TORONTO and MONTREAL, July 23,
2018 /CNW/ - Nexus Real Estate Investment Trust (the "REIT")
(TSXV: NXR.UN) announced today that it will make a cash
distribution in the amount of $0.01333 per unit, representing $0.16 per unit on an annualized basis, payable
August 15, 2018 to unitholders of record as of July 31, 2018.
The REIT will also make a cash distribution in the amount of
$0.01333 per unit, representing
$0.16 per unit on an annualized
basis, payable September 14, 2018 to
unitholders of record as of August 31,
2018.
The REIT has adopted a distribution reinvestment plan
("DRIP") whereby residents of Canada may elect to have all or a portion of
the cash distributions of the REIT automatically reinvested in
additional units of the REIT. Eligible unitholders who so elect
will receive a bonus distribution of units equal to 4% of each
distribution that was reinvested by them under the DRIP.
The REIT also announced today that it has paid outstanding
retainer fees payable to independent trustees of the REIT in the
amount of $53,125 net of applicable
payroll withholding taxes of $10,315,
through the issuance of 21,455 units of the REIT ("Trust
Units") at an average price of $1.995 per Trust Unit. The Trust Units were
issued under the REIT's Non-Executive Trustee Unit Issuance
Plan.
The Trust Units are subject to a four-month hold period expiring
on November 24, 2018. The transaction
constitutes a related party transaction pursuant to Multilateral
Instrument 61-101 – Protection of Minority Security Holders in
Special Transactions ("MI 61-101"). The REIT is exempt from
the formal valuation and minority approval requirements of MI
61-101 in reliance on Section 5.5(b) and Section 5.7(a),
respectively.
About Nexus Real Estate Investment Trust
Nexus is a growth oriented real estate investment trust focused
on increasing unitholder value through the acquisition, ownership
and management of industrial, office and retail properties located
in primary and secondary markets in North
America. The REIT currently owns a portfolio of 63
properties comprising approximately 3.7 million square feet of
rentable area. The REIT has approximately 90,170,000 units issued
and outstanding. Additionally, there are Class B LP units of
subsidiary limited partnerships of Nexus REIT issued and
outstanding, which are convertible into approximately 17,686,543
REIT units.
Neither 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.
SOURCE Nexus Real Estate Investment Trust