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TORONTO, January 16, 2025--(BUSINESS WIRE)--Choice Properties Real Estate Investment Trust ("Choice Properties", the "Trust" or "we") (TSX: CHP.UN) announced today that it has completed its previously announced issuance, on a private placement basis in certain Provinces of Canada (the "Offering"), of $300 million aggregate principal amount of series V senior unsecured debentures of the Trust bearing interest at a rate of 4.293% per annum and maturing on January 16, 2030 (the "Debentures").

The Trust intends to use the net proceeds of the Offering to repay certain amounts drawn on its revolving credit facility which were utilized to repay upon maturity its $350 million aggregate principal amount of 3.546% series J senior unsecured debentures, and for general business purposes.

Morningstar DBRS has provided the Debentures with a credit rating of "BBB" (high) with a "stable" trend and S&P Global Ratings has provided the Debentures with a credit rating of "BBB+". The Debentures rank equally with all other unsecured indebtedness of the Trust that has not been subordinated.

The Debentures were sold on an agency basis by a syndicate of agents co-led by RBC Capital Markets, Scotiabank, TD Securities, BMO Capital Markets, and CIBC Capital Markets. The Debentures offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the Debentures 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 enduring value through places where people thrive.

We are more than a national owner, operator and developer of high-quality commercial and residential real estate. We believe in creating spaces that enhance how our tenants and communities come together to live, work, and connect. This includes our industry leadership in integrating environmental, social and economic sustainability practices into all aspects of our business. In everything we do, we are guided by a shared set of values grounded in Care, Ownership, Respect and Excellence.

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

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Forward-Looking Statements

This press release may contain forward-looking information within the meaning of applicable securities legislation, which reflects Choice Properties’ current expectations regarding future events, including the intended use of 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 that could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking information. Such risks and uncertainties include, but are not limited to, the factors discussed in Choice Properties’ 2024 Third Quarter Report and current Annual Information Form. Choice Properties does not undertake any obligation to update 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 hereof and are qualified by these cautionary statements.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250115107500/en/

Contacts

For further information: 
Mario Barrafato
Chief Financial Officer
Choice Properties REIT
(416) 628-7872
[email protected]

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