Globe & Mail Stocks to WatchNotwithstanding the financing, it's always great to see a dividend increase as it's a real sign of confidence going forward. Will likely add more if we drop to the financing price. GLTA
Our roundup of Canadian small-caps of between $100-million and $2.5-billion in market capitalization making news and on the move today.
Milestone Apartments Real Estate Investment Trust (MST.UN-T) is hiking its distribution 10 per cent and buying six multifamily properties in the U.S. for approximately $242.2 million (U.S.).
To partially fund the acquisition, the REIT said it will raise $175 million in a bought deal agreement with a syndicate of underwriters co-led by BMO Capital Markets and CIBC Capital Markets. The company is issuing 9.5 million units at ,$18.45 each.
It said the board is increasing its monthly distribution by 10 per cent increase to about 5 cents per unit, up from about 4.6 cents.
"The decision to increase unitholder distributions again this year reflects Milestone's continued strong operating performance and our trustees' confidence in the REIT's business and future cash flows," stated CEO Robert Landin.
The REIT also said it's selling one of its IPO properties located in the Dallas area for net sales proceeds of about $24.9 million.