.10 or more per share, and made a strongly optimistic projection for the year of 2022.
The meeting was chaired by the company’s Executive Director Christal Jordan, who announced at 9:00 am Eastern time that the meeting started without any motions from either the manager or any shareholders to request a shareholder voting on any business matters. Jordan also cautioned that the discussion might contain forward-looking statements which investors should no place due reliance on.
Greg Bankston, managing general partner of UC Asset, reported to shareholders on the operation of the company during the fiscal year of 2021. He outlined the continuous transition of UC Asset from “house-flip” investor into a more innovative investor on a variety of properties, namely, cannabis properties, Airbnb-based SHOC properties and historic landmarks. He then explained each of the three investment strategies in greater detail.
“We acquired our first SHOC Airbnb property in June. It is a triplex, located within a block of Martin Luther King Jr. Center, a few blocks from the Jimmy Carter Center, and right across the expressways is downtown Atlanta where you have companies such as Georgia Pacific, Coca Cola world headquarters. We are partnering with a local management company that will manage the operations. Based upon the numbers from our management partner, the internal rate of return (IRR) for us as the property owner could be as high as 33%.”
Later, UC Asset founder Larry Wu corrected that the 33% number is based on the previous floor plan. After adjustment of floor plan due to city regulation, the IRR has been adjusted down to 26%-31%. Still, Wu pointed out that the projection was based on average Airbnb performance. The result might be higher if we consider the possible competitive advantage of SHOC.
Bankston moved on to the second investment strategy, historic landmarks of which the intangible value may sold as NFTs (non-fungible tokens) by UC Asset’s franchised technology partners.
Bankston said that NFT and Metaverse is one of the hottest topics, particularly among young generation. But even without NFT, the first landmark building UC Asset acquired, the Rufus Rose House, is a valuable commercial property. “It sits right in the heart of downtown Atlanta, only one block from this city’s tallest skyscraper. And there are two new buildings going up on each side of the Rufus Rose house. So we are truly excited about its value as an income-producing commercial property. Still, we believe that our NFT partnership, if successful, may generate an additional 50 to 100% return over next few years,” explained Bankston.
In the third section of his speech, Bankston talked about cannabis property, claiming that it was an idea the management had kicked around for five years, but it was only most recently the political climate had become more favorable, and success cases of other public companies, such as Innovative Industrial Properties and Power REIT, had become more convincing.
Bankston then disclosed more details about the pipeline the company is building in relation to cannabis properties. “We are not just looking within the State of Georgia. We are looking at places in Oklahoma, Michigan, and California,”said Bankston.
After Bankston’s presentation, UC Asset founder Larry Wu reaffirmed the company’s plan to distribute a dividend of $0.10 per share for the year 2021, and he added that, subject to audited financials, the management may decide on a higher amount of dividend. “There are still more than 40 days of 2020 so anything may still happen, but we are pretty optimistic that we will be able to fulfill this dividend plan, ” said Wu.
Wu made a strongly optimistic projection on the coming year. “We are doing good this year; implementing three new investment strategies. Looking into 2022, I believe that at least one of them, maybe all three of them, will explode into fast growth. And we will likely see great numbers come back in 2022, perhaps much better than this year. ”
A minutes of the meeting, after transcribed and edited, will be published on the company’s website in the coming weeks.
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
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:
Christal Jordan | Executive Director, UC Asset LP
[email protected] | 678-499-0297
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