Nexus REIT Announces Waiving Conditions to Acquire $117.5 Million of Industrial Properties, Q4 2020 Results Date and February and March 2021 Distributions
TORONTO and MONTREAL, Feb. 19, 2021 (GLOBE NEWSWIRE) -- Nexus Real Estate Investment Trust (TSX: NXR.UN) (“Nexus” or the “REIT”) 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 REIT’s 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 REIT’s units and the Class B limited partnership units of the REIT’s 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 “Consolidation”).
Prior to the Consolidation, the REIT’s distribution per unit was $0.16 per year, or $0.01333 per month. Subsequent to the Consolidation, the REIT’s 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.