TORONTO and MONTREAL, Sept. 22, 2020 (GLOBE NEWSWIRE) -- Nexus Real Estate Investment Trust (the “REIT”) (TSXV: NXR.UN) announced today the declaration of the September 2020 distribution.
The REIT will make a cash distribution in the amount of $0.01333 per unit, representing $0.16 per unit on an annualized basis, payable October 15, 2020 to unitholders of record as of September 30, 2020.
The REIT’s current distribution per unit continues to be $0.01333 per month. The REIT’s distribution reinvestment plan (“DRIP”) entitles eligible unitholders to elect to receive all, or a portion of the cash distributions of the REIT reinvested in units of the REIT. Eligible unitholders who so elect will receive a bonus distribution of units equal to 4% of each distribution that was reinvested by them under the DRIP.
Insider participation in the DRIP is approximately 1.5% of total participation for the September distribution payable on October 15, 2020.
A total of 2,876,054 units have been issued under the DRIP since its inception in February 2014.
Issuance of Units to Settle Debt
The REIT issued 93,167 units to the vendor of the REIT’s Richmond BC property (the “Richmond Partner) in partial satisfaction of development management fees payable to the Richmond Partner pursuant to a development management agreement entered into between the REIT and the Richmond Partner. The units were issued at a deemed value of $2.30 per unit, in settlement of $214,284 of development management fees.
About Nexus REIT
Nexus is a growth-oriented real estate investment trust focused on increasing unitholder value through the acquisition, ownership and management of industrial, office and retail properties located in primary and secondary markets in North America. The REIT currently owns a portfolio of 72 properties comprising approximately 4.0 million square feet of rentable area. The REIT has approximately 109,113,000 units issued and outstanding. Additionally, there are Class B LP units of subsidiary limited partnerships of Nexus REIT issued and outstanding, which are convertible into approximately 23,279,000 REIT units.
Neither 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.
For further information please contact:
Kelly C. Hanczyk, CEO at (416) 906-2379; or
Rob Chiasson, CFO at (416) 613-1262.