Unitholder Vote on November 6, 2025, to amend the REIT’s Declaration of Trust (“DOT”)
To: All Unitholders
This communication is designed to provide an update on the current status of redemptions within the REIT and outline plans for a Unitholder Vote on November 6, 2025, to approve amendments to the REIT’s Declaration of Trust (DOT). These proposed changes are intended to improve flexibility and enhance the overall Unitholder experience going forward.
IMPORTANT: A proxy form has been included with this communication. We encourage you to review and submit it promptly to ensure your vote is counted.
In August and September, the REIT saw a higher-than-usual volume of redemption requests, which temporarily impacted its ability to meet all requests within the standard 30-day period. To manage this, the REIT introduced a Managed Redemption Program, allocating $20 million CAD per month to redeem COT Notes on a pro-rata basis. The Board of Trustees reviews the program each month to ensure it remains aligned with current market conditions and the REIT’s long-term objectives. This was the most effective approach available under the existing DOT.
Since then, management has proposed amendments to modernize the DOT, providing the REIT with more flexibility to navigate changing market conditions. A key update includes a market-driven redemption notice period, which will provide greater planning certainty for both the REIT and its Unitholders.
For more details on the proposed changes, please review the following documents:
Your participation is essential. Please submit your proxy as soon as possible to help us move forward with these changes without delay.
Thank you for your continued support as we work to strengthen the REIT and deliver long-term value for all Unitholders.
If you have any questions, please contact your Centurion Representative or email us at [email protected].