/NOT FOR DISSEMINATION IN THE UNITED STATES OR DISTRIBUTION THROUGH
UNITED STATES NEWS OR WIRE SERVICES./
MONTRÉAL, May 1, 2014 /CNW/ - PRO Real Estate Investment Trust ("PROREIT" or the "REIT") (TSXV: PRV.UN) announced today that its financial statements and
accompanying Management Discussion and Analysis for the year ended
December 31, 2013 have been posted to the REIT's website (www.proreit.com and filed on SEDAR at www.sedar.com.
"We are pleased to advise the results for the reported period followed
the plans outlined in our prospectus dated November 19, 2013," stated
James Beckerleg, the REIT's President and Chief Executive Officer. "The
acquisitions completed following our public offering confirmed our
ability to execute on our stated growth strategy. We continue to be
actively engaged in this process," Mr. Beckerleg added.
PROREIT also advises that it will hold its first annual and special
meeting of unitholders at 11:00 a.m. (Montreal time) on June 10, 2014.
The meeting will be held in Montreal and the record date for purposes
of notice and voting at that meeting has been fixed as the close of
business on May 6, 2014. Meeting materials will be sent to unitholders
In addition, the REIT announces that a cash distribution of $0.0175 per
trust unit of the REIT ("Units") for the month of May, 2014 will be payable on June 16, 2014 to
unitholders of record as at May 30, 2014.
Unitholders can participate in PROREIT's distribution reinvestment plan
(the "DRIP"). Eligible investors registered in the DRIP will have their monthly
cash distributions used to purchase Units issued from treasury and will
also receive bonus Units equal in value to 3% of their monthly cash
distributions. Complete details of the DRIP are available from a
unitholder's investment advisor.
PROREIT (www.proreit.com) is an unincorporated open-ended real estate investment trust
established in March, 2013 pursuant to a declaration of trust under the
laws of the Province of Ontario to own a portfolio of diversified
commercial real estate properties in Canada, with a focus on primary
and secondary markets in Québec, Atlantic Canada and Ontario. The
current portfolio is comprised of nine properties with approximately
400,000 square feet of commercial gross leasable area.
This news release may contain forward-looking information within the
meaning of applicable securities legislation. Forward-looking
information is based on a number of assumptions and is subject to a
number of risks and uncertainties, many of which are beyond PROREIT's
control, that could cause actual results and events to differ
materially from those that are disclosed in or implied by such
Forward-looking information contained in this press release includes,
without limitation, statements pertaining to the execution of the
REIT's strategy. PROREIT's objectives and forward-looking statements
are based on certain assumptions, including that (i) PROREIT will
receive financing on favourable terms; (ii) the future level of
indebtedness of PROREIT and its future growth potential will remain
consistent with PROREIT's current expectations; (iii) there will be no
changes to tax laws adversely affecting PROREIT's financing capacity or
operations; (iv) the impact of the current economic climate and the
current global financial conditions on PROREIT's operations, including
its financing capacity and asset value, will remain consistent with
PROREIT's current expectations; (v) the performance of PROREIT's
investments in Canada will proceed on a basis consistent with PROREIT's
current expectations; and (vi) capital markets will provide PROREIT
with readily available access to equity and/or debt.
The forward-looking information contained in this news release is
expressly qualified in its entirety by this cautionary statement and
the "Forward-Looking Statements" section contained in the REIT's latest
annual information form, available on SEDAR at www.sedar.com (the "AIF"). All forward-looking statements in this press release are
made as of the date of this press release. PROREIT does not undertake
to update any such forward-looking statements whether as a result of
new information, future events or otherwise, except as required by law.
Additional information about these assumptions and risks and
uncertainties is contained in the AIF under "Risk Factors".
Neither the TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
SOURCE: Pro Real Estate Investment Trust
For further information:
PRO Real Estate Investment Trust
James W. Beckerleg
President and Chief Executive Officer
PRO Real Estate Investment Trust
Gordon G. Lawlor, CA
Chief Financial Officer