Declaration of Trust Amendment Update
This communication provides an update on the Unitholder Vote scheduled for November 6, 2025.
Proxies continue to be received. Any Unitholders who have not yet submitted a proxy form are encouraged to do so before the deadline.
As we approach November 6th, the plan is to:
- Update and publish the Declaration of Trust (“DoT”) as described in the Information Circular as soon as possible after the vote (targeted delivery is the week of November 10)
- Revise any related documents that are incorporated by reference to the DoT so that documentation is consistent
- Publish the revised Redemption Policy and Investment Policy
- Update and publish the REIT’s Offering Memorandum, incorporating the changes as soon as possible after the vote
To provide Unitholders with transparency on the changes, links to the key draft documents below:
- Draft updated Declaration of Trust (effective following the vote)
- Redline version comparing the prior DoT to the updated DoT
- Updated Redemption Policy (effective following the vote)
- Updated Investment Policy (effective following the vote)
Unitholders will note that the new Investment Policy adopts the entirety of the prior Investment Guidelines of the REIT and only includes new restrictions, specifically:
(x) no single asset (except as provided for in this Trust Indenture) shall be acquired if
the cost of such acquisition (net of the amount of debt secured by such asset) will
exceed 15% of Gross Book Value; provided that where such asset is the securities of
or an interest in an entity or mortgage investments with a single borrower, the
foregoing tests shall be applied individually to each asset of such entity or mortgage
investment of such borrower; and
(y) indebtedness of the Trust will not exceed 55% of the overall value of the portfolio
of real estate assets held or 75% of the value of any individual real estate asset,
unless such is a development property, in which case 85% of the value, in each case
with value as determined by the Trustees and as set out in the Investment Policy
the cost of such acquisition (net of the amount of debt secured by such asset) will
exceed 15% of Gross Book Value; provided that where such asset is the securities of
or an interest in an entity or mortgage investments with a single borrower, the
foregoing tests shall be applied individually to each asset of such entity or mortgage
investment of such borrower; and
(y) indebtedness of the Trust will not exceed 55% of the overall value of the portfolio
of real estate assets held or 75% of the value of any individual real estate asset,
unless such is a development property, in which case 85% of the value, in each case
with value as determined by the Trustees and as set out in the Investment Policy
These documents represent the most recent drafts and may be subject to final updates prior to completion.