Charter Real Estate Investment Trust

Charter Real Estate Investment Trust

January 11, 2008 12:06 ET

Charter Real Estate Investment Trust (TSX-V:CRH.UN) Announces DRIP Program

TORONTO, ONTARIO--(Marketwire - Jan. 11, 2008) -


Charter Real Estate Investment Trust ("Charter REIT") (TSX VENTURE:CRH.UN) announces that it has established a Distribution Reinvestment and Optional Unit Purchase Plan (the "Plan") to enable Canadian resident unitholders ("Unitholders") to acquire additional units of Charter REIT ("Units"): (a) through the reinvestment of regular monthly distributions on all or any part of their Units; and (b) once enrolled in the Plan, through optional cash payments subject to a minimum of $1,000 per month and a maximum of $12,000 per calendar year.

"This is a great opportunity for Unitholders to purchase Units of Charter REIT at a time when our units are trading well below our net book value," said Ari Silverberg, President and Chief Operating Officer of Charter REIT.

The Plan

To enrol in the Plan, beneficial Unitholders must contact their broker who is a CDS participant and who holds the Unitholder's uncertificated Units. Registered Unitholders must contact Computershare Trust Company of Canada (the "Plan Agent") National Customer Contact Centre at 1-800-564-6253. Once enrolled, participation in the Plan will continue automatically unless terminated.

Unitholders wishing to acquire Units under the Plan in connection with the January 2008 distribution must enrol by January 24, 2008.

Plan Units will be issued directly from the treasury of Charter REIT at a price based on the volume-weighted average of the closing price for the 20 trading days immediately preceding the relevant distribution date. Participants will receive "bonus units" in an amount equal in value to 3% of each cash distribution.

Charter REIT reserves the right to amend, suspend or terminate the Plan at any time, but such action shall have no retroactive effect that would prejudice the interest of the Plan participants. All administrative costs associated with the operation of the Plan will be paid by Charter REIT.

Charter REIT has reserved for issuance with the TSX Venture Exchange 500,000 additional Units to accommodate the purchase of Units under the Plan.

For more information about the Plan and its terms and conditions see under "Investor Information - DRIP".

Charter REIT

Charter Real Estate Investment Trust is an open-end real estate investment trust established under the laws of the Province of Ontario. Charter REIT is focused on acquiring a portfolio of retail and mixed-use retail real estate comprised of stable cash flow and value-add properties from both primary and secondary markets throughout Canada, with the principal goal of generating a reliable and growing yield for its investors. Charter REIT currently owns six commercial real estate properties located in Ontario and Quebec.

Certain statements included in this press release constitute forward-looking statements, including, but not limited to, those identified by the expressions "expect", "intend", "will" and similar expressions to the extent they relate to Charter REIT. The forward-looking statements are not historical facts but reflect Charter REIT's current expectations regarding future results or events. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations. Although Charter REIT believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and, accordingly, readers are cautioned not to place undue reliance on such statements due to the inherent uncertainty therein. Charter REIT undertakes no obligation to update publicly or otherwise revise any forward-looking statement or information whether as a result of new information, future events or other such factors which affect this information, except as required by law.

The Exchange Tower
130 King Street West
Suite 2810, P.O. Box 104
Toronto, Ontario M5X 1A4

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Charter Real Estate Investment Trust
    Ari Silverberg
    President and Chief Operating Officer
    (416) 364-5705
    (416) 364-2410 (FAX)
    Charter Real Estate Investment Trust
    Floriana Cipollone
    Chief Financial Officer
    (416) 364-5705
    (416) 364-2410 (FAX)