MONTRÉAL, Québec, March 20, 2018 (GLOBE NEWSWIRE) -- PRO Real Estate Investment Trust (“PROREIT” or the “REIT”) (TSX-V:PRV.UN) announced today that a cash distribution of $0.0175 per trust unit of the REIT (“Units”) for the month of March, 2018 will be payable on April 16, 2018 to unitholders of record as at March 29, 2018.
Most unitholders can participate in PROREIT’s distribution reinvestment plan (the “DRIP”). The DRIP provides unitholders with an opportunity to conveniently and economically increase their ownership in PROREIT. Under the DRIP, distributions are automatically reinvested in additional Units without the cost of any brokerage commissions or service fees. In addition, unitholders who elect to participate in the DRIP receive a further distribution of Units equal in value to 3% of each distribution that was reinvested by the unitholder. Additional deferred units will be credited to the holders thereof to reflect distributions paid on Units.
To join the DRIP, beneficial unitholders who hold their Units through a bank or other intermediary should direct that entity to take the necessary steps to register them in the DRIP. Unitholders who hold their Units directly in registered form should complete the enrollment form and send it to the REIT’s transfer agent by email at TMXEInvestorServices@tmx.com or by mail to TSX Trust Company, 301 – 100 Adelaide St W Toronto, Ontario, M5H 4H1 (Attention: Dividend Reinvestment Department).
The price for any Units issued under the DRIP is calculated by reference to the weighted average of the closing price of the Units on the TSX Venture Exchange for the five trading days immediately preceding the relevant date of distribution on which trades of Units were recorded.
Cash undistributed by PROREIT upon the issuance of additional Units under the DRIP will be retained by the REIT to be used for future property acquisitions, capital improvements and working capital. The DRIP is subject to certain limitations and restrictions and interested parties are encouraged to review the full text of the DRIP.
2017 Financial Results Release Date
PROREIT also announced today that it will release its financial results for the fourth quarter and full year ended December 31, 2017 and the accompanying management's discussion and analysis after 5:00 p.m. (Eastern time) on March 28, 2018.
Following a recommendation of its governance and compensation committee, the REIT granted an aggregate of 404,432 deferred units on March 20, 2018 to certain of its trustees, officers and employees pursuant to its long term incentive plan (the “LTIP”). Grants under the LTIP are typically awarded annually by the REIT, including to trustees of the REIT as they do not receive a cash retainer. The number of deferred units granted was based on a price of $2.30 per unit.
PROREIT (www.proreit.com) is an unincorporated open-ended real estate investment trust established pursuant to a declaration of trust under the laws of the Province of Ontario. PROREIT was established in March 2013 to own a portfolio of diversified commercial real estate properties in Canada, with a focus on primary and secondary markets in Québec, Atlantic Canada and Ontario with selective expansion into Western Canada. PROREIT’s portfolio is diversified by property type and geography and is comprised of 66 properties with approximately 2.7 million square feet of commercial gross leasable area.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
NOT FOR DISSEMINATION IN THE UNITED STATES OR DISTRIBUTION THROUGH UNITED STATES NEWS OR WIRE SERVICES.
For further information:
PRO Real Estate Investment Trust
James W. Beckerleg
President and Chief Executive Officer
PRO Real Estate Investment Trust
Gordon G. Lawlor, CPA, CA
Chief Financial Officer
Source:Osler, Hoskin & Harcourt LLP-Montreal