CRT.UN CT Real Estate Investment Trust

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

TORONTO, May 25, 2023 /CNW/ - CT Real Estate Investment Trust (TSX: CRT.UN) ("CT REIT" or the "REIT") announced today that it has renewed its existing base shelf prospectus and filed and obtained a receipt for a short form base shelf prospectus (the "Shelf Prospectus"), which is valid until June 25, 2025.

The REIT also announced today that it has established an at-the-market equity program (the "ATM Program") that allows the REIT to issue up to $100 million of REIT trust units ("Units") from treasury to the public from time to time, at the REIT's discretion.  Any Units sold in the ATM Program will be sold through the Toronto Stock Exchange (the "TSX"), or any other marketplace on which the Units are listed, quoted or otherwise traded in Canada, at the prevailing market price at the time of sale.  There is no certainty that any Units will be offered or sold under the ATM Program.

The ATM Program will be effective until the earlier of (i) the issuance and sale of an aggregate of $100 million of Units reserved under the ATM Program, (ii) the receipt for the Shelf Prospectus ceasing to be effective in accordance with applicable securities laws (which is expected to occur on June 25, 2025), and (iii) the termination of the Distribution Agreement (as defined below) in accordance with its terms.

"We believe the ATM Program provides the REIT with an attractive incremental source of capital that will be used in concert with other existing funding sources.  The REIT continues to deliver on resilient fundamentals and consistent growth and we view the ATM Program as another tool that adds to our capital raising capabilities," commented Kevin Salsberg, President and Chief Executive Officer of the REIT.

The REIT intends to use the net proceeds from the ATM Program, if any, to repay indebtedness, for working capital, for acquisitions and development activity and for general business purposes.  As Units distributed under the ATM Program will be issued and sold at the prevailing market price at the time of the sale, prices may vary among purchasers during the period of the distribution.

Distributions of the Units under the ATM Program (if any) will be led by CIBC Capital Markets and BMO Capital Markets pursuant to the terms of an equity distribution agreement dated May 25, 2023 (the "Distribution Agreement").  The volume and timing of any distributions of Units under the ATM Program will be determined in the REIT's sole discretion.  Sales of Units under the ATM Program, if any, will be made through "at-the-market distributions" as defined in National Instrument 44-102 Shelf Distributions.  The TSX has conditionally approved the listing of the Units that may be sold under the ATM Program.

The offering of Units under the ATM Program will be made pursuant to a prospectus supplement dated May 25, 2023 (the "Prospectus Supplement") to the REIT's Shelf Prospectus.  The Prospectus Supplement, the Shelf Prospectus and the Distribution Agreement were filed with the securities commissions in each of the provinces and territories of Canada and are available on the REIT's SEDAR profile at www.sedar.com.

No securities regulatory authority has either approved or disapproved of the contents of this news release. The Units have not been registered under the United States Securities Act of 1933 (the "U.S. Securities Act") or any state securities laws. Accordingly, the Units may not be offered or sold within the United States unless registered under the U.S. Securities Act and applicable state securities laws or pursuant to exemptions from the registration requirements of the U.S. Securities Act and applicable state securities laws. This news release does not constitute an offer to sell or the solicitation of an offer to buy any securities of the REIT, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful.

CT REIT is an unincorporated, closed-end real estate investment trust formed to own income- producing commercial properties located primarily in Canada.  Its portfolio is comprised of over 370 properties totalling more than 30 million square feet of GLA, consisting primarily of net lease single-tenant retail properties located across Canada.  Canadian Tire Corporation, Limited is CT REIT's most significant tenant.  For more information, visit ctreit.com.

This press release contains forward-looking information within the meaning of applicable securities legislation, which reflects CT REIT's current expectations regarding future events, including but not limited to statements with respect to the distribution of Units, if any, and under the ATM Program and the benefits associated therewith and the use of proceeds, if any, of the ATM Program. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond CT REIT's control, that could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking information. Such risks and uncertainties include, but are not limited to, the factors discussed under "Risk Factors" in CT REIT's Shelf Prospectus and Prospectus Supplement, each as amended or supplemented, and the documents incorporated by reference therein, all of which are available on CT REIT's website at www.ctreit.com and on the REIT's SEDAR profile at www.sedar.com. CT REIT does not undertake any obligations to update such forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable laws.

SOURCE CT Real Estate Investment Trust (CT REIT)