QUÉBEC CITY, Sept. 9, 2014 /CNW Telbec/ - Cominar Real Estate Investment Trust ("Cominar") (TSX: CUF.UN) announced today that, as previously announced, it has formally introduced a covenant to its senior unsecured indebtedness platform requiring it to maintain unencumbered aggregate assets in an amount of not less than 130% of the aggregate principal amount of its senior unsecured indebtedness outstanding. This addition will benefit each existing and outstanding series of senior unsecured debentures of Cominar.
As at the date hereof, Cominar's unencumbered aggregate assets, established pursuant to the senior unsecured indebtedness platform, stand at $2.7 billion representing 171% of aggregate principal amount of senior unsecured indebtedness outstanding.
Cominar's sixth supplemental indenture, by way of which the covenant was introduced, is available on SEDAR at www.sedar.com.
PROFILE as at September 9, 2014
Cominar is the third largest diversified real estate investment trust in Canada and currently remains the largest commercial property owner in the Province of Québec. The REIT owns a real estate portfolio of 526 properties in three different market segments, that is, office properties, retail properties and industrial and mixed-use properties. Cominar's portfolio totals 39.5 million square feet spread out across Québec, Ontario, the Atlantic Provinces and Western Canada. Cominar's objectives are to pay growing cash distributions to unitholders and to maximize unitholder value through proactive management and the expansion of its portfolio.
Cominar offers unitholders the opportunity to participate in its Unitholder Distribution Reinvestment Plan, which allows them to receive their monthly cash distributions as additional Cominar units. Participants will be entitled to receive an additional distribution equal to 5% of the distributions reinvested, which will be reinvested in additional units. For more information and to obtain a participation form, please visit Cominar's website at www.cominar.com.
This press release may contain forward-looking statements with respect to Cominar and its operations, strategy, financial performance and financial condition. These statements generally can be identified by the use of forward-looking words such as "may", "will", "expect", "estimate", "anticipate", "intend", "believe" or "continue" or the negative thereof or similar variations. The actual results and performance of Cominar discussed herein could differ materially from those expressed or implied by such statements. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Some important factors that could cause actual results to differ materially from expectations include, among other things, general economic and market factors, competition, changes in government regulation and the factors described under "Risk Factors" in the Annual Information Form of Cominar. The cautionary statements qualify all forward-looking statements attributable to Cominar and persons acting on its behalf. Unless otherwise stated, all forward-looking statements speak only as of the date of this press release.
SOURCE: Cominar Real Estate Investment Trust
For further information: Michel Dallaire, Eng., President and CEO, Sylvain Cossette, Executive Vice-President and COO, Gilles Hamel, CPA, CA, Executive Vice-President and CFO, Tel: (418) 681-8151, email@example.com, firstname.lastname@example.org, email@example.com