/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES./
VANCOUVER, Dec. 17, 2014 /CNW/ - Pure Industrial Real Estate Trust ("PIRET") (TSX: AAR.UN) announced today that the Toronto Stock Exchange (the "TSX") has accepted its notice of intention to make a normal course issuer bid (the "Bid").
The notice provides that PIRET may, during the twelve-month period commencing December 19, 2014 and ending December 18, 2015, purchase for cancellation on the TSX up to 5,000,000 Class A units (each, a "Unit") in total, being approximately 2.64% of the outstanding Units as of the date hereof. The daily repurchase restriction for the Units is 133,623 Units, which represents 25% of the average daily trading volume of 534,493 Units on the TSX for the six months ended November 30, 2014.
All purchases under the Bid will be made on the open market through the facilities of the TSX, Alpha or alternate trading systems in Canada at market prices prevailing at the time of purchase. The actual number of Units which may be purchased and the timing of any such purchases will be subject to compliance with the TSX rules. Any Units that are purchased under the Bid will be cancelled.
PIRET believes that its Units have been trading in a price range which does not adequately reflect the value of such Units in relation to PIRET's business and its future business prospects. Accordingly, depending upon future price movements and other factors, PIRET believes that the purchase of outstanding Units may from time to time be an appropriate use of available resources and benefit remaining unitholders by increasing their proportionate equity interest in PIRET.
During the past 12 months, PIRET purchased 350,000 Units at a weighted average price of $4.30 per Unit pursuant to a previous normal course issuer bid. PIRET currently has 189,410,770 Units issued and outstanding.
PIRET today announced that its Board of Trustees has approved a cash distribution of $0.026 per trust unit for the month of December 2014 (equivalent to $0.312 per trust unit on an annualized basis). This distribution will be paid on January 15, 2015 to unitholders of record at the close of business on December 31, 2014.
The policy of PIRET is to pay cash distributions on or about the 15th day of each month to the unitholders of record on the last business day of the preceding month.
PIRET units are listed on the TSX under the symbol AAR.UN. PIRET currently has 189,410,770 units issued and outstanding.
About Pure Industrial Real Estate Trust
PIRET is an unincorporated, open-ended investment trust that owns and operates a diversified portfolio of income-producing industrial properties in leading markets. PIRET is an internally managed REIT that focuses exclusively on investing in industrial properties.
THE TORONTO STOCK EXCHANGE HAS NOT REVIEWED NOR APPROVED THE CONTENTS OF THIS PRESS RELEASE AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS PRESS RELEASE.
SOURCE: Pure Industrial Real Estate Trust (PIRET)
For further information: Andrew Greig, Director of Investor Relations, Pure Industrial Real Estate Trust, Suite 910, 925 West Georgia Street, Vancouver, BC V6C 3L2, Phone: (604) 398-2836 or (888) 681-5959, E-mail: [email protected], www.piret.ca, Toronto Stock Exchange - AAR.UN