Choice Properties Real Estate Investment Trust announced a private placement of 5,000,000 series U senior unsecured non-convertible debentures at an issue price of $99.996 for gross proceeds of CAD 499,980,000 and CAD 500,000,000 on May 21, 2024. The debentures will bear an interest rate of 5.030% per annum and will mature on February 28, 2031. The transaction is subject to customary closing conditions and is expected to close on May 23, 2024. The debenture is issued at discount. The debenture will have yield of 5.032% per annum.

It is a condition of closing of the transaction that the debentures be rated at least ?BBB? (high) with a ?stable? trend by DBRS Limited and at least ?BBB? by Standard and Poor?s Ratings Services. The debentures will rank equally with all other unsecured indebtedness of the Trust that has not been subordinated.