Choice Properties Real Estate Investment Trust · TSX:CHP.UN
Choice Properties Real Estate Investment Trust — Merger or Acquisition (April 2026)
22 slides from Choice Properties Real Estate Investment Trust's merger presentation, Apr 16, 2026
Slide 1: Transformational Acquisition of a Best-in-Class Necessity Retail Portfolio
Transformational Acquisition of a Best-in-Class Necessity Retail Portfolio April16,2026 WINNERS CityMarket WING 908 ERPARKDENTAL COBS BREAD MASKAGE HEIGH THE ALLEY GoodLife REWERY DSW WINNERS 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 the future outlook of Choice Properties REIT (“Choice Properties” or the “Trust”) and anticipated events or
Slide 3: Today's Presenters
Today's Presenters Rael Diamond Erin Johnston President & CEO CFO 3
Slide 4: Transaction Overview & Details
Transaction Overview & Details • Choice Properties REIT ("Choice") and KingSett Capital ("KingSett") have entered into an arrangement agreement to privatize First Capital REIT ("FCR") pursuant to which: Transaction - Choice will acquire ~$5.OB of FCR assets (the "Acquisition Portfolio"), including $
Slide 5: Creating & Solidifying Canada's Leading REIT
Creating & Solidifying Canada's Leading REIT Choice has a long-term track record of growth through strategic acquisitions and development 2026+ 2026 FIRST 2019-2025 CAPITAL 2018 Choice is Canada's Transformational acquisition enhances portfolio quality, 2013 Choice completes portfolio leading REIT,
Slide 6: A Highly Compelling Transaction
A Highly Compelling Transaction • Unique opportunity to acquire a leading retail portfolio strategically located in core markets Best-in-Class - MTV and VECTOM exposure of 83% and 92%1, respectively Acquisition - Significant exposure to necessity-based tenants (83%2) Portfolio • Primarily comprised
Slide 7: Acquisition Portfolio Overview
Acquisition Portfolio Overview The Acquisition Portfolio comprises FCR's best-in-class assets, solidifying Choice Properties' position as Canada's leading REIT Financial Metrics Portfolio Metrics Portfolio includes some of the highest-quality urban neighbourhood centres in core ~$235M Canadian marke
Slide 8: Acquiring Best-in-Class Assets
Acquiring Best-in-Class Assets The Acquisition Portfolio represents FCR's best neighbourhood centres in key urban markets MTV Exposure1 1 Population Density | 5km1,2 Necessity-Based Exposure3 Asset Type4 ☐ Density / PUD / Resi. Inv. IPP ☐ Loans Rec. ~274K 83% 83% 3% 2% — 9% ~256K 60% 75% 97% 89% Acq
Slide 9: World Class Retail Neighbourhood Centres
World Class Retail Neighbourhood Centres The Acquisition Portfolio includes some of the highest quality urban neighbourhood centres in Canada Leaside Village Toronto, ON Carré Lucerne Montreal, QC 199KSF 118KSF GLA GLA Kindercare 99% 100% Occupancy Occupancy 536K 479K Pop. Density Pop. Density (5KM)
Slide 10: Meaningful Presence in Key Urban Markets
Meaningful Presence in Key Urban Markets The transaction strengthens Choice's retail exposure in core urban markets across Canada Retail Key Market Exposure1 Acquisition Portfolio | Market Exposure² MTV Exposure4 VECTOM Exposure4 Pop. Density | 5km Acquisition Portfolio has 83% and 92% exposure to M
Slide 11: Diversified Tenant Mix
Diversified Tenant Mix The transaction meaningfully increases Choice's retail exposure to high-growth third-party tenants Retail Tenant Type Exposure1 Acquisition Portfolio | Tenancy Mix Third-Party Tenants Loblaw Exposure Necessity-Based Exposure² Acquisition Portfolio has 83% exposure to necessity
Slide 12: Financial Highlights & Overview
Financial Highlights & Overview The transaction will add significant scale to Choice's business and capital structure ~830M Pro Forma Combined Portfolio Pro Forma Capital Structure The transaction significantly enhances our scale and Choice is maintaining its strong capital structure and Pro forma t
Slide 13: Continued Balance Sheet Strength
Continued Balance Sheet Strength Choice's industry-leading balance sheet facilitated the pursuit of this transformative portfolio acquisition Balance sheet stability Low near-term renewal risk Enhanced liquidity Investment-grade credit profile Positive 10 year 6.1 years $2.0B BBB(High) Outlook Balan
Slide 14: Clear Path to Deleveraging
Clear Path to Deleveraging Choice will maintain a conservative approach to leverage and a disciplined capital structure Net Debt to Adjusted EBITDA1 Retail peer³ • Net debt to adjusted EBITDA¹ expected to decline to low-8x in the near-term via: average: ~8.5x I. Strong forecast EBITDA growth generat
Slide 15: Enhanced Capital Markets Profile
Enhanced Capital Markets Profile An expanded public float will enhance trading liquidity and capital markets visibility Reiterates market leadership Diversifies investor base Increases trading liquidity Supports transaction execution #1 +$1.1B ~26% $600M Canadian REIT Equity Issued Public Float Incr
Slide 16: Consistent Track Record of Performance
Consistent Track Record of Performance Choice has delivered consistent outperformance across cycles Total Return Since Choice Properties IPO1 9.7% —Choice Properties —Retail RElTs Average² —TSX REIT Index +228% Annualized return since 200% 2013 IPO 150% +151% 10.1% Annualized return since +107% 100%
Slide 17: Long-term Value Creation Opportunity
Long-term Value Creation Opportunity This transaction solidifies Choice as Canada's leading REIT Longo's 306 Enhances Choice's portfolio with best-in-class retail assets in urban locations and increases diversification with third-party tenants Adds incremental open-air shopping centres in high-densi
Slide 18: Appendix
Appendix WHOLE FOODS MARKET trance JOOO FIRE ROUTE Sale Brightens uplife. And oatmeal Lundbery Organic Thin designer's optical Stackers 50 OFF 2for$5
Slide 19: Consolidated Key Metrics
Consolidated Key Metrics Choice Transaction Metrics Choice Pro Forma Metrics Retail Portfolio Total Business Acquisition Purchase price: $5.0B1 ChoiceProperties Portfolio Pro Forma ChoiceProperties Pro Forma Total Equity Value² - $2B - $11B $13B $1.1B equity issued to FCR unitholders Total Enterpris
Slide 20: Acquisition Portfolio Property List (1/2)
Acquisition Portfolio Property List (1/2) Greater Toronto Area 4.3M SF, 49 Properties Property Property Property Liberty Village 17 Dufferin Corners 36 Appleby Village 1 Shops at King Liberty 18 Victoria Terrace 37 Appleby Square 19 Cliffcrest Plaza Burlington 2 Barrymore Building 38 Burlingwood Sho
Slide 21: Acquisition Portfolio Property List (2/2)
Acquisition Portfolio Property List (2/2) Greater Montreal Area 1.2M SF; Greater Vancouver Area 1.1M SF; Other Ontario 0.7M SF; 10 Properties 18 Properties 13 Properties Property Property Property 50 Centre commercial Maisonneuve 71 Scott 72 Shopping Centre 89 Bridgeport Plaza 51 Carre Lucerne 72 Pe
Slide 22: Thank You
Thank You ChoiceProperties Places People Thrive
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