Choice Properties Real Estate Investment Trust · TSX:CHP.UN
Choice Properties Real Estate Investment Trust — Q3 2025 Earnings Presentation
63 slides from Choice Properties Real Estate Investment Trust's earnings presentation, Nov 6, 2025
Slide 1: Choice Properties
Properties
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” Unmatched Necessity- Based Portfolio Strategic Relationship with Canada’s Largest Retailer 58% Loblaw tenancy) Relationship with ae» Loblaw provides a unique competitive advantage 700+ = High-quality 83% Necessity-based propertie
Slide 4: Q3 2025 Financial and Operating Performance
Q3 2025 Financial and Operating Performance Q3 2025 FFOW) $0.278 /unit AFFOM2) $0.192 /unit Same-Asset NOI, $251.5M Cash Basis") NAV $14.53 Occupancy 98.0% Adjusted Debt to EBITDAFV@) 71x (I) Represents a non-GAAP measure. (2) AFFO is impacted by the seasonality inherent in the timing of executing c
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 *High-Demand Industrial * Mixed-Use & Residential Market Leading Portfolio + Developing with Purpose Transformational Development * Developme
Slide 6: Canada’s Premier REIT
Canada’s Premier REIT ChoiceProperties
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 Preservation fo} Kexe] e}ice]| Creating Stable and growing | Appreciation in NAV and Enduring Value: BD < ° ° . . 8 cash flows distributions over time Maintaining e%e 2 market-leading portfolio ; e r) E Sustaining 5 @e® gs operational excellence g = oe CORE Delivering Valu
Slide 9: Our Near-Term Focus
Our Near-Term Focus eee Maintaining Sustaining 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 qualit
Slide 10: Market Leading Portfolio
Market Leading Portfolio ChoiceProperties
Slide 11: South Trail Shopping Centre / 3 Strategic Asset Classes
South Trail Shopping Centre Edmonton, ABS 3 Strategic Asset Classes High-quality national footprint where Canadians live and work Income Properties Producing Square Fair Under 3853 James Snow Parkway Properties Properties Feet Value Occupancy Development ji Retail 567 44.5M_ $11.6B" 97.8% 35 Predomi
Slide 12: Strategic Asset Classes
3 Strategic Asset Classes Percentage of NOI by Province" (-) (-) British Alberta Columbia Saskatchewan Ontario @ Retail @ industrial @ Mixed-Use & Residential (1) Calculated as a % of total NOI on a proportionate share cash basis for the three months ended September 30, 2025. ChoiceProperties 1% Que
Slide 13: Stable and Consistent Occupancy
Stable and Consistent Occupancy Period-End Occupancy Occupancy by Asset Class 100% 7 Retail 97.8% Oo 4 » oo fe fs RF SR i & te Bs etal ° oa o® F RF F A & GCG & F i-) foo) Nn Nn - Nn 7) . 5 i vs o a R R a BS R eS PN ee Industrial 98.3% Mixed-Use & 9 Residential” 95.5% 50% Total 98.0% 25% 0% 2016 2017
Slide 14: Long-Term Leases
Long-Term Leases High quality tenants provide cash flow stability Lease Expiry by Year") e Loblaw Other ( } % of Portfolio 54.8% Weighted Average Lease Term Loblaw Ancillary Total Sq. ft. in millions Remainder of 2026 2027 2028 2029 2030 & Beyond 2025 (1) Lease expiry by year includes ground leases.
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 567 Square Feet Properties $11.6B 97.8% Fair Value” Occupancy (1) Fair value of investment properties is shown on a proportionate share basis and includes $0.1M of assets held for sale as at September 30,
Slide 17: Strong Necessity-Based Retail Anchor Tenants
Strong Necessity-Based Retail Anchor Tenants Reliable and stable cash flows") 65% ELoblaws suSSMBRE «GNOFRIMS [TTT] ronrivos of retail revenue from Loblaw banners fe) 68 %o Sobeyre metro save@foods nanonsexas COSTCO Walmart >< Rexall of retail revenue from grocery and pharmacy () 83 %o EE) Weananian
Slide 18: Retail Footprint
Retail Footprint 0% Percentage of GLA by Province" of properties 41% located at key intersections @) 7% 15% Al a British Alberta Saskatchewan Manitoba Ontario Quebec Atlantic Columbia (NFLD/NB/ PEI/NS) Square Feet(M) NOI) Necessity-based@) [ ) Neighbourhood Centres 39.2 88% 78% ( } Power Centres 5.3
Slide 19: Strong Tenant Retention
Strong Tenant Retention Reliable and stable cash flows Lease Expiry by Year" @ Loblaw Other @ %of Portfolio 25 97.8% - e ° 7 in-place . 5 6 occupancy z ia 10 Pat 5 * Staggered maturities eu; arp High probability of renewal ° Remainder of 2025 2026 2027 2028 2029 2030 & Beyond * Strong covenant tenan
Slide 20: High-Demand Industrial
High-Demand Industrial [m High-quality generic industrial assets in key distribution markets ChoiceProperties 20
Slide 21: High-Demand Industrial
High-Demand Industrial Flexible well-located industrial portfolio 21.8M 124 Square Feet Properties $4.4B 98.3% Fair Value” Occupancy (1) Fairvalue of investment properties is shown on a proportionate share basis. ChoiceProperties 00 Bayly Strecte Ajax, OF _ Ne
Slide 22: High-Demand Industrial
High-Demand Industrial 90% Percentage of GLA by Market" of industrial assets are ane Ce igh quality 10% Edmonton 21% 9% i Vancouver Calgary 41% ie Po = = Square Feet (M) % of Total Montreal Atlantic @ Distribution 19.6 90% ry (NFLD/NB/ GTA Ottawa PEI/NS) Bl 1% Total GLA 21.8 Kitchener/Cambridge/Wate
Slide 23: Resilient Industrial Tenant Base
Resilient Industrial 36% Tenant Base Leplew ara revenue!) Top 10 Industrial Tenants" blow Loblaw 1 Lobl Companies petvalu Amazon Canada Cartage amazon QE Wonderbrands Inc. TEN Canada Ltd. BD Pet Valu NFI IPD oe = ©. =Z Uline Canada Corporation Wonderbrands @ AGLC Alberta Gaming, Liquor and Cannabis
Slide 24: Significant Embedded Growth
Significant Embedded Growth Major Market Breakdown ishinionden hia (2) Avg. Rent Ava: Rente Choice Properties’ avg. in- Vancouver $14.39 $19.87 place rent") Edmonton $9.23 $11.20 Calgary $8.56 $11.30 Greater Toronto Area $10.76 $16.59 Canadian Market avg. rent 2) Greater Montreal Area $10.21 $14.24
Slide 25: Mixed-Use & Residential
Mixed-Use & Residential Ah Purpose-built rental in key markets ChoiceProperties 25
Slide 26: Transit oriented mixed-use and residential portfolio
Transit oriented mixed-use and | residential portfolio Square Feet” Properties Residential Units Fair Value®) Occupancy®) (1) GLA of mixed-use & residential includes 0.7 million sq. ft. associated with Choice Propertie: intial units. (2) Fair valu nt properties is shown on a pri ate share basis. (3)
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% ChoicePro
Slide 28: Transformational Development
Transformational Development ChoiceProperties Houl 4 ou oa! (Rendering) ‘oronto, ON
Slide 29: Developing with Purpose
Developing with Purpose Diversifying our tenant base and driving incremental value 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 high-quali
Slide 30: Development Pipeline Positioned for Growth
Development Pipeline Positioned for Growth Driving near, medium and long-term value 18.0M...«. Sq. ft.0) In Planning Zoned & Ready Active Total Retail - 0.2M 0.2M p> 0.4M Industrial - 4.2M 0.8M > 5.0M Mixed-Use & Saget 7.3M 5.3M - DP 12.6M Total 7.3M 9.7M 10M DP 18.0M (I) Atthe Trust's share. Choice
Slide 31: On the Move
On the Move Strengthening our portfolio with active development projects Projects under Sq. ft. upon Total active development completion” investment!) Retail 10 0.2M $76M Industrial 1 0.8M 213M Residential(2) 1 c 2M Total 12 1.0M $291M (I) Estimated upon completion at the Trust’s share. Active devel
Slide 32: Industrial Development Pipeline
Industrial Development Pipeline Immense near-to-medium term opportunity within active and in-planning developments 5.0M Choice Caledon Business Park Caledon, ON sq. ft. zoned!) 2 Projects 259 Net Developable Acres") 0.5M 2025 completions sq. ft.) Fe |r \ 4.5M 2026+ completions Rendering ) . sq. ft.)
Slide 33: Mixed-Use and Residential Development Pipeline
Mixed-Use and Residential Development Pipeline Significant future growth 985 Woodbine Ave. 123 Parkway Forest Dr. 3 Toronto, ON Toronto, ON Projects in planning 12.6M Potential sq. ft. Density Rendering 15 306 Potential 601 total units 191 total units ’ Residential Units" 1.7 acres 1.5 acres (I) Att
Slide 34: Prudent Financial Management
Pees Prudent Financial Management ChoiceProperties
Slide 35: Measuring Financial Success
Measuring Financial Success Proven Stability. Positioned for Growth. Ge Stable and growing cash flows from existing portfolio Maximizing value in our core asset classes Improving quality through balanced capital recycling eae + Delivering best-in-class property operations capabilities market-leading
Slide 36: Significant Financial Capacity
Significant Financial Capacity DBRS Rating Positive Outlook BBB + S&P Rating unencumbered assets()) 72 unused portion of $1.4B revolving credit 2019 facility (1) As at September 30, 2025. 1.4x below peer average?) 74 71 74 7.0 6.9 71 2020 2021 2022 2023 2024 Q3 2025 Adjusted Debt to EBITDAFV, net of
Slide 37: Capital Structure Targets
Capital Structure Targets Maintaining financial stability Mortgages and Q3 2025 Target Range Secured Faciliti Unused portion of Unsecured G $1.48 > $1.08 peeeries revolving credit facility Unsecured Credit Adjusted Debt to EBITDAFVM2) GS 71x <7.5x Facility ($1.5B total capacity) Total Unsecured Weig
Slide 38: Debt Maturity Profile
Debt Maturing ($M) Q3 2025 Debt Maturity Profile Well-balanced debt ladder $1,000 $800 o $600 @ $400 $350 $200 Credit Remainder 2026 2027 2028 2029 Facility of 2025 Senior Unsecured @ Mortgages ana Green Debentures ())_ As at September 30, 2025, on a proportionate share basis. (2) Reflects senior un
Slide 39: Environmental, Social & Governance Program
Environmental, Social & Governance Program ChoiceProperties
Slide 40: Leading by Example in ESG
Leading by Example in ESG Read our ESG Reportto learn more about our sustainability strategy, initiatives, and achievements https://www.choicereit.ca/sustainability/ * Social ntal, age Report > ae = _ im ChoiceProperties Q3 2025 + Leading by Example in ESG 40
Slide 41: Appendices
Appendices ChoiceProperties
Slide 42: Transformational Industrial Development
Transformational Industrial Development ChoiceProperties
Slide 43: 380-acre industrial development land
*¢ 380-acres of industrial 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. A portion of Building H of Phase 2, a 624,000 sq. ft. distribution facility
Slide 44: Mixed-Use & Residential in Planning
ChoiceProperties
Slide 45: Grenville & Grosvenor
Grenville & Grosvenor ssacre site in Downtown Toronto, ON yobs 700+ units Provincial Affordable Housing Lands Program Transit accessible Partner: Greenwin Properties Q3 2025 + Appendices + Mixed-Use & Residentialin Planning 45
Slide 46: North Road
North Road” 7.8-acre site in city centre Access to two lines of Vancouver SkyTrain Revitalization into mixed-use community High density residential and retail ChoiceProperties Q3 2025 + Appendices + Mixed-Use & Residential in Planning
Slide 47: Woodbine Ave.
985 Woodbine Ave. 7 1.7-acre site in To ro nto, (e) N I 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 1 tT i” an = (Rendering) ChoiceProperties Q3 2025 + Appendices + Mixed-
Slide 48: ChoiceProperties
ChoiceProperties Q3 2025 + Appendices + Mixed-Use & Residential in Planning
Slide 49: 3.3-acre site
3.3-acre site ¢ 503 units * 1residential building | 4 * Directly across from J Broadview TTC subway pd rl pa E i é station : xt) : ; i Be: | New grocery store Dedicated public park ChoiceProperties Q3 2025 + Appendices » Mixed-Use & Residential in Planning 49
Slide 50: 13-acre site in Downtown Toronto
13-acre site in Downtown Toronto Major transit hub (TTC, GO Train, UP Express) Large mixed-use community High density residential, retail and office Properties Q3 2025 + Appendices + Mixed-Use & Residential in Planning 50
Slide 51: ChoiceProperties
ChoiceProperties Q3 2025 + Appendices + Mixed-Use & Residential in Planning 51
Slide 52: 3-acre site
3-acre site 382 units 1residential building Close proximity to Den Mills TTC subway station Partner: Woodbourne Canada Obtained city approval Q2 2025 Properties Q3 2025 + Appendices + Mixed-Use & Residentialin Planning 52
Slide 53: 7.7-acre site
* 7.7-acre site * 7 mixed-use buildings Major transit hub (Eglinton Crosstown LRT, GO Train, UP Express) Community integration ChoiceProperties Q3 2025 + Appendices + Mixed-Use & Residential in Planning 53
Slide 54: ChoiceProperties
ChoiceProperties Q3 2025 + Appendices + Mixed-Use & Residential in Planning
Slide 55: 6.5-acre site
* 6.5-acre site * 2,100 units * 6residential buildings * Directly adjacent to Warden TTC subway station * Dedicated public park 685 Warden Ave. Fors ante ' ChoiceProperties Q3 2025 + Appendices + Mixed-Use & Residential in Planning 55
Slide 56: Carlaw Ave.
449 Carlaw Ave. : cscsesne Toronto, ON=- 1 aie | , ie ae ae = 3 mixed-use buildings 1,080 units Transit-oriented community Future stop on Ontario Line Obtained provincial approval Q2 2025 ChoiceProperties Q3 2025 + Appendices + Mixed-Use & Residential in Planning
Slide 57: Phase 1
Phase1 * 1rental tower and 2 " condo towers * 1,350 units * Mixed-use * Community innovation district Properties @3 2023 + Appendices + Mixed-Use & Residential in Planning 57
Slide 58: 19-acre site in Toronto
19-acre site in Toronto Adjacent to two new transit stations along Eglinton Crosstown LRT Large mixed-use community High density residential and retail ChoiceProperties @3 2023 + 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. ChoiceProperties
Slide 60: Toronto
Toronto a tg, etameaomnount of Toronto me Significant long-term © peason @ aN ga / semi © “ : of x is ’ @ Retail ‘Sheridan Cob \ x B aeeret 4 @© ircsstiat nA S o Bs, As >. Mixed-use & } : MO AS, Residential @ ru Tr ach OS LEO eda ChoiceProperties Q3 2023 + Appendices + Immense Value Opportunity ~ *
Slide 61: Greater Vancouver Area
Greater Vancouver Area * 20 properties in the GVA * Significant long-term development potential. Langley Twp |ALOERGROVESe cl ChoiceProperties Q3 2023 + Appendices + Immense Value Opportunity 61
Slide 62: GMA
* 40 properties in the GMA * Significant long-term development potential 4 ‘Monsanto ‘Saint: Dor f © @ MeMasterville i Roe ee 4 ‘St-Bruno-de-Mor — Bizard Islahd gs Monten) int eCidire x b ———— 30 ee / ‘a. male Ga B-Dorval Bross. , AS \ a ; es ‘ dé Dn A rea ee Sainte-Rrinide-diharville Ser soa Mont:S
Slide 63: ChoiceProperties
ChoiceProperties
Choice Properties Real Estate Investment Trust — Q3 2025 Earnings Presentation on 6ix