Choice Properties Real Estate Investment Trust announced that it has agreed to issue, on a private placement basis in certain provinces of Canada, $500 million aggregate principal amount of series U senior unsecured debentures of the Trust that will bear interest at a rate of 5.030% per annum and will mature on February 28, 2031. The Debentures will be sold at a price of $99.996 per $100 principal amount, with a yield of 5.032% per annum, and are being offered on an agency basis by a syndicate of agents co-led by RBC Capital Markets, Scotiabank, TD Securities, BMO Capital Markets, and CIBC Capital Markets. Subject to customary closing conditions, the Offering is expected to close on May 23, 2024.

The Trust intends to use the net proceeds of the Offering, together with other available funds, to repay upon maturity its outstanding $550 million aggregate principal amount of 3.556% series K senior unsecured debentures due September 9, 2024. It is a condition of closing of the Offering that the Debentures be rated at least ?BBB? (high) with a ?stable?

trend by DBRS Limited and at least ?BBB? by Standard and Poor?s Ratings Services. The Debentures will rank equally with all other unsecured indebtedness of the Trust that has not been subordinated.

The Debentures being 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 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.