Choice Properties completes offering of debentures

Ms. Erin Johnston reports CHOICE PROPERTIES REAL ESTATE INVESTMENT TRUST COMPLETES ISSUANCE OF $350 MILLION SERIES W SENIOR UNSECURED DEBENTURES AND $150 MILLION SERIES X SENIOR UNSECURED DEBENTURES Choice Properties Real Estate Investment Trust has completed its previously announced issuance, on a private placement basis in certain provinces of Canada, of (i) $350-million aggregate principal amount of Series W senior unsecured debentures of the trust bearing interest at a rate of 4.628 per cent per annum and maturing on Aug. 8, 2035, and (ii) $150-million aggregate principal amount of Series X senior unsecured debentures of the trust bearing interest at a rate of 5.369 per cent per annum and maturing on Aug. 8, 2055. The trust intends to use the net proceeds of the offering to repay existing indebtedness, including the redemption in full of the trust's $200-million aggregate principal amount of 4.055-per-cent Series F senior unsecured debentures due Nov. 24, 2025, on Sept. 5, 2025, and for general business purposes. Morningstar DBRS has provided the debentures with a credit rating of BBB (high) with a positive 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 TD Securities, CIBC Capital Markets, RBC Capital Markets, BMO Capital Markets and Scotiabank. 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. Choice is more than a national owner, operator and developer of high-quality commercial and residential real estate. Choice believes in creating spaces that enhances how its tenants and communities come together to live, work and connect. This includes Choice's industry leadership in integrating environmental, social and economic sustainability practices into all aspects of Choice's business. In everything Choice does, the trust is guided by a shared set of values grounded in care, ownership, respect and excellence. We seek Safe Harbor.