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BRAMPTON, ON, Nov. 19, 2013 /CNW/ - Choice Properties Real Estate Investment Trust ("Choice Properties" or the "Trust") (TSX: CHP.UN) announced today that it has implemented a distribution reinvestment plan (the "Plan"). Eligible Unitholders of the Trust that elect to participate in the Plan will have their cash distributions used to purchase trust units of the Trust ("Units") and will also receive "bonus distributions" of Units equal in value to 3% of each distribution. The Plan provides an efficient and cost-effective way for the Trust to issue additional equity to its existing Unitholders while offering Unitholders the opportunity to increase their ownership in the Trust on a regular basis without incurring any commission or brokerage fees.
Choice Properties has reserved for issuance with the Toronto Stock Exchange 4,075,000 additional Units to accommodate the purchase of Units under the Plan. As at the date hereof, there are 87,500,000 Units issued and outstanding. Persons who do not reside in Canada for purposes of the Income Tax Act (Canada) are not permitted to participate in the Plan.
The Plan:
Eligible Unitholders who are considering enrolling in the Plan should contact their investment advisor and are encouraged to review the full text of the Plan, including the procedures for enrolling, which is available on Choice Properties' website at www.choicereit.ca in the "Distributions" section under "Investor Relations".
Units issued under the Plan will be issued directly from treasury at a price based on the volume-weighted average closing price for the five trading days immediately preceding the relevant distribution date.
Choice Properties reserves the right to amend, suspend or terminate the Plan at any time, but such actions shall have no retroactive effect that would prejudice the interests of Plan participants. All administrative costs associated with the operation of the Plan will be paid by Choice Properties.
About Choice Properties Real Estate Investment Trust
Choice Properties Real Estate Investment Trust is an owner, manager and developer of well-located commercial real estate across Canada. Choice Properties' portfolio spans approximately 36.2 million square feet of gross leasable area and consists of 433 properties primarily focused on supermarket-anchored shopping centres, stand-alone supermarkets and other commercial properties. Choice Properties' strategy is to create value by enhancing and optimizing its portfolio through active property management, accretive acquisitions and strategic development. Choice Properties' principal tenant, and largest Unitholder and lender is Loblaw Companies Limited, Canada's largest food retailer. Choice Properties' strong alliance with Loblaw positions it well for future growth. For more information, visit Choice Properties' website at www.choicereit.ca and Choice Properties' issuer profile at www.sedar.com.
SOURCE Choice Properties Real Estate Investment Trust
