By a News Reporter-Staff News Editor at Investment Weekly News -- Agellan Commercial Real Estate Investment Trust (the "REIT") (TSX: ACR.UN): NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISTRIBUTION IN THE UNITED STATESAgellan Commercial Real Estate Investment Trust (the "REIT") (TSX: ACR.UN) announced that it was advised by its local Houston property management that one of the REIT's Houston industrial properties have likely experienced flood-related damage as a result of Tropical Storm Harvey. Due to the difficulties of traversing the region at this time, the REIT's Houston property management is currently unable to assess the full extent of the storm's impact on the REIT's Houston properties. However, any flood-related damages are expected to be covered under the REIT's property insurance policies, which are subject to certain exceptions and deductibles. In addition, tenants of the REIT are required to maintain property and business interruption insurance policies pursuant to the terms of their leases with the REIT.
As significant rainfall and flooding are expected to continue in the Houston area for the coming days, the REIT and its Houston property management team will continue to closely monitor the situation and fully assess the storm's impact on the REIT's Houston portfolio as soon as conditions permit.
Keywords for this news article include: Investment and Finance, Agellan Commercial Real Estate Investment Trust.
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