Galen G. Weston to step down as Chairman of the Board of Trustees with Anthony R. Graham nominated to succeed him.
TORONTO, March 16, 2017 /CNW/ - Choice Properties Real Estate Investment Trust ("Choice Properties" or the "Trust") (TSX: CHP.UN) announced that Galen G. Weston will be stepping down as Chairman of Choice Properties' Board of Trustees at the Trust's Annual Meeting of Unitholders ("Annual Meeting") to be held on Tuesday, April 25, 2017. As part of the transition plan, the Board of Trustees intends to appoint Mr. Anthony Graham as Chairman following the Annual Meeting.
Galen G. Weston has served as Chairman of Choice Properties' Board since the Trust's initial public offering ("IPO") in 2013. Mr. Weston will continue in his role as Chairman and Chief Executive Officer ("CEO") of George Weston Limited and Loblaw Companies Limited.
Anthony R. Graham will stand for election at the Trust's upcoming Annual Meeting. If elected, the Board intends to appoint Mr. Graham as Chairman following the meeting. Mr. Graham is currently Vice Chairman of Wittington Investments, Limited, the controlling shareholder of George Weston. He has significant real estate knowledge and extensive executive and Board leadership experience, including his former directorships at George Weston and Loblaw.
Trustee biographies, including that of Mr. Graham, are available in the Choice Properties Management Proxy Circular, which has been made available on the Trust's website at choicereit.ca and on SEDAR at sedar.com.
"I would like to thank Galen for his strategic direction and oversight during Choice Properties' formative years. His pivotal role in shaping the Trust has helped to build a solid foundation for future growth and led to strong returns for Unitholders since our IPO," said John Morrison, President and CEO. "I am confident that Tony's business and board experience will benefit the future growth of the Trust moving forward."
John R. Morrison to remain President and CEO of Choice Properties REIT
At its most recent meeting, the Board asked Mr. Morrison to reconsider his retirement and remain in his current role as President and CEO of Choice Properties. Mr. Morrison has agreed to continue leading the management of the Trust.
The Choice Properties Proxy Circular has been mailed to Unitholders of record as of March 2, 2017 in advance of the Trust's Annual Meeting that will take place on Tuesday, April 25, 2017 at 11:00AM (ET), at the St. Andrew's Club & Conference Centre, 150 King Street West, 16th Floor, Toronto, Ontario, Canada. A simultaneous audio webcast of the event will be available in the "Events and Webcast" section under "News and Events" of www.choicereit.ca. To access via teleconference, please dial (647) 427-7450. Playback will be available two hours after the event at (416) 849-0833, access code: 88410728
Choice Properties will release its first quarter 2017 results a day prior to the Annual Meeting, on Monday, April 24, 2017 after market hours. Management will host a conference call the same day as the Annual Meeting on Tuesday, April 25, 2017 at 10:00AM (ET) with a simultaneous audio webcast. To access via teleconference please dial (647) 427-7450. A playback will be made available two hours after the event at (416) 849-0833, access code: 82435261. The link to the audio webcast will be available on www.choicereit.ca in the "Events and Webcast" section under "News and Events".
About Choice Properties Real Estate Investment Trust
Choice Properties Real Estate Investment Trust is an owner, manager and developer of well-located retail and commercial real estate across Canada. Choice Properties' portfolio spans approximately 43.6 million square feet of gross leasable area and consists of 535 properties primarily focused on supermarket and drug store anchored shopping centres and stand-alone supermarkets and drug stores. Choice Properties' strategy is to create value by enhancing and optimizing its portfolio through development, accretive acquisitions and active property management. Choice Properties' principal tenant and largest Unitholder is Loblaw Companies Limited, Canada's largest retailer. Choice Properties' strong alliance with Loblaw positions it well for future growth. 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
For further information: Kim Lee, Vice President, Investor Relations and Business Intelligence, Choice Properties Real Estate Investment Trust, t (416) 324-7899, e [email protected]