NexLiving Communities Declares Quarterly Dividend and Provides Update on Devcore Transaction
HALIFAX, NS, Feb. 21, 2024 /CNW/ - (TSXV: NXLV) - NexLiving Communities Inc. ("NexLiving" or the "Company") is pleased to announce the declaration of its quarterly dividend and provide an update on its previously announced transaction to acquire from Devcore Group Inc. and related entities ("Devcore") a portfolio of multi-family assets in eastern Ontario and Québec consisting of 16 properties and 991 units in exchange for share consideration and the assumption of existing mortgages (collectively, the "Transaction").
The Company's board of directors (the "Board") has approved and declared a dividend of one cent per common share for the quarter ending March 31, 2024, representing four cents per share on an annualized basis. The dividend is payable on, or after, March 28, 2024, to shareholders of record at the close of business on March 8, 2024.
The Company designates these taxable dividends to be paid to its holders as eligible dividends and will notify the holders such dividends are being paid as eligible dividends for the purposes of the Income Tax Act (Canada) and corresponding provincial legislation.
The Company announced the Transaction on January 22, 2024. The Company and Devcore continue to make progress towards closing the Transaction. In particular, Competition Act approval and the conditional approval of the TSX Venture Exchange ("TSX-V") have been received. The Company intends to hold its shareholder meeting on April 3, 2024 in order to obtain the shareholder approval required under the policies of the TSX-V for 8985979 Canada Inc. (controlled by Jeffrey York and Jean-Pierre Poulin) to become a Control Person of NexLiving (as defined in the policies of the TSX-V). Further details concerning the shareholder meeting will be set forth in a management information circular to be filed and mailed to shareholders. As initially announced, the Transaction is expected to close during the second quarter of 2024, subject to receipt of shareholder approval and satisfaction of other remaining closing conditions in the purchase agreement dated January 21, 2024, which can be obtained on SEDAR+ at www.sedarplus.ca under NexLiving's profile.
NexLiving continues to execute on its plan to acquire recently built or refurbished, highly leased multi-residential properties in bedroom communities across Canada. NexLiving aims to deliver exceptional living experiences to our residents and provide comfortable, affordable housing solutions that cater to a wide range of demographics. The properties offer a range of modern and updated suites, with a variety of amenities and features that allow residents to experience a hassle-free and maintenance-free lifestyle. NexLiving is committed to investing in its properties to ensure that they are modern and up-to-date. For its recently acquired properties in Ontario, the Company has undertaken a targeted value-add capital program to modernize and reposition the large existing suites. The Company currently owns 1,166 units in New Brunswick and Ontario. NexLiving has also developed a robust pipeline of qualified properties for potential acquisition. By screening the properties identified to match the criteria set out by the Company (proximity to healthcare, amenities, services and recreation), management has assembled a significant pipeline of potential acquisitions for consideration by the Board.
For more information about NexLiving, please refer to our website at www.nexliving.ca and our public disclosure at www.sedarplus.ca.
Devcore is a real estate development, construction, and management company based out of Ottawa-Gatineau with nearly 20 years of experience building and renovating a multitude of projects, including single-family homes, townhomes, condos, apartments, offices, and shopping centres. Devcore has developed a portfolio of multi-family assets of nearly 3,000 units across Ontario and Québec.
This news release contains forward-looking information within the meaning of applicable Canadian securities laws ("forward-looking statements"). All statements other than statements of historical fact are forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "projects", "estimates", "forecasts", "intends", "continues", "anticipates", or "believes", or variations (including negative variations) of such words and phrases. Forward-looking statements may also state that certain actions, events or results "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements contained in this news release include, but are not limited to statements regarding the shareholder meeting and the closing of the Transaction. Such forward-looking statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. These forward-looking statements reflect the current expectations of the Company's management regarding future events and operating performance, but involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Actual events could differ materially from those projected herein and depend on a number of factors. These risks and uncertainties are more fully described in NexLiving's regulatory filings, which can be obtained on SEDAR+ at www.sedarplus.ca under NexLiving's profile, as well as under the "Risk Factors" section of the Company's MD&A released on November 27, 2023. Although forward-looking statements contained in this news release are based upon what management believes are reasonable assumptions, there can be no assurance that the Company's actual results will be consistent with these forward-looking statements. Accordingly, readers should not place undue reliance on the forward-looking statements contained in this news release. The forward-looking statements in this new release speak only as of the date of this news release. Except as required by applicable securities laws, the Company does not undertake, and specifically disclaims, any obligation to update or revise any forward-looking statements, whether as a result of new information, future developments or otherwise, except as required by applicable law.
SOURCE NexLiving Communities Inc.
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