On February 14, 2025, Real Estate Split Corp. (TSX: RS and RS.PR.A) (the “Fund”) renewed its “at-the-market” equity program (the “ATM Program”) initially established on January 16, 2023, under which the Fund may from time to time sell up to C$75 million of its class A shares and up to C$75 million of its preferred shares through the Agent (as defined below). Any class A shares or preferred shares sold under the ATM Program will be made through “at-the-market” distributions as defined under National Instrument 44-102 and sold through the TSX at the prevailing market price at the time of sale.
Distributions of shares through the ATM Program will be made pursuant to the terms of an equity distribution agreement dated February 14, 2025 among, inter alia, the Fund and National Bank Financial Inc. (the “Agent”).
The objectives of the Fund are to provide holders of the class A shares with non-cumulative monthly cash distributions and the opportunity for capital appreciation through exposure to the Fund’s investment portfolio and holders of the preferred shares with fixed cumulative preferential quarterly cash distributions and to return the original issue price. This will be achieved through a diversified, actively managed, high conviction portfolio comprised of dividend-paying securities of issuers operating in real estate or related sectors, including real estate investment trusts, that are engaged in E-Commerce, data infrastructure as well as the multi-family, retail office and healthcare sectors.
Fasken advised Middlefield Limited, the manager of the Fund, with a team that consisted of Stephen Erlichman, Daniel Fuke, George Soules and Brittany Vanword (Capital Markets and Investment Management); and Andrew Haikal and Katerina Ignatova (Tax).
Jurisdiction
- Ontario
