Choice Properties Real Estate Investment Trust Reports Results for the Three Months Ended March 31, 2025
TORONTO--(BUSINESS WIRE)--April 23, 2025--
Choice Properties Real Estate Investment Trust ("Choice Properties" or the "Trust") (TSX: CHP.UN) today announced its consolidated financial results for the three months ended March 31, 2025. The 2025 First Quarter Report to Unitholders is available in the Investors section of the Trust's website at www.choicereit.ca, and has been filed on SEDAR+ at www.sedarplus.ca.
"Choice Properties delivered a solid first quarter of 2025. Occupancy remained high, and same-asset NOI growth and leasing spreads continued to be strong," said Rael Diamond, President and Chief Executive Officer of the Trust. "Supported by a resilient tenant base and our industry leading balance sheet, we continue to pursue growth opportunities, including the acquisition of $340 million of investment properties subsequent to quarter end."
2025 First Quarter Highlights
-- Reported a net loss for the quarter of $96.2 million compared to net
income of $142.3 million in the same prior year period. The loss in the
current quarter is primarily due to an unfavourable fair value adjustment
in the Trust's Exchangeable Units(1).
-- Reported FFO(2) per unit diluted of $0.264, an increase of 1.9% compared
to the same prior year period.
-- Period end occupancy was 97.7%: Retail at 97.8%, Industrial at 97.7%, and
Mixed-Use & Residential at 94.9%.
-- Achieved leasing spreads(3) on long-term renewals of 10.3% and 16.6% in
the Retail and Industrial portfolios, respectively.
-- Same-Asset NOI on a cash basis(2) increased by 2.9% compared to the same
prior year period.
-- Retail increased by 1.5%;
-- Industrial increased by 6.1%; and
-- Mixed-Use & Residential increased by 15.3% primarily due to a
property tax incentive recognized in the current quarter.
-- Completed $95.2 million of transactions in the quarter, including the
acquisition of one retail property, as well as the opportunistic
disposition of three retail properties and a 50% interest in a retail
land parcel.
-- Transferred $13.4 million of properties under development to income
producing status, delivering approximately 97,600 square feet of new
commercial GLA (including 72,600 square feet associated with a ground
lease) on a proportionate share basis(2) through retail intensifications.
-- Invested $44.1 million of capital in development projects on a
proportionate share basis(2)
-- Completed $436.0 million in financings:
-- $300.0 million Series V senior unsecured debenture.
-- $136.0 million at share mortgage secured by the Loblaw
distribution centre at Choice Caledon Business Park.
-- Maintained a strong liquidity position with approximately $1.5 billion of
available credit and a $13.1 billion pool of unencumbered properties.
-- Increased the distribution by 1.3% per annum, our third consecutive
annual distribution increase.
Subsequent Events
Subsequent to the quarter, the Trust:
-- Completed $340.3 million in acquisitions:
-- Acquired an industrial distribution centre in Ajax, ON from Loblaw,
which was concurrently leased back to Loblaw.
-- Acquired eight industrial outdoor storage sites located across
Canada from a third party.
Issuance of ESG Report
On April 23, 2025, the Trust issued its 2024 Environmental, Social and Governance Report, available on the Trust's website at www.choicereit.ca/sustainability.
(1) Exchangeable Units are required to be classified as financial liabilities at fair value through profit and loss under GAAP. They are recorded at their fair value based on the market trading price of the Trust Units, which results in a negative impact to the financial results when the Trust Unit price rises and a positive impact when the Trust Unit price declines. (2) Refer to Non-GAAP Financial Measures and Additional Financial Information section. (3) Long-term renewal spread is calculated as the difference between the average rate during the renewal term and the expiring rental rate.
Summary of GAAP Basis Financial Results
Three Months
-------------------- ------------------------------------------
($ thousands except
where otherwise
indicated) March 31, March 31,
(unaudited) 2025 2024 Change $
-------------------- ------------- ------------- ------------
Net (loss) income $ (96,233) $ 142,279 $(238,512)
Net (loss) income per
unit diluted (0.133) 0.197 (0.330)
Rental revenue 346,912 337,958 8,954
Fair value (loss)
gain on Exchangeable
Units(i) (237,472) 67,284 (304,756)
Fair value gains
(losses) excluding
Exchangeable
Units(ii) 20,966 (30,225) 51,191
Cash flows from
operating
activities 120,113 141,592 (21,479)
Weighted average
number of units
outstanding -
diluted(iii) 723,770,677 723,666,036 104,641
--------------------- ----------- ----------- --------
(i) Exchangeable Units are required to be classified as financial
liabilities at fair value through profit and loss under GAAP.
They are recorded at their fair value based on the market trading
price of the Trust Units, which results in a negative impact to
the financial results when the Trust Unit price rises and a
positive impact when the Trust Unit price declines.
(ii) Fair value gains (losses) excluding Exchangeable Units
includes adjustments to fair value of investment properties,
investment in real estate securities, and unit-based
compensation.
(iii) Includes Trust Units and Exchangeable Units.
Quarterly Results
Choice Properties reported a net loss of $96.2 million for the first quarter of 2025 compared to net income of $142.3 million in the same prior year period. The decrease of $238.5 million was primarily due to changes in certain non-cash adjustments to fair value including:
-- a $304.8 million unfavourable change in the adjustment to fair value of
the Trust's Exchangeable Units due to the increase in the Trust's unit
price; partially offset by
-- a $31.3 million favourable change in the adjustment to fair value of
investment properties; and
-- a $20.7 million favourable change in the adjustment to fair value of the
investment in real estate securities of Allied, driven by the change in
Allied's unit price in the quarter.
Summary of Proportionate Share(2) Financial Results
Three Months
-------------------- --------------------------------------------
As at or for the
period ended ($
thousands except
where otherwise March 31, March 31,
indicated) 2025 2024 Change $
-------------------- ------------ ------------ --------
Rental revenue(i) $ 372,046 $ 361,408 $ 10,638
Net Operating Income
("NOI"), Cash
Basis(i) 262,070 251,633 10,437
Same-Asset NOI, Cash
Basis(i) 251,650 244,499 7,151
Adjustment to fair
value of investment
properties(i) 39,978 (3,560) 43,538
Occupancy (% of GLA) 97.7% 97.9% (0.2)%
Funds from operations
("FFO")(i) 190,939 187,189 3,750
FFO(i) per unit
diluted 0.264 0.259 0.005
Adjusted funds from
operations
("AFFO")(i) 180,265 173,146 7,119
AFFO(i) per unit
diluted 0.249 0.239 0.010
AFFO(i) payout ratio
- diluted 76.6% 78.7% (2.1)%
Cash distributions
declared 138,121 136,287 1,834
Weighted average
number of units
outstanding -
diluted(ii) 723,770,677 723,666,036 104,641
--------------------- ----------- ----------- -------
(i) Refer to Non-GAAP Financial Measures and Additional Financial
Information section.
(ii) Includes Trust Units and Exchangeable Units.
Quarterly Results
For the three months ended March 31, 2025, Same-Asset NOI, Cash Basis(2) increased by $7.2 million or 2.9%, compared to the same prior year period primarily due to increased revenue from higher rental rates on renewals, new leasing and contractual rent steps mainly in the industrial and retail portfolios. Further contributing to the increase was a property tax incentive recognized in the mixed-use and residential portfolio.
FFO(2) increased by $3.8 million or 1.9% for the three months ended March 31, 2025 compared to the prior year period primarily due to an increase in net operating income and higher fee income. The increase was partially offset by higher net interest expense, lower lease surrender revenue and income from the sale of residential inventory recognized in the prior year.
Outlook
We are focused on capital preservation, delivering stable and growing cash flows and net asset value appreciation. Our high-quality portfolio is primarily leased to necessity-based tenants and logistics providers, who are less sensitive to economic volatility and therefore provide stability to our overall portfolio. We will continue to advance our development program, with a focus on commercial developments, which provides us with the best opportunity to add high-quality real estate to our portfolio at a reasonable cost and drive net asset value appreciation over time.
We are confident that our business model, stable tenant base, strong balance sheet and disciplined approach to financial management will continue to benefit us. In 2025, Choice Properties is targeting:
-- Stable occupancy across the portfolio, resulting in approximately 2%-3%
year-over-year growth in Same-Asset NOI, Cash Basis;
-- Annual FFO per unit diluted in a range of $1.05 to $1.06, reflecting
approximately 2%-3% year-over-year growth; and
-- Strong leverage metrics, targeting Adjusted Debt to EBITDAFV below 7.5x.
Non-GAAP Financial Measures and Additional Financial Information
In addition to using performance measures determined in accordance with International Financial Reporting Standards ("IFRS" or "GAAP"), Choice Properties also measures its performance using certain non-GAAP measures, and provides these measures in this news release so that investors may do the same. Such measures and related per-unit amounts are not defined by IFRS and therefore should not be construed as alternatives to net income or cash flows from operating activities determined in accordance with IFRS. Furthermore, the supplemental measures used by management may not be comparable to similar measures presented by other real estate investment trusts or enterprises. The non-GAAP measures included in this news release are defined and reconciled to the most comparable GAAP measure below. Choice Properties believes these non-GAAP financial measures provide useful information to both management and investors in measuring the financial performance and financial condition of the Trust for the reasons outlined below.
Non-GAAP Measure Description
---------------------- ------------------------------------------------------
Proportionate Share Represents financial information adjusted to reflect
the Trust's equity accounted joint ventures and
financial real estate assets and its share of net
income (loss) from equity accounted joint ventures and
financial real estate assets on a proportionately
consolidated basis at the Trust's ownership percentage
of the related investment. Management views this
method as relevant in demonstrating the Trust's
ability to manage the underlying economics of the
related investments, including the financial
performance and cash flows and the extent to which the
underlying assets are leveraged, which is an important
component of risk management.
---------------------- ------------------------------------------------------
Net Operating Income Defined as property rental revenue including
("NOI"), Accounting straight-line rental revenue, reimbursed contract
Basis revenue and lease surrender revenue, less direct
property operating expenses and realty taxes, and
excludes certain expenses such as interest expense and
indirect operating expenses in order to provide
results that reflect a property's operations before
consideration of how it is financed or the costs of
operating the entity in which it is held. Management
believes that NOI is an important measure of operating
performance for the Trust's commercial real estate
assets that is used by real estate industry analysts,
investors and management, while also being a key input
in determining the fair value of the Choice Properties
portfolio.
---------------------- ------------------------------------------------------
NOI, Cash Basis Defined as property rental revenue and reimbursed
contract revenue, excluding straight-line rental
revenue and lease surrender revenue, less direct
property operating expenses and realty taxes, and
excludes certain expenses such as interest expense and
indirect operating expenses in order to provide
results that reflect a property's operations before
consideration of how it is financed or the costs of
operating the entity in which it is held. Management
believes NOI, Cash Basis is a useful measure in
understanding period-over-period changes in income
from operations due to occupancy, rental rates,
operating costs and realty taxes.
---------------------- ------------------------------------------------------
Same-Asset NOI, Same-Asset NOI is used to evaluate the
Cash Basis period-over-period performance of those commercial
properties and stabilized residential properties,
and owned and operated by Choice Properties since January
1, 2024, inclusive. NOI from properties that have been
Same-Asset NOI, (i) purchased, (ii) disposed, (iii) subject to
Accounting Basis significant change as a result of new development,
redevelopment, expansion, or demolition, or (iv)
residential properties not yet stabilized
(collectively, "Transactions") are excluded from the
determination of same-asset NOI. Same-Asset NOI, Cash
Basis, is useful in evaluating the realization of
contractual rental rate changes embedded in lease
agreements and/or the expiry of rent-free periods,
while also being a useful measure in understanding
period-over-period changes in NOI due to occupancy,
rental rates, operating costs and realty taxes, before
considering the changes in NOI that can be attributed
to the Transactions and development activities.
---------------------- ------------------------------------------------------
Funds from Operations Calculated in accordance with the Real Property
("FFO") Association of Canada's ("REALpac") Funds From
Operations (FFO) & Adjusted Funds From Operations
(AFFO) for IFRS issued in January 2022. Management
considers FFO to be a useful measure of operating
performance as it adjusts for items included in net
income (or loss) that do not arise from operating
activities or do not necessarily provide an accurate
depiction of the Trust's past or recurring
performance, such as adjustments to fair value of
Exchangeable Units, investment properties, investment
in real estate securities, and unit-based
compensation. From time to time, the Trust may enter
into transactions that materially impact the
calculation and are eliminated from the calculation
for management's review purposes. Management uses and
believes that FFO is a useful measure of the Trust's
performance that, when compared period over period,
reflects the impact on operations of trends in
occupancy levels, rental rates, operating costs and
realty taxes, acquisition activities and interest
costs.
---------------------- ------------------------------------------------------
Adjusted Funds from Calculated in accordance with REALpac's Funds From
Operations("AFFO") Operations (FFO) & Adjusted Funds From Operations
(AFFO) for IFRS issued in January 2022. Management
considers AFFO to be a useful measure of operating
performance as it further adjusts FFO for capital
expenditures that sustain income producing properties
and eliminates the impact of straight-line rent. AFFO
is impacted by the seasonality inherent in the timing
of executing property capital projects. In calculating
AFFO, FFO is adjusted to exclude straight-line rent,
and deduct costs incurred relating to internal leasing
activities and property capital projects. Working
capital changes, viewed as short-term cash
requirements or surpluses are deemed financing
activities pursuant to the methodology and are not
considered when calculating AFFO. Capital expenditures
which are not deducted in the calculation of AFFO
comprise those which generate a new investment stream,
such as constructing a new retail pad during property
expansion or intensification, development activities
or acquisition activities. Accordingly, AFFO differs
from FFO in that AFFO excludes from its definition
certain non-cash revenues and expenses recognized
under GAAP, such as straight-line rent, but also
includes capital and leasing costs incurred during the
period which are capitalized for GAAP purposes. From
time to time, the Trust may enter into transactions
that materially impact the calculation and are
eliminated from the calculation for management's
review purposes.
---------------------- ------------------------------------------------------
AFFO Payout Ratio AFFO payout ratio is a supplementary measure used by
Management to assess the sustainability of the Trust's
distribution payments. The ratio is calculated using
cash distributions declared divided by AFFO.
---------------------- ------------------------------------------------------
Earnings before Defined as net income (loss) attributable to
Interest, Taxes, Unitholders, reversing, where applicable, income
Depreciation, taxes, interest expense, amortization expense,
Amortization and Fair depreciation expense, adjustments to fair value and
Value ("EBITDAFV") other adjustments as allowed in the Trust Indentures,
as supplemented. Management believes EBITDAFV is
useful in assessing the Trust's ability to service its
debt, finance capital expenditures and provide
distributions to its Unitholders.
---------------------- ------------------------------------------------------
Total Adjusted Debt Defined as variable rate debt (construction loans,
mortgages, and credit facility) and fixed rate debt
(senior unsecured debentures, construction loans and
mortgages), as measured on a proportionate share
basis(1) , and does not include the Exchangeable Units
which are included as part of unit equity on account
of the Exchangeable Units being economically
equivalent and receiving equal distributions to the
Trust Units. Total Adjusted Debt is also presented on
a net basis to include the impact of other finance
charges such as debt placement costs and discounts or
premiums, and defeasance or other prepayments of
debt.
---------------------- ------------------------------------------------------
Net Asset Value NAV is an alternative measurement of equity. It is
("NAV") calculated by summing Unitholder's Equity and the fair
value of the Trust's Exchangeable Units. Under GAAP,
Exchangeable Units are considered debt. The
Exchangeable Units are not required to be repaid and
the holder of these units has the right to convert
them into Units, therefore Management considers the
Exchangeable Units to be equivalent to equity. NAV is
a useful measure as it reflects Management's view of
the intrinsic value of the Trust. NAV per unit allows
Management to determine if the Trust is trading at a
discount or premium to its intrinsic value.
---------------------- ------------------------------------------------------
Adjusted Debt to Calculated as Total Adjusted Debt divided by EBITDAFV.
EBITDAFV This ratio is used to assess the financial leverage of
Choice Properties, measure its ability to meet
and financial obligations, and provide a snapshot of its
balance sheet strength. Management also presents this
Adjusted Debt to ratio with Total Adjusted Debt calculated net of cash
EBITDAFV, net of cash and cash equivalents at the measurement date.
---------------------- ------------------------------------------------------
The following table reconciles net loss, as determined in accordance with GAAP, to net loss on a proportionate share basis(2) for the three months ended March 31, 2025:
Three Months
------------------------------------------------
Adjustment to
Proportionate Proportionate
($ thousands) GAAP Basis Share Basis(2) Share Basis(2)
--------------- ---------- ---------------- ------------------
Net Operating
Income
Rental revenue $ 346,912 $ 25,134 $ 372,046
Property
operating
costs (101,063) (7,830) (108,893)
---------------- -------- ----------- -----------
245,849 17,304 263,153
Other Income
and Expenses
Interest income 11,661 (4,310) 7,351
Investment
income 5,315 -- 5,315
Fee income 2,470 -- 2,470
Net interest
expense and
other financing
charges (146,189) (6,859) (153,048)
General and
administrative
expenses (14,737) -- (14,737)
Share of income
from equity
accounted joint
ventures 16,155 (16,155) --
Amortization of
intangible
assets (250) -- (250)
Adjustment to
fair value of
unit-based
compensation (18) -- (18)
Adjustment to
fair value of
Exchangeable
Units (237,472) -- (237,472)
Adjustment to
fair value of
investment
properties 29,958 10,020 39,978
Adjustment to
fair value of
investment in
real estate
securities (8,974) -- (8,974)
---------------- -------- ----------- -----------
Loss before
Income Taxes (96,232) -- (96,232)
Income tax
expense (1) -- (1)
---------------- -------- ----------- -----------
Net Loss $ (96,233) $ -- $ (96,233)
---------------- -------- ----------- -----------
The following table reconciles net income, as determined in accordance with GAAP, to net income on a proportionate share basis(2) for the three months ended March 31, 2024:
Three Months
------------------------------------------------
Adjustment to
Proportionate Proportionate
($ thousands) GAAP Basis Share Basis(2) Share Basis(2)
--------------- ---------- ---------------- ------------------
Net Operating
Income
Rental revenue $ 337,958 $ 23,450 $ 361,408
Property
operating
costs (98,105) (8,246) (106,351)
---------------- -------- ----------- -----------
239,853 15,204 255,057
Residential
Inventory
Income
Gross sales 11,268 -- 11,268
Cost of sales (9,234) -- (9,234)
---------------- -------- ----------- -----------
2,034 -- 2,034
Other Income
and Expenses
Interest income 9,759 (1,928) 7,831
Investment
income 5,315 -- 5,315
Fee income 701 -- 701
Net interest
expense and
other financing
charges (142,284) (6,363) (148,647)
General and
administrative
expenses (14,638) -- (14,638)
Share of income
from equity
accounted joint
ventures 4,718 (4,718) --
Amortization of
intangible
assets (250) -- (250)
Adjustment to
fair value of
unit-based
compensation 781 -- 781
Adjustment to
fair value of
Exchangeable
Units 67,284 -- 67,284
Adjustment to
fair value of
investment
properties (1,365) (2,195) (3,560)
Adjustment to
fair value of
investment in
real estate
securities (29,641) -- (29,641)
---------------- -------- ----------- -----------
Income before
Income Taxes 142,267 -- 142,267
Income tax
recovery 12 -- 12
---------------- -------- ----------- -----------
Net Income $ 142,279 $ -- $ 142,279
---------------- -------- ----------- -----------
The following table reconciles net (loss) income, as determined in accordance with GAAP, to Net Operating Income, Cash Basis for the periods ended as indicated:
Three Months
------------------------- -------------------------------
For the periods ended
March 31 ($ thousands) 2025 2024 Change $
------------------------- ------- ------- ---------
Net (Loss) Income $(96,233) $142,279 $(238,512)
Residential inventory
income -- (2,034) 2,034
Interest income (11,661) (9,759) (1,902)
Investment income (5,315) (5,315) --
Fee income (2,470) (701) (1,769)
Net interest expense and
other financing charges 146,189 142,284 3,905
General and administrative
expenses 14,737 14,638 99
Share of income from
equity accounted joint
ventures (16,155) (4,718) (11,437)
Amortization of intangible
assets 250 250 --
Adjustment to fair value
of unit-based
compensation 18 (781) 799
Adjustment to fair value
of Exchangeable Units 237,472 (67,284) 304,756
Adjustment to fair value
of investment properties (29,958) 1,365 (31,323)
Adjustment to fair value
of investment in real
estate securities 8,974 29,641 (20,667)
Income tax expense
(recovery) 1 (12) 13
-------------------------- ------- ------- --------
Net Operating Income,
Accounting Basis - GAAP 245,849 239,853 5,996
Straight-line rental
revenue 367 (261) 628
Lease surrender revenue (84) (2,549) 2,465
-------------------------- ------- ------- --------
Net Operating Income, Cash
Basis - GAAP 246,132 237,043 9,089
Adjustments for equity
accounted joint ventures
and financial real estate
assets 15,938 14,590 1,348
-------------------------- ------- ------- --------
Net Operating Income, Cash
Basis - Proportionate
Share(2) $262,070 $251,633 $ 10,437
-------------------------- ------- ------- --------
The following table reconciles Net Operating Income, Cash Basis to Same-Asset Net Operating Income, Cash Basis for the periods ended as indicated:
Three Months
-------------------------- --------------------------------
For the periods ended
March 31 ($ thousands) 2025 2024 Change $
-------------------------- ------- ------- ----------
Net Operating Income, Cash
Basis - Proportionate
Share(2) $262,070 $251,633 $ 10,437
Less:
Transactions NOI, Cash
Basis (10,420) (7,134) (3,286)
--------------------------- ------- ------- ------
Same-Asset NOI, Cash Basis $251,650 $244,499 $ 7,151
--------------------------- ------- ------- ------
The following table reconciles net (loss) income, as determined in accordance with GAAP, to Funds from Operations for the periods ended as indicated:
Three Months
-------------------- ---------------------------------------
For the periods
ended March 31 ($
thousands except
where otherwise
indicated) 2025 2024 Change $
-------------------- ----------- ----------- ---------
Net (Loss) Income $ (96,233) $ 142,279 $(238,512)
Add (deduct) impact
of the following:
Amortization of
intangible assets 250 250 --
Adjustment to fair
value of unit-based
compensation 18 (781) 799
Adjustment to fair
value of
Exchangeable Units 237,472 (67,284) 304,756
Adjustment to fair
value of investment
properties (29,958) 1,365 (31,323)
Adjustment to fair
value of investment
properties to
proportionate
share(2) (10,020) 2,195 (12,215)
Adjustment to fair
value of investment
in real estate
securities 8,974 29,641 (20,667)
Interest otherwise
capitalized for
development in
equity accounted
joint ventures 2,496 2,508 (12)
Exchangeable Units
distributions 75,529 74,540 989
Internal expenses for
leasing 2,410 2,488 (78)
Income tax expense
(recovery) 1 (12) 13
--------------------- ----------- ----------- --------
Funds from Operations $ 190,939 $ 187,189 $ 3,750
--------------------- ----------- ----------- --------
FFO per unit -
diluted $ 0.264 $ 0.259 $ 0.005
Weighted average
number of units
outstanding -
diluted(i) 723,770,677 723,666,036 104,641
--------------------- ----------- ----------- --------
(i) Includes Trust Units and Exchangeable Units.
The following table reconciles Funds from Operations to Adjusted Funds from Operations for the periods ended as indicated:
Three Months
-------------------- --------------------------------------------
For the periods
ended March 31 ($
thousands except
where otherwise
indicated) 2025 2024 Change $
-------------------- ----------- ----------- --------
Funds from Operations $ 190,939 $ 187,189 $ 3,750
Add (deduct) impact
of the following:
Internal expenses for
leasing (2,410) (2,488) 78
Straight-line rental
revenue 367 (261) 628
Straight-line rental
revenue adjustment
to proportionate
share(2) (1,366) (614) (752)
Property capital (429) (4,394) 3,965
Direct leasing costs (1,459) (1,172) (287)
Tenant improvements (3,327) (3,026) (301)
Operating capital
expenditures
adjustment to
proportionate
share(2) (2,050) (2,088) 38
--------------------- ----------- ----------- -------
Adjusted Funds from
Operations $ 180,265 $ 173,146 $ 7,119
--------------------- ----------- ----------- -------
AFFO per unit -
diluted $ 0.249 $ 0.239 $ 0.010
AFFO payout ratio -
diluted(i) 76.6% 78.7% (2.1)%
Distribution declared
per unit $ 0.191 $ 0.188 $ 0.003
Weighted average
number of units
outstanding -
diluted(ii) 723,770,677 723,666,036 104,641
--------------------- ----------- ----------- -------
(i) AFFO payout ratio is calculated as cash distributions declared
divided by AFFO.
(ii) Includes Trust Units and Exchangeable Units.
The following table reconciles Net Asset Value(2) as at the dates indicated below:
($ thousands except As at where otherwise As at March December 31, indicated) 31, 2025 2024 Change $ -------------------- ------------ ------------ --------- Unitholders' equity $ 4,738,228 $ 4,899,800 $(161,572) Exchangeable Units 5,521,222 5,283,750 237,472 --------------------- ----------- ----------- -------- NAV(2) $ 10,259,450 $ 10,183,550 $ 75,900 --------------------- ----------- ----------- -------- NAV(2) per unit $ 14.17 $ 14.07 $ 0.10 --------------------- ----------- ----------- -------- Trust Units and Exchangeable Units, end of period 723,810,797 723,710,497 100,300 --------------------- ----------- ----------- --------
Management's Discussion and Analysis and Consolidated Financial Statements and Notes
Information appearing in this news release is a select summary of results. This news release should be read in conjunction with the Choice Properties 2025 First Quarter Report to Unitholders, which includes the unaudited interim period condensed consolidated financial statements and MD&A for the Trust, and is available at www.choicereit.ca and on SEDAR+ at www.sedarplus.ca.
Conference Call and Webcast
Management will host a conference call on Thursday, April 24, 2025 at 9:00 AM (EDT) with a simultaneous audio webcast. To access via teleconference, please dial +1 (240) 789-2714 or +1 (888) 330-2454 and enter the event passcode: 4788974. The link to the audio webcast will be available on www.choicereit.ca/events-webcasts.
About Choice Properties Real Estate Investment Trust
Choice Properties is a leading Real Estate Investment Trust that creates enduring value through places where people thrive.
We are more than a national owner, operator and developer of high-quality commercial and residential real estate. We believe in creating spaces that enhance how our tenants and communities come together to live, work, and connect. This includes our industry leadership in integrating environmental, social and economic sustainability practices into all aspects of our business. In everything we do, we are guided by a shared set of values grounded in Care, Ownership, Respect and Excellence. For more information, visit Choice Properties' website at www.choicereit.ca and Choice Properties' issuer profile at www.sedarplus.ca.
Cautionary Statements Regarding Forward-looking Statements
This news release contains forward-looking statements relating to Choice Properties' operations and the environment in which the Trust operates, which are based on management's expectations, estimates, forecasts and projections. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. Therefore, actual outcomes and results may differ materially from those expressed in these forward-looking statements. Readers, therefore, should not place undue reliance on any such forward-looking statements. Further, a forward-looking statement speaks only as of the date on which such statement is made. Management undertakes no obligation to publicly update any such statement, to reflect new information or the occurrence of future events or circumstances, except as required by law.
Numerous risks and uncertainties could cause the Trust's actual results to differ materially from those expressed, implied or projected in the forward-looking statements, including those described in Section 12 "Enterprise Risks and Risk Management" of the Trust's MD&A for the year ended December 31, 2024 and those described in the Trust's Annual Information Form for the year ended December 31, 2024.
View source version on businesswire.com: https://www.businesswire.com/news/home/20250421033977/en/
CONTACT:
For further information, please contact investor@choicereit.ca
Erin Johnston
Chief Financial Officer
e: Erin.Johnston@choicereit.ca
(END) Dow Jones Newswires
April 23, 2025 17:11 ET (21:11 GMT)
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