TORONTO and MONTREAL, Oct. 22,
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
November 15, 2018 to unitholders of record as of October 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 December 14, 2018 to
unitholders of record as of November 30,
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.
Completion of acquisition
On October 17, 2018, the REIT
completed the purchase of an approximately 37,000 square foot
industrial property in Calgary,
Alberta. The purchase price of $8,500,000 was satisfied in part through the
issuance of 1,214,286 REIT units at $2.10 per REIT unit, a premium to the current
market price of the REIT's units. The balance was satisfied in cash
generated through new mortgage financing.
Release date for third quarter results and results
call
The REIT intends to release its financial results for the third
quarter ended September 30, 2018
before the opening of the TSX Venture Exchange on Thursday, November 22, 2018.
Management of the REIT will host a conference call at
1:00 PM Eastern Standard Time on
Thursday, November 22, 2018 to review the financial
results and operations.
To participate in the conference call, please dial 416-915-3239
or 1-800-319-4610 (toll free in Canada and the US) at least five minutes prior
to the start time and ask to join the Nexus REIT conference
call.
A recording of the conference call will be available until
December 22, 2018. To access the
recording, please dial 604-674-8052 or 1-855-669-9658 (toll free in
Canada and the US) and enter
access code 2687.
Payment of trustee fees in units
The REIT 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 21,489 units of the REIT ("Trust Units") at an
average price of $1.9922 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 February 20, 2019. 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 66
properties comprising approximately 3.7 million square feet of
rentable area. The REIT has approximately 91,490,431 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 20,827,000
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