Pine Trail REIT Announces Strategic Suspension of Its Distribution and Provides an Update on Its Near-Term Plan
Toronto, Ontario--(Newsfile Corp. - March 25, 2020) -
- Stable earnings continue in 2020 driven by full occupancy and lease renewal
- Largest tenant extends for 5 years with 3% yearly increase to base rent
- Suspension of monthly distribution, strategic decision to conserve capital and insulate Company through the current COVID-19 pandemic
In order to protect the position of our investors in these highly unusual times, Pine Trail REIT (the "Company") has elected to suspend its distribution in an effort to insulate the company from the current financial crisis and conserve capital. This cautious approach should position us to be well situated when the crisis improves and to execute on plans in the near term.
The Company plans to issue a private placement Sukuk (Islamic Bond) offering backed by North American commercial real estate including medical office properties, amongst other economically insulated asset classes. Concurrent with the offering, the Company plans to announce additional acquisitions in the U.S. and Canada.
Pine Trail REIT shall change the TSX-V ticker to "PINE.UN" beginning March 27, 2020 and appoint David Luu as Interim CFO effective immediately.
FOR FURTHER INFORMATION, PLEASE CONTACT: Andrew Shapack, Chief Executive Officer
Phone: (416) 532-2200
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/53791