Business
Calloway announces distribution increase
Calloway announces distribution increase.
About this update from Smartcentres Real Estate Investment Trust
[{"type":"text","content":"\n\n\n\n\nTORONTO, Sept. 12 /CNW/ - Calloway Real Estate Investment Trust (TSX:\nCWT.UN) announced today that the trustees of the REIT have approved an\nincrease in monthly distributions payable to unitholders. The current annual\ndistribution of $1.45 per unit will be increased to $1.50 per unit. The new\nmonthly rate of $0.125 per unit will commence with the distribution for the\nmonth of September 2006, which will be paid on October 16, 2006 to unitholders\nof record on September 29, 2006.\nMr. Simon Nyilassy, President and CEO of Calloway said, \"We are pleased\nto be passing on to our unitholders the benefits from owning a growing\nportfolio of shopping centres. The pace of growth, through our acquisition and\ndevelopment program, enables us to raise our distribution rate. This is the\n5th time in the last 2 1/2 years that Calloway has increased its\ndistributions. Unitholders will now receive a monthly cash distribution from\nthe REIT that is 30% higher than the March 2004 distribution. Since the third\nquarter of 2003, when Calloway acquired its first portfolio of shopping\ncentres from SmartCentres, assets have grown from approximately $100 million\nto over $3 billion today.\"\nMr. Nyilassy added, \"We have increased our distributions at the fastest\npace of any Canadian REIT. The growth in our cash flow available for\ndistributions has been even faster. We are increasing distributions because we\nare confident they are sustainable\".\nCalloway currently has a portfolio of 108 properties with a book value in\nexcess of $3 billion. The portfolio is expected to grow to in excess of\n$3.3 billion by the end of 2006, as a result of further acquisitions,\nexpansions and new developments.\n\nThis press release contains \"forward looking statements\" subject to\nvarious significant risks and uncertainties which may cause actual results,\nperformances or achievements of Calloway to be materially different from any\nfuture results, performances or achievements expressed or implied by such\nforward looking statements. Such risk factors include, but are not limited to,\nrisks associated with real property ownership, availability of cash flow,\nrestrictions on redemption, general uninsured losses, future property\nacquisitions, environmental matters, tax related matters, debt financing,\nUnitholder liability, potential conflicts of ...