A summary of events in the world of Canadian REITs and REOCs
(Real Estate Investment Trusts and Real Estate Operating Companies)
- Nexus REIT
- H&R REIT ($250M)
- Morguard North American Residential REIT ($70M)
- CT REIT ($200M)
- First Capital Realty ($55,093M)
- Morguard NAR REIT (inc to $75M)
- BTB REIT
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Distribution / Dividend Announcements
- Nexus REIT (TSXV.NXR.UN): Two monthly distributions of $0.01333 per unit (current yield of 8%, share price $2.00) have been declared and are to be paid on February 15, 2018 and March 15, 2018.
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January 23, 2018
H&R REIT Announces $250 Million Public Offering of Trust Units
H&R REIT (TSX:HR.UN) announces it completed its previously announced offering of $250 million principal amount of 3.416% Series O senior unsecured debentures due January 23, 2023.
The net proceeds from the offering will be used to repay outstanding indebtedness and for general trust purposes.
January 24, 2018
Morguard North American Residential REIT Announces $70M Offering of Convertible Debentures
Morguard North American Residential REIT (MRG.UN) announced that it has entered into an agreement with a syndicate of underwriters on a bought deal basis, $70M of 4.5% convertible unsecured subordinated debentures due March 31, 2023.
H&R REIT (TSX:HR.UN) announces it completed its previously announced offering of $250 million principal amount of 3.416% Series O senior unsecured debentures due January 23, 2023.
The net proceeds from the offering will be used to repay outstanding indebtedness and for general trust purposes.
January 24, 2018
Morguard North American Residential REIT Announces $70M Offering of Convertible Debentures
Morguard North American Residential REIT (MRG.UN) announced that it has entered into an agreement with a syndicate of underwriters on a bought deal basis, $70M of 4.5% convertible unsecured subordinated debentures due March 31, 2023.
As part of the transaction, Morguard Corporation has agreed to purchase $5M of the debentures being offered.
The REIT intends to use the proceeds to fund the redemption of all the REIT's 4.65% convertible unsecured subordinated debentures which mature on March 30, 2018 and which have a par call date of April 1, 2017. The 4.65% debentures will be redeemed on February 26, 2018.
CT REIT Announces $200M Offering of Unsecured Debentures
CT REIT (CRT.UN) announced that it has agreed to issue $200 million of Series F unsecured debentures with a 9.8 year term and a coupon of 3.865% per annum. It is expected the debentures will be rated BBB+ by S & P Global Ratings.
The debentures will be direct senior unsecured obligations of CT REIT. The proceeds will be used to pay down certain amounts outstanding under its credit facilities and to retain the balance for general business purposes.
CT REIT (CRT.UN) announced that it has agreed to issue $200 million of Series F unsecured debentures with a 9.8 year term and a coupon of 3.865% per annum. It is expected the debentures will be rated BBB+ by S & P Global Ratings.
The debentures will be direct senior unsecured obligations of CT REIT. The proceeds will be used to pay down certain amounts outstanding under its credit facilities and to retain the balance for general business purposes.
January 25, 2018
First Capital Realty Announces Redemption
First Capital Realty (TSX:FCR) announced that it has provided holders of its 4.45% convertible unsecured subordinated debentures due February 28, 2020 a notice of redemption pursuant to which FCR will redeem the entire outstanding principal amount of the debentures on February 28, 2018 in the amount of $55,093,000.
First Capital Realty (TSX:FCR) announced that it has provided holders of its 4.45% convertible unsecured subordinated debentures due February 28, 2020 a notice of redemption pursuant to which FCR will redeem the entire outstanding principal amount of the debentures on February 28, 2018 in the amount of $55,093,000.
Morguard North American Residential REIT
Morguard North American Residential REIT (MRG.UN) announced that it has amended the terms of its previously announced public offering to a principal amount of $75,000,000.
Morguard North American Residential REIT (MRG.UN) announced that it has amended the terms of its previously announced public offering to a principal amount of $75,000,000.
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Acquisitions / Dispositions
January 26, 2018
BTB REIT:
BTB REIT (TSX:BTB.UN) announces the sale of a property located at 1863-1865 TransCanada Highway, Dorval, PQ for total proceeds of $5.65 million. The net proceeds will be allocated to partially repay it outstanding lines of credit.
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