Vancouver, BC – May 22, 2015: Pure Industrial Real Estate Trust (“PIRET” or the “Trust”) (TSX: AAR.UN) today announced that Stephen Evans has stepped down as a member of PIRET’s Nominating and Governance Committee (the “Nominating Committee”). The trustees have appointed Jim Bogusz to fill the vacancy on the Nominating Committee. The Nominating Committee’s members will now consist of Douglas R. Scott (Chair), T. Richard Turner and Jim Bogusz, all independent trustees.
PIRET also announces certain amendments to the proposals to be voted upon at its annual and special meeting of unitholders to be held at 10:00 a.m. (Pacific Time), on May 28, 2015 following discussions with Institutional Shareholder Services (“ISS”), a proxy voting advisory firm. As a result of PIRET’s continued commitment to implementing good corporate governance practices, the Board of Trustees has agreed to amend the following proposals to reflect the recommendations of ISS: (i) the amendment to the Trust’s Restricted Unit Plan (the “Amended Plan”) will be revised to include an annual limit of $150,000 for grants to non-employee Trustees (the “Plan Proposal”); and (ii) the amendment to the Trust’s Declaration of Trust dated June 24, 2007, as amended and restated November 18, 2010, to implement a policy requiring advance notice (the “Advance Notice Proposal”) to be given to the Trust of unitholder proposals relating to the nomination of trustees of the Trust will: (A) no longer include a maximum notice period; (B) no longer restrict the notification period to that established for the originally scheduled meeting in the event that a meeting is adjourned or postponed; and (C) only permit additional disclosure requests if required pursuant to applicable securities laws or stock exchange rules to determine the independence of a proposed nominee.
PIRET initiated the changes to the composition of the Nominating Committee, the Plan Proposal and the Advance Notice Proposal set out above, in an effort to continually improve PIRET’s corporate governance practices, plans and policies in order to satisfy the most current criteria of its investors and proxy advisory firms. These proposals, other than the changes described herein, are more fully described in the Trust’s Information Circular dated April 28, 2015, available on SEDAR at www.sedar.com. The Amended Plan, with the amendments described herein, is available, free of charge, upon written request to the Chief Financial Officer of the Trust, Suite 910, 925 West Georgia Street, Vancouver, British Columbia, V6C 3L2 and at www.piret.ca.
About Pure Industrial Real Estate Trust
PIRET is an unincorporated, open-ended investment trust that owns and operates a diversified portfolio of income-producing industrial properties in leading markets. PIRET is an internally managed REIT that focuses exclusively on investing in industrial properties.
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Although PIRET believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because PIRET can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks.
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