Friday, October 22 2021

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MONTREAL, September 21, 2021 / CNW Telbec / – PRO Real Estate Investment Trust (“REIT“or the”REIT“) (TSX: PRV.UN) announced today that a cash distribution of $ 0.0375 per REIT Trust Unit (“Units“) for the month of September 2021 will be payable on October 15, 2021 to unitholders registered in the September 30, 2021.

Renewal of the public buyback offer in the normal course of business

PROREIT also announced today that the Toronto Stock Exchange (“TSX“) accepted the notice filed by the REIT to renew its normal course issuer bid (“NCIB“) for a period of one year.

NCIB will start on September 24, 2021 and will end on the earliest of the following dates: (i) September 23, 2022, and (ii) the date on which the maximum number of units that may be acquired under the public tender offer is purchased. Purchases of Units under the issuer bid will be made through the TSX or other Canadian trading systems at the market price at the time of purchase.

The REIT may purchase up to 1,404,238 Units under the tender offer, representing 3.0% of the issued and outstanding 46,807,962 Units of the REIT as of September 17, 2021. In accordance with TSX rules, the maximum number of Units that the REIT may purchase under the issuer bid during a day is 12,444 Units, which corresponds to 25% of the average daily volume of securities. trading in the Units on the TSX during the 6 month period. period ended August 31, 2021, or 49,776 units. The REIT may also make one block purchase per calendar week that exceeds this daily purchase restriction, subject to TSX rules. All units purchased under the issuer bid will be canceled by the REIT.

The REIT’s Trustees believe that the market price of the Units does not always reflect their underlying value and have therefore determined that the purchase by the REIT of a portion of its outstanding Units may, from time to time, be an appropriate use. available resources and in the best interests of the REIT. The actual number of Units available for purchase and the timing of such purchases will be determined by the REIT and will be made in accordance with the requirements of the TSX.

Pursuant to the REIT’s public tender offer, which ends on September 23, 2021, the REIT has been granted approval to purchase up to 1,924,228 Units and has not purchased any.

From time to time, where the REIT does not have material non-public information about itself or its securities, it may, in accordance with the requirements of applicable securities laws and the TSX, enter into a predefined plan automatically with its broker to allow the purchase of Units at times when it would not normally be active in the market due to its own internal trading blackout period, insider trading rules or otherwise. Such a plan would be subject to the prior approval of the TSX.

Forward-looking statements

This press release contains forward-looking statements within the meaning of applicable securities laws. Forward-looking statements are based on a number of assumptions and are subject to a number of risks and uncertainties, many of which are beyond the control of the PRO REIT, which could cause actual results and events to differ. substantially from those disclosed or implied by such forward-looking statements.

Forward-looking statements contained in this press release include, without limitation, statements relating to the proposed acquisition by PROREIT of units as part of its public tender offer. PRO REIT’s objectives and forward-looking statements are based on certain assumptions, including management’s perceptions of historical trends, current conditions and expected future developments.

The forward-looking statements contained in this press release are expressly qualified in their entirety by this cautionary statement. All forward-looking statements contained in this press release are made as of the date of this press release. The PRO REIT does not undertake to update this forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.

Additional information on these assumptions and risks and uncertainties is contained in the “Risk Factors” section of the REIT’s latest Annual Information Form, which is available under the REIT’s profile on SEDAR at www.sedar.com.

About PRO REIT

PROREIT is an unincorporated open-ended real estate investment trust established by a Declaration of Trust under the laws of the Province of Ontario. PROREIT was created in March 2013 hold a portfolio of diversified commercial real estate in Canada, with an emphasis on primary and secondary markets in Quebec, Atlantic Canada and Ontario with selective expansion in Western Canada. PROREIT’s portfolio is diversified by type of property and geography.

For more information on PROREIT, please visit the website at: https://proreit.com.

SOURCE BENEFIT

Cision

Show original content: http://www.newswire.ca/en/releases/archive/September2021/21/c0006.html


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