TORONTO, June 21, 2024 (GLOBE NEWSWIRE) -- Nexus Industrial REIT ("Nexus" or the "REIT") (TSX: NXR.UN) today announced the suspension of its Distribution Reinvestment Plan (the "DRIP"), effective July 16, 2024.
The DRIP, which allowed eligible unitholders to reinvest all or a portion of their cash distributions into additional units of the REIT, will be suspended due to the low prevailing market unit price and the resulting unfavourable unitholder dilution. The REIT believes this action is in the best interest of its unitholders.
Unitholders participating in the DRIP will receive their distributions in cash following the July 15, 2024 distribution until further notice. The REIT will continue to evaluate the DRIP and consider reinstating it when market conditions improve. Upon reinstatement of the DRIP, plan participants enrolled in the DRIP at the time of its suspension will remain enrolled at the time of its reinstatement and will automatically resume participation in the DRIP at that time.
About Nexus Industrial REIT
Nexus is a growth-oriented real estate investment trust focused on increasing unitholder value through the acquisition of industrial properties located in primary and secondary markets in Canada and the ownership and management of its portfolio of properties. The REIT currently owns a portfolio of 119 properties (including two properties held for development in which the REIT has an 80% interest) comprising approximately 13.0 million square feet of gross leasable area. The REIT has approximately 93,629,000 voting units issued and outstanding, including approximately 70,675,000 REIT Units and approximately 22,954,000 Class B LP Units of subsidiary limited partnerships of Nexus, which are convertible to REIT Units on a one-to-one basis.
For further information please contact:
Kelly C. Hanczyk, CEO at (416) 906-2379; or
Mike Rawle, CFO at (289) 837-2650.
