UCASU filed 10Q Showing 20% Net Equity Increase over 12 Months
Atlanta, GA, Sept. 13, 2021 /PRNewswire/ -- UC Asset LP (OTCQX: UCASU) filed its quarterly 10Q, reporting a 20% increase of net equity, from $7.25 million to $8.67 million, over the 12-month period from June 30, 3020 to June 30, 2021.
"After taking hits in first half of the year 2020, due to the Covid-19 pandemic, our management team responded and made correct adjustments to our investment strategy," says Greg Bankston, managing general partner of UC Asset. "We held back new investments from properties that require heavy renovations to dodge the negative impact of fast-rising construction costs. We rode the wave of a bullish residential market and exited properties on the peak of market in this 12- month period. And the result is very encouraging."
For an investment entity like UC Asset, book value per share (BVPS) may be the best indicator of its performance. Since the number of outstanding shares did not change for UC Asset during the 12- month period, the 20% net equity gain translated to a same percentage of increase on BVPS, from $1.29 per share as of June 30, 2020, to $1.54 per share as of June 30, 2021.
This quarterly 10-Q also reports more than 13 times an increase in cash, from $200,000 to $2.72 million, over the same 12-month period by June 30, 2021. The strong position in cash empowered the company to make bold and innovative moves on a dynamic real estate market, which is still under the impact of COVID pandemic. In July, UC Asset acquired an infamous historical landmark, Rufus Rose House, located in downtown Atlanta.
On Friday, September 10, Kasim Reed, former mayor of Atlanta and currently a 2021 mayoral candidate, along with various community leaders attended a ribbon cutting for the company to kick off the restoration project of Rufus Rose House. Reed praised the vision of UC Asset seeing the importance of restoring Atlanta's rich history.
"We remain optimistic that our new and innovative investments such as Rufus Rose House will produce a great return for our investors in the coming months," says Bankston. "For one thing, we are partnering with a third-party who will issue NFTs (non-fungible tokens) to represent the art value of Rufus Rose House. And we expect to receive a considerable amount of fees from licensing the art value of Rufus Rose House to this third party. Licensing the art value will have virtually zero impact on the commercial use of property, so we view this as an efficient way to monetize the art value of a historical building without compromising its commercial value. We believe that this is a great business model that may double our investment income."
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@example.com | 678-499-0297
SOURCE UC Asset LP
Company Codes: OTC-QX:UCASU, OTC-PINK:UCASU, OtherOTC:UCASU
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