MONTRÉAL, March 29, 2016 /CNW Telbec/ - BTB Real Estate Investment Trust ("BTB") (TSX: BTB.UN) announces that it has received approval from the Toronto Stock Exchange to amend its Distribution Reinvestment Plan.
Amendment to BTB's DRIP
The Trustees of BTB have decided to decrease the discount of the DRIP from 5% to 3% to be consistent with the discount offered by many Canadian REITs. Under the DRIP, the participants may elect to have their monthly cash distribution reinvested in additional units of BTB at a price based on the weighted average price for BTB's Units on the Toronto Stock Exchange for the five trading days immediately preceding the distribution date, discounted by 3%.
The decision will be effective for the April 2016 distribution that will be payable on May 16, 2016 to unitholders of record as of April 29, 2016.
BTB is a real estate investment trust listed on the Toronto Stock Exchange. BTB is an important owner of properties in eastern Canada. Today, BTB owns 72 commercial, office and industrial properties for a total leasable area of more than 5 million square feet. BTB's asset value exceeds $630M. The objectives of BTB are: i) to grow its revenues from its assets to increase distributable income and therefore fund distributions; (ii) to maximize the value of its assets through dynamic management of its properties in order to sustain the long-term value of its units; and (iii) to generate cash distributions that are fiscally beneficial to unitholders.
SOURCE BTB Real Estate Investment Trust
For further information: please contact: Mr. Michel Léonard, President and Chief Executive Officer, 514-286-0188, ext. 228; Mr. Benoit Cyr, Vice President and Chief Financial Officer, 514-286-0188, ext. 230