Effective April 22, 2020, PROREIT suspended the distribution reinvestment plan until further notice.
PROREIT’s Distribution Reinvestment Plan (DRIP) provides certain Unitholders with an opportunity to conveniently and economically increase their ownership in PROREIT. The DRIP is offered only to Canadian registered Unitholders. Upon ceasing to be a resident of Canada, a Unitholder must terminate the Unitholder’s participation in the DRIP. In order to participate, Unitholders must first become a direct registrant of PROREIT.
Distributions are automatically reinvested in additional PROREIT units (“Units”) without the payment of brokerage commissions. The price per Unit will be calculated by reference to the weighted average price at which Units traded on the TSX for the five trading days preceding the distribution date. Unitholders who so elect will receive a further distribution of Units equal in value to 3% of each distribution that was reinvested by the Unitholder.
Cash undistributed by PROREIT upon the issuance of additional Units under the DRIP will be retained by the REIT to be used for future property acquisitions, capital improvements and working capital.