STELLARTON, NS, April 18, 2012 /CNW/ – Crombie Real Estate Investment
Trust ("Crombie") (TSX: CRR.UN) announced today that it has exercised
its right to redeem its 7% Extendible Convertible Unsecured
Subordinated Debentures maturing on March 20, 2013 (the "Debentures")
in accordance with the terms of the trust indenture dated March 20,
2008 governing the Debentures. The redemption of the Debentures will
be effective on May 23, 2012 (the "Redemption Date"). Upon redemption,
Crombie will pay to the holders of Debentures the redemption price (the
"Redemption Price") equal to the outstanding principal amount of the
Debentures to be redeemed, together with all accrued and unpaid
interest thereon up to but excluding the Redemption Date, for a total
of $1,027.62 per $1,000 principal amount of Debentures, less any taxes
required to be deducted or withheld.
The aggregate principal amount of Debentures currently outstanding is
$29,535,000. Crombie intends to draw funds from its existing revolving
line of credit to pay the Redemption Price of the redeemed Debentures.
The Debentures are listed for trading on the Toronto Stock Exchange
under the trading symbol "CRR.DB" and may be converted in accordance
with their terms into Units of Crombie until May 22, 2012.
Crombie is an open-ended real estate investment trust established under,
and governed by, the laws of the Province of Ontario. The trust
invests in income-producing retail, office and mixed-use properties in
Canada, with a future growth strategy focused primarily on the
acquisition of retail properties. Crombie currently owns a portfolio of
161 investment properties in nine provinces, comprising approximately
13.5 million square feet of rentable space. More information about
Crombie can be found at www.crombiereit.com.
This news release may contain forward looking statements that reflect
the current expectations of management of Crombie about Crombie's
future results, performance, achievements, prospects and opportunities.
Wherever possible, words such as "continue", "may", "will", "estimate",
"anticipate", "believe", "expect", "intend" and similar expressions
have been used to identify these forward looking statements. These
statements reflect current beliefs and are based on information
currently available to management of Crombie. Forward looking
statements necessarily involve known and unknown risks and
uncertainties. A number of factors, including those discussed in the
2011 annual Management Discussion and Analysis under "Risk Management",
could cause actual results, performance, achievements, prospects or
opportunities to differ materially from the results discussed or
implied in the forward-looking statements. These factors should be
considered carefully and a reader should not place undue reliance on
the forward looking statements. There can be no assurance that the
expectations of management of Crombie will prove to be correct.
Readers are cautioned that such forward-looking statements are subject
to certain risks and uncertainties that could cause actual results to
differ materially from these statements. Crombie can give no assurance
that actual results will be consistent with these forward-looking
Additional information relating to Crombie can be found on Crombie's web
site at www.crombiereit.com or on the SEDAR web site for Canadian regulatory filings at www.sedar.com.