/NOT FOR DISSEMINATION IN THE UNITED STATES OR DISTRIBUTION THROUGH UNITED STATES NEWS OR WIRE SERVICES./
MONTRÉAL, May 1, 2014 /CNW/ - PRO Real Estate Investment Trust ("PROREIT" or the "REIT") (TSXV: PRV.UN) announced today that its financial statements and accompanying Management Discussion and Analysis for the year ended December 31, 2013 have been posted to the REIT's website (www.proreit.com and filed on SEDAR at www.sedar.com.
"We are pleased to advise the results for the reported period followed the plans outlined in our prospectus dated November 19, 2013," stated James Beckerleg, the REIT's President and Chief Executive Officer. "The acquisitions completed following our public offering confirmed our ability to execute on our stated growth strategy. We continue to be actively engaged in this process," Mr. Beckerleg added.
PROREIT also advises that it will hold its first annual and special meeting of unitholders at 11:00 a.m. (Montreal time) on June 10, 2014. The meeting will be held in Montreal and the record date for purposes of notice and voting at that meeting has been fixed as the close of business on May 6, 2014. Meeting materials will be sent to unitholders shortly.
In addition, the REIT announces that a cash distribution of $0.0175 per trust unit of the REIT ("Units") for the month of May, 2014 will be payable on June 16, 2014 to unitholders of record as at May 30, 2014.
Unitholders can participate in PROREIT's distribution reinvestment plan (the "DRIP"). Eligible investors registered in the DRIP will have their monthly cash distributions used to purchase Units issued from treasury and will also receive bonus Units equal in value to 3% of their monthly cash distributions. Complete details of the DRIP are available from a unitholder's investment advisor.
PROREIT (www.proreit.com) is an unincorporated open-ended real estate investment trust established in March, 2013 pursuant to a declaration of trust under the laws of the Province of Ontario to own a portfolio of diversified commercial real estate properties in Canada, with a focus on primary and secondary markets in Québec, Atlantic Canada and Ontario. The current portfolio is comprised of nine properties with approximately 400,000 square feet of commercial gross leasable area.
This news release may contain forward-looking information within the meaning of applicable securities legislation. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond PROREIT's control, that could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking information.
Forward-looking information contained in this press release includes, without limitation, statements pertaining to the execution of the REIT's strategy. PROREIT's objectives and forward-looking statements are based on certain assumptions, including that (i) PROREIT will receive financing on favourable terms; (ii) the future level of indebtedness of PROREIT and its future growth potential will remain consistent with PROREIT's current expectations; (iii) there will be no changes to tax laws adversely affecting PROREIT's financing capacity or operations; (iv) the impact of the current economic climate and the current global financial conditions on PROREIT's operations, including its financing capacity and asset value, will remain consistent with PROREIT's current expectations; (v) the performance of PROREIT's investments in Canada will proceed on a basis consistent with PROREIT's current expectations; and (vi) capital markets will provide PROREIT with readily available access to equity and/or debt.
The forward-looking information contained in this news release is expressly qualified in its entirety by this cautionary statement and the "Forward-Looking Statements" section contained in the REIT's latest annual information form, available on SEDAR at www.sedar.com (the "AIF"). All forward-looking statements in this press release are made as of the date of this press release. PROREIT does not undertake to update any such forward-looking statements whether as a result of new information, future events or otherwise, except as required by law. Additional information about these assumptions and risks and uncertainties is contained in the AIF under "Risk Factors".
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE: Pro Real Estate Investment Trust
For further information:
PRO Real Estate Investment Trust
James W. Beckerleg
President and Chief Executive Officer
PRO Real Estate Investment Trust
Gordon G. Lawlor, CA
Chief Financial Officer