Choice Properties Real Estate Investment Trust · TSX:CHP.UN
Choice Properties Real Estate Investment Trust — Q4 2025 Earnings Presentation
20 slides from Choice Properties Real Estate Investment Trust's earnings presentation, Feb 19, 2026
Slide 1: Q4 2025 Conference Call
Q4 2025 Conference Call February 19, 2026 10:00 AM ET 1 Presentation Title 1 301 Moore Ave., Toronto, ON
Slide 2: Forward-Looking Statements
Forward -Looking Statement s Certain statements contained in this document constitute forward -looking information within the meaning of securities laws. Forw ard -looking information may relate to Choice Properties REIT’s (“Choice Properties” or the “Trust”) future outlook and anticipated events or
Slide 3: Business & Operations Update
Business & Operations Update Rael Diamond President & Chief Executive Officer 3 Presentation Title 3 650 Portland St., Dartmouth, NS
Slide 4: Leadership Update
Leadership Update David Muallim Niall Collins Senior Vice President, Executive Vice President, Leasing & Operations Development & Construction 4 Presentation Title 4
Slide 5: 2025 Highlights
2025 Highlights Delivered on our strategic priorities with a year of strong operating and financial performance YoY FFOPU Growth Capital Recycling Development Deliveries 3.6% $801M 836K SF 7.4% Robust cash flow and same -asset NOI Of Retail and Industrial transactions Transferred to IPP Average yiel
Slide 6: Quarterly Highlights
Quarterly Highlights Momentum in our business continued in Q4 and we finished 2025 in a solid position Occupancy Leasing Spreads SA -NOI Growth 98.2% (+20 bps QoQ) 21.5% 2.4% Driven by increases in the Industrial Supported by strong leasing in both our Healthy cash flow and same -asset NOI portfolio
Slide 7: Portfolio Statistics
Portfolio Statistics A strong quarter of leasing activity to end the year with robust tenant demand across our portfolio Average Renewal Spread Occupancy 21.5% 98.2% Supported by strong lease Driven by increases in the renewals in the Atlantic and Industrial portfolio Ontario Retention Ratio New Lea
Slide 8: Retail Portfolio
Retail Portfolio Necessity -based, grocery anchored assets 44.5M SF 563 PROPERTIES Renewal Spreads Occupancy 16.8% 98.0% Renewals New Leasing 596K SF 89K SF Retention Ratio 90.4% 8 2925 Rue Rachel E., Montreal , QC
Slide 9: Industrial Portfolio
Industrial Portfolio Flexible high -quality and well -located primarily distribution assets 22.2M SF 124 PROPERTIES Renewal Spreads Occupancy 26.0% 98.8% Renewals New Leasing 1.0M SF 138K SF Retention Ratio 93.8% 9 Choice Eastway Industrial Centre, East Gwillimbury, ON
Slide 10: Mixed Use and Residential Portfolio
Mixed Use and Residential Portfolio Transit -oriented mixed -use and residential assets 1.8MSF (1) 923 Units 93.7% Occupancy (2) Liberty House, 39 East Liberty Street, Toronto, ON (1) 1.8M SF of GLA includes 0.7M SF associated with Choice Properties’ 923 residential units (2) Occupancy represents re
Slide 11: Transaction Activity
Transaction Activity Continually improving the quality of our portfolio through capital recycling 2025 Acquisitions (1) Q4 Acquisitions $460M During the quarter we acquired a well -located grocery anchored retail site in Ontario with excess land for intensification - Primarily industrial acquisition
Slide 12: Financial & Capital Update
Financial & Capital Update Erin Johnston Chief Financial Officer 12 Presentation Title 12 1048 Midland Ave., Kingston, ON
Slide 13: Growing Cash Flows
Growing Cash Flows Portfolio continues to deliver stable and growing cash flows $190M $0.262 0.8% Total FFO FFO / Unit FFO / Unit YoY Maple Ridge Square, 22441 Dewdney Trunk, Maple Ridge, BC Q4 2025 (1) SA -NOI YoY % Retail $193M +1.6% Industrial $50M +6.2% Mixed Use & Residential $7M (1.8%) Total $
Slide 14: NAV Appreciation
NAV Appreciation Consistent NAV growth over time $14.43 $72M 0.7% Per Unit QoQ QoQ 2.6% $14.53 YoY $14.43 $14.38 $14.17 $14.07 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 14 Creekside Shopping Centre, Calgary, AB
Slide 15: Industry Leading Balance Sheet
Industry Leading Balance Sheet Ending the year in a solid financial position with strong debt metrics and ample liquidity 7.0x Adjusted Debt / EBITDA FV 40.5% Debt to Total Assets $1.6B Unused Portion of Revolving Credit Facility & Cash $13.8B Unencumbered Assets BBB (High) / BBB+ Trend: Positive 15
Slide 16: Quarterly Development Update
Quarterly Development Update 601K SF of GLA at share was delivered and transferred to IPP in Q4, resulting in $41M of value creation Retail Intensifications 71K SF delivered 2 Deliveries ~6.7% average yield Tenants added: 12035 Highway 17E, Sturgeon Falls, ON Industrial Progress continues at Choice
Slide 17: 2025 Deliveries
2025 Deliveries Successful year of development completions and deliveries $237M Total spend in 2025 $222M FV transferred to IPP $47M Value creation ~7.4% Average stabilized yield 17 Presentation Title 17 Choice Caledon Business Park, 5786 Mayfield Rd., Caledon, ON
Slide 18: 2026 Guidance
2026 Guidance Target Outlook Occupancy Stable SA -NOI growth +2% - 3% FFO / unit $1.08 - $1.10 Adjusted Debt / < 7.5x EBITDA FV 18 100 Country Village Road NE, Calgary, AB
Slide 19: Q&A Session
Q&A Session 19 2332 -160th St., Surrey, BC
Slide 20: Thank You!
Thank You! 20 16900 Rte Trans -Canada, Kirkland, QC
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