NorRock Realty Finance Corporation

NorRock Realty Finance Corporation

September 27, 2011 16:53 ET

NorRock Realty Finance Corporation (TSX:RF.PR.A)(TSX:RF.A) Announces Distributions

TORONTO, ONTARIO--(Marketwire - Sept. 27, 2011) - NorRock Realty Finance Corporation (TSX:RF.PR.A)(TSX:RF.A) (the "Corporation") is pleased to announce a distribution of $0.4219 per Preferred Share, Series 1 for the third quarter of 2011. The distribution will be paid on October 14th, 2011 to Preferred Shareholders of record on September 30th, 2011. The Preferred Shares trade on the Toronto Stock exchange "TSX" (under the symbol RF.PR.A).

The Corporation has a robust balance sheet with cash and cash equivalents positions which are currently in excess of $37 million. The Corporation has made significant progress in narrowing its strategic opportunities; however, the suspension of the Corporation's targeted quarterly distribution of $0.19 per Class A Share for the quarter ended September 30th, 2011 will remain in effect until such time as the Corporation has further visibility on the reinvestment of its excess cash balances into mortgages and loans. The Class A Shares trade on the TSX under the symbol RF.A.

The Corporation's focus is to proactively manage the existing mortgage portfolio and conclude the assessment of its strategic options to create sustainable value for shareholders.

NorRock Realty Finance Corporation

The Corporation is a mutual fund corporation incorporated under the laws of the Province of Ontario. The Corporation was created to obtain exposure to the investment performance of an actively managed portfolio of secured loans and investments in the Canadian commercial real estate sector on a tax-efficient basis.

Certain statements included in this news release constitute forward-looking statements including statements identified by the words "plan," "will" and "intend," and similar expressions or the negative thereof. The forward-looking statements are not historical facts but reflect the Corporation'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 including but not limited to the ability of the Corporation to pay the distributions on October 14th 2011. Readers are cautioned not to place undue reliance on forward-looking information. The Corporation undertakes no obligation to update publicly or otherwise revise any forward-looking statement or information except as required by law.

Contact Information

  • NorRock Realty Finance Corporation
    Jacqueline Boddaert
    Chief Executive Officer
    (416) 479-9510 x305
    1-866-362-2469 (FAX)