TORONTO--(BUSINESS WIRE)--Agellan Commercial Real Estate Investment Trust ("Agellan” or the "REIT") (TSX:ACR.UN) announced today that the Trustees of Agellan have declared a distribution of $0.06458 per unit for the month of September, 2015, representing $0.775 per unit on an annualized basis. The distribution will be payable on October 15, 2015 to unitholders of record as at September 30, 2015.
On August 10, 2015, the REIT suspended its distribution reinvestment plan (the "DRIP") until further notice. The DRIP had permitted unitholders to apply their cash distributions to purchase units of the REIT and receive a "bonus distribution" of units equal in value to 3% of each distribution. Unitholders who elected to participate in the DRIP will now receive cash distributions on the payment date. In the event that the REIT elects to reinstate the DRIP in the future, unitholders that were enrolled in the DRIP at the time of its suspension and remain enrolled at the time of its reinstatement will automatically resume participation in the DRIP.
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 was 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 current portfolio aggregates approximately 4.7 million square feet of gross leasable area in 32 properties. The properties are primarily located in major urban markets in the United States and Canada.
This press release contains forward-looking information within the meaning of applicable securities legislation, which reflects the REIT’s current expectations regarding future events. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond the REIT’s control that could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking information. These forward-looking statements are made as of the date of this press release and, except as expressly required by applicable law, the REIT assumes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.