WINNIPEG, Dec. 13, 2013 /CNW/ - Lanesborough Real Estate Investment
Trust ("LREIT") (TSX: LRT.UN) announced today that a special "non-cash"
distribution in the estimated amount of $6,900,000 (approximately
$0.35545 per trust unit based on the number of trust units outstanding
as of the date of this press release) has been declared payable on
December 31, 2013 to the Unitholders of record on December 31, 2013.
The amount of the special distribution is equal to LREIT's estimated
income and capital gains for 2013 and will prevent LREIT from having
taxable income under the Income Tax Act for the 2013 taxation year.
There being no cash available for the payment of the special
distribution, payment of the whole amount shall be made, in accordance
with paragraph 9.3 of LREIT's Declaration of Trust, by the issuance of
additional trust units based on the closing market price of the units
on December 31, 2013. Immediately following the special distribution,
the number of outstanding trust units will be consolidated so that each
Unitholder will hold exactly the same number of trust units after the
consolidation as each Unitholder held immediately prior to the special
LREIT is a real estate investment trust, which is listed on the Toronto
Stock Exchange under the symbols LRT.UN (Trust Units), LRT.DB.G (Series
G Debentures), LRT.NT.A (Second Mortgage Bonds due December 24, 2015),
LRT.WT (Warrants expiring March 9, 2015) and LRT.WT.A (Warrants
expiring December 23, 2015). The objective of LREIT is to provide
Unitholders with stable cash distributions from investment in a
diversified portfolio of quality real estate properties. For further
information on LREIT, please visit our website at www.lreit.com.
The TSX has not reviewed or approved the contents of this press release
and does not accept responsibility for the adequacy or accuracy of this
This press release contains certain statements regarding the proposed
transaction described herein that could be considered as
forward-looking information. The forward-looking information is
subject to certain risks and uncertainties, which could result in
actual results differing materially from the forward-looking
statements. There can be no certainty that the transaction will be
completed within the timeline set forth herein or all at.
SOURCE: Lanesborough Real Estate Investment Trust
For further information:
Arni Thorsteinson, Chief Executive Officer, or Gino Romagnoli, Investor Relations
Tel: (204) 475-9090, Fax: (204) 452-5505, Email: firstname.lastname@example.org