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Published on November 17, 2021

Choice Properties Real Estate Investment Trust Announces Normal Course Issuer Bid


Toronto, Ontario, November 17, 2021 (TSX: CHP.UN) – Choice Properties Real Estate Investment Trust (“Choice Properties” or the “Trust”) announced today that the Toronto Stock Exchange (“TSX”) has accepted a notice filed by Choice Properties of its intention to make a normal course issuer bid (“NCIB”).
 
The TSX notice provides that Choice Properties may, during the 12-month period commencing November 19, 2021 and terminating November 18, 2022, purchase up to 27,558,665 of Choice Properties trust units (“Units”), representing approximately 10% of the public float of the Units, by way of a NCIB over the facilities of the TSX or through alternative trading systems or by such other means as may be permitted by the TSX or under applicable law. As of November 8, 2021, Choice Properties had 327,515,719 outstanding Units. Based on the average daily trading volume of 417,154 during the last six months, daily purchases will be limited to 104,288 Units, other than block purchase exceptions.
 
Purchases of Units will be made in open market transactions over the facilities of the TSX or through alternative trading systems. In addition, Choice Properties may enter into forward purchase or swap contracts in connection with Units which may be settled by physical settlement, cash settlement or a combination thereof. The forward price will be based on market price, dividend yield and market interest rates. Choice Properties may also purchase Units through private agreements or unit repurchase programs if it receives an issuer bid exemption order permitting it to make such purchases. Any purchases of Units made by way of private agreements or under unit repurchase programs may be at a discount to the prevailing market price as provided in the relevant issuer bid exemption order.
 
Decisions regarding the timing of future purchases of Units will be based on market conditions, Unit price and other factors. Choice Properties may elect to suspend or discontinue its NCIB at any time. Units purchased under the NCIB will be cancelled or used in connection with the Trust’s equity settled incentive plans. Choice Properties believes that the market price of Units could be such that their purchase may be an attractive and appropriate use of corporate funds. Choice Properties may also use its NCIB to acquire the number of Units that are issued pursuant to the exercise of options in order to offset the dilutive effect of options that have been exercised.  Pursuant to its previous NCIB, under which Choice Properties received approval from the TSX to purchase up to 25,846,904 Units for the period of November 19, 2020 to November 18, 2021. As at November 8, 2021, Choice Properties purchased 189,887 Units through open market purchases on the TSX and alternative trading systems at a weighted average price of $12.89.
 
From time to time, when Choice Properties does not possess material non-public information about itself or its securities, it may enter into a pre-defined plan with its broker to allow for the purchase of Units at times when Choice Properties ordinarily would not be active in the market due to its own internal trading blackout periods and insider trading rules. Any such plans entered into with Choice Properties’ broker will be adopted in accordance with the requirements of applicable Canadian securities laws.

About Choice Properties Real Estate Investment Trust

Choice Properties is a leading Real Estate Investment Trust that creates enduring value through the ownership, operation and development of high-quality commercial and residential properties.

We believe that value comes from creating spaces that improve how our tenants and communities come together to live, work, and connect. We strive to understand the needs of our tenants and manage our properties to the highest standard. We aspire to develop healthy, resilient communities through our dedication to social, economic, and environmental sustainability. 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.sedar.com.

For further information:

Mario Barrafato
Chief Financial Officer
Choice Properties REIT
(416) 628-7872
Mario.Barrafato@choicereit.ca