First Asset

First Asset
Canadian REIT Income Fund

Canadian REIT Income Fund

September 09, 2011 17:00 ET

Canadian REIT Income Fund Announces Exchange Ratios

TORONTO, ONTARIO--(Marketwire - Sept. 9, 2011) - First Asset Investment Management Inc. is pleased to announce the exchange ratios for the exchange option provided by Canadian REIT Income Fund (the "Fund") under the final prospectus of the Fund dated August 29, 2011. The closing of the initial public offering of the units of the Fund (the "Units") is expected to occur on September 16, 2011. The Units will trade on the Toronto Stock Exchange ("TSX") under the symbol RIU.UN.

The number of Units issuable for the Exchange Eligible Securities (the "Exchange Ratio") was determined in respect of each of the Exchange Eligible Securities, other than Convertible Debentures, by dividing the volume weighted average trading price for such securities on the TSX during the period of five consecutive trading days ending on September 8, 2011 (the "Pricing Period"), as adjusted to reflect distributions declared in respect of the Exchange Eligible Securities that will not be received by the Fund, by $10.00.

For Exchange Eligible Securities that are Convertible Debentures, the Exchange Ratio was determined, for each $1,000 principal amount of Convertible Debentures, by dividing the volume weighted average trading price for such principal amount of Convertible Debentures on the TSX during the Pricing Period, plus accrued interest as calculated in accordance with market practice, to, but not including, the Closing Date, by $10.00.

The Exchange Ratios were rounded down to four decimal places. Fractional Units will not be issued by the Fund.

The following table specifies for the Exchange Eligible Securities (other than Convertible Debentures): (i) the name of issuer; (ii) the TSX symbol; (iii) the volume weighted average trading price during the Pricing Period; and (iv) the Exchange Ratio.

Issuer TSX Symbol Volume Weighted Average Trading Price ($) Exchange Ratio
Allied Properties Real Estate Investment Trust AP.UN 23.3996 2.3399
Amica Mature Lifestyles Inc. ACC 7.4354 0.7435
Artis Real Estate Investment Trust AX.UN 13.3143 1.3314
Boardwalk Real Estate Investment Trust BEI.UN 50.2020 5.0202
Brookfield Office Properties Canada BOX.UN 21.5705 2.1570
Brookfield Office Properties Inc. BPO 16.2925 1.6292
BTB Real Estate Investment Trust BTB.UN 0.8488 0.0848
Calloway Real Estate Investment Trust CWT.UN 25.1464 2.5146
Canadian Apartment Properties Real Estate Investment Trust CAR.UN 20.5544 2.0554
Canadian Real Estate Investment Trust REF.UN 34.5476 3.4547
Chartwell Seniors Housing Real Estate Investment Trust CSH.UN 7.0120 0.7012
Cominar Real Estate Investment Trust CUF.UN 21.7193 2.1719
Crombie Real Estate Investment Trust CRR.UN 12.9440 1.2944
Dundee Real Estate Investment Trust D.UN 31.9049 3.1904
Extendicare Real Estate Investment Trust EXE.UN 7.6152 0.7615
First Capital Realty Inc. FCR 16.7919 1.6791
H&R Real Estate Investment Trust HR.UN 21.0332 2.0949
Homburg Canada Real Estate Investment Trust HCR.UN 11.4428 1.1442
Huntingdon Real Estate Investment Trust HNT.UN 6.9116 0.6911
InnVest Real Estate Investment Trust INN.UN 4.5836 0.4583
InterRent Real Estate Investment Trust IIP.UN 2.4944 0.2494
Killam Properties Inc. KMP 10.5260 1.0526
Leisureworld Senior Care Corporation LW 10.2583 1.0258
Mainstreet Equity Corp. MEQ 17.3323 1.7332
Morguard Real Estate Investment Trust MRT.UN 14.9182 1.4918
Northern Property Real Estate Investment Trust NPR.UN 29.8419 2.9841
NorthWest Healthcare Properties Real Estate Investment Trust NWH.UN 11.6210 1.1621
Partners Real Estate Investment Trust PAR.UN 1.6560 0.1656
Primaris Retail Real Estate Investment Trust PMZ.UN 20.6618 2.0661
Retrocom Mid-Market Real Estate Investment Trust RMM.UN 4.9695 0.4969
RioCan Real Estate Investment Trust REI.UN 25.1875 2.5187
Scott's Real Estate Investment Trust SRQ.UN 6.9659 0.6965
Temple Real Estate Investment Trust TR.UN 4.6769 0.4676
Transglobe Apartment Real Estate Investment Trust TGA.UN 10.6992 1.0699
Whiterock Real Estate Investment Trust WRK.UN 12.5307 1.2530

The following table specifies for the Convertible Debentures: (i) the name of issuer and the Convertible Debenture; (ii) the symbol; (iii) the volume weighted average trading price during the Pricing Period; (iv) the accrued interest payable to the Closing Date; and (v) the Exchange Ratio.

Issuer – Convertible Debenture TSX Symbol Volume Weighted Average Trading Price ($) Accrued Interest Per $1000 Exchange Ratio
Artis Real Estate Investment Trust - 7.5% due June 30, 2014 AX.DB.E 1,439.4706 16.0274 145.5497
Artis Real Estate Investment Trust - 5.75% due June 30, 2018 AX.DB.U 985.5022 12.2877 99.7789
Artis Real Estate Investment Trust - 6% due June 30, 2020 AX.DB.F 1,023.4614 12.8219 103.6283
BTB Real Estate Investment Trust - 8% due October 3, 2011 BTB.DB 1,000.2000 36.2222 103.6422
BTB Real Estate Investment Trust - 8% due January 31, 2016 BTB.DB.C 1,000.0000 10.3014 101.0301
Calloway Real Estate Investment Trust - 6.65% due June 30, 2013 CWT.DB.A 1,051.5184 14.2110 106.5729
Calloway Real Estate Investment Trust - 5.75% due June 30, 2017 CWT.DB.B 1,049.8345 12.2877 106.2122
Chartwell Seniors Housing Real Estate Investment Trust - 5.9% due May 1, 2012 CSH.DB.A 1,009.5373 22.3068 103.1844
Cominar Real Estate Investment Trust - 5.8% due September 30, 2014 CUF.DB.C 1,025.2182 26.8548 105.2073
Cominar Real Estate Investment Trust - 6.5% due September 30, 2016 CUF.DB.D 1,093.5275 30.0959 112.3623
Cominar Real Estate Investment Trust - 5.75% due June 30, 2017 CUF.DB.E 1,026.4925 12.2877 103.8780
Crombie Real Estate Investment Trust - 7% due March 20, 2013 CRR.DB 1,045.7882 14.9589 106.0747
Crombie Real Estate Investment Trust - 6.25% due June 30, 2015 CRR.DB.B 1,176.9947 13.3562 119.0350
Crombie Real Estate Investment Trust - 5.75% due June 30, 2017 CRR.DB.C 1,018.5119 12.2877 103.0799
Dundee Real Estate Investment Trust - 6% due December 31, 2014 D.DB.B 1,035.1165 12.8219 104.7938
Extendicare Real Estate Investment Trust - 7.25% due June 30, 2013 EXE.DB.A 1,007.6626 15.4932 102.3155
Extendicare Real Estate Investment Trust - 5.7% due June 30, 2014 EXE.DB 992.0472 12.1808 100.4227
First Capital Realty Inc. - 6.25% due December 31, 2016 FCR.DB.C 1,182.9825 28.9384 121.1920
First Capital Realty Inc. - 5.7% due June 30, 2017 FCR.DB.D 1,020.5000 26.3918 104.6891
First Capital Realty Inc. - 5.4% due January 31, 2019 FCR.DB.E 989.5721 20.8603 101.0432
H&R Real Estate Investment Trust - 6.65% due June 30, 2013 HR.DB 1,041.7492 14.2110 105.5960
H&R Real Estate Investment Trust - 6.75% due December 31, 2014 HR.DB.B 1,508.8392 14.4247 152.3263
H&R Real Estate Investment Trust - 6% due June 30, 2017 HR.DB.C 1,150.4126 12.8219 116.3234
H&R Real Estate Investment Trust - 5.9% due June 30, 2020 HR.DB.D 1,039.8393 12.6082 105.2447
Huntingdon Real Estate Investment Trust - 7.5% due March 31, 2012 HNT.DB.C 1,001.4100 34.7260 103.6136
InnVest Real Estate Investment Trust - 6% due May 31, 2013 INN.DB.B 994.5694 17.7534 101.2322
InnVest Real Estate Investment Trust - 5.85% due August 1, 2014 INN.DB.C 995.0944 7.3726 100.2466
InnVest Real Estate Investment Trust - 6.75% due March 31, 2016 INN.DB.D 997.8597 31.2534 102.9113
InnVest Real Estate Investment Trust - 6% due September 30, 2017 INN.DB.E 905.4643 27.7808 93.3245
InnVest Real Estate Investment Trust - 5.75% due March 30, 2018 INN.DB.F 878.6830 29.1438 90.7826
InterRent Real Estate Investment Trust - 7% due January 31, 2013 IIP.DB 1,000.0000 9.0137 100.9013
Killam Properties Inc. - 5.65% due November 30, 2017 KMP.DB.A 1,007.2181 16.7178 102.3935
Killam Properties Inc. - 5.45% due June 30, 2018 KMP.DB.B 998.3755 15.8274 101.4202
Morguard Real Estate Investment Trust - 6.5% due September 30, 2014 MRT.DB 1,081.8118 30.0137 111.1825
Partners Real Estate Investment Trust - 8% due March 31, 2016 PAR.DB 999.1719 42.0822 104.1254
Primaris Retail Real Estate Investment Trust - 5.85% due August 1, 2014 PMZ.DB.A 1,025.5961 7.3726 103.2968
Primaris Retail Real Estate Investment Trust - 6.75% due June 30, 2014 PMZ.DB 1,696.1905 14.4247 171.0615
Primaris Retail Real Estate Investment Trust - 6.3% due September 30, 2015 PMZ.DB.B 1,244.5538 29.0902 127.3643
Primaris Retail Real Estate Investment Trust - 5.4% due November 30, 2018 PMZ.DB.C 994.0414 14.0548 100.8096
Retrocom Mid-Market Real Estate Investment Trust - 6.75% due July 31, 2015 RMM.DB.A 1,032.4934 8.6918 104.1185
Retrocom Mid-Market Real Estate Investment Trust - 5.45% due June 30, 2018 RMM.DB.B 919.8333 11.9452 93.1778
Scott's Real Estate Investment Trust - 7.15% due December 31, 2012 SRQ.DB 968.0792 15.2795 98.3358
Scott's Real Estate Investment Trust - 7.75% due December 31, 2014 SRQ.DB.A 1,004.3605 16.4266 102.0787
Temple Real Estate Investment Trust - 7.5% due March 31, 2012 TR.DB.A 1,000.0000 34.7260 103.4726
Temple Real Estate Investment Trust - 8.5% due April 30, 2013 TR.DB.B 985.0250 32.1111 101.7136
Temple Real Estate Investment Trust - 8.75% due November 30, 2014 TR.DB.S 1,293.9754 25.7639 131.9739
Transglobe Apartment Real Estate Investment Trust - 5.4% due September 30, 2018 TGA.DB 964.0203 7.2493 97.1269
Whiterock Real Estate Investment Trust - 6.3% due December 31, 2011 WRK.DB.E 999.6790 13.4630 101.3142
Whiterock Real Estate Investment Trust - 6% due July 15, 2012 WRK.DB.F 1,000.0000 10.3562 101.0356
Whiterock Real Estate Investment Trust - 7% due December 31, 2014 WRK.DB.G 1,436.1424 14.7778 145.0920

All capitalized terms not otherwise defined herein shall have the meanings ascribed to them in the final prospectus of the Fund dated August 29, 2011.

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