CALGARY, Feb. 3, 2014 /CNW/ - Northern Property Real Estate Investment
Trust ("NPR") (NPR.UN - TSX) is pleased to announce the termination of
its stapled unit structure after the close of markets on January 31,
NorSerCo Inc., NPR's related corporation has transferred all its active
business assets to NPR Limited Partnership, and filed articles of
dissolution with the Registrar of Corporations of Alberta. The
NorSerCo common shares which traded as part of the NPR stapled security
will be de-listed from the Toronto Stock Exchange ("TSX"). The NorSerCo
common shares have historically only traded as part of the Stapled
Security. These actions were approved by NorSerCo shareholders in a
Special Meeting held July 13, 2012.
Northern Property Real Estate Investment Trust units continue to be
listed on the TSX in substitution of the stapled securities under the
trading symbol NPR.UN. As at the date hereof, there are 31,900,380 trust units of NPR issued and outstanding and 67,796 Class B
exchangeable limited partnership units issued and outstanding.
NPR does not expect that monthly distributions for Trust Units will be
affected by the asset transfer, unstapling and wind-up of NorSerCo.
Holders of Stapled Securities certificates may, but are not required to,
exchange their Stapled Security certificate for a Trust Unit
certificate at their convenience by contacting NPR's registrar and
transfer agent, Computershare Trust Company of Canada, at
NPR is primarily a multi-family residential real estate investor,
providing a broad spectrum of rental accommodations in Canadian
secondary markets with strong economic fundamentals where
capitalization rates are generally higher and competition somewhat
restrained. NPR's residential portfolio is comprised of: multi-family
segment apartments, town homes and single family rental units; and
execusuites and hotels, where the rental periods range from a few days
to several months. NPR also has a portfolio of commercial buildings
focused on government tenancies predominantly located in Canada's far
north. Geographically, NPR operates in British Columbia, the Northwest
Territories, Alberta, Saskatchewan, Nunavut, Quebec and Newfoundland
and Labrador. As at September 30, 2013, NPR has 10,142 residential
units and 1,064,944 square feet of commercial space.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS.
This news release contains forward-looking statements relating to the
amount of future monthly distributions to holders of Trust Units. These
statements are not guarantees of future performance and involve risks
and uncertainties that are difficult to control or predict. Therefore,
actual outcomes and results may differ materially from those expressed
in these forward-looking statements. Readers, therefore, should not
place undue reliance on any such forward-looking statements. Further,
a forward-looking statement speaks only as of the date on which such
statement is made.
SOURCE: Northern Property Real Estate Investment Trust
For further information:
Mr. Robert J. Palmer, Chief Financial Officer at (403) 531-3545