Canadian Real Estate Investment Trust Announces Offering of Series D Senior Unsecured Debentures

TORONTO, ONTARIO--(Marketwired - April 12, 2017) -

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES

Canadian Real Estate Investment Trust ("CREIT") (TSX:REF.UN) announced today that it has agreed to issue, on an agency basis, $125 million aggregate principal amount of series D senior unsecured debentures. These debentures will bear interest at a rate of 2.951% per annum and will mature on January 18, 2023. The debentures will be sold at a price of $99.997 per $100.00 principal amount with an effective yield of 2.952% per annum if held to maturity. The debentures are being offered on an agency basis by a syndicate of agents with RBC Capital Markets being the sole bookrunner and lead agent. The offering is expected to close on or about April 18, 2017. DBRS Limited has provided CREIT with a provisional rating of "BBB" with a "Stable" trend relating to the debentures.

The net proceeds of the offering will be used by CREIT for the repayment of indebtedness and general business purposes.

The offering is being made pursuant to CREIT's base shelf prospectus dated August 11, 2015. The terms of the offering will be described in a prospectus supplement to be filed with Canadian securities regulators.

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.

CREIT is a real estate investment trust focused on accumulating and aggressively managing a diversified portfolio of high-quality real estate assets and delivering the benefits of real estate ownership to Unitholders. The primary benefit is a reliable and, over time, increasing monthly cash distribution.

Forward-looking information

This news release contains forward-looking statements relating to our operations and the environment in which we operate, which are based on our expectations, estimates, forecasts and projections. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. Therefore, actual outcomes and results may differ materially from those expressed in these forward-looking statements. Readers, therefore, should not place undue reliance on any such forward-looking statements. Further, a forward-looking statement speaks only as of the date on which such statement is made. We undertake no obligation to publicly update any such statement, to reflect new information or the occurrence of future events or circumstances, except as required by law.