TORONTO, June 20, 2012 /CNW/ - Scott's Real Estate Investment Trust (TSX: SRQ.UN) ("the REIT") today announced at its Annual General Meeting that it intended to change its name to KEYreit. The name change is subject to necessary approvals. The effective date of the name change will be announced after receipt of such necessary approvals.
"The REIT is moving on to a new chapter in its history," said John Bitove, Chief Executive Officer of the REIT. "Since our IPO seven years ago, we have diversified from KFC restaurants which used to be called Scott's Chicken Villas and hence the inspiration for the REIT's original name. It is time to rethink the REIT's name. We have chosen a name that is analogous to real estate, simple to say, and a name our tenants and investors will be proud to associate with going forward."
"You cannot have real estate without having a KEY and the REIT's great real estate will be the KEY to KEYreit's success," concluded Mr. Bitove.
The REIT intends to put the name change into effect at all of its locations and operations, and intends to commence using the name in its external and internal communications in due course.
About Scott's Real Estate Investment Trust
Scott's REIT (TSX: SRQ.UN) is Canada's premier small-box retail property owner with 229 properties in eight provinces across Canada. The REIT's properties are well located and geographically diverse across Canada with the majority of all properties containing long-term quadruple net leases. To find out more about Scott's Real Estate Investment Trust (TSX: SRQ.UN), visit our website at www.scottsreit.com.
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. 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 LP, risks associated with investment in real property, competition, reliance on key personnel, financing and refinancing risks, distributions, 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, 2011. 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 the REIT's REIT filings with the Canadian securities regulators, available at www.sedar.com.
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