Refinancing of Majority of Portfolio
On July 1, 2021 (Canada Day), Adventus Realty Trust (“Adventus”) closed a US $350 million refinancing with a US subsidiary of a major global bank. The first mortgage refinancing is secured by approximately 55% of Adventus’ portfolio.
This refinancing provides Adventus with increased cash liquidity and a reduced overall borrowing rate.
Reinstatement of Distributions
We are pleased to announce that the Board of the Trustee has reinstated distributions and approved a July 2021 Initial Distribution of US $0.05 per unit (annualized at US $0.60 per unit). Distributions will be paid monthly, as before, with the July 2021 Initial Distribution payable on July 30, 2021 to unitholders of record as of July 16, 2021.
For purposes only of the July 2021 Initial Distribution, the Board of the Trustee has suspended the Adventus Distribution Reinvestment Plan (the “DRIP”) and all Initial Distributions will be paid in cash. We will reinstate the DRIP effective for the subsequent distribution payable in August 2021 and thereafter for those that were previously enrolled in or wish to utilize the DRIP.
We appreciate the patience and confidence of our investors as we have worked through this pandemic to safeguard our business and to improve our overall liquidity. As the pandemic trends downward, we look forward to a return to normal business operations. We will, of course, remain cautious and prudent in managing our business.
Adventus is a Canadian based private Real Estate Investment Trust (REIT) and is focused on US income producing commercial real estate, in the suburban office markets of Chicago, Illinois and Atlanta, Georgia. For more information on Adventus, including our team, corporate strategy, photo gallery, details of our portfolio and press releases, we invite you to visit our website at www.adventusrealty.com.
Cautionary Statements Regarding Forward-Looking Statements
This press release may contain forward-looking statements with respect to the REIT and its operations, strategy, financial performance and financial condition, as well as with respect to the previously disclosed acquisitions and future acquisitions of properties. These statements generally can be identified by the use of forward-looking terminology such as “anticipate”, “believe”, “plan”, “forecast”, “expect”, “intend”, “would”, “could”, “if”, “may” and similar expressions. The actual results and performance of the REIT and the acquisitions discussed herein could differ materially from those expressed or implied by such statements. Accordingly, readers should not place undue reliance on forward-looking statements. These cautionary statements qualify all forward-looking statements attributable to the REIT and persons acting on its behalf. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Some important factors that could cause actual results to differ materially from expectations include, among other things, general economic and market factors, changes in interest rates, competition and changes in securities or other laws or regulations or the application thereof. The cautionary statements qualify all forward-looking statements attributable to the REIT and persons acting on its behalf.
Unless otherwise stated, all forward-looking statements speak only as of the date of this press release. Except as required by applicable law, the REIT specifically disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future developments or otherwise.
ADVENTUS REALTY TRUST
By its Trustee: ADVENTUS REALTY SERVICES INC.
Per: Rodney B. Johnston, FCPA, FCA
President and Chief Executive Officer