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Scott's Real Estate Investment Trust (TSX:SRQ.UN) ("Scott's REIT"), Canada's leading owner of small-box retail properties, announced today it has achieved a 25 per cent increase in its asset portfolio since its initial public offering on October 6, 2005.
"We are encouraged by the growth we have achieved in just two short years," said John Bitove, Chairman and CEO of Scott's REIT. "Looking forward, we are pursuing additional growth and diversifying our property holdings to reach our goal of doubling our asset base in our first three years while maintaining stable monthly distributions to our Unitholders."
The REIT's current portfolio of 201 properties includes strong national leading brand tenants in diverse industries such as banking, pharmacy, office supplies and restaurants. The REIT maintains long-term leases, the majority of them quadruple net leases, on all properties with a portfolio average length of lease of nine years.
Scott's REIT also announced today that it has entered into a purchase agreement under its small-box retail acquisition program to acquire three income-producing properties.
The agreement includes three brand new single-tenant retail properties that are leased exclusively to Pharma Plus. Located in Windsor and Renfrew, Ontario, the centres comprise a total of 36,400 sq. ft., and have a weighted average lease term of 18.25 years. The total transaction is approximately $14 million.
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