VANCOUVER, Feb. 12 /CNW/ - Huntingdon Real Estate Investment Trust ("HREIT") (TSX: HNT.UN) today announced the completion of its previously announced unit consolidation.
On January 18, 2010, HREIT announced that, pursuant to the terms of HREIT's Second Amended and Restated Declaration of Trust, which permits a subdivision or consolidation of the units from time to time by the Trustees, all of its issued and outstanding units would be consolidated on the basis of one (1) post-consolidation unit for every nine (9) pre-consolidation units held. Effective today, HREIT has completed the unit consolidation. The post-consolidation units will begin trading on a consolidated basis on February 16, 2010, under the trading symbol "HNT.UN".
As a result of the consolidation, the conversion price of the 5 Year 7.50% Series C Convertible Redeemable Unsecured Subordinated Debentures was adjusted in accordance with the Trust Indenture dated March 29, 2007 between HREIT and CIBC Mellon Trust Company, from $3.05 to $27.45.
HREIT is a real estate investment trust which is listed on the Toronto Stock Exchange under the symbols HNT.UN (Trust Units) and HNT.DB.C (Series C Convertible Debentures). HREIT owns, directly or indirectly, 85 income producing office, industrial, retail and standalone parking lot properties, including the aviation-related facilities on ground leased land at five of Canada's leading international airports, that have a total gross leaseable area of 5.7 million square feet; two land parcels held for development and one property held for sale, with other development and expansion opportunities within the portfolio. HREIT also owns Consolidated Real Estate Services Inc., a property management business.
The Toronto Stock Exchange has not reviewed or approved the contents of this press release and does not accept responsibility for the adequacy or accuracy of this press release.
SOURCE HUNTINGDON REAL ESTATE INVESTMENT TRUST
For further information: For further information: Zachary R. George, Trustee, President and Chief Executive Officer, Tel: (604) 249-5119, Fax: (604) 249-5101, Email: firstname.lastname@example.org