Nexus Industrial REIT Announces Suspension of Distribution Reinvestment Plan
June 21 2024 - 5:05PM
Nexus Industrial REIT (“Nexus” or the "REIT") (TSX: NXR.UN) today
announced the suspension of its Distribution Reinvestment Plan (the
“DRIP”), effective July 16, 2024.
The DRIP, which allowed eligible unitholders to
reinvest all or a portion of their cash distributions into
additional units of the REIT, will be suspended due to the low
prevailing market unit price and the resulting unfavourable
unitholder dilution. The REIT believes this action is in the best
interest of its unitholders.
Unitholders participating in the DRIP will
receive their distributions in cash following the July 15, 2024
distribution until further notice. The REIT will continue to
evaluate the DRIP and consider reinstating it when market
conditions improve. Upon reinstatement of the DRIP, plan
participants enrolled in the DRIP at the time of its suspension
will remain enrolled at the time of its reinstatement and will
automatically resume participation in the DRIP at that time.
About Nexus Industrial REIT
Nexus is a growth-oriented real estate
investment trust focused on increasing unitholder value through the
acquisition of industrial properties located in primary and
secondary markets in Canada and the ownership and management of its
portfolio of properties. The REIT currently owns a portfolio of 119
properties (including two properties held for development in which
the REIT has an 80% interest) comprising approximately 13.0 million
square feet of gross leasable area. The REIT has approximately
93,629,000 voting units issued and outstanding, including
approximately 70,675,000 REIT Units and approximately 22,954,000
Class B LP Units of subsidiary limited partnerships of Nexus, which
are convertible to REIT Units on a one-to-one basis.
For further information please contact:
Kelly C. Hanczyk, CEO at (416) 906-2379; orMike
Rawle, CFO at (289) 837-2650.