Primaris Retail REIT

Primaris Retail REIT

August 23, 2007 13:36 ET

Primaris Retail REIT Announces August Distribution, Acquisition Update

TORONTO, ONTARIO--(Marketwire - Aug. 23, 2007) - Primaris Retail REIT (TSX:PMZ.UN) announces today its August 2007 monthly distribution in the amount of $0.0983. Payment will be made on September 14, 2007 to holders of record as of August 31, 2007.

In addition, unitholders who elect to participate in the DRIP will receive a further distribution, payable in units, equal in value to 3% of each cash distribution reinvested by them. The price at which units will be purchased with such cash distributions is based on a weighted average trading price of units for the 20 trading days prior to the relevant distribution date, which is normally the 15th of each month. Those unitholders wishing to enroll in the DRIP should contact the brokerage house or financial institution where their units are currently held and complete the required authorization form.

On August 14, 2007 Primaris completed the previously announced acquisition of Westbank Shopping Centre, a 74,000 square foot grocery anchored strip centre in Westbank, British Columbia. The acquisition of Heritage Place, a 310,000 square foot enclosed regional shopping centre in Owen Sound, Ontario, is expected to close later this month.

With the completion of these announced acquisitions, Primaris Retail REIT will own 26 properties comprising approximately 9.3 million square feet located in Canada. Primaris Retail REIT is a TSX listed real estate investment trust (TSX:PMZ.UN). As of July 31, 2007 the REIT had 58,634,954 units issued and outstanding.

Contact Information

  • Primaris Retail REIT
    R. Michael Latimer
    Chief Executive Officer
    (416) 865-5353
    Primaris Retail REIT
    Louis M. Forbes
    Senior Vice President and Chief Financial Officer
    (416) 865-5360