/NOT FOR DISTRIBUTION IN THE U.S. OR OVER U.S. NEWSWIRES/
TORONTO, Oct. 14, 2015 /CNW/ - True North Apartment Real Estate Investment Trust (TSX: TN.UN; TN.DB) ("True North") today announced a cash distribution of $0.05825 per trust unit ("Unit") for the period from October 1, 2015 and ending October 30, 2015. To facilitate the closing of the previously announced plan of arrangement (the "Plan of Arrangement") with Northern Property Real Estate Investment Trust ("NPR"), which will culminate in the formation of Northview Apartment Real Estate Investment Trust ("Northview"), the distribution will be payable on October 29, 2015 to unitholders of record as at October 22, 2015. In addition, True North's unitholder Distribution Reinvestment Plan (the "DRIP") has been terminated.
Since the DRIP has been terminated effective immediately, it will not be available in connection with the distribution that is payable on October 29, 2015 or any special distribution made to unitholders in connection with the Plan of Arrangement. Participants in the DRIP who would be entitled to unit certificates following termination of the DRIP will receive unit certificates of Northview reflecting the exchange ratio for the Plan of Arrangement following closing and a cash payment in respect of any fractional units of True North they held at the time the DRIP is terminated.
Subsequent to the closing of the Plan of Arrangement, which is expected to occur on or about October 30, 2015, former True North unitholders will receive distributions on the units of Northview they will hold as a result of the Plan of Arrangement, in accordance with Northview's distribution policy.
About True North
True North is an unincorporated, open-ended real estate investment trust established under the laws of the Province of Ontario. True North focuses on a long-term strategy to generate stable cash distributions on a tax- efficient basis for unitholders. The REIT actively looks for opportunities to expand its asset base and increase its distributable cash flow through acquisitions of additional multi-suite residential rental properties across Canada, the United States, and other jurisdictions where opportunities may arise. True North trust units are traded on the TSX under the ticker symbol: TN.UN. The True North convertible unsecured subordinated debentures are traded on the TSX under the ticker symbol TN.DB. Additional information concerning True North is available on SEDAR at www.sedar.com or at its website at www.truenorthreit.com.
This press release contains forward-looking statements that reflect current expectations of each of NPR and True North about their future results, performance, prospects and opportunities, including with respect to the anticipated benefits of the proposed Plan of Arrangement and other statements that are not historical facts.
The timing and completion of the Plan of Arrangement is subject to customary closing conditions, termination rights and other risks and uncertainties including, without limitation, required regulatory, court, and unitholder approvals. Accordingly, there can be no assurance that the Plan of Arrangement will occur, or that it will occur on the timetable or on the terms and conditions contemplated in this news release. The Plan of Arrangement could be modified, restructured or terminated.
Forward-looking statements are based on information available at the time they are made, underlying estimates and assumptions made by management and management's good faith belief with respect to future events, performance and results, and are subject to inherent risks and uncertainties surrounding future expectations generally, which could cause actual results to differ materially from what is currently expected. Such risks and uncertainties include, but are not limited to, risks associated with investment in and development of real property, competition, financing and refinancing risks, changes in economic conditions, changes in interest rates, changes in taxation rules, reliance on key personnel, environmental matters, tenant risks, fluctuations in commodity prices and other risk factors more particularly described in True North's management information circulars as well as the most recent annual information forms of True North available on SEDAR at www.sedar.com. Additional risks and uncertainties not presently known to True North may also adversely affect True North.
Readers are cautioned not to place undue importance on forward-looking information. True North disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required under applicable securities laws.
SOURCE True North Apartment Real Estate Investment Trust
For further information: Leslie Veiner, President and Chief Executive Officer, (416) 234-8444; or Martin Liddell, Chief Financial Officer, (416) 234-8444