TORONTO, March 08, 2018 (GLOBE NEWSWIRE) -- European Commercial Real Estate Investment Trust (“ECREIT”) (TSX-V:ERE.UN) announced today its regular quarterly cash distribution, in respect of Q1 2018, of $0.0875 per unit of ECREIT (a “Unit”), and per Class B limited partnership unit of ECRE Limited Partnership (a “Class B LP Unit”), being equivalent to $0.35 per Unit annualized. The distribution will be payable to eligible, non-waiving holders of the Units and Class B LP Units (the “Unitholders”) of record on March 29, 2018, with payment on April 16, 2018. ECREIT’s management and Board of Trustees have agreed to initially waive receipt of certain cash distributions subject to certain conditions.
As previously disclosed, effective September 15, 2017 ECREIT implemented a Distribution Reinvestment Plan (“DRIP”) whereby eligible Unitholders can elect to have their quarterly cash distributions paid in Units of ECREIT and receive a further distribution of Units with a value of up to 5.0% of the reinvested distribution.
“We are pleased to announce our first quarterly cash distribution of 2018, a reflection of our strong growth during 2017, and the stability of our operating platform, which continues to focus on non-prime commercial real estate in select European markets,” commented Ian Dyke, Chief Financial Officer. “We remain focused on our long-term strategic objective to deliver stable and sustainable cash distributions, and capital appreciation to our Unitholders.”
Upon payment of ECREIT’s last distribution on January 15, 2018, 36,869 Units were issued pursuant to the DRIP, of which 29% of such Units were issued to insiders of ECREIT.
About European Commercial Real Estate Investment Trust
ECREIT is an unincorporated, open-ended real estate investment trust focused on aggregating a bespoke portfolio of high-quality, non-prime core commercial real estate assets in key European markets with strong fundamentals. ECREIT’s strategy is designed primarily to deliver long-term, secure income with additional potential for capital appreciation. ECREIT intends to grow by acquiring additional assets consistent with its strategy and which are expected to be accretive, on a per Unit basis, to its earnings. ECREIT’s Units are listed on the TSXV under the symbol ERE.UN. For more information please visit our web site at www.ecreit.com.
|For more information please contact:||Phillip Burns|
Chief Executive Officer
European Commercial Real Estate Investment Trust
The information in this news release includes certain information and statements about management's view of future events, expectations, plans and prospects that constitute forward-looking statements. These statements are based upon assumptions that are subject to significant risks and uncertainties. Because of these risks and uncertainties and as a result of a variety of factors, the actual results, expectations, achievements or performance may differ materially from those anticipated and indicated by these forward-looking statements. Any number of factors could cause actual results to differ materially from these forward-looking statements as well as future results. Although ECREIT believes that the expectations reflected in forward-looking statements are reasonable, it can give no assurances that the expectations of any forward-looking statements will prove to be correct. Except as required by law, ECREIT disclaims any intention and assumes no obligation to update or revise any forward-looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking statements or otherwise.
ECREIT uses financial measures regarding itself, such as adjusted funds from operations, that do not have standardized meaning under the International Financial Reporting Standards (“IFRS”) and may not be comparable to similar measures presented by other entities (“non-IFRS measures”). Further information relating to non-IFRS measures, is set out in EC-REIT’s final short form prospectus dated July 18, 2017 under the heading “Non-IFRS Measures” and “Non-IFRS Reconciliation”.
Neither TSX Venture Exchange Inc. nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange Inc.) accepts responsibility for the adequacy or accuracy of this release.
Source:European Commercial Real Estate Investment Trust