Choice Properties Real Estate Investment Trust · TSX:CHP.UN
Choice Properties Real Estate Investment Trust — Q1 2025 Earnings Presentation
65 slides from Choice Properties Real Estate Investment Trust's earnings presentation, Apr 24, 2025
Slide 1: 2025 First Quarter Investor Presentation
2025 First Quarter Investor Presentation ChoiceProperties Places People Thrive ™
Slide 2: Forward-Looking Statements
Forward-Looking Statements Certain statements contained in this document constitute forward-looking information within the meaning of securities laws. Forward-looking information may relate to Choice Properties REIT’s ("Choice Properties” or the "Trust”) future outlook and anticipated events or resu
Slide 3: Canada's Premier REIT
Canada's Premier REIT Leading where it matters most Largest in Canada(1) Unmatched Necessity- Strategic Relationship with Based Portfolio Canada's Largest Retailer 700+ High-quality 83% Necessity-based 57% Loblaw tenancy(4) properties retail portfolio(3) 67.2M Across 3 strategic 38M Grocery-anchored
Slide 4: Q1 2025 Financial and Operating Performance
Q12025 Financial and Operating Performance Q1 2025 Q4 2024 Q1 2024 FFO(1) $0,264 $0,260 $0,259 /unit /unit /unit +1.5% +1.9% AFFO(1) $0,249 $0,151 $0,239 /unit /unit /unit +64.9% +4.2% Same-Asset NOI, $251.7M $251.9M $244.5M Cash Basis(1) -0.1% +2.9% nav(1) $14.17 $14.07 $13.69 +0.7% +3.5% Occupancy
Slide 5: Contents
Contents • Purpose-Driven Strategy Canada’s Premier REIT • Proven Strategic Framework • Our Near-Term Focus • 3 Strategic Asset Classes • Winning Retail Portfolio Market Leading Portfolio • High-Demand Industrial • Mixed-Use & Residential • Developing with Purpose Transformational Development • Deve
Slide 6: Canada's Premier REIT
Canada’s Premier REIT ChoiceProperties 2332-160th st. Surrey, BC
Slide 7: Purpose-Driven Strategy
Purpose-Driven Strategy 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 enh
Slide 8: Proven Strategic Framework
Proven Strategic Framework Creating Preservation Stable and growing Appreciation in NAVand GOALS Enduring Value: of capital cash flows distributions overtime 1 Maintaining Care market-leading portfolio PRIORITIES Ownership VALUES 2 Sustaining operational excellence Respect CORE Delivering 3 Values E
Slide 9: Our Near-Term Focus
Our Near-Term Focus 1 Maintaining 2 Sustaining 3 Delivering Priorities market-leading operational development portfolio excellence pipeline Maximizing value in our Executing on our near-term Building for core asset classes Delivering best-in-class Industrial opportunity the Future Improving quality
Slide 10: Market Leading Portfolio
Market Leading Portfolio ChoiceProperties
Slide 11: 3 Strategic Asset Classes
South Trail Shopping Centre Edmonton, AB 3 Strategic Asset Classes A high-quality national footprint where Canadians live and work Income Properties Producing Square Fair Under Choice Industrial Centre Properties Properties Feet Valued Occupancy Development Surrey, BC Retail 569 44.5M $11.3B 97.8% 4
Slide 12: Strategic Asset Classes: NOI by Province
3 Strategic Asset Classes Percentage of NOI by Province(1) 97.7% Total Occupancy 10% 19% 2% British Alberta Manitoba Columbia 2% 9% 46% Saskatchewan 12% Atlantic Ontario (NFLD/NB/ Quebec PEI/NS) Retail o Industrial o Mixed-Use & Residential o (1) Calculated as a % of total NOI on a proportionate sha
Slide 13: Stable and Consistent Occupancy
Stable and Consistent Occupancy Period-End Occupancy Occupancy by Asset Class Retail 97.8% Industrial 97.7% Mixed-Use & 94.9% Residential0’ Total 97.7% (1) Occupancy represents retail and office portion of mixed-use properties; residential units are excluded. Q1 2025 • 3 Strategic Asset Classes 13
Slide 14: Long-Term Leases
Long-Term Leases High quality tenants provide cash flow stability Lease Expiry by Year(1) Weighted Average Lease Term Loblaw Ancillary Total 6.4 5.3 6.0 years years years (1) Lease expiry by year excludes ground leases. Q1 2025 • 3 Strategic Asset Classes 14
Slide 15: Winning Retail Portfolio
Winning Retail Portfolio Necessity-based, well-located properties supported by strong anchor tenants ChoiceProperties 15
Slide 16: Winning Retail Portfolio
Winning Retail Portfolio Predominantly necessity-based grocery anchored retail portfolio 44.5M 569 Square Feet Properties $11.3B 97.8% Fair Value(1) Occupancy (1) Fair value of investment properties is shown on a proportionate share basis. ChoiceProperties 301 Moore Ave. Toronto, ON
Slide 17: Strong Necessity-Based Retail Anchor Tenants
Strong Necessity-Based Retail Anchor Tenants Reliable and stable cash flows +65% of retail revenue from Loblaw banners(1) +69% of retail revenue from grocery and pharmacy(1) +83% of retail revenue from necessity-based retail(1) (1) Calculated on retail segment's annualized gross rental revenue on a
Slide 18: Retail Footprint
Retail Footprint 85% Percentage of GLA by Province(1) of properties 41% located at key intersections 17% 15% 13% 9% 2% 3% British Alberta Saskatchewan Manitoba Ontario Quebec Atlantic Columbia (NFLD/NB/ PEI/NS) Square Feet (M) NOI(2) Necessity-based(3) • Neighbourhood Centres 39.2 88% 79% • Power Ce
Slide 19: Strong Tenant Retention
Strong Tenant Retention Reliable and stable cash flows Lease Expiry by Year(1) Loblaw Other % of Portfolio 97.8% in-place Occupancy • Staggered maturities • High probability of renewal • Strong covenant tenants (1) Lease expiry by year excludes ground leases. Q1 2025 • Winning Retail Portfolio 19
Slide 20: High-Demand Industrial
High-Demand Industrial High-quality generic industrial assets in key distribution markets ChoiceProperties 20
Slide 21: High-Demand Industrial
High-Demand Industrial Flexible well-located industrial portfolio 20.9M 124 Square Feet Properties $4.2B 97.7% Fair Value(1) Occupancy (1) Fair value of investment properties is shown on a proportionate share basis. ChoiceProperties Choice Industrial Centre Surrey, BC
Slide 22: High-Demand Industrial: GLA by Market
High-Demand Industrial Percentage of GLA by Market*1* 87%of industrial assets are generic and nigh quality 10% Edmonton 24% 9% Vancouver Calgary 37% 7% Square Feet (M) % of Total 7% Montreal Distribution 18.2 87% Atlantic (NFLD/NB/ 13% PEI/NS) Warehouse(2) GTA Ottawa 1% Total GLA 20.9 Kitchener/Camb
Slide 23: Resilient Industrial Tenant Base
Resilient Industrial 33% Tenant Base Loblaw gross industrial revenue(1) Top 10 Industrial Tenants(1) 1 Loblaw 2 Amazon 3 Canada Cartage 4 Wonderbrands Inc. 5 Pet Valu 6 NFIIPD 7 Uline Canada Corporation 8 Alberta Gaming, Liquor and Cannabis 9 Kimberly-Clark 10 Canadian Tire (1) Calculated on industr
Slide 24: Significant Embedded Growth
Significant Embedded Growth Major Market Breakdown Choice Market $9.85 Vancouver Avg. Rent(1) $14.07 Avg. Rent(2) $19.96 Choice avg. in-place rent(1) based on Choice portfolio Edmonton $9.13 $10.69 Calgary $8.43 $11.32 $15.47 Greater Toronto Area $10.38 $17.14 Canadian Market avg. rent(2) Greater Mo
Slide 25: Mixed-Use & Residential
Mixed-Use & Residential Purpose-built rental in key markets ChoiceProperties 25
Slide 26: Mixed-Use & Residential
Mixed-Use & Residential Transit oriented mixed-use and residential portfolio 1.8M 11 923 Square Feet(1) Properties Residential Units $0.9B 94.9% FairValue(2) Occupancy(3) (1) 1.8 million sq. ft. of GLA includes 0.7 million sq. ft. associated with Choice Properties' 923 residential units. (2) Fair va
Slide 27: Mixed-Use & Residential Properties
Mixed-Use & Residential Properties Liberty House The Brixton Uniti Element Residential Residential Residential Residential Toronto, ON Toronto, ON Brampton, ON Ottawa, ON Units 440 units Units 397 units Units 302 units Units 252 units Ownership 50% Ownership 50% Ownership 50% Ownership 50% Q1 2025 •
Slide 28: Transformational Development
Transformational Development 985 Woodbine Ave. (Rendering) Toronto,ON
Slide 29: Developing with Purpose
Developing with Purpose Diversifying our tenant base and driving incremental value Rendering Retail Intensifications Near-Term Industrial Mixed-Use & Residential Delivering steady growth and Capitalizing on market trends with Transforming communities with augmenting portfolio quality 5.0M sq. ft of
Slide 30: Development Pipeline Positioned for Growth
Development Pipeline Positioned for Growth Driving near, medium and long-term value sq.ft. 18.1 Sq. ft (1) In Planning Zoned & Ready Active Total Retail - 0.2M 0.3M ► 0.5M Industrial - 4.2M 0.8M ► 5.0M Mixed-Use & Residential 8.5M 4.1 M - ► 12.6M Total 8.5M 8.5M 1.1M ► 18.1 M (1) At the Trust's shar
Slide 31: On the Move
On the Move Strengthening our portfolio with active development projects Projects under Sq. ft. upon Total active development completion(1) investment(1) Retail 16 0.3M $115M Industrial 1 0.8M 214M Residential(1) 1 - 2M Total 18 1.1 M S331M (1) Estimated upon completion at the Trust's share. Active
Slide 32: Industrial Development Pipeline
Industrial Development Pipeline Immense near-to-medium term opportunity within active and in-planning developments Choice Caledon Business Park 5.0m sq. ft. zonecl(1) Caledon, ON 2 Projects 259 Net Developable Acres(1) 0.8M 2025 completions sq.ft (1) 4.2M 2026+ completions Rendering sq. ft (1) (1) A
Slide 33: Mixed-Use and Residential Development Pipeline
Mixed-Use and Residential Development Pipeline Significant future growth 985 Woodbine Ave. 25 Photography Dr. 13 Toronto, ON Toronto, ON Projects in planning 12.6M Potential sq. ft. Density(1) Rendering Rendering Potential 601 total units 2,356 total units 15,306 Residential Units(1) 1.7 acres 7.7 a
Slide 34: Prudent Financial Management
Prudent Financial Management 3045 Mavis Rd. Mississauga, ON
Slide 35: Measuring Financial Success
Measuring Financial Success Proven Stability. Positioned for Growth. PRIORITIES Stable and growing cash flows FINANCIAL GOALS from existing portfolio • Maximizing value in our core asset classes • Improving quality through balanced capital recycling Preservation 1 Maintaining • Delivering best-in-cl
Slide 36: Significant Financial Capacity
Significant Financial Capacity 1.4x BBB (High)/+ below peer average(2) DBRS/S&P Rating $13.1 B unencumbered assets(1) $1.5B unused portion of revolving credit facility(1) Adjusted Debt to EBITDAFV, net of cash(3)(4) (1) As at March 31,2025. (2) Source: Q4 2024, TD Earnings Update Reports. Peer avera
Slide 37: Capital Structure Targets
Capital Structure Targets Maintaining financial stability Q1 2025 Mortgages and Target Range 10% $2.0B Secured Facilities(5) Unused portion of Unsecured $5.4B O $1.5B > $1.0B Debentures revolving credit facility Unsecured Credit O 7.0x 30% Facility $0.0B Adjusted Debt to EBITDAFV(1)(2) <7.5x ($I.5B
Slide 38: Debt Maturity Profile
Debt Maturity Profile(1) 4.23% 6.4 Well-balanced debt ladder Years WAIR(2) WATM(2) Debt M aturing ($M) (1) As at March 31, 2025, on a proportionate share basis. (2) Reflects senior unsecured debentures and fixed-rate secured debt. ChoiceProperties Q1 2025 • Debt Maturity Profile 38
Slide 39: Environmental, Social & Governance Program
Environmental, Social & Governance Program 650 Dupont St. Toronto, ON
Slide 40: Leading by Example in ESG
Leading by Example in ESG Read our ESG Report to learn more about our sustainability strategy, initiatives, and achievements https://www.choicereit.ca/sustainabilitv/ 2024 Environmental, Social and Governance Report Places People Thrive ChoiceProperties Q1 2025 • Leading by Example in ESG 40
Slide 41: Appendices
Appendices ChoiceProperties
Slide 42: Transformational Industrial Development
Transformational Industrial Development
Slide 43: Choice Caledon Business Park
Choice Caledon Business Park • 380-net acres of industrial Caledon, ON development land • Excellent access to major highways and intermodals • Strong labour pool • Multi-phase industrial park • New generation logistic space • Phase 1 delivered: 90-acre ground lease with Loblaw • Partner: Rice Group
Slide 44: Mixed-Use & Residential in Planning
Mixed-Use & Residential in Planning
Slide 45: Grenville & Grosvenor
Grenville & Grosvenor • 1-acre site in Downtown Toronto, ON Toronto • 700+ units • Provincial Affordable Housing Lands Program • Transit accessible • Partner: Greenwin 99 97 91 Walk Score Transit Score Bike Score Q1 2025 • Appendices • Mixed-Use & Residential in Planning 45
Slide 46: North Road
North Road • 7.8-acre site in city Coquitlam, BC centre • Access to two lines of Vancouver SkyTrain • Revitalization into mixed-use community • High density residential and retail Q1 2025 • Appendices • Mixed-Use & Residential in Planning 46
Slide 47: 985 Woodbine Ave.
985 Woodbine Ave. - Toronto, ON Q1 2025 • Appendices • Mixed-Use & Residential in Planning 47
Slide 48: 985 Woodbine Ave.
985 Woodbine Ave. • 1.7-acre site in Toronto, ON Downtown Toronto • Two mid-rise rental residential buildings • 601 units • Directly adjacent to Woodbine TTC subway station • Grocery retail at-grade • Obtained city approval Q4 2024 Q1 2025 • Appendices • Mixed-Use & Residential in Planning 48
Slide 49: 720 Broadview Ave.
720 Broadview Ave. • 3.3-acresite Toronto, ON • 503 units • 1 residential building • Directly across from Broadview TTC subway station • New grocery store • Dedicated public park Q1 2025 • Appendices • Mixed-Use & Residential in Planning 49
Slide 50: 2280 Dundas St. W
2280 Dundas St. W - Toronto, ON Q1 2025 • Appendices • Mixed-Use & Residential in Planning 50
Slide 51: 2280 Dundas St. W
2280 Dundas st.W Toronto. • 13-acre site in Downtown Toronto ON • Major transit hub (TTC, GO Train, UP Express) • Large mixed-use community • High density residential, retail and office Q1 2025 • Appendices • Mixed-Use & Residential in Planning 51
Slide 52: Parkway Forest Dr.
Parkway Forest Dr. • 3-acresite Toronto, ON • 382 units • 1 residential building • Close proximity to Don Mills TTC subway station • Partner: Woodbourne Canada Q1 2025 • Appendices • Mixed-Use & Residential in Planning 52
Slide 53: 25 Photography Dr.
25 Photography Dr. - Toronto, ON Q1 2025 • Appendices • Mixed-Use & Residential in Planning 53
Slide 54: 25 Photography Dr.
25 Photography Dr. • 7.7 -acre site Toronto, ON • 7 mixed-use buildings • Major transit hub (Eglinton Crosstown LRT, GO Train, UP Express) • Community integration Q1 2025 • Appendices • Mixed-Use & Residential in Planning 54
Slide 55: 685 Warden Ave.
685 Warden Ave. • 6.5-acre site Toronto, ON • 2,100 units • 6 residential buildings • Directly adjacent to Warden TTC subway station • Dedicated public park Q1 2025 • Appendices • Mixed-Use & Residential in Planning 55
Slide 56: 449 Carlaw Ave.
• 5.6-acre site • 3 mixed-use buildings • 1,080 units • Transit-oriented community • Future stop on Ontario Line 449 Carlaw Ave. - Toronto, ON Q1 2025 • Appendices • Mixed-Use & Residential in Planning 56
Slide 57: Golden Mile
• 19-acre site in Toronto Golden Mile - Toronto, ON • Adjacent to two new transit stations along Eglinton Crosstown LRT • Large mixed-use community • High density residential and retail Q1 2025 • Appendices • Mixed-Use & Residential in Planning 57
Slide 58: Golden Mile
Golden Mile Phase 1 Toronto, ON • 1 rental tower and 2 condo towers • 1,350 units • Mixed-use • Community innovation district • Partner: Daniels Q1 2025 • Appendices • Mixed-Use & Residential in Planning 58
Slide 59: Immense Value Opportunity
Immense Value Opportunity Choice Properties continues to grow and create value through its pipeline of potential commercial and mixed-use developments.
Slide 60: Toronto
Toronto • 52 properties in the City of Toronto • Significant long-term development potential • 40 Retail • 2 Industrial • Mixed-use & 5 Residential • PUD 5 52 Q1 2025 • Appendices • Immense Value Opportunity 60
Slide 61: 17 Leslie St.
17 Leslie st. Toronto, ON • 6-acre site • Close proximity to Queen Streetcar Q1 2025 • Appendices • Immense Value Opportunity 61
Slide 62: 10 Lower Jarvis St.
10 Lowes Jarvis st. • 4-acresite Toronto. ON • Core downtown location Q1 2025 • Appendices • Immense Value Opportunity 62
Slide 63: Greater Vancouver Area
Greater Vancouver Area • 19 properties in the GVA • Significant long-term development potential. Retail O 16 Industrial O 3 19 Q1 2025 • Appendices • Immense Value Opportunity 63
Slide 64: Montreal
Montreal • 36 properties in the GMA • Significant long-term development potential • Retail 36 • Industrial 2 38 Q1 2025 • Appendices • Immense Value Opportunity 64
Slide 65: Choice Properties
ChoiceProperties
Choice Properties Real Estate Investment Trust — Q1 2025 Earnings Presentation on 6ix