TORONTO and MONTREAL, Feb. 01, 2021 (GLOBE NEWSWIRE) — Nexus Real Estate Investment Trust (âNexusâ or the âREITâ) (TSXV: NXR.UN) is pleased to announce that its REIT Units will commence trading on the TSX today.
Nexus received final approval for the listing of its REIT Units on the TSX on Thursday January 28, 2021. The REITâs units will continue to trade under the symbol NXR.UN and will be delisted from the TSX Venture Exchange at the commencement of trading on the TSX.
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 REITâs transfer agent will mail letters of transmittal to unitholders to facilitate the consolidation.
The REITâs monthly distribution of $0.01333 per pre-consolidation unit will be proportionately adjusted to $0.05333 per post-consolidation unit.
âThe graduation to the TSX is part of our strategy to increase exposure to investors and improve our trading liquidityâ commented Kelly Hanczyk, the REITâs Chief Executive Officer. âThe higher per unit trading price resulting from the four for one unit consolidation will also help attract a wider investor base. 2021 is off to a fantastic start for Nexus, with graduation to the TSX, value add opportunities in the REITâs portfolio of properties, the recently announced conditional purchase agreements for the acquisition of $117.5 million of industrial properties, and a strong pipeline of potential additional industrial acquisitions. We are focused on growing the REITâs industrial portfolio, an asset class that has provided significant stability to the REIT since inception, and we hope to be successful in completing a number of industrial acquisitions this yearâ.
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 28,072,000 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 6,326,000 REIT 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.
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.