TORONTO, Feb. 17 /CNW/ - Scott's Real Estate Investment Trust (TSX:
SRQ.UN) ("Scott's REIT"), owner of 220 retail and restaurant properties
in seven provinces across Canada, today announced a cash distribution
for the month of February 2011 of $0.0708 per unit payable on March 15,
2011 to Unitholders of record on February 28, 2011. This marks the 63rd consecutive cash distribution declared since Scott's REIT began
operations on October 6, 2005.
Scott's REIT also announced today a monthly cash distribution of $0.0708
per unit to Unitholders of record of Class B Limited Partnership Units
in Scott's Real Estate LP on February 28th, 2011.
Extension of the $20-Million Bridge Facility
Scott's REIT announced today that it received an extension until June
30, 2011 that was currently scheduled to mature on March 4, 2011. The
extension was granted using the same terms as the original loan, with
the exception of the interest rate, which has been reduced to BAs plus
325 until June 15, 2011. In the last two weeks of the extension, the
interest rate will increase to BAs plus 500.
The REIT is continuing its discussions with lenders to close permanent
financing on the $20-Million bridge facility. Although no assurance can
be provided that this will be concluded on favourable terms, the REIT
believes it is well advanced in negotiating the terms of the financing
and is encouraged by the positive discussions to date.
Resignation of Lilly Di Massimo from the Board of Directors of Scott's
Lilly Di Massimo has resigned from Scott's Trustee Corp. effective
February 17, 2011 for personal reasons.
Governance Committee to Address Priszm Requests
Recently, Priszm Limited Partnership, the Scott's REIT's largest tenant,
provided notice and a request to assign eight master leases affecting
79 properties that Scott's REIT owns. The Governance Committee made up
of the three Independent Trustees of Scott's REIT and chaired by Don
Biback, will co-ordinate all requests and negotiations with Priszm
About Scott's Real Estate Investment Trust
Scott's REIT (TSX: SRQ.UN) is Canada's premier small-box retail property
owner with 220 properties in seven provinces across Canada. Scott's
REIT's properties are well-located and geographically diverse across
Canada with the majority of all properties containing long-term
quadruple net leases. The REIT has approximately75.6 per cent interest
in Scott's Real Estate LP. To find out more about Scott's Real Estate
Investment Trust (TSX: SRQ.UN), visit our website at http://www.scottsreit.com.
This document contains certain information that may constitute
forward-looking information within the meaning of securities laws. In
some cases, forward-looking information can be identified by the use of
terms such as "may", "will", "should", "expect", "plan", "anticipate",
"believe", "intend", "estimate", "predict", "potential", "continue" or
other similar expressions concerning matters that are not historical
facts. Forward-looking information may relate to management's future
outlook and anticipated events or results, and may include statements
or information regarding future growth opportunities and potential and
expected cash distributions or cash distribution levels. In particular,
information regarding the REIT's monthly cash distributions and
information relating to the impact of the REIT's recent acquisitions on
annual revenues and interest expense is forward-looking information.
Forward-looking information is based on certain factors and assumptions
regarding, among other things, occupancy rates, property expense and
capital expenditures. While the REIT considers these assumptions to be
reasonable based on information currently available to it, they may
prove to be incorrect. Forward looking-information is subject to
certain factors, including risks and uncertainties, which could cause
actual results to differ materially from what is currently expected.
Such factors include risks relating to the REIT's reliance on Priszm
Limited Partnership, the REIT's largest tenant, risks associated with
investment in real property, competition, reliance on key personnel,
financing and refinancing risks, environmental matters, tenant risks,
risks related to current economic conditions and other risk factors
more particularly described in the REIT's Annual Information Form for
the year ended December 31, 2009.You should not place undue importance
on forward-looking information and should not rely upon this
information as of any other date. Other than as required by applicable
Canadian securities law, the REIT does not undertake to update this
information at any particular time. Additional information identifying
risks and uncertainties is contained in Scott's REIT filings with the
Canadian securities regulators, available at www.sedar.com.
SOURCE Scott's Real Estate Investment Trust
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