CALGARY, May 3, 2012 /CNW/ - Northern Property Real Estate Investment Trust (the "REIT") and NorSerCo Inc. ("NorSerCo", and together with the REIT, "NPR") (NPR.UN - TSX) announced today, in response to the ISS Proxy Advisory Services report that was published on April 27, 2012 (the "ISS Report"), clarification over certain non-audit related fees paid to NPR's auditor and disclosed in NPR's annual information form dated March 30, 2012 (the "2011 AIF").
NPR would like to clarify that the amount represented in Item 9(c) of Appendix "B" to the 2011 AIF entitled "Tax Fees" relates to costs incurred by NPR in 2011 in connection with tax compliance/preparation. Specifically, the amount includes the costs associated with the preparation and filing of annual tax returns for NPR and its subsidiaries and other filings required by Revenue Canada.
In 2011 NPR incurred "Tax Fees" in the amount of $135,995, in comparison to $110,766 incurred in 2010, and $159,604 incurred in 2009.
As specified in its 2011 AIF, the amount represented in Item 9(c) of Appendix "B" to the 2011 AIF entitled "All Other Fees" includes the costs associated with filing Revenue Canada elections and additional tax returns as a result of NPR's December 31, 2010 tax reorganization.
In addition, NPR would like to further clarify that the percentage of total fees that were paid in 2011 to its auditor, Deloitte & Touche LLP, and that were attributable to non-audit related fees, excluding "tax Fees", was 47.5%, and not in excess of 50%.
NPR has issued this press release in response to discussions with ISS, and NPR is committed to working co-operatively with ISS to maintain a high-level of public disclosure.
For further information:
please contact Mr. B. James Britton, President and Chief Executive, (403) 531-0725, or Mr. David Leiman, Chief Financial Officer, (403) 531-0720.