MISSISSAUGA, ON, Jan. 24, 2018 /CNW/ - Morguard North American Residential Real Estate Investment Trust (the "Trust") (TSX: MRG.UN) today announced that it will redeem all of its outstanding 4.65% Convertible Unsecured Subordinated Debentures (the "Debentures") on February 26, 2018 (the "Redemption Date"). The Debentures were issued on March 15, 2013 and mature on March 30, 2018.
The redemption price has been determined in accordance with the provisions of the Trust Indenture related to the Debentures. The redemption price will be paid in cash and is $1,000 per Debenture together with accrued and unpaid interest on the Debentures up to, but excluding, the Redemption Date.
Notice of redemption has been delivered today, January 24, 2018, to CDS & Co. ("CDS") and the trustee, Computershare Trust Company of Canada.
Non-registered holders (banks, brokerage firms or other financial institutions) who maintain their interests in the Debentures through CDS should contact their CDS customer service representative with any questions about the redemption. Alternatively, beneficial holders with any questions about the redemption should contact their respective brokerage firm or financial institution, which holds interests in the Debentures through CDS on their behalf.
About Morguard North American Residential REIT
The Trust is an unincorporated, open-ended real estate investment trust which owns, through a limited partnership, interests in a portfolio of 16 Canadian residential apartment communities, located in Alberta and Ontario, and 30 U.S. residential apartment communities located in Colorado, Texas, Louisiana, Illinois, Georgia, Florida, North Carolina, Virginia and Maryland consisting of approximately 13,000 residential suites.
For more information, please visit Morguard.com.
Certain information in this press release may constitute forward-looking statements that involve a number of risks and uncertainties, including statements regarding the outlook for the Trust's business results of operations. Forward-looking statements use the words "believe," "expect," "anticipate," "may," "should," "intend," "estimate" and other similar terms, which do not relate to historical matters. Such forward-looking statements involve known and unknown risks and uncertainties and other factors that may cause the actual results to differ materially from those indicated. Such factors include, but are not limited to, general economic conditions, the availability of new competitive supply of commercial real estate that may become available either through construction or sublease, the Trust's ability to maintain occupancy and to lease or re-lease space on a timely basis at current or anticipated rates, tenant bankruptcies, financial difficulties and defaults, changes in interest rates, changes in operating costs, the Trust's ability to obtain adequate insurance coverage at a reasonable cost, the ability to complete potential acquisitions and the availability of financing. The Trust believes that the expectations reflected in forward-looking statements are based on reasonable assumptions; however, the Trust can give no assurance that actual results will be consistent with these forward-looking statements. Except as required by applicable law, the Trust disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise. Readers should be cautioned not to place undue reliance on the forward-looking statements.
SOURCE Morguard North American Residential Real Estate Investment Trust
For further information: Morguard North American Residential REIT, K. Rai Sahi, Chief Executive Officer, T 905-281-3800; Robert D. Wright, Chief Financial Officer, T 905-281-3800