Whiterock REIT Announces 3-for-2 Unit Split

TORONTO, Jan. 12 /CNW/ - Whiterock Real Estate Investment Trust ("Whiterock") (TSX: WRK.UN) announced today that, pursuant to the terms of Whiterock's Declaration of Trust, which permits a subdivision or consolidation of the trust units from time to time by the Trustees, all of its issued and outstanding units will be subdivided on the basis of three (3) post-subdivision units for each two (2) pre-subdivision units held on the record date of January 27, 2011 (the "Record Date").

Within three business days following the Record Date, Whiterock's registrar and transfer agent will send to each unitholder of record as of the Record Date, a unit certificate representing the additional units to which they are entitled as a result of the subdivision. There will be no change to the CUSIP number or ISIN number for the units, and the units will continue to trade on the Toronto Stock Exchange under the trading symbol "WRK.UN". No fractional units will be issuable as a result of the subdivision but, rather, a cash payment will be made for such fractional interests determined on the basis of the closing price of the units on the first trading day after the record date for the subdivision.

"The decision to split our units comes as a result of our unit's strong price performance in 2010.  Since our last split in November 2009, our units have increased by more than 50% in value and splitting our units should increase liquidity," said Jason Underwood, Whiterock's Chief Executive Officer.

As at January 10, 2011 there were 17,486,849 trust units issued and outstanding that will be subdivided into approximately 26,230,273 units upon completion of the unit subdivision. No action is required to effect the subdivision for units held through brokers or other financial intermediaries.

As a result of and effective immediately following the subdivision, the conversion price of Whiterock's convertible debentures outstanding (TSX: WRK.DB.D, WRK.DB.E, WRK.DB.F and WRK.DB.G) will be decreased by a factor of one-third (1/3). Notice of the adjustment to the applicable conversion price will be given to holders of Whiterock's securities that are convertible into units.

Whiterock's distribution policy effectively remains unchanged as a result of the subdivision of units.  The historic distribution of $0.14025 monthly ($1.683 annually), on a pre-subdivision basis, becomes $0.0935 monthly ($1.122 annually), on a post-subdivision basis, so as to reflect the additional number of units outstanding as a result of the subdivision.

About Whiterock

Whiterock's existing portfolio is anchored by high credit tenants with long-term leases.  Whiterock's owned and co-owned portfolio, including announced acquisitions, consists of 70 properties totaling 7.4 million square feet. The current annualized yield of Whiterock's units is approximately 8.3%, based on Whiterock's closing unit price on January 10, 2011 and its most recently announced monthly distribution.

Forward-Looking Statements

This news release contains "forward-looking statements" within the meaning of applicable securities legislation. These forward-looking statements generally can be identified by the use of forward-looking terminology such as "may", "will", "should", "expect" "estimate", "anticipate", "intend", "believe" or "continue", the negative forms thereof and similar expressions suggesting future outcomes or events. Such forward-looking statements reflect management's current beliefs and are based on information currently available to management. These statements are not guarantees of future events or performance and, by their nature, are based on Whiterock's estimates and assumptions. Readers are cautioned that a number of risks, uncertainties and other factors, including the risk that the unit subdivision may not be completed on the above terms or at all or have the expected effect, as well as those discussed in the section entitled "Risk Factors" in Whiterock's Annual Information Form, which can be obtained at www.sedar.com, could cause actual events, results or prospects to differ materially from those stated or implied. These factors should be considered carefully, and a reader should not place undue reliance on forward-looking statements, as there can be no assurance that actual events, results or prospects will be consistent with such statements. Material factors or assumptions that were applied in drawing a conclusion or making an estimate set out in the forward-looking information may include, but are not limited to, historic trading patterns in Whiterock's units. Except as required by law, Whiterock does not undertake, and specifically disclaims, any obligation to update or revise any forward-looking statements, whether as a result of new information, future developments or otherwise.

The Toronto Stock Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.

SOURCE Whiterock Real Estate Investment Trust

For further information:

Frank Bucys, CFO, 416-907-4864
Esam El-Makkawy 416-642-4726

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Whiterock Real Estate Investment Trust

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