/NOT FOR DISTRIBUTION IN THE U.S. OR OVER U.S. NEWSWIRES/
TORONTO, March 31, 2014 /CNW/ - True North Commercial Real Estate
Investment Trust (the "REIT") (TSX: TNT.UN) announced today that it has
entered into an automatic unit repurchase plan (the "Plan") with a
broker in order to facilitate repurchases of its trust units ("Units")
under its previously announced normal course issuer bid (the "NCIB")
for up to a maximum of 746,358 Units through the facilities of the
Toronto Stock Exchange (the "TSX"). Purchases under the Plan will be
made by the REIT's appointed broker based on the parameters prescribed
by the TSX, applicable Canadian securities laws and the terms of the
parties' written agreement. Under the Plan, the REIT's broker may
purchase Units under the NCIB when the REIT would ordinarily not be
permitted to, due to self-imposed blackout periods. The Plan commences
on April 1, 2014 and expires on May 10, 2014, excluding April 28-30, 2014 (inclusive), and has been approved by the
TSX.
The REIT believes the current market prices of the Units do not reflect
their underlying value. Accordingly, the REIT has implemented the NCIB
because it believes that Units may become available during the period
of the NCIB at prices that would make the purchase of such Units for
cancellation in the best interests of the REIT and its Unitholders.
Forward-looking Information
Certain statements contained in this press release constitute
forward-looking information within the meaning of Canadian securities
laws. Forward-looking statements are provided for the purposes of
presenting information about management's current expectations and
plans relating to the future and readers are cautioned such statements
may not be appropriate for other purposes. Forward-looking information
may relate to the REIT's future outlook and anticipated events or
results, including the number of Units that may be purchased under the
NCIB, and may include statements regarding the financial position,
business strategy, budgets, litigation, projected costs, capital
expenditures, financing rates and costs, financial results, taxes and
plans and objectives of or involving the REIT. Particularly, statements
regarding future results, performance, achievements, prospects or
opportunities for the REIT or the real estate industry are
forward-looking statements. In some cases, forward-looking information
can be identified by terms such as "may", "might", "will", "could",
"should", "would", "occur", "expect", "plan", "anticipate", "believe",
"intend", "seek", "aim", "estimate", "target", "project", "predict",
"forecast", "potential", "continue", "likely", "schedule", or the
negative thereof or other similar expressions concerning matters that
are not historical facts.
Forward-looking information necessarily involves known and unknown risks
and uncertainties, which may be general or specific, and which give
rise to the possibility that expectations, forecasts, predictions,
projections or conclusions will not prove to be accurate, that
assumptions may not be correct and that objectives, strategic goals and
priorities will not be achieved. A variety of factors, many of which
are beyond the REIT's control, affect the operations, performance and
results of the REIT and its business, and could cause actual results to
differ materially from current expectations of estimated or anticipated
events or results. These factors include, but are not limited to, the
market price of the Units being too high to ensure that purchases
benefit the REIT and its unitholders, and the risks discussed in the
REIT's materials filed with Canadian securities regulatory authorities
from time to time on www.sedar.com. The reader is cautioned to consider these and other factors,
uncertainties and potential events carefully and not to put undue
reliance on forward-looking information as there can be no assurance
that actual results will be consistent with such forward-looking
information.
Information contained in forward-looking statements is based upon
certain material assumptions that were applied in drawing a conclusion
or making a forecast or projection, including management's perceptions
of historical trends, current conditions and expected future
developments, as well as other considerations that are believed to be
appropriate in the circumstances, including the following: the Units
will from time to time trade below their intrinsic value; the Canadian
economy will remain stable over the next 12 months; inflation will
remain relatively low; interest rates will remain stable; that
conditions within the real estate market, including competition for
acquisitions, will be consistent with the current climate; the Canadian
capital markets will continue to provide the REIT with access to equity
and/or debt at reasonable rates when required; Starlight Investments
Ltd. will continue its involvement as asset manager of the REIT in
accordance with its current asset management agreement; and the risks
identified or referenced above, collectively, will not have a material
impact on the REIT. While management considers these assumptions to be
reasonable based on currently available information, they may prove to
be incorrect.
The forward-looking statements in this press release are dated, and
relate only to events or information, as of the date of this press
release. Except as specifically required by law, the REIT undertakes no
obligation to update or revise publicly any forward-looking statements,
whether as a result of new information, future events or otherwise,
after the date on which the statements are made or to reflect the
occurrence of unanticipated events.
About the REIT
The REIT is an unincorporated, open-ended real estate investment trust
established under the laws of the Province of Ontario. The REIT is
focused on acquiring and operating commercial rental properties across
Canada and such other jurisdictions where opportunities exist.
For complete financial statements and management's discussion and
analysis for the period, and any other information relating to the
REIT, please visit www.sedar.com or the REIT's website at www.truenorthreit.com.
SOURCE True North Commercial Real Estate Investment Trust
