Partners Real Estate Investment Trust Announces DRIP Reinvestment Amount and Confirms Anticipated Date for Distribution of Unit
12 Février 2012 - 5:24AM
PR Newswire (Canada)
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DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY
WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES
LAWS./ VICTORIA, Feb. 13, 2012 /CNW/ - Partners Real Estate
Investment Trust (the "REIT" or "Partners REIT") is pleased to
announce that the re-investment amount for its distribution
reinvestment plan ("DRIP") for the period ended January 31, 2012 is
$1.84 per unit, representing the 20 day volume weighted average of
Partners REIT units on the TSX Venture Exchange up to and including
February 10, 2012 (the "Average Market Price"). Partners REIT
offers the distribution reinvestment plan whereby residents of
Canada may elect to have their cash distributions reinvested in
additional units of Partners REIT. Currently, approximately 5% of
the total issued and outstanding units have enrolled in the plan.
Under the DRIP, a participant may purchase additional units of the
REIT with the cash distributions paid on the eligible units which
are registered in the name of the participant or held in a
participant's account maintained pursuant to the DRIP and, pursuant
to the DRIP, receive an additional amount equal in value to 5% of
each cash distribution which will be reinvested in additional units
(bonus units). The price at which units (including bonus
units) will be issued from treasury with cash distributions is
calculated by reference to the Average Market Price. The board of
trustees of Partners REIT has determined to change the distribution
date for these Partners REIT units from February 15, 2012 to
February 13, 2012, in order to accommodate the previously announced
consolidation of the Partners REIT units on the basis of one
post-consolidation unit for every four pre-consolidation units
held. The consolidation will take place on February 14, 2012.
Also, as announced on February 1, 2012, Partners REIT completed the
acquisition of the assets of NorRock Realty Finance Corporation
("NorRock"). Pursuant to such transaction, holders of NorRock
Class A shares of record on February 8, 2012 are entitled to
receive units of Partners REIT; and as a result of the timing of
the consolidation of the units of Partners REIT as described above,
holders of NorRock Class A shares will receive units of Partners
REIT on a post-consolidated basis. This is expected to occur
on February 14, 2012 and will be effected by Computershare Investor
Services Inc. which is currently holding such units as agent. This
press release shall not constitute an offer to sell, or the
solicitation of an offer to buy, any securities in any jurisdiction
in which such offer, solicitation or sale would be unlawful. The
securities being offered have not been and will not be registered
under the U.S. Securities Act of 1933 as amended and may not be
offered or sold in the United States absent registration or
pursuant to applicable exemption from registration. About Partners
REIT Partners REIT is a growth-oriented real estate investment
trust, which currently owns (directly or indirectly) twenty-two
retail properties located in British Columbia, Alberta, Manitoba,
Ontario and Quebec, aggregating approximately 1.7 million square
feet of leaseable space. Partners REIT focuses on expanding and
managing a portfolio of retail and mixed-use community and
neighbourhood shopping centres located in both primary and
secondary markets across Canada. Forward-looking Statements Certain
statements included in this press release constitute
forward-looking statements, including, but not limited to, those
identified by the expressions "believe", "expect," "will", "offers
the opportunity", "intend, "look forward" and similar expressions
to the extent they relate to Partners REIT. The forward-looking
statements are not historical facts but reflect Partners REIT's
current expectations regarding future results or events. These
forward looking statements are subject to a number of risks and
uncertainties that could cause actual results or events to differ
materially from current expectations, including the completion of
the distribution under the DRIP ,the anticipated date of
distribution of units of the REIT to holders of NorRock Class A
shares, access to capital, regulatory approvals, our
intention to grow and diversify our portfolio, intended
acquisitions, our status as a "real estate investment trust" and
general economic and industry conditions. Although Partners REIT
believes that the assumptions inherent in the forward-looking
statements are reasonable, forward-looking statements are not
guarantees of future performance and, accordingly, readers are
cautioned not to place undue reliance on such statements due to the
inherent uncertainty therein. The forward-looking statements
contained in this press release reflect our current views with
respect to future events and are also subject to certain other
risks and uncertainties and other risks detailed from time-to-time
in Partners REIT's ongoing filings with the securities regulatory
authorities, which filings can be found at www.sedar.com. Actual
results, events, and performance may differ materially from those
contemplated in Partners REIT's forward-looking statements. Readers
are cautioned not to place undue reliance on these forward-looking
statements. Partners REIT does not undertake any obligation to
publicly update or revise any forward-looking statements either as
a result of new information, future events or otherwise, except as
required by applicable securities laws. Neither the 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.
Partners REIT CONTACT: Partners REIT:Patrick Miniutti, President
and Chief Operating Officer (250) 940-5500
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