STELLARTON, NS, Nov. 18, 2014 /CNW/ - Crombie REIT (TSX: CRR.UN) today announced a distribution of $0.07417 per unit for the period from November 1, 2014 to and including November 30, 2014. The distribution will be payable on December 15, 2014, to unitholders of record as at November 30, 2014.
Crombie REIT also announced that it is instituting a Distribution Reinvestment Plan (DRIP) to enable Canadian resident REIT unitholders to automatically reinvest cash distributions paid on their Crombie REIT units in additional REIT units. To enroll in the DRIP, unitholders must contact the broker, dealer, bank or other market participant who holds their REIT units.
REIT unitholders will be eligible to participate in the DRIP beginning with the distribution record date November 30, 2014 provided that their broker, dealer, bank or other market participant has enrolled them on or before that date. REIT units to be issued under the DRIP will be issued directly from treasury of Crombie REIT at a price equal to 97% of the volume-weighted average trading price of the REIT units on the Toronto Stock Exchange for the five trading days immediately preceding the relevant distribution payment date.
Crombie REIT has initially reserved for issuance with the Toronto Stock Exchange four million additional REIT units to accommodate the purchase of units under the DRIP.
The DRIP will also permit Empire Company Limited and its subsidiaries, as owners of the outstanding Class B units of Crombie Limited Partnership, to reinvest distributions in additional Class B limited partnership units on substantially the same terms. Empire has indicated its intention to participate in the DRIP pro rata with the REIT unitholders, so that it maintains its percentage ownership interest in Crombie REIT.
Crombie Real Estate Investment Trust is an unincorporated, open-ended real estate investment trust established under, and governed by, the laws of the Province of Ontario. Crombie currently owns a portfolio of 252 commercial properties across Canada, comprising approximately 17.4 million square feet with a strategy to own and operate a portfolio of primarily high quality grocery and drug store anchored shopping centres and freestanding stores in Canada's top 36 markets.
This news release may contain forward looking statements that reflect the current expectations of management of Crombie about Crombie's future results, performance, achievements, prospects and opportunities. Wherever possible, words such as "continue", "may", "will", "estimate", "anticipate", "believe", "expect", "intend" and similar expressions have been used to identify these forward looking statements. These statements reflect current beliefs and are based on information currently available to management of Crombie, and include, without limitation, statements regarding future distributions and the number of securities that may be issued under the DRIP. Forward looking statements necessarily involve known and unknown risks and uncertainties that could cause actual results to differ materially from these statements. A number of factors, including operating results, market conditions, the number of unitholders electing to participate under the DRIP and whether each broker, dealer, bank or other market participant will permit its clients to participate under the DRIP, could cause actual results, performance, achievements, prospects or opportunities to differ materially from the results discussed or implied in the forward-looking statements. These factors should be considered carefully and a reader should not place undue reliance on the forward looking statements. There can be no assurance that the expectations of management of Crombie will prove to be correct.
SOURCE Crombie REIT