CALGARY, Feb. 3, 2014 /CNW/ - Northern Property Real Estate Investment Trust ("NPR") (NPR.UN - TSX) is pleased to announce the termination of its stapled unit structure after the close of markets on January 31, 2014.
NorSerCo Inc., NPR's related corporation has transferred all its active business assets to NPR Limited Partnership, and filed articles of dissolution with the Registrar of Corporations of Alberta. The NorSerCo common shares which traded as part of the NPR stapled security will be de-listed from the Toronto Stock Exchange ("TSX"). The NorSerCo common shares have historically only traded as part of the Stapled Security. These actions were approved by NorSerCo shareholders in a Special Meeting held July 13, 2012.
Northern Property Real Estate Investment Trust units continue to be listed on the TSX in substitution of the stapled securities under the trading symbol NPR.UN. As at the date hereof, there are 31,900,380 trust units of NPR issued and outstanding and 67,796 Class B exchangeable limited partnership units issued and outstanding.
NPR does not expect that monthly distributions for Trust Units will be affected by the asset transfer, unstapling and wind-up of NorSerCo.
Holders of Stapled Securities certificates may, but are not required to, exchange their Stapled Security certificate for a Trust Unit certificate at their convenience by contacting NPR's registrar and transfer agent, Computershare Trust Company of Canada, at 1-800-564-6253.
NPR is primarily a multi-family residential real estate investor, providing a broad spectrum of rental accommodations in Canadian secondary markets with strong economic fundamentals where capitalization rates are generally higher and competition somewhat restrained. NPR's residential portfolio is comprised of: multi-family segment apartments, town homes and single family rental units; and execusuites and hotels, where the rental periods range from a few days to several months. NPR also has a portfolio of commercial buildings focused on government tenancies predominantly located in Canada's far north. Geographically, NPR operates in British Columbia, the Northwest Territories, Alberta, Saskatchewan, Nunavut, Quebec and Newfoundland and Labrador. As at September 30, 2013, NPR has 10,142 residential units and 1,064,944 square feet of commercial space.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS.
This news release contains forward-looking statements relating to the amount of future monthly distributions to holders of Trust Units. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. Therefore, actual outcomes and results may differ materially from those expressed in these forward-looking statements. Readers, therefore, should not place undue reliance on any such forward-looking statements. Further, a forward-looking statement speaks only as of the date on which such statement is made.
SOURCE: Northern Property Real Estate Investment Trust
For further information:
Mr. Robert J. Palmer, Chief Financial Officer at (403) 531-3545