TORONTO and MONTREAL, Feb. 19, 2021 (GLOBE NEWSWIRE) — Nexus Real Estate Investment Trust (TSX: NXR.UN) (âNexusâ or the âREITâ) is pleased to announce that it has completed due diligence and waived conditions to acquire two industrial property portfolios which the REIT previously announced it had entered into conditional agreements to purchase.
One of the portfolios consists of six industrial properties in London, Ontario, to be acquired for $103,500,000. The acquisition is expected to close on April 1, 2021.
The second portfolio consists of two industrial properties in Edmonton, Alberta, to be acquired for a purchase price of $14,000,000. The acquisition is expected to close on March 1, 2021.
These two acquisitions will add approximately 1.3 million square feet of gross leasable area to the REITâs industrial portfolio, with approximately $72.6 million of the aggregate purchase prices being settled through the issuance of Class B LP Units of a subsidiary limited partnership of the REIT.
Q4 2020 Results Date
The REIT intends to release its financial results for the year ended December 31, 2020 before the opening of the TSX on Thursday March 18, 2021.
Management of the REIT will host a conference call at 1:00 PM Eastern Standard Time on Thursday March 18, 2021 to review the financial results and operations.
To participate in the conference call, please dial 416-915-3239 or 1-800-319-4610 (toll free in Canada and the US) at least five minutes prior to the start time and ask to join the Nexus REIT conference call.
A recording of the conference call will be available until April 18, 2021. To access the recording, please dial 604-674-8052 or 1-855-669-9658 (toll free in Canada and the US) and enter access code 6311.
February and March 2021 Distributions
The REITâs units and the Class B limited partnership units of the REITâs subsidiary limited partnerships were consolidated on the basis of one post-consolidation unit for every four pre-consolidation units outstanding as of the close of business on January 29, 2021 (the âConsolidationâ).
Prior to the Consolidation, the REITâs distribution per unit was $0.16 per year, or $0.01333 per month. Subsequent to the Consolidation, the REITâs distribution per unit was adjusted, proportionate with the Consolidation, to $0.64 per year, or $0.05333 per month.
The REIT will make a cash distribution in the amount of $0.05333 per unit, representing $0.64 per unit on an annualized basis, payable March 15, 2021 to unitholders of record as of February 26, 2021.
The REIT will also make a cash distribution in the amount of $0.05333 per unit, representing $0.64 per unit on an annualized basis, payable April 15, 2021 to unitholders of record as of March 31, 2021.
The REITâs distribution reinvestment plan (âDRIPâ) 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.
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 75 properties comprising approximately 4.4 million square feet of rentable area. The REIT has approximately 28,167,000 Units issued and outstanding. Additionally, there are Class B LP units of subsidiary limited partnerships of Nexus issued and outstanding, which are convertible into approximately 6,281,000 Units.
Forward Looking Statements
Certain statements contained in this news release constitute forward-looking statements which reflect the REITâs current expectations and projections about future results. Often, but not always, forward-looking statements can be identified by the use of words such as âplansâ, âexpectsâ or âdoes not expectâ, âis expectedâ, âestimatesâ, âintendsâ, âanticipatesâ or âdoes not anticipateâ, or âbelievesâ, or variations of such words and phrases or state that certain actions, events or results âmayâ, âcouldâ, âwouldâ, âmightâ or âwillâ be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the REIT to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking statements contained in this news release. Such forward-looking statements are based on a number of assumptions that may prove to be incorrect.
While the REIT anticipates that subsequent events and developments may cause its views to change, the REIT specifically disclaims any obligation to update these forward-looking statements except as required by applicable law. These forward-looking statements should not be relied upon as representing the REITâs views as of any date subsequent to the date of this news release. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward- looking statements. The factors identified above are not intended to represent a complete list of the factors that could affect the REIT.
For further information please contact:
Kelly Hanczyk, CEO at (416) 906-2379; or
Rob Chiasson, CFO at (416) 613-1262.