KEYreit announces April 2013 distribution, sale of property and adopts measures to secure termination payments

TORONTO, April 5, 2013 /CNW/ - KEYreit (TSX: KRE.UN) announced the following:

April Distribution
KEYreit declared a cash distribution of $0.05 per unit for the month of April 2013. The distribution will be payable on May 15, 2013 to Unitholders of record on April 30, 2013.

Sale of Property
KEYreit also announced that on March 28, 2013, it sold its property located in Winkler, Manitoba for $425,000. The property representing 3,072 square feet of gross leasable area, was vacant and unencumbered at the time of the sale.

Termination Payments
Additionally, the Board of Trustees (the "Board") determined to take measures to ensure compliance with certain of its legal obligations in the event of a change of control of KEYreit following termination of the support agreement (the "Support Agreement") entered into with Plazacorp Retail Properties Ltd. ("Plazacorp").  Accordingly, KEYreit has agreed that, in the event the Support Agreement is terminated, it will grant collateral security in respect of certain payments that would become payable as a result of a change of control of KEYreit, including amounts owing to JBM Properties Inc. (the external asset and property manager of KEYreit) and settlement obligations relating to employment contracts.

About KEYreit
KEYreit (TSX: KRE.UN) is Canada's premier small-box retail property owner with 225 properties in nine provinces across Canada. KEYreit's properties are well located and geographically diverse across Canada with the majority of all properties containing long-term quadruple net leases.

To find out more about KEYreit (TSX: KRE.UN), visit our website at www.keyreit.com. 

SOURCE: KEYreit

Investor relations, please contact: 
Teresa Neto
Chief Financial Officer
416-361-9953
[email protected]

KEYreit unitholders, please contact:
Kingsdale Shareholder Services Inc.
1-888-518-1562 toll-free in North America
1-416-867-2272 outside of North America (collect calls accepted)
[email protected]

Media, please contact: 
Longview Communications Inc.
Alan Bayless 604-694-6035, [email protected]
Olena Lobach 416-649-8009, [email protected]