Agellan Commercial Real Estate Investment Trust announces May 2013 monthly distribution and implementation of distribution reinvestment plan

TORONTO, May 22, 2013 /CNW/ - Agellan Commercial Real Estate Investment Trust ("Agellan" or the "REIT") (TSX: ACR.UN) announced today that the Trustees of Agellan have declared a distribution of $0.06458 per unit for the month of May, 2013, representing $0.775 per unit onan annualized basis.  The distribution will be payable on June 15, 2013 to unitholders of record as at May 31, 2013.

Agellan also announced today that it has implemented a distribution reinvestment plan (the "DRIP"), beginning with the distribution payable on June 15, 2013. Agellan's eligible unitholders that elect to participate in the DRIP will have their cash distributions used to purchase trust units of the REIT and will also receive a "bonus distribution" of units equal in value to 3% of each distribution. Unitholders wishing to participate should contact their investment advisors to enroll in the DRIP.

Agellan may initially issue up to 954,461 trust units of the REIT under the DRIP. The REIT may increase the number of trust units available to be issued under the DRIP at any time in its discretion subject to (a) the approval of the REIT's board of trustees, (b) the approval of any stock exchange upon which the trust units trade, and (c) public disclosure of such increase. As at the date hereof, there is an aggregate of 19,402,303 units issued and outstanding.

Distributions paid to unitholders who are non-residents of Canada will be subject to applicable Canadian withholding tax.

About Agellan Commercial Real Estate Investment Trust

The REIT is an unincorporated, open-ended real estate investment trust established pursuant to a declaration of trust under the laws of the Province of Ontario. The REIT has been created for the purpose of acquiring and owning industrial, office and retail properties in select target markets in the United States and Canada.

The REIT's current portfolio aggregates approximately 4.2 million square feet of gross leasable area in 23 properties. The properties are primarily located in Texas, Ontario and the U.S. Midwest. The REIT's portfolio is well diversified by geographic location, asset class and tenant mix.

Forward-Looking Statements

This press release contains forward-looking information within the meaning of applicable securities legislation, which reflects the REIT's current expectations regarding future events. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond the REIT's control that could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking information. These forward-looking statements are made as of the date of this press release and, except as expressly required by applicable law, the REIT assumes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

SOURCE: Agellan Commercial Real Estate Investment Trust