MONTRÉAL, April 10, 2015 /CNW Telbec/ - The Board of Trustees of BTB Real Estate Investment Trust (TSX: BTB.UN) announces with great regret the recent death of one of its founding members, Mr. Normand Beauchamp, on March 13, 2015.
Member of the Board of Trustees since BTB's creation in 2006, Mr. Beauchamp was also member of the Investments Committee and the Governance and Human Resources Committee, the latter until 2014.
At the last unitholders' annual general meeting held in 2014, a tenth member was elected to the Board of Trustees of BTB. The Board had then decided to not fill the next vacancy. During its meeting held March 19, 2015, the Board reiterated its decision. Thus, the vacancy resulting from the death of Mr. Beauchamp will not be filled.
BTB is a real estate investment trust listed on the Toronto Stock Exchange. BTB is an important owner of properties in eastern Canada. Today, BTB owns 73 commercial, office and industrial properties for a total leasable area of approximately 5.1 million square feet. BTB's asset value exceeds $600M. The objectives of BTB are: i) to grow its revenues from its assets to increase distributable income and therefore fund distributions; (ii) to maximize the value of its assets through dynamic management of its properties in order to sustain the long-term value of its units; and (iii) to generate cash distributions that are fiscally beneficial to unitholders.
BTB offers a distribution reinvestment plan to unitholders whereby the participants may elect to have their monthly cash distribution reinvested in additional units of BTB at a price based on the weighted average price for BTB's Units on the Toronto Stock Exchange for the five trading days immediately preceding the distribution date, discounted by 5%.
SOURCE BTB Real Estate Investment Trust
For further information: Mr. Michel Léonard, President and Chief Executive Officer, 514-286-0188, ext. 228; Mr. Benoit Cyr, Vice President and Chief Financial Officer, 514-286-0188, ext. 230