/NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER UNITED STATES WIRE SERVICES/

MONTREAL, December 9, 2024 – Cominar Real Estate Investment Trust (“Cominar” or the “REIT“) today announced the redemption of its 5.95% Series 12 Debentures due May 5, 2025 (the “Debentures“). Cominar will redeem the full outstanding principal amount of these debentures, as per the redemption notice. These debentures were issued under the trust indenture dated June 15, 2012 between the REIT and Computershare Trust Company of Canada (the “Indenture Trustee“) and supplemented on May 4, 2020 (together forming the “Trust Indenture“). Redemption is set for December 19, 2024 (the “Redemption Date“).

The Trust Indenture stipulates a redemption price of $1,003.71 per $1,000 principal amount (the “Redemption Price“). This price is the higher of the Canada Yield Price (as defined in the Trust Indenture) and par value, plus accrued and unpaid interest to the Redemption Date.

This redemption hinges on the successful completion of Cominar’s previously announced $150 million offering of 7.80% Series 13 senior unsecured debentures (the “Series 13 Offering“).

Debenture holders will receive the Redemption Price upon surrendering their debentures to the Indenture Trustee at 650 boulevard de Maisonneuve West, 7th Floor, Montréal, Québec H3A 3T2. Cominar plans to use proceeds from the Series 13 Offering and existing liquid assets to fund this redemption.

Upon deposit of the full Redemption Price with the Indenture Trustee, the Debentures will be considered non-outstanding, interest will cease accruing, and Cominar’s obligations under the Debentures will be fulfilled.

ABOUT COMINAR

Established in 1965, Cominar is a major real estate owner and manager in Quebec. Our mission, guided by our values and expertise, is to create modern, distinctive living spaces within our portfolio of office, retail, and mixed-use properties. Our assets, strategically located near transit and with high densification potential, support our ambition to build forward-thinking communities that transform urban areas and benefit the communities we serve. Our focus on proximity guides our actions, making our properties attractive and welcoming destinations.

FORWARD-LOOKING STATEMENTS

This press release may include forward-looking statements regarding Cominar, its operations, strategy, financial performance, and position. These statements often use terms like “may,” “will,” “expect,” “estimate,” “anticipate,” “intend,” “believe,” or “continue,” or their negatives or similar expressions. Actual results may differ materially from those expressed or implied. These statements are subject to inherent risks and uncertainties related to future expectations. Factors that could cause significant differences include, but aren’t limited to, the successful completion of the Redemption and Series 13 Offering, the Redemption’s timing, general economic and market conditions, competition, regulatory changes, and factors detailed in Cominar’s Annual Information Form under “Risk Factors.” These cautionary statements apply to all forward-looking statements made by Cominar or its representatives. Unless otherwise noted, all forward-looking statements apply only as of the date of this release. Cominar is not obligated to update these forward-looking statements unless required by law.

SOURCE Cominar Real Estate Investment Trust