Adventus Realty Trust by its Trustee, Adventus Realty Services Inc. (the “Trust”) is pleased to announce the previously completed disposition of a non-core asset and a one-time distribution of US $0.30 per unit (“Special Distribution”).
In October 2021, the Trust sold its Deerfield property, a 122,121 square foot property, for gross proceeds of US $10.8 million. The property was identified as a non-core asset due to its relatively small size, low occupancy at 66.7%, and weakness of tenant demand in its submarket. The Trust realized net proceeds of US $3.8 million after mortgage repayment, closing costs and other customary closing adjustments.
Following the completed sale of the Deerfield property, the Board of the Trustee has approved a Special Distribution of US $0.30 per unit. The Special Distribution will be payable on December 15, 2021, to unitholders of record on November 30, 2021. The Trust expects the Special Distribution will be treated as a return of capital for Canadian tax purposes.
The Special Distribution, in combination with regular monthly distributions of US $0.05 per unit reinstated July 2021, will provide unitholders with a total distribution of US $0.60 per unit for the year ending December 31, 2021.
For purposes only of the Special Distribution, the Board of the Trustee has suspended the Adventus Distribution Reinvestment Plan (the “DRIP”) and the Special Distribution will be paid in cash.
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