UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 1-U
CURRENT REPORT PURSUANT TO REGULATION A
Date of Report (Date of earliest event reported): July 26, 2021
LANDA APP LLC
(Exact name of issuer as specified in its charter)
| Delaware | 85-1099443 | |
|
(State or
other jurisdiction of
incorporation or organization) |
|
(I.R.S.
Employer
Identification No.) |
6 W. 18th Street
New York, NY 10011
(Full mailing address of principal executive offices )
646-905-0931
(Issuer’s telephone number, including area code)
Landa Series 115 Sardis Street membership interests; Landa Series 1394 Oakview Circle membership interests; Landa Series 1701 Summerwoods Lane membership interests; Landa Series 1741 Park Lane membership interests; Landa Series 209 Timber Wolf Trail membership interests; Landa Series 2505 Oak Circle membership interests; Landa Series 271 Timber Wolf Trail membership interests; Landa Series 29 Holly Grove Road membership interests.
(Title of each class of securities issued pursuant to Regulation A)
Item 9. Other Events
Distribution Declaration
On July 26, 2021, Landa Holdings, Inc. (the “Manager”), on behalf of Landa App LLC - 1741 Park Lane Griffin GA LLC (the “Series”), declared a cash distribution (the “Distribution Amount”) for the Series for the period between July 1, 2021 to July 31, 2021 in the amount set forth in the table below. The Distribution Amount is scheduled to be paid to the holders of membership interests in the Series (“Shares”) on or before August 15, 2021.
The Distribution Amount was calculated based on unaudited results of operations and cash flows of the Series for the prior month, including actual net income (which does not necessarily equal net income as calculated in accordance with U.S. generally accepted accounting principles), adjusted for the expected economics of the refinance note issued by the Company to the Manager on July 1, 2021 (the “Refinance Note”), and an anticipated monthly reserve, and with each Share having a 1/10,000th interest in the Distribution Amount, as set forth in the table below.
| June 1 to June 30, 2021 Actual (Unaudited) | Pro Forma Adjustments | June 1 to June 30, 2021 Pro Forma | ||||||||||
| Gross Monthly Rent | $ | 725.00 | $ | 0.00 | $ | 725.00 | ||||||
| Property Taxes | $ | (143.99 | ) | $ | 0.00 | $ | (143.99 | ) | ||||
| Insurance | $ | (37.75 | ) | $ | 0.00 | $ | (37.75 | ) | ||||
| Management Fee(1) | $ | (58.00 | ) | $ | 0.00 | $ | (58.00 | ) | ||||
| Homeowners’ Association Expenses | $ | 0.00 | $ | 0.00 | $ | 0.00 | ||||||
| Mortgage & Debt (2) | $ | 0.00 | $ | (241.35 | ) | $ | (241.35 | ) | ||||
| Repairs and Maintenance | $ | 0.00 | $ | 0.00 | $ | 0.00 | ||||||
| Depreciation | $ | (318.97 | ) | $ | 0.00 | $ | (318.97 | ) | ||||
| Total Expenses | $ | (558.71 | ) | $ | (241.35 | ) | $ | (800.06 | ) | |||
| Net Income | $ | 166.29 | $ | (241.35 | ) | $ | (75.06 | ) | ||||
| Add: Non-Cash Expenses | $ | 318.97 | $ | 0.00 | $ | 318.97 | ||||||
| Cash Available for Distribution before Reserve | $ | 485.26 | $ | (241.35 | ) | $ | 243.91 | |||||
| Less: Monthly Reserves (3) | $ | 0 | $ | (50.75 | ) | $ | (50.75 | ) | ||||
| Cash Available for Distribution | $ | 485.26 | $ | (292.10 | ) | $ | 193.16 | |||||
| Distribution Amount per Share | $ | 0.01931638 | ||||||||||
| (1) | The monthly management fee payable by the Series is 8% of its gross monthly rent. |
| (2) | Represents a pro forma adjustment for the monthly interest expense owed by the Series under its Refinance Note issued on July 1, 2021. |
| (3) | Represents a pro forma adjustment for an anticipated monthly reserve of 7% of the Series’ gross monthly rent. |
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SIGNATURE
Pursuant to the requirements of Regulation A, the issuer has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
|
Date: July 27, 2021 |
LANDA APP LLC | |
| By: | Landa Holdings, Inc., | |
| its Manager | ||
| By: | /s/ Yishai Cohen | |
| Name: | Yishai Cohen | |
| Title: |
Chairman, Chief Executive Officer,
and President |
|
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