News and Announcements
US Residential’ Patriot Pointe Fund Enters a 5 Year Contract with Charter Communications
- Published May 31, 2017 12:00AM UTC
- Publisher Wholesale Investor
- Categories Company Updates
US Residential Fund (ASX:USR) is pleased to announce that Patriot’s Pointe multifamily apartment complex located in Hillsborough, North Carolina, has entered into a 5-year contract for the supply of bulk cable television and internet services with Charter Communications, the provider of Spectrum TV and Spectrum Internet services.
KEY TAKEAWAYS:
- In 2016 Charter Communications, Time Warner Cable and Bright House Networks combined to form a leading broadband services and technology company, serving over 25 million customers in 41 states.
- The new arrangements will reduce the cost of providing cable TV and Internet services at the property by approximately USD35,000 per annum. In addition, the property has earned an upfront incentive fee of USD48,000 from Charter Communications.
- Access to Spectrum Fiber Wi Fi that typically delivers with speeds over 1 Gbps across the property. Once installation is complete residents will have access to faster, more reliable Internet connections, with no data caps, and significantly more bandwidth.
The asset manager has informed the Fund that at this time the Patriot’s Pointe net operating income is ahead of budget, even before allowing for improvements made in operational costs and revenue as a result of the renegotiation of the cable TV and internet contract noted above.
On the basis of improving revenue and operational efficiencies, consideration is being given to having the property’s value independently reappraised in the near term. We believe a positive independent appraisal may provide Patriot’s Pointe with the opportunity to return capital to investors during 2017.
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