Extendicare Real Estate Investment Trust has closed its previously announced offering of 9,228,750 trust units, including the exercise in full of an over-allotment option of 1,203,750 trust units at a price of CAD9.35 per unit.

This creates aggregate gross proceeds of CAD86,288,812.50 to a syndicate of underwriters led by RBC Capital Markets.

The net proceeds of the offering will provide the Reit with greater balance sheet flexibility and liquidity and will be used by the Reit to repay indebtedness, to fund redevelopment of the Reit's existing properties and for general purposes.

Extendicare Reit is a North American provider of long-term and short-term senior care services through its network of owned and operated healthcare centres.

The trust units offered have not been and will not be registered under the US Securities Act of 1933, as amended, and may not be offered or sold within the US or to, or for the account or benefit of, US persons.