Riocan Real Estate Investment Trust Announces October 1997 Distribution.
TORONTO--(BUSINESS WIRE)--Oct. 21, 1997--Riocan Real Estate I(TSE See Tokyo Stock Exchange.
1. See Tokyo Stock Exchange (TSE).
2. See Toronto Stock Exchange (TSE). :REI.UN) RioCan Real Estate Investment Trust RioCan Real Estate Investment Trust (TSX: REI.UN) is the largest real estate investment trust (REIT) in Canada with ownership interests in over 200 retail properties. ("RioCan") (TSE - REI.UN) today announced a distribution of 12 cents per unit to unitholders of record as at October 31, 1997. This distribution will be payable on November 7, 1997.
Effective January 1, 1997, RioCan changed its distribution format from quarterly to monthly payments. RioCan set and paid a monthly distribution of 11.5 cents for the months January through May, 1997. In accordance with RioCan's distribution policy, the June, 1997 payment of 16.5 cents included an additional 5 cent distribution, representing all surplus distributable income accumulated over the first half of 1997. RioCan has now set a new monthly distribution of 12 cents. The distribution for December, 1997 will be adjusted to pay out to unitholders all surplus distributable income accumulated over the previous six months.
RioCan currently has ownership interests in a portfolio of 67 commercial properties of which 59 are shopping centres, 5 are office and industrial income properties and 3 are joint venture retail centres under development across Canada Across Canada was an afternoon program that formerly aired on The Weather Network. The segment ran from early 1999 until mid 2002. The show ran from 3:00PM ET until 7:00 PM ET. . The shopping centres contain an aggregate of 8 million square feet of gross leasable area Gross leasable area (GLA) in the retail development industry is a term applied to shopping malls, lifestyle centers, outlet malls and other retail centers to indicate the amount of floor space available to be rented. , which will increase by approximately 400,000 square feet upon the completion of previously announced acquisitions and a further 750,000 square feet upon completion of the 3 retail centres under development. RioCan's primary investment objective is the long-term maximization of cash flow and capital appreciation of its portfolio. It achieves this by proactively managing its existing properties, seeking accretive acquisition Accretive Acquisition
An acquisition that will increase the acquiring company's EPS.
As they are expected to increase the acquiring company's future earnings, these acquisitions tend to be favorable for the company's market price. and expansion opportunities and undertaking development activities on a selective basis.
CONTACT: Riocan Real Estate Investment Trust
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