CALGARY, Oct. 1, 2015 /CNW/ - Edgefront Real Estate Investment Trust (the "REIT") (TSXV: ED.UN) announced today that it has paid outstanding retainer fees payable to independent trustees of the REIT in the amount of $67,370, net of applicable payroll withholding taxes of $10,674, through the issuance of 32,296 units of the REIT ("Trust Units") at an average price of $1.76 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 January 31, 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 32,957,747 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: Please contact Kelly C. Hanczyk, President and CEO at (403) 817-9497; or Rob Chiasson, CFO at (403) 817-9496