TORONTO and MONTREAL, April 19, 2018 /CNW/ - Nexus Real Estate Investment Trust (the "REIT") (TSXV: NXR.UN) announced today that it intends to release its financial results for the first quarter ended March 31, 2018 before the opening of the TSX Venture Exchange on Thursday May 31, 2018.
Management of the REIT will host a conference call at 1:00 PM Eastern Standard Time on Thursday May 31, 2018 to review the financial results and operations.
To participate in the conference call, please dial 416-915-3239 or 1-800-319-4610 (toll free in Canada and the US) at least five minutes prior to the start time and ask to join the Nexus REIT conference call.
A recording of the conference call will be available until June 30, 2018. To access the recording, please dial 604-674-8052 or 1-855-669-9658 (toll free in Canada and the US) and enter access code 2227.
April and May Distributions
The REIT 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 May 15, 2018 to unitholders of record as of April 30, 2018.
The REIT will also make a cash distribution in the amount of $0.01333 per unit, representing $0.16 per unit on an annualized basis, payable June 15, 2018 to unitholders of record as of May 31, 2018
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.
Payment of trustee fees in units
The REIT also announced today that it has paid outstanding retainer fees payable to independent trustees of the REIT in the amount of $42,810, net of applicable payroll withholding taxes of $10,315, through the issuance of 21,657 units of the REIT ("Trust Units") at an average price of $1.977 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 August 20, 2018. 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.
About Nexus Real Estate Investment Trust
Nexus is a growth oriented real estate investment trust focused on increasing unitholder value through the acquisition, ownership and management of industrial, office and retail properties located in primary and secondary markets in North America. The REIT currently owns a portfolio of 62 properties comprising approximately 3.5 million square feet of rentable area. The REIT has approximately 88,917,000 units issued and outstanding and approximately 5,440,000 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 Nexus Real Estate Investment Trust
For further information: Kelly C. Hanczyk, President and CEO at (416) 906-2379; or Rob Chiasson, CFO at (416) 613-1262.