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) ("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 Statements

Certain 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. The words "plans", "expects", "does not expect", "scheduled", "estimates", "intends", "anticipates", "does not anticipate", "projects", "believes", or variations of such words and phrases or statements to the effect that certain actions, events or results "may", "will", "could", "would", "might", "occur", "be achieved", or "continue" and similar expressions identify forward-looking statements. Such statements in this news release may include, without limitation, statements pertaining to the REIT's expectations of not making principal and interest payments on the maturity date of its 9% Debentures; the maturity, trading halt and delisting date of the 9% Debentures; the repayment price due on maturity of the 9% Debentures; any potential alternatives for addressing the REIT's financial difficulties, including with respect to the 9% Debentures; and the REIT's ability to raise the additional funding needed to continue as a going concern. Such forward-looking statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations.

Forward-looking statements are necessarily based on a number of estimates and assumptions that, while considered reasonable by management as of the date hereof, are inherently subject to significant business, economic and competitive uncertainties and contingencies. When relying on forward-looking statements to make decisions, the REIT cautions readers not to place undue reliance on these statements, as forward-looking statements involve significant risks and uncertainties and should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether or not the times at or by which such performance or results will be achieved. A number of factors could cause actual results to differ, possibly materially, from the results discussed in the forward-looking statements, including those risks and uncertainties relating to: the REIT's ability to negotiate amendments to its existing indebtedness in order to continue as a going concern as further described under the heading "Risks and Uncertainties" in the REIT's management's discussion and analysis for the nine months ended September 30, 2025, available on SEDAR+ at www.sedarplus.ca under the REIT's issuer profile; and other risks and uncertainties contained in the filings of the REIT with securities regulators on SEDAR+.

For Further Information

Investor Relations
Tel: +1 647 792 6060
Email: ir@ravelinreit.com

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/284745