Partners Real Estate Investment Trust Announces DRIP Reinvestment Amount and Confirms Anticipated Date for Distribution of Units to Former Holders of Shares in NorRock Realty Finance Corporation
13 Feb, 2012, 15:24 ET
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VICTORIA, Feb. 13, 2012 /CNW/ - Partners Real Estate Investment Trust (the "REIT" or "Partners REIT") (TSXV: PAR.UN) is pleased to announce that the re-investment amount for its distribution reinvestment plan ("DRIP") for the period ended January 31, 2012 is $1.84 per unit, representing the 20 day volume weighted average of Partners REIT units on the TSX Venture Exchange up to and including February 10, 2012 (the "Average Market Price").
Partners REIT offers the distribution reinvestment plan whereby residents of Canada may elect to have their cash distributions reinvested in additional units of Partners REIT. Currently, approximately 5% of the total issued and outstanding units have enrolled in the plan. Under the DRIP, a participant may purchase additional units of the REIT with the cash distributions paid on the eligible units which are registered in the name of the participant or held in a participant's account maintained pursuant to the DRIP and, pursuant to the DRIP, receive an additional amount equal in value to 5% of each cash distribution which will be reinvested in additional units (bonus units). The price at which units (including bonus units) will be issued from treasury with cash distributions is calculated by reference to the Average Market Price.
The board of trustees of Partners REIT has determined to change the distribution date for these Partners REIT units from February 15, 2012 to February 13, 2012, in order to accommodate the previously announced consolidation of the Partners REIT units on the basis of one post-consolidation unit for every four pre-consolidation units held. The consolidation will take place on February 14, 2012.
Also, as announced on February 1, 2012, Partners REIT completed the acquisition of the assets of NorRock Realty Finance Corporation ("NorRock"). Pursuant to such transaction, holders of NorRock Class A shares of record on February 8, 2012 are entitled to receive units of Partners REIT; and as a result of the timing of the consolidation of the units of Partners REIT as described above, holders of NorRock Class A shares will receive units of Partners REIT on a post-consolidated basis. This is expected to occur on February 14, 2012 and will be effected by Computershare Investor Services Inc. which is currently holding such units as agent.
This press release shall not constitute an offer to sell, or the solicitation of an offer to buy, any securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities being offered have not been and will not be registered under the U.S. Securities Act of 1933 as amended and may not be offered or sold in the United States absent registration or pursuant to applicable exemption from registration.
About Partners REIT
Partners REIT is a growth-oriented real estate investment trust, which currently owns (directly or indirectly) twenty-two retail properties located in British Columbia, Alberta, Manitoba, Ontario and Quebec, aggregating approximately 1.7 million square feet of leaseable space. Partners REIT focuses on expanding and managing a portfolio of retail and mixed-use community and neighbourhood shopping centres located in both primary and secondary markets across Canada.
Certain statements included in this press release constitute forward-looking statements, including, but not limited to, those identified by the expressions "believe", "expect," "will", "offers the opportunity", "intend, "look forward" and similar expressions to the extent they relate to Partners REIT. The forward-looking statements are not historical facts but reflect Partners REIT's current expectations regarding future results or events. These forward looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations, including the completion of the distribution under the DRIP ,the anticipated date of distribution of units of the REIT to holders of NorRock Class A shares, access to capital, regulatory approvals, our intention to grow and diversify our portfolio, intended acquisitions, our status as a "real estate investment trust" and general economic and industry conditions. Although Partners REIT believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and, accordingly, readers are cautioned not to place undue reliance on such statements due to the inherent uncertainty therein.
The forward-looking statements contained in this press release reflect our current views with respect to future events and are also subject to certain other risks and uncertainties and other risks detailed from time-to-time in Partners REIT's ongoing filings with the securities regulatory authorities, which filings can be found at www.sedar.com. Actual results, events, and performance may differ materially from those contemplated in Partners REIT's forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements. Partners REIT does not undertake any obligation to publicly update or revise any forward-looking statements either as a result of new information, future events or otherwise, except as required by applicable securities laws.
Neither the 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.
For further information:
Patrick Miniutti, President and Chief Operating Officer (250) 940-5500
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