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Press release from CNW Group

KEYreit redeems 7.15% convertible unsecured subordinated debentures due December 31, 2012 with new 7.00% convertible debentures due 2017

Tuesday, November 20, 2012

KEYreit redeems 7.15% convertible unsecured subordinated debentures due December 31, 2012 with new 7.00% convertible debentures due 201708:00 EST Tuesday, November 20, 2012TORONTO, Nov. 20, 2012 /CNW/ - KEYreit (TSX: KRE.UN) announced today that it will redeem on December 19, 2012 (the "Redemption Date") all of its 7.15% convertible unsecured subordinated debentures due December 31, 2012 (the "7.15% Debentures") in accordance with their terms. The redemption price will be paid in cash and will include $1,000 for each $1,000 principal amount of the 7.15% Debentures outstanding on the Redemption Date plus accrued and unpaid interest, to but excluding the Redemption Date, of $33.69 per $1,000 principal amount of the 7.15% Debentures. Interest on the 7.15% Debentures will cease to accrue and be payable from and after the Redemption Date.The REIT expects that the TSX will delist the 7.15% Debentures on or about the Redemption Date.The redemption price shall be satisfied with the net proceeds of the previously announced $20 million offering of 7.00% convertible unsecured subordinated debentures due December 31, 2017, expected to close on December 11, 2012, and with cash on hand.About KEYreit KEYreit (TSX: KRE.UN) (formerly Scott's Real Estate Investment Trust) is Canada's premier small-box retail property owner with 231 properties in nine provinces across Canada. KEYreit'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 KEYreit (TSX: KRE.UN), visit our website at www.keyreit.com. SOURCE: KEYreitFor further information: For investor information, please contact: Teresa Neto Chief Financial Officer 416-361-9953 teresa.neto@keyreit.com For media information, please contact: Trevor Boudreau 778-991-7412 trevor.boudreau@keyreit.com