North American REIT Income Fund Announces Exchange Ratios

News provided by

Nov 12, 2012, 14:10 ET

TORONTO, Nov. 12, 2012 /CNW/ - North American REIT Income Fund (the "Fund") is pleased to announce the exchange ratios for the exchange offer by the Fund being made under the final prospectus dated October 26, 2012. The closing of the initial public offering of transferable trust units (the "Units") at $10.00 per Unit is scheduled to occur on or about November 19, 2012. The Toronto Stock Exchange ("TSX") has conditionally approved the listing of the Units under the symbol NRF.UN, subject to the fulfillment of TSX requirements.

The number of Units issuable in exchange (the "Exchange Ratio") for the securities of an Exchange Eligible Issuer deposited by a prospective purchaser pursuant to the Exchange Option was determined by dividing the volume weighted average trading price of such securities during the five consecutive trading days ending on November 9, 2012 (the "Pricing Period"), as adjusted to reflect distributions declared by any Exchange Eligible Issuer that will not be received by the Fund, by $10.00. For greater certainty, the distribution payable on the securities of any Exchange Eligible Issuer that are deposited under the Exchange Option and which have a record date before the Closing will be received by the prospective purchaser who deposited such securities and not by the Fund. The Exchange Ratios will be rounded down to four decimal places.

The following table specifies for each of the securities that have been deposited: (i) the name of issuer; (ii) the trading symbol; (iii) the CUSIP; (iv) the ISIN; (v) the volume weighted average trading price ("VWAP") during the Pricing Period in Canadian dollar terms; and (vi) the Exchange Ratio.

Exchange Eligible Issuers

Name	TSX Symbol	CUSIP	ISIN	VWAP in CAD Terms($)	Exchange Ratio
Allied Properties Real Estate Investment Trust	AP.UN	19456102	CA0194561027	31.5688	3.1569
Artis Real Estate Investment Trust	AX.UN	04315L105	CA04315L1058	15.9985	1.5999
Brookfield Office Properties Canada	BOX.UN	112823109	CA1128231091	29.1209	2.9121
Brookfield Office Properties Inc.	BPO	112900105	CA1129001055	16.2355	1.6236
Calloway Real Estate Investment Trust	CWT.UN	131253205	CA1312532056	28.9455	2.8946
Canadian Apartment Properties Real Estate Investment Trust	CAR.UN	134921105	CA1349211054	23.8836	2.3884
Cominar Real Estate Investment Trust	CUF.UN	199910100	CA1999101001	23.1669	2.3167
Crombie Real Estate Investment Trust	CRR.UN	227107109	CA2271071094	14.9282	1.4928
Dundee Real Estate Investment Trust	D.UN	265270207	CA2652702077	35.7921	3.5792
Extendicare Inc.	EXE	30224T863	CA30224T8639	7.7456	0.7746
First Capital Realty Inc.	FCR	31943B100	CA31943B1004	18.3829	1.8383
H&R Real Estate Investment Trust	HR.UN	404428203	CA4044282032	24.0763	2.4076
InnVest Real Estate Investment Trust	INN.UN	45771T132	CA45771T1324	4.6088	0.4609
Killam Properties Inc.	KMP	494104870	CA4941048700	12.6494	1.2649
Morguard Real Estate Investment Trust	MRT.UN	617914106	CA6179141065	17.9911	1.7991
Northwest Healthcare Properties Real Estate Investment Trust	NWH.UN	667495105	CA6674951059	12.8675	1.2868
RioCan Real Estate Investment Trust	REI.UN	766910103	CA7669101031	26.951	2.6951
Temple Real Estate Investment Trust	TR.UN	880018106	CA8800181064	6.2208	0.6221

The syndicate of agents for this offering is being led by RBC Capital Markets and CIBC, and includes GMP Securities L.P., BMO Capital Markets, National Bank Financial Inc., Scotiabank, TD Securities Inc., Raymond James Ltd., Canaccord Genuity Corp., Macquarie Private Wealth Inc., Desjardins Securities Inc., Dundee Securities Ltd., and Manulife Securities Incorporated.

This offering is only made by prospectus. The prospectus contains important detailed information about the securities being offered. Copies of the prospectus may be obtained from one of the above-noted agents. Investors should read the prospectus before making an investment decision.

SOURCE: North American REIT Income Fund