Scott's REIT announces new target of doubling assets in three years



    TORONTO, April 24 /CNW/ - Scott's Real Estate Investment Trust
(TSX: SRQ.UN) ("Scott's REIT"), Canada's leading owner of small-box retail
properties, announced at its Annual and Special Meeting of Unitholders today
that it plans to double the REIT's asset value in three years, superseding our
previously announced plan to double asset size within five years.
    "Scott's REIT's performance is now consistently exceeding our growth
targets," said John Bitove, Chairman and CEO of Scott's REIT. "At our annual
general meeting last year, we said we would double our assets in the next five
years. We are now confident that we can double our assets in three years."
    Earlier this month, the REIT announced its seventh acquisition since
going public in October 2005. On April 13, the REIT entered into an agreement
to acquire an income-producing property in St. Thomas in southwest Ontario
that includes a new-format Shoppers Drug Mart as major tenant. The purchase
agreement is subject to customary conditions to closing, including
satisfactory due diligence and financing. To date, all completed transactions
have been accretive to unitholders.
    "The REIT's efficient management team of professionals has done an
outstanding job of targeting acquisitions that best fit the REIT's asset mix
and the team has maximized internal resources to execute on strategy and build
solid momentum," said Bitove. "With the proposed changes to the REIT's
Declaration of Trust expected to be approved by unitholders today, coupled
with our three-point plan focussed on aggressive growth, the management team
will have increased leverage to invest on behalf of our unitholders and
deliver value."

    About Scott's Real Estate Investment Trust

    Scott's REIT (TSX: SRQ.UN) is Canada's premier small-box retail property
owner with 196 properties in seven provinces across Canada. Scott's REIT's
properties are well-located and geographically diverse across Canada and
nearly all properties are long-term quadruple net leases. The REIT has a
70.6 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 media release contains forward-looking statements. Such statements
are based on current expectations that are subject to significant risks and
uncertainties that are difficult to predict. Actual results might differ
materially from projections suggested in any forward-looking statements due to
factors such as the competitive nature of the quick service restaurant
industry, the ability of Scott's REIT and Scott's Real Estate LP to execute a
growth and development strategy, the reliance of Scott's REIT and Scott's Real
Estate LP on key personnel, and risk associated with the structure of income
trusts. Scott's REIT and Scott's RE LP assume no obligation to update the
forward-looking statements, or to update the reasons why actual results could
differ from those reflected in the forward-looking statements. Additional
information identifying risks and uncertainties is contained in Scott's REIT
filings with the Canadian securities regulators, available at www.sedar.com.

    %SEDAR: 00022537E




For further information:

For further information: For investor information, please contact: Trish
Moran, (416) 624-5133, trish.moran@scottsreit.com; For media information,
please contact: Wilcox Group, (416) 203-6666, scottsreit@wilcoxgroup.com

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