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First Capital Realty gets court nod to convert into REIT

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First Capital Realty gets court nod to convert into REIT

First Capital Realty Inc. obtained a final order from the Ontario Superior Court of Justice to convert from a corporation to a real estate investment trust named First Capital Real Estate Investment Trust.

The conversion is expected to become effective Dec. 30. As part of the conversion agreement, each outstanding common share of the corporation is likely to be exchanged for one unit of the REIT.

At the same time, the REIT said it will make a cash distribution of C$7.16 per REIT unit to unitholders. The distribution is payable Jan. 15, 2020, as of Dec. 31. The distribution will include income of the REIT, if any, for its 2019 fiscal year.