CALGARY, Oct. 21, 2015 /CNW/ - Edgefront Real Estate Investment Trust (the "REIT") (TSXV: ED.UN) announced today that it will make a cash distribution in the amount of $0.01333 per unit, representing $0.16 per unit on an annualized basis, payable November 16, 2015 to unitholders of record as of October 30, 2015.
The REIT has adopted a distribution reinvestment plan ("DRIP") whereby residents of Canada may elect to have all or a portion of the cash distributions of the REIT automatically reinvested in additional units of the REIT. Eligible unitholders who so elect will receive a bonus distribution of units equal to 4% of each distribution that was reinvested by them under the DRIP. Full details with respect to the DRIP can be found on the REIT's website at www.edgefrontreit.com.
The REIT also announced today that it has paid outstanding retainer fees payable to independent trustees of the REIT in the amount of $33,125, net of applicable payroll withholding taxes of $6,347, through the issuance of 15,842 units of the REIT ("Trust Units") at an average price of $1.69 per Trust Unit. The Trust Units were issued under the REIT's Non-Executive Trustee Unit Issuance Plan
The Trust Units are subject to a four month hold period expiring on February 21, 2016. The transaction constitutes a related party transaction pursuant to Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The REIT is exempt from the formal valuation and minority approval requirements of MI 61-101 in reliance on Section 5.5(b) and Section 5.7(a), respectively, of MI 61-101.
About the REIT
Edgefront REIT is a growth oriented real estate investment trust focused on increasing unitholder value through the acquisition, ownership and management of industrial properties located in primary and secondary markets in North America. The REIT currently owns a portfolio of 17 properties comprising approximately 952,000 square feet of rentable area.
The REIT has approximately 33,143,708 units issued and outstanding. Additionally, there are 3,830,985 Class B LP units of subsidiary limited partnerships of the REIT issued and outstanding.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Edgefront Real Estate Investment Trust
For further information: Kelly C. Hanczyk, President and CEO at (403) 817-9497 or Rob Chiasson, CFO at (403) 817-9496.