Ravelin Properties REIT Announces Expected Default on Upcoming Maturity of 9.00% Debentures

Core Viewpoint - Ravelin Properties REIT announced it does not expect to make principal or interest payments on its 9.00% convertible unsecured subordinated debentures due on February 28, 2026 [1][4]. Group 1: Financial Obligations - The maturity date for the 9% Debentures is set for February 28, 2026, with trading on the Toronto Stock Exchange to be halted at market open and delisted by March 2, 2026 [2]. - The REIT has been in default on interest payments for the 9% Debentures since March 1, 2024, with a repayment price of $1,180 per $1,000 principal amount, totaling an aggregate principal amount of $28,750,000 and $5,175,000 for accrued and unpaid interest [3]. Group 2: Financial Difficulties - Ravelin Properties REIT is exploring alternatives to address its financial difficulties, including defaults on existing indebtedness, but has not reached any agreements with stakeholders as of the current date [4].