TORONTO, June 18 /CNW/ - Allied Properties REIT (TSX:AP.UN) announced
today that the Trustees of the REIT have declared a distribution of $0.105 per
unit for the month of June, 2007, representing $1.26 per unit on an annualized
basis. The distribution will be payable on July 16, 2007, to unitholders of
record as at June 29, 2007. The REIT also announced today that it has
temporarily suspended the issuance of units under its Distribution
Reinvestment Plan ("DRIP").
While confident that it will qualify for the REIT exemption set out in
Bill C-52, the REIT recognizes that there is considerable uncertainty
surrounding the interpretation of the relevant provisions of the Bill. In
light of this uncertainty, the REIT has temporarily suspended the issuance of
units under the DRIP in order to remain within the "normal growth" guidelines.
The REIT expects to be in a position to resume the issuance of units under the
DRIP no later than January of 2008.
The REIT remains fully committed to the acquisition targets it has
established for 2007 and is confident that it can achieve those targets within
the "normal growth" guidelines.
Allied Properties REIT is a leading provider of Class I office space in
Canada, with portfolio assets in the urban areas of Toronto, Montreal,
Winnipeg and Quebec City. The objectives of the REIT are to provide stable and
growing cash distributions to unitholders and to maximize unitholder value
through effective management and accretive portfolio growth.
For further information:
For further information: Michael R. Emory, President and Chief Executive
Officer, (416) 977-9002, email@example.com