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Scott';s REIT announces change to its executive leadership team

^{Published on 2011-06-30 15:10:43 - Market Wire}
 

TORONTO, June 30, 2011 /CNW/ - Scott's Real Estate Investment Trust (TSX: SRQ.UN) ("Scott's REIT" or "REIT") announced today that Evelyn Sutherland will be leaving Scott's REIT for another opportunity with a TSX listed issuer not in the real estate sector. Ms. Sutherland's resignation will be effective August 5, 2011. She has agreed to provide transition assistance after this date.

"She has been a key driver in the success of Scott's REIT and delivered an outstanding track record," said John I. Bitove, Chairman and CEO of Scott's REIT. "We would like to thank her for her dedication and leadership, and wish her well as she pursues this new opportunity. On a personal note I have enjoyed working with her for the past eight years."

Ms. Sutherland has been the CFO of Scott's REIT since 2006. The company is currently searching for her permanent replacement.

"I have really appreciated the opportunities that the Board and John gave me to learn and grow," said Ms. Sutherland. "As much as I will miss the team I helped build, I am excited to move on to a larger opportunity."

Update on Shoppers Drug Mart acquisition refinancing

Scott's REIT also announced that it has received a one-month extension on its $20-million facility used to acquire the original 12 properties with Shoppers Drug Mart, which was scheduled to mature on June 30, 2011. This short extension was granted on the same terms as the previously announced extension.

Scott's has entered into a conditional commitment agreement for a five-year $20-million mortgage bond at 2.35 per cent over Government of Canada Bonds. The REIT anticipates that the refinancing will be secured in July.

About Scott's Real Estate Investment Trust
Scott's REIT (TSX: SRQ.UN) is Canada's premier small-box retail property owner with 220 properties in seven provinces across Canada. Scott's REIT's properties are well located and geographically diverse across Canada with the majority of all properties containing long-term quadruple net leases. The REIT has approximately 75.6 per cent interest in Scott's Real Estate LP. To find out more about Scott's Real Estate Investment Trust (TSX: SRQ.UN), visit our website at [ http://www.scottsreit.com ].

Forward-Looking Statements

This document contains certain information that may constitute forward-looking information within the meaning of securities laws. In some cases, forward-looking information can be identified by the use of terms such as "may", "will", "should", "expect", "plan", "anticipate", "believe", "intend", "estimate", "predict", "potential", "continue" or other similar expressions concerning matters that are not historical facts. Forward-looking information may relate to management's future outlook and anticipated events or results, and may include statements or information regarding future growth opportunities and potential and expected cash distributions or cash distribution levels. In particular, information regarding the REIT's monthly cash distributions and information relating to the impact of the REIT's recent acquisitions on annual revenues and interest expense is forward-looking information. Forward-looking information is based on certain factors and assumptions regarding, among other things, occupancy rates, property expense and capital expenditures. While the REIT considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect. Forward looking-information is subject to certain factors, including risks and uncertainties, which could cause actual results to differ materially from what is currently expected. Such factors include risks relating to the REIT's reliance on Priszm, the REIT's largest tenant, risks associated with investment in real property, competition, reliance on key personnel, financing and refinancing risks, environmental matters, tenant risks, risks related to current economic conditions and other risk factors more particularly described in the REIT's Annual Information Form for the year ended December 31, 2009. You should not place undue importance on forward-looking information and should not rely upon this information as of any other date. Other than as required by applicable Canadian securities law, the REIT does not undertake to update this information at any particular time. Additional information identifying risks and uncertainties is contained in Scott's REIT filings with the Canadian securities regulators, available at [ www.sedar.com ].