TORONTO, Nov. 21 /CNW/ - Scott's Real Estate Investment Trust (TSX:
SRQ.UN) (Scott's REIT) today announced an initial cash distribution of $0.1302
per unit for the period from October 6 to November 30, 2005.
The distribution is payable on December 15, 2005 to unitholders of record
on November 30, 2005.
Scott's REIT - which owns 68.9 per cent of Scott's Real Estate Limited
Partnership (Scott's RE LP), the owner of 190 restaurant and small-box retail
properties across Canada - completed its initial public offering on October 6,
2005. The initial cash distribution covers the 56-day period from the
completion of the IPO through to November 30, 2005, as was indicated in
Scott's REIT final prospectus for the IPO.
"Future distributions of the REIT will be paid on a monthly basis," said
John I. Bitove, Chairman and Chief Executive Officer. "Since completing the
IPO, we have been pleased with the performance of our operations, and remain
on track to be the premier restaurant and small box retail property owner in
Scott's REIT's policy is to pay cash distributions on or about the 15th
of each month to unitholders of record on the last business day of the
preceding month. Unitholders who are non-residents of Canada will be required
to pay all withholding taxes payable on any distributions by Scott's REIT.
Scott's REIT also announced today a cash distribution of $0.1302 per unit
for the period from October 6 to November 30, 2005 to unitholders of record of
Class B Limited Partnership Units in Scott's RE LP on November 30, 2005.
This release contains forward-looking statements. Such statements are
based on current expectations that are subject to significant risks and
uncertainties that are difficult to predict. Actual results might differ
materially from projections suggested in any forward-looking statements due to
factors such as the competitive nature of the quick service restaurant
industry, the ability of Scott's REIT and Scott's RE LP to execute a growth
and development strategy, the reliance of Scott's REIT and Scott's RE LP on
key personnel, and risk associated with the structure of income trusts.
Scott's REIT and Scott's RE LP assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ
from those reflected in the forward-looking statements. Additional information
identifying risks and uncertainties is contained in Scott's REIT filings with
the Canadian securities regulators, available at www.sedar.com.
About Scott's Real Estate Investment Trust
Scott's REIT has a 68.9 percent interest in Scott's RE LP, which owns 190
restaurant and small-box retail properties in seven provinces across Canada.
Priszm Canadian Income Fund (TSX:QSR.UN), a 480-outlet quick service
restaurant chain with annual revenues of $475 million, is a tenant at all but
one of the properties.
Scott's REIT's units are traded on Toronto Stock Exchange under the
symbol SRQ.UN. Additional information is available in Scott's REIT's
prospectus at www.sedar.com .
For further information: please contact: Richard Rotman, Wilcox Group
(Toronto), (416) 203-6666, ext. 2219, firstname.lastname@example.org
CO: Scott's Real Estate Investment Trust
NI: DIV REL
-0- Nov/21/2005 14:01 GMT
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