Charter Real Estate Investment Trust

Charter Real Estate Investment Trust

September 23, 2010 17:25 ET

Charter REIT Announces Independent Property Appraisals and Resulting Net Asset Value

VICTORIA, BRITISH COLUMBIA--(Marketwire - Sept. 23, 2010) - Charter Real Estate Investment Trust (TSX VENTURE:CRH.UN) announced today that it had received independent appraisals for each of the properties in its portfolio. With these appraisals, and including the cash proceeds and the additional Trust Units issued as a result of the recently completed rights offering, management has determined that the REIT's Net Asset Value (NAV) is now approximately $46.9 million or $1.82 per Trust Unit.

The appraisals were completed as part of the REIT's preparations to begin reporting under International Financial Reporting Standards (IFRS) beginning January 1, 2011. The appraisals were done by Altus Group Limited. The aggregate appraised value for the REIT's properties is $132,250,000.

About Charter REIT

Charter REIT is a growth oriented real estate investment trust focused on acquiring and managing a portfolio of retail and mixed-use community and neighbourhood shopping centres located in both primary and secondary markets across Canada. Charter currently owns 10 retail properties well located in Ontario and Quebec aggregating approximately 1.1 million square feet of leaseable space.

Certain statements included in this press release constitute forward-looking statements, including, but not limited to, those identified by the expressions "expect", "will" and similar expressions to the extent they relate to Charter REIT. The forward-looking statements are not historical facts but reflect Charter REIT's current expectations regarding future results or events. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations, including the closing of the rights offering and the standby commitment contemplated by the short form prospectus. Although Charter REIT believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and, accordingly, readers are cautioned not to place undue reliance on such statements due to the inherent uncertainty therein.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Charter Real Estate Investment Trust
    Patrick Miniutti
    President and Chief Operating Officer
    (250) 595-9328