/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR
DISSEMINATION IN THE UNITED
STATES./
TORONTO, Dec. 16, 2020 /CNW/ - Choice Properties Real
Estate Investment Trust ("Choice Properties" or the
"Trust") (TSX: CHP.UN) announced today that the Board of
Trustees of Choice Properties declared a cash distribution for the
month of December 2020 of
$0.061667 per trust unit,
representing $0.74 per trust
unit on an annualized basis, payable on January 15, 2021 to Unitholders of record at the
close of business on December 31,
2020.
Special Distribution
Choice Properties further announced today that its Board of
Trustees also declared a special non-cash distribution of
$0.09 per trust unit, payable on
December 31, 2020 to Unitholders of
record at the close of business on December
31, 2020 (the "Special Distribution"). The Special
Distribution is principally being made to distribute to Unitholders
a portion of the capital gain realized by the Trust from
transactions completed during the twelve-month period ended
December 31, 2020. Accordingly, the
Special Distribution will be in the form of a capital gain for
Canadian income tax purposes.
Canadian resident Unitholders will generally be required to
include their proportionate share of the Trust's income and net
taxable capital gain for the 2020 tax year as allocated and
designated by the Trust in computing their respective income for
the 2020 tax year.
The Special Distribution will be paid at the close of business
on December 31, 2020 solely by the
issuance of additional trust units that will have a fair market
value equal to the dollar amount of the Special Distribution and
which will be based on the closing price of the trust units on the
TSX on December 31, 2020. Immediately
after the payment of the Special Distribution, the issued and
outstanding trust units will be consolidated such that the
aggregate number of issued and outstanding trust units will be the
same as immediately before the Special Distribution. The amount of
the Special Distribution will increase the adjusted cost base of
Unitholders' consolidated trust units. Unitholders not resident in
Canada for Canadian federal income
tax purposes may be subject to applicable withholding taxes in
connection with the payment of the Special Distribution.
About Choice Properties Real Estate Investment Trust
Choice Properties, Canada's
preeminent diversified real estate investment trust, is the owner,
manager and developer of a high-quality portfolio comprising
726 properties totaling 65.3 million square feet of gross
leasable area. Choice Properties owns a portfolio comprised of
retail properties predominantly leased to necessity–based tenants;
industrial, office and residential assets concentrated in
attractive markets; and offers an impressive and substantial
development pipeline. Choice Properties' strategic alliance with
its principal tenant, Loblaw Companies Limited, the country's
leading retailer, is a key competitive advantage providing
long-term growth opportunities. For more information, visit Choice
Properties' website at www.choicereit.ca and Choice
Properties' issuer profile at www.sedar.com.
SOURCE Choice Properties Real Estate Investment Trust