Borealis Retail REIT

Borealis Retail REIT

March 01, 2005 09:10 ET

CORRECTION: BOREALIS RETAIL REIT Announces Tax Treatment of 2004 Distributions


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: BOREALIS RETAIL REIT

TSX SYMBOL: BRE.UN

MARCH 1, 2005 - 09:10 ET

CORRECTION: BOREALIS RETAIL REIT Announces Tax
Treatment of 2004 Distributions

TORONTO, ONTARIO--(CCNMatthews - March 1, 2005) - Borealis Retail REIT
(TSX:BRE.UN) announces today the tax treatment of the distributions made
during 2004. Total distributions paid on a unit held throughout 2004
were $1.0524, excluding the payment made on January 15, 2004 but
including the payment made on January 15, 2005.

The distributions are characterized as 34.4% (2003 - 25.6%) "other
taxable income" and 65.6% (2003 - 74.4%) "return of capital".

Borealis has filed a Statement of Trust Income Allocations and
Designations with CDS and has posted this statement to the Trust's
website. This statement and statements for other trusts may be viewed at
www.cds.ca, by using the "Quick Links" drop down menu, clicking on
"T3/T5013 Form Service", and following the instructions to navigate the
website.

Borealis Retail REIT is a TSX listed real estate investment trust.
Borealis Retail REIT owns 9 shopping centres comprising approximately
4.55 million square feet located in Canada. As of December 31, 2004,
there were 33,753,019 issued and outstanding units of the REIT.

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Borealis Retail REIT
    R. Michael Latimer
    Chief Executive Officer
    (416) 865-5353
    or
    Borealis Retail REIT
    Louis M. Forbes
    Senior Vice President and Chief Financial Officer
    (416) 865-5360