TORONTO, April 5, 2013 /CNW/ - KEYreit (TSX: KRE.UN) announced the following:
KEYreit declared a cash distribution of $0.05 per unit for the month of April 2013. The distribution will be payable on May 15, 2013 to Unitholders of record on April 30, 2013.
Sale of Property
KEYreit also announced that on March 28, 2013, it sold its property located in Winkler, Manitoba for $425,000. The property representing 3,072 square feet of gross leasable area, was vacant and unencumbered at the time of the sale.
Additionally, the Board of Trustees (the "Board") determined to take measures to ensure compliance with certain of its legal obligations in the event of a change of control of KEYreit following termination of the support agreement (the "Support Agreement") entered into with Plazacorp Retail Properties Ltd. ("Plazacorp"). Accordingly, KEYreit has agreed that, in the event the Support Agreement is terminated, it will grant collateral security in respect of certain payments that would become payable as a result of a change of control of KEYreit, including amounts owing to JBM Properties Inc. (the external asset and property manager of KEYreit) and settlement obligations relating to employment contracts.
KEYreit (TSX: KRE.UN) is Canada's premier small-box retail property owner with 225 properties in nine provinces across Canada. KEYreit's properties are well located and geographically diverse across Canada with the majority of all properties containing long-term quadruple net leases.
For further information:
Investor relations, please contact:
Chief Financial Officer
KEYreit unitholders, please contact:
Kingsdale Shareholder Services Inc.
1-888-518-1562 toll-free in North America
1-416-867-2272 outside of North America (collect calls accepted)