Mr. Mario Barrafato reports

CHOICE PROPERTIES REAL ESTATE INVESTMENT TRUST COMPLETES $500 MILLION ISSUANCE OF SERIES R SENIOR UNSECURED DEBENTURES

Choice Properties REIT has completed its previously announced issuance, on a private placement basis in certain provinces of Canada, of $500-million aggregate principal amount of Series R senior unsecured debentures of the trust bearing interest at a rate of 6.003 per cent per annum and maturing on June 24, 2032.

The trust intends to use the net proceeds of the offering: (i) to pay for the previously announced early redemption of Choice Properties Limited Partnership's $300-million principal amount of 3.60 per cent Series 10 senior unsecured debentures on June 26, 2022; (ii) to repay all or a portion of the balance drawn on the trust's credit facility; and (iii) for general business purposes.

DBRS Morningstar 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 TD Securities, CIBC Capital Markets, RBC Capital Markets, BMO Capital Markets and Scotiabank.

About Choice Properties REIT

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.

The trust believes that value comes from creating spaces that improve how its tenants and communities come together to live, work and connect. The trust strives to understand the needs of its tenants and manage its properties to the highest standard. It aspires to develop healthy, resilient communities through its dedication to social, economic and environmental sustainability. In everything it does, Choice Properties is guided by a shared set of values grounded in care, ownership, respect and excellence.

We seek Safe Harbor.