SmartREIT calls all C$40 million 5.25% convertibles due 2018

By Wendy Van Sickle

Columbus, Ohio, Oct. 6 – Smart Real Estate Investment Trust (SmartREIT) called all C$40 million of its outstanding 5.45% convertible unsecured debentures due June 30, 2018 for redemption on Nov. 6, according to a press release.

The debentures were assumed by SmartREIT from OneREIT on Oct. 4 in connection with the closing of SmartREIT’s acquisition of a portfolio of 12 properties from OneREIT.

The redemption price will be par plus C$19.26 of accrued interest per C$1,000 note.

SmartREIT said it will use cash on hand and borrowings under its revolving credit facility to pay the redemption price.

The debentures are listed on the Toronto Stock Exchange under the symbol “SRU.DB.A” and may be converted in accordance with their terms into units of SmartREIT until the close of business on Nov. 3.

The real estate investment trust is based in Toronto.

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