Connor Clark & Lunn Investment Management Ltd. Acquires New Position in Apollo Commercial …

WINTON GROUP Ltd increased its stake in Apollo Commercial Real Est. Finance by 64.1% during the second quarter. WINTON GROUP Ltd now …

Apollo Commercial Real Est. Finance logoConnor Clark & Lunn Investment Management Ltd. acquired a new position in Apollo Commercial Real Est. Finance Inc (NYSE:ARI) in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund acquired 79,600 shares of the real estate investment trust’s stock, valued at approximately $1,464,000. Connor Clark & Lunn Investment Management Ltd. owned 0.05% of Apollo Commercial Real Est. Finance at the end of the most recent reporting period.

A number of other large investors also recently added to or reduced their stakes in the business. Mercer Global Advisors Inc. ADV purchased a new position in shares of Apollo Commercial Real Est. Finance in the first quarter valued at about $214,000. NumerixS Investment Technologies Inc purchased a new stake in shares of Apollo Commercial Real Est. Finance in the first quarter worth about $226,000. Orinda Asset Management LLC lifted its position in shares of Apollo Commercial Real Est. Finance by 75.6% in the first quarter. Orinda Asset Management LLC now owns 210,000 shares of the real estate investment trust’s stock worth $3,822,000 after buying an additional 90,400 shares in the last quarter. WINTON GROUP Ltd increased its stake in Apollo Commercial Real Est. Finance by 64.1% during the second quarter. WINTON GROUP Ltd now owns 105,957 shares of the real estate investment trust’s stock worth $1,949,000 after acquiring an additional 41,386 shares during the last quarter. Finally, State Board of Administration of Florida Retirement System increased its stake in Apollo Commercial Real Est. Finance by 16.8% during the first quarter. State Board of Administration of Florida Retirement System now owns 66,885 shares of the real estate investment trust’s stock worth $1,217,000 after acquiring an additional 9,641 shares during the last quarter. 61.23% of the stock is owned by institutional investors and hedge funds.

Separately, Zacks Investment Research cut Apollo Commercial Real Est. Finance from a “hold” rating to a “sell” rating in a research note on Wednesday, August 28th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and one has given a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus target price of $19.33.

NYSE:ARI traded up $0.02 during midday trading on Friday, hitting $19.01. The stock had a trading volume of 689,377 shares, compared to its average volume of 841,958. Apollo Commercial Real Est. Finance Inc has a one year low of $16.41 and a one year high of $19.56. The company has a market capitalization of $2.92 billion, a price-to-earnings ratio of 11.38 and a beta of 0.62. The stock has a 50-day moving average of $18.71 and a 200 day moving average of $18.55. The company has a quick ratio of 44.69, a current ratio of 44.69 and a debt-to-equity ratio of 0.39.

Apollo Commercial Real Est. Finance (NYSE:ARI) last posted its earnings results on Wednesday, July 24th. The real estate investment trust reported $0.45 earnings per share for the quarter, topping analysts’ consensus estimates of $0.44 by $0.01. Apollo Commercial Real Est. Finance had a return on equity of 10.22% and a net margin of 75.64%. The company had revenue of $84.99 million during the quarter, compared to analyst estimates of $82.63 million. During the same quarter in the prior year, the business earned $0.44 earnings per share. Apollo Commercial Real Est. Finance’s revenue was up 20.1% on a year-over-year basis. On average, sell-side analysts anticipate that Apollo Commercial Real Est. Finance Inc will post 1.71 earnings per share for the current fiscal year.

In related news, Director Michael Salvati sold 20,000 shares of the firm’s stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $19.02, for a total value of $380,400.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.39% of the company’s stock.

Apollo Commercial Real Est. Finance Company Profile

Apollo Commercial Real Estate Finance, Inc operates as a real estate investment trust (REIT) that primarily originates, acquires, invests in, and manages commercial first mortgage loans, subordinate financings, and other commercial real estate-related debt investments in the United States. The company is qualified as a REIT under the Internal Revenue Code.

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Institutional Ownership by Quarter for Apollo Commercial Real Est. Finance (NYSE:ARI)

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Mitsubishi UFJ Kokusai Asset Management Co. Ltd. Has $2.46 Million Stock Position in SL Green …

Quantum Capital Management bought a new stake in shares of SL Green Realty during the 1st quarter worth about $201,000. Candriam Luxembourg …

SL Green Realty logoMitsubishi UFJ Kokusai Asset Management Co. Ltd. lifted its position in SL Green Realty Corp (NYSE:SLG) by 15.0% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 30,611 shares of the real estate investment trust’s stock after buying an additional 3,997 shares during the period. Mitsubishi UFJ Kokusai Asset Management Co. Ltd.’s holdings in SL Green Realty were worth $2,460,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of the company. Marshall Wace North America L.P. bought a new stake in shares of SL Green Realty during the 1st quarter worth about $72,000. Quantum Capital Management bought a new stake in shares of SL Green Realty during the 1st quarter worth about $201,000. Candriam Luxembourg S.C.A. boosted its stake in shares of SL Green Realty by 20.7% during the 2nd quarter. Candriam Luxembourg S.C.A. now owns 3,696 shares of the real estate investment trust’s stock worth $296,000 after acquiring an additional 635 shares in the last quarter. Atlas Capital Advisors LLC acquired a new position in shares of SL Green Realty during the 2nd quarter worth about $358,000. Finally, IFM Investors Pty Ltd lifted its position in shares of SL Green Realty by 3.8% during the 2nd quarter. IFM Investors Pty Ltd now owns 5,390 shares of the real estate investment trust’s stock worth $433,000 after purchasing an additional 197 shares during the last quarter. 97.49% of the stock is currently owned by institutional investors.

SLG has been the subject of several research analyst reports. Citigroup cut their price objective on SL Green Realty from $105.00 to $100.00 and set a “buy” rating for the company in a research report on Friday. Robert W. Baird set a $92.00 price target on SL Green Realty and gave the company a “hold” rating in a report on Wednesday, August 21st. Morgan Stanley set a $85.00 price objective on SL Green Realty and gave the company a “sell” rating in a research note on Monday, June 17th. Scotiabank lowered SL Green Realty from an “outperform” rating to a “sector perform” rating and lowered their price objective for the company from $96.00 to $84.00 in a research note on Friday, August 16th. Finally, ValuEngine lowered SL Green Realty from a “hold” rating to a “sell” rating in a research note on Tuesday, June 18th. Four analysts have rated the stock with a sell rating, four have assigned a hold rating and seven have given a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus price target of $94.28.

In other news, Director Edwin T. Burton III sold 7,000 shares of the stock in a transaction on Tuesday, July 23rd. The stock was sold at an average price of $81.00, for a total value of $567,000.00. Following the transaction, the director now owns 292 shares of the company’s stock, valued at approximately $23,652. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 3.99% of the company’s stock.

SLG traded up $0.41 during mid-day trading on Friday, reaching $80.90. The stock had a trading volume of 540,285 shares, compared to its average volume of 602,232. The stock has a market capitalization of $6.63 billion, a P/E ratio of 12.22, a P/E/G ratio of 3.38 and a beta of 1.10. The company has a debt-to-equity ratio of 1.01, a quick ratio of 1.91 and a current ratio of 1.91. The firm’s fifty day simple moving average is $79.35 and its two-hundred day simple moving average is $85.42. SL Green Realty Corp has a 52 week low of $75.46 and a 52 week high of $105.00.

SL Green Realty (NYSE:SLG) last posted its quarterly earnings results on Wednesday, July 17th. The real estate investment trust reported $1.94 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.73 by $0.21. The company had revenue of $244.96 million for the quarter, compared to the consensus estimate of $241.61 million. SL Green Realty had a return on equity of 3.99% and a net margin of 19.88%. The firm’s quarterly revenue was up 2.7% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.69 EPS. As a group, analysts expect that SL Green Realty Corp will post 6.92 EPS for the current fiscal year.

SL Green Realty Company Profile

SL Green Realty Corp., an S&P 500 company and New York City’s largest office landlord, is a fully integrated real estate investment trust, or REIT, that is focused primarily on acquiring, managing and maximizing value of Manhattan commercial properties. As of March 31, 2019, SL Green held interests in 96 Manhattan buildings totaling 46.4 million square feet.

See Also: What is a Buy-Side Analyst?

Institutional Ownership by Quarter for SL Green Realty (NYSE:SLG)

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Mitsubishi UFJ Kokusai Asset Management Co. Ltd. Acquires 3997 Shares of SL Green Realty …

Quantum Capital Management acquired a new position in shares of SL Green Realty during the 1st quarter worth about $201,000. Candriam …

SL Green Realty logoMitsubishi UFJ Kokusai Asset Management Co. Ltd. lifted its position in SL Green Realty Corp (NYSE:SLG) by 15.0% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 30,611 shares of the real estate investment trust’s stock after buying an additional 3,997 shares during the period. Mitsubishi UFJ Kokusai Asset Management Co. Ltd.’s holdings in SL Green Realty were worth $2,460,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of the company. Marshall Wace North America L.P. purchased a new position in SL Green Realty in the first quarter valued at about $72,000. Quantum Capital Management acquired a new position in shares of SL Green Realty during the 1st quarter worth about $201,000. Candriam Luxembourg S.C.A. lifted its position in shares of SL Green Realty by 20.7% during the 2nd quarter. Candriam Luxembourg S.C.A. now owns 3,696 shares of the real estate investment trust’s stock worth $296,000 after purchasing an additional 635 shares during the last quarter. Atlas Capital Advisors LLC acquired a new position in shares of SL Green Realty during the 2nd quarter worth about $358,000. Finally, IFM Investors Pty Ltd lifted its position in shares of SL Green Realty by 3.8% during the 2nd quarter. IFM Investors Pty Ltd now owns 5,390 shares of the real estate investment trust’s stock worth $433,000 after purchasing an additional 197 shares during the last quarter. 97.49% of the stock is currently owned by institutional investors.

Several research firms have commented on SLG. Citigroup cut their price target on SL Green Realty from $105.00 to $100.00 and set a “buy” rating for the company in a report on Friday. Morgan Stanley set a $85.00 price objective on SL Green Realty and gave the company a “sell” rating in a research note on Monday, June 17th. Robert W. Baird set a $92.00 price objective on SL Green Realty and gave the company a “hold” rating in a research note on Wednesday, August 21st. Scotiabank lowered SL Green Realty from an “outperform” rating to a “sector perform” rating and lowered their price objective for the company from $96.00 to $84.00 in a research note on Friday, August 16th. Finally, ValuEngine lowered SL Green Realty from a “hold” rating to a “sell” rating in a research note on Tuesday, June 18th. Four analysts have rated the stock with a sell rating, four have given a hold rating and seven have issued a buy rating to the stock. The company has an average rating of “Hold” and a consensus target price of $94.28.

In other news, Director Edwin T. Burton III sold 7,000 shares of the stock in a transaction on Tuesday, July 23rd. The stock was sold at an average price of $81.00, for a total value of $567,000.00. Following the transaction, the director now owns 292 shares of the company’s stock, valued at approximately $23,652. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 3.99% of the company’s stock.

SLG traded up $0.41 during mid-day trading on Friday, reaching $80.90. The stock had a trading volume of 540,285 shares, compared to its average volume of 602,232. The stock has a market capitalization of $6.63 billion, a P/E ratio of 12.22, a P/E/G ratio of 3.38 and a beta of 1.10. The company has a debt-to-equity ratio of 1.01, a quick ratio of 1.91 and a current ratio of 1.91. The firm’s fifty day simple moving average is $79.35 and its two-hundred day simple moving average is $85.42. SL Green Realty Corp has a 52 week low of $75.46 and a 52 week high of $105.00.

SL Green Realty (NYSE:SLG) last posted its quarterly earnings results on Wednesday, July 17th. The real estate investment trust reported $1.94 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.73 by $0.21. The company had revenue of $244.96 million for the quarter, compared to the consensus estimate of $241.61 million. SL Green Realty had a return on equity of 3.99% and a net margin of 19.88%. The firm’s quarterly revenue was up 2.7% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.69 EPS. As a group, analysts expect that SL Green Realty Corp will post 6.92 EPS for the current fiscal year.

SL Green Realty Company Profile

SL Green Realty Corp., an S&P 500 company and New York City’s largest office landlord, is a fully integrated real estate investment trust, or REIT, that is focused primarily on acquiring, managing and maximizing value of Manhattan commercial properties. As of March 31, 2019, SL Green held interests in 96 Manhattan buildings totaling 46.4 million square feet.

See Also: What is a Buy-Side Analyst?

Institutional Ownership by Quarter for SL Green Realty (NYSE:SLG)

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FY2019 EPS Estimates for BTB Real Estate Investment Trust Cut by National Bank Financial (TSE …

Further Reading: What is an Initial Coin Offering (ICO)? · Get a free copy of the Zacks research report on BTB Real Estate Investment Trust (BTB.UN).

BTB Real Estate Investment Trust logo

BTB Real Estate Investment Trust (TSE:BTB.UN) – Equities research analysts at National Bank Financial cut their FY2019 earnings estimates for BTB Real Estate Investment Trust in a note issued to investors on Monday, August 19th, according to Zacks Investment Research. National Bank Financial analyst M. Kornack now anticipates that the real estate investment trust will post earnings per share of $0.41 for the year, down from their previous forecast of $0.42. National Bank Financial has a “Sector Perform” rating and a $4.65 price objective on the stock. National Bank Financial also issued estimates for BTB Real Estate Investment Trust’s FY2020 earnings at $0.44 EPS.

Separately, Laurentian raised their price objective on BTB Real Estate Investment Trust from C$4.50 to C$4.70 in a research note on Friday, August 16th.

The business’s 50 day moving average is C$4.72 and its two-hundred day moving average is C$4.74. BTB Real Estate Investment Trust has a 52 week low of C$4.03 and a 52 week high of C$4.78. The company has a debt-to-equity ratio of 175.40, a quick ratio of 0.14 and a current ratio of 0.38. The company has a market cap of $261.55 million and a price-to-earnings ratio of 7.51.

The firm also recently declared a monthly dividend, which was paid on Thursday, August 15th. Stockholders of record on Wednesday, July 31st were paid a $0.035 dividend. The ex-dividend date was Tuesday, July 30th. This represents a $0.42 annualized dividend and a dividend yield of ∞. BTB Real Estate Investment Trust’s payout ratio is 66.99%.

About BTB Real Estate Investment Trust

BTB is a real estate investment trust listed on the Toronto Stock Exchange. BTB is an important owner of properties in eastern Canada. Today, BTB owns 65 retail, office and industrial properties for a total leasable area to date of 5.2 million square feet. The objectives of BTB are: (i) to grow its revenues from its assets to increase distributable income and therefore fund distributions; (ii) to maximize the value of its assets through dynamic management of its properties in order to sustain the long-term value of its units; and (iii) to generate cash distributions that are fiscally beneficial to unitholders.

Further Reading: What is an Initial Coin Offering (ICO)?

Get a free copy of the Zacks research report on BTB Real Estate Investment Trust (BTB.UN)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

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True North Commercial Real Estate Investment Trust Announces $70 Million Equity Offering and …

The terms of the Offering will be described in a prospectus supplement to be filed with Canadian securities regulatory authorities. Daniel Drimmer, the …

/NOT FOR DISTRIBUTION IN THE U.S. OR OVER U.S. NEWSWIRES/

TORONTO, Sept. 03, 2019 (GLOBE NEWSWIRE) — True North Commercial Real Estate Investment Trust (the “REIT“) (TSX: TNT.UN) is pleased to announce that it has entered into an agreement with a syndicate of underwriters led by CIBC Capital Markets and Raymond James Ltd. (collectively, the “Underwriters”) to sell, on a bought deal basis, 10,610,000 trust units of the REIT (“Units”) at a price of $6.60 per Unit for gross proceeds to the REIT of approximately $70 million (the “Offering”). The Offering is being made under the REIT’s short form base shelf prospectus dated June 1, 2018. The terms of the Offering will be described in a prospectus supplement to be filed with Canadian securities regulatory authorities. Daniel Drimmer, the REIT’s President and Chief Executive Officer, will be purchasing approximately $1 million of Units as a part of the Offering.

The REIT has also granted the Underwriters an option (the “Over-Allotment Option”), exercisable for a period of 30 days following the closing of the Offering, to purchase up to an additional 1,591,500 Units to cover over-allotments, if any. The Offering is expected to close on or about September 12, 2019 and is subject to certain conditions including, but not limited to, the approval of the Toronto Stock Exchange (“TSX”) and other regulatory approvals.

The REIT intends to deploy the net proceeds from the Offering to fund the potential acquisition of three high-quality Class “A” office properties (the “Potential Acquisition Properties”) from three arm’s length vendors located in the Greater Toronto Area, Ontario and Calgary, Alberta, which feature strong tenant profiles. The Potential Acquisition Properties are expected to be accretive to the REIT’s funds from operations (“FFO”) and adjusted funds from operations (“AFFO”) per Trust Unit.

In addition to the Offering, the institutional vendor of one of the Potential Acquisition Properties has agreed to accept approximately $15.0 million of Trust Units as partial consideration of the purchase price of the property, subject to TSX approval. The Trust Units issued to this vendor will be subject to a contractual hold period of twelve months from the closing of such acquisition.

The Potential Acquisition Properties have a combined purchase price of approximately $222.5 million and are comprised of an aggregate of 624,000 leasable square feet with a combined occupancy of 100%, a weighted average remaining lease term of 7.6 years and 97% of revenue generated from government and credit-rated tenants. Upon the successful closing of the acquisition of the Potential Acquisition Properties, the REIT’s portfolio will have 4.3 million leasable square feet, be 97% occupied, have a weighted average lease term of 4.7 years and have 82% of its revenue be generated by government and/or credit-rated tenants.

Key metrics of the Potential Acquisition Properties are as follows:

Location Square Feet Weighted Average Lease Term

(Years)
Occupancy Government/Credit-Rated
GTA, ON 315,000 7.0 100% 100% Credit-Rated
GTA, ON 100,000 5.9 100% 84% Credit-Rated
Calgary, AB 209,000 9.2 100% 100% Government
624,000 7.6 100% 97%

The REIT is currently conducting due diligence in respect of the Potential Acquisition Properties and there can be no assurance any or all of the Potential Acquisition Properties will close. The Offering is not conditional on the closing of the acquisition of any of the Potential Acquisition Properties, and in the event any acquisition does not close, the net proceeds are expected to be used to fund future acquisitions. Until deployed for these purposes, the REIT intends to use the funds to repay existing indebtedness on its credit facility.

This news release shall not constitute an offer to sell or a solicitation of any offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), and such securities may not be offered or sold within the United States absent registration under the U.S. Securities Act or an applicable exemption from the registration requirements thereunder.

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 currently owns and operates a portfolio of 45 commercial properties consisting of approximately 3.7 million square feet in urban and select secondary markets across Canada. The REIT is focused on growing its portfolio principally through acquisitions 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.

Non-IFRS measures

Certain terms used in this press release such as FFO and AFFO are not measures defined by International Financial Reporting Standards (“IFRS”) as prescribed by the International Accounting Standards Board (“IASB”), do not have standardized meanings prescribed by IFRS and should not be compared to or construed as alternatives to profit/loss, cash flow from operating activities or other measures of financial performance calculated in accordance with IFRS.

FFO is a measure of operating performance based on the funds generated from the business of the REIT before reinvestment or provision for capital needs. The REIT calculates FFO in accordance with the guidelines set out by the Real Property Association of Canada (“Realpac”). Management considers this non-IFRS measure to be an important measure of the REIT’s operating performance.

AFFO is an important performance measure to determine the sustainability of future distributions paid to holders of Units. In calculating AFFO, the REIT makes certain non-cash adjustments to FFO such as: amortization of fair value mark-to-market adjustments on assumed mortgages, amortization of deferred financing costs, straight-line rent, instalment note receipts and non-cash compensation expense related to Unit-based incentive plans and a deduction of a reserve for capital expenditures, tenant inducements, and leasing costs. The method applied by the REIT to calculate AFFO differs from the definition of AFFO as defined by Realpac. Management considers these non-cash adjustments important in determining the amount of sustainable cash available to fund future distributions to Unitholders.

Forward-looking Statements

Certain statements contained in this news release constitute forward-looking information within the meaning of Canadian securities laws. Forward-looking statements are provided for the purposes of assisting the reader in understanding the REIT’s financial performance, financial position and cash flows as at and for the periods ended on certain dates and to present 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 future results, performance, achievements, events, prospects or opportunities for the REIT or the real estate industry, outlook and anticipated events or results, and may include statements regarding the closing date of the Offering, the use of net proceeds from the Offering including the acquisition of the Potential Acquisition Properties, the repayment and re-borrowing of indebtedness by the REIT, the completion of future acquisitions or investments by the REIT, as well as the financial position, business strategy, budgets, projected costs, capital expenditures, financial results, financing rates and costs, taxes, plans and objectives of or involving the REIT. In some cases, forward-looking information can be identified by such terms as “may”, “might”, “will”, “could”, “should”, “would”, “expect”, “plan”, “anticipate”, “believe”, “intend”, “seek”, “aim”, “estimate”, “target”, “goal”, “project”, “predict”, “forecast”, “potential”, “continue”, “likely”, or the negative thereof or other similar expressions suggesting future outcomes or events.

Forward-looking statements involve 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, assumptions may not be correct and objectives, strategic goals and priorities may 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, risks related to the trust units and risks related to the REIT and its business. See the REIT’s Annual Information Form for the year ended December 31, 2018, annual MD&A at “Risks and Uncertainties” 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 statements as there can be no assurance actual results will be consistent with such forward-looking statements.

Information contained in forward-looking statements is based upon certain material assumptions applied in drawing a conclusion or making a forecast or projection, including management’s perception of historical trends, current conditions and expected future developments, as well as other considerations believed to be appropriate in the circumstances, including the following: all regulatory approvals in connection with the Offering are received on a timely basis; the REIT will acquire all of the Potential Acquisition Properties; the Canadian economy will remain stable over the next 12 months; inflation will remain relatively low; interest rates will remain relatively stable; conditions within the real estate market, including competition for acquisitions, will be consistent with the current climate; the Canadian capital markets will provide the REIT with access to equity and/or debt at reasonable rates when required; Starlight Group Property Holdings Inc., or any of its affiliates will continue its involvement as asset manager of the REIT in accordance with its current asset management agreement; and the risks 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 made in this news release are dated and relate only to events or information as of the date of this news release. Except as specifically required by applicable Canadian 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.

For further information:

Daniel Drimmer

President and Chief Executive Officer

(416) 234-8444

or

Tracy Sherren

Chief Financial Officer

(416) 234-8444

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