7.25% Increase to $1.48 per year
CALGARY, Nov. 8 /CNW/ - Northern Property Real Estate Investment Trust
(NPR.UN - TSX) announced today that its Board of Trustees has approved a 7.25%
increase in distributions to $1.48 annually. The increase takes effect with
the distribution for the month of November 2007. On a monthly basis the
distribution will increase from $0.115 to $0.123. The increased level of
distribution will be paid starting December 15, 2007 to unit holders of record
on November 30, 2007.
This is the fifth consecutive distribution increase since Northern
Property's inception as a Real Estate Investment Trust in 2002. One of the
objectives of the Trust is to increase distributions periodically when there
is an expectation that an increase is sustainable.
Jim Britton, President & CEO of the Trust said, "The distribution
increase was based on the very strong results we are experiencing in our
rental property portfolio and from our acquisition program. Our distributable
income is at record levels. The Board felt it was appropriate to increase
distributions in a material way, by 10 cents per unit annually. Even after the
increase Northern Property remains very healthy financially, having low debt
and a low payout ratio."
For further information:
For further information: Mr. Todd Cook, Chief Financial Officer, (403)