Choice Properties Real Estate Investment Trust Completes Issuance of $500 Million Series R Senior Unsecured Debentures

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TORONTO – Choice Properties Real Estate Investment Trust (“Choice Properties” or the “Trust”) (TSX: CHP.UN) today announced that it has completed its previously announced private placement offering in certain provinces of Canada (the “Offering”) an aggregate principal amount of US$500 million of the Trust’s Series R senior unsecured debentures, bearing interest at an interest rate of 6.003% per annum, maturing on June 24, 2032 (the “Debentures”).

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The Trust intends to use the net proceeds of the offering (i) to pay Choice Properties Limited Partnership’s previously announced $300 million prepayment of principal in the form of 3.60% of the Series 10 Senior Unsecured Debentures on June 26, 2022 (ii) to repay all or part of the balance drawn on the Trust’s credit facility and (iii) for general business purposes.

DBRS Morningstar has assigned a credit rating of “BBB” (high) to the Notes. with “stall” trend and S&P Global Ratings have assigned a credit rating of “BBB” to the Notes. The Notes rank pari passu with all other unsecured obligations of the Trust which are not subordinated.

The Notes were sold on an agency basis by a syndicate of agents jointly led by TD Securities, CIBC Capital Markets, RBC Capital Markets, BMO Capital Markets and Scotiabank. The offered Notes have not been registered under the US Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. This press release does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the Notes in any jurisdiction in which such offer, solicitation or sale would be unlawful.

About Choice Properties Real Estate Investment Trust

Choice Properties is a leading real estate investment trust that creates lasting value through owning, operating and developing quality commercial and residential properties.

We believe value comes from creating spaces that enhance the way our tenants and communities come together to live, work and connect. We strive to understand our tenants’ needs and manage our properties to the highest standard. We strive to develop healthy, resilient communities through our commitment to social, economic and environmental sustainability. In everything we do, we are guided by shared values ​​based on care, ownership, respect and excellence.

For more information, please visit Choice Properties’ website at www.choicereit.ca and Choice Properties’ issuer profile at www.sedar.com.

Forward-Looking Statements

This press release may contain forward-looking information within the meaning of applicable securities laws, which reflects Choice Properties’ current expectations with respect to future events, including the intended use of the proceeds of the offering. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond Choice Properties’ control, which could cause actual results and events to differ materially from those expressed or implied by such forward-looking information Information. These risks and uncertainties include, but are not limited to, the factors discussed in Choice Properties’ 2021 Annual Report, Current Annual Report and First Quarter 2022 Report. Choice Properties undertakes no obligation to update any such forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable law. All forward-looking statements contained in this press release are made as of the date of this press release and are qualified by these cautionary statements.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220624005008/en/

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contacts

For more information:

Mario Barrafato
CFO
Choice Properties Real Estate Investment Trust
t (416) 628-7872
e Mario.Barrafato@choicereit.ca

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