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Ravelin Properties REIT Announces Expected Default on Upcoming Maturity of 9.00% Debentures
Toronto, Ontario--(Newsfile Corp. - February 20, 2026) - Ravelin Properties REIT (TSX: RPR.UN) ("...
About this update from Ravelin Properties Reit
[{"type":"text","content":"Ravelin Properties REIT Announces Expected Default on Upcoming Maturity of 9.00% DebenturesToronto, Ontario--(Newsfile Corp. - February 20, 2026) - Ravelin Properties REIT (TSX: RPR.UN) (\"Ravelin\" or the \"REIT\"), an internally managed global owner and operator of well-located commercial real estate, announced today that it does not expect to make principal or interest payments on the upcoming maturity date of its 9.00% convertible unsecured subordinated debentures (the \"9% Debentures\").The maturity date of the 9% Debentures is February 28, 2026. In connection with the upcoming maturity date, the 9% Debentures, which currently trade on the Toronto Stock Exchange under \"RPR.DB\", will be halted at the market open and delisted at the close of trading on the business day following the maturity date, being March 2, 2026.The REIT has been in default of its obligations to pay interest on the 9% Debentures since March 1, 2024. The repayment price due on maturity is $1,180 per $1,000 principal amount of 9% Debentures, representing aggregate principal amount of $28,750,000, and $5,175,000 for accrued and unpaid interest thereon to, but excluding, the maturity date.The REIT continues to explore available alternatives to address its financial difficulties, including the current defaults on its existing indebtedness, including with respect to the 9% Debentures, and its ongoing capital requirements. As of the date hereof, no agreement has been reached with any of the REIT's stakeholders with respect to any such potential alternatives, and there can be no assurance that the REIT will be successful in negotiating any such potential alternatives, or in accessing the funding needed for the REIT to continue as a going concern.About Ravelin Properties REIT (TSX: RPR.UN)The REIT owns and operates a portfolio of well-located commercial real estate assets in North America and Europe. The majority of the REIT's portfolio is comprised of government and high-quality credit tenants. Visit https://ravelinreit.com to learn more.Forward-Looking StatementsCertain information herein constitutes \"forward-looking information\" as defined under Canadian securities laws which reflect management's expectations regarding objectives, plans, goals, strategies, future growth, results of operations, performance, business prospects and opportunities of the REIT. ...