Agellan Commercial Real Estate Investment Trust Announces Special Distribution
TORONTO--(BUSINESS WIRE)--Dec 19, 2018--Agellan Commercial Real Estate Investment Trust (the “ REIT ”) (TSX: ACR.UN) announced today that its Board of Trustees has declared a special non-cash distribution on its issued and outstanding trust units (“ Units ”) to holders of record at the close of business on December 31, 2018 (the “ Special Distribution ”). The Special Distribution is equal to $1.94 per Unit and will be paid solely by the issuance of additional Units on December 31, 2018. The value of each Unit to be issued pursuant to the Special Distribution will be the weighted average trading price of the Units on the Toronto Stock Exchange during the 10 consecutive trading days ending on December 31, 2018.
As previously announced by the REIT, the Special Distribution is principally being made to distribute to holders of Units (“ Unitholders ”) the recapture of previously claimed capital cost allowance and the capital gain realized by the REIT upon the sale of its Parkway Place property on May 31, 2018.
Immediately after the payment of the Special Distribution, the issued and outstanding Units will be consolidated such that the aggregate number of issued and outstanding Units will be the same as immediately before the Special Distribution. Unitholders not resident in Canada for Canadian federal income tax purposes may be subject to applicable withholding taxes in connection with the payment of the Special Distribution.
Canadian resident Unitholders will generally be required to include their proportionate share of the REIT’s income and net taxable capital gain for the 2018 tax year as allocated and designated by the REIT in computing their respective income for the 2018 tax year.
About Agellan Commercial Real Estate Investment Trust
The REIT is an unincorporated, open-ended real estate investment trust established pursuant to a declaration of trust under the laws of the Province of Ontario. The REIT has been created for the purpose of acquiring and owning industrial, office and retail properties in select target markets in the United States and Canada.
The REIT’s 46 properties contain 8.3 million square feet of gross leasable area, with the REIT’s ownership interest at 7.0 million square feet. The properties are primarily located in major urban markets in the United States.
View source version on businesswire.com:https://www.businesswire.com/news/home/20181219005836/en/
CONTACT: Glen Ladouceur, Trustee, Chairman
Agellan Commercial Real Estate Investment Trust
Tel: (416) 593-6800
Fax: (416) 593-6700
KEYWORD: NORTH AMERICA CANADA
INDUSTRY KEYWORD: PROFESSIONAL SERVICES COMMERCIAL BUILDING & REAL ESTATE CONSTRUCTION & PROPERTY FINANCE REIT
SOURCE: Agellan Commercial Real Estate Investment Trust Agellan Commercial Real Estate Investment Trust
Copyright Business Wire 2018.
PUB: 12/19/2018 04:46 PM/DISC: 12/19/2018 05:05 PM