Choice Properties Real Estate Investment Trust · TSX:CHP.UN
Choice Properties Real Estate Investment Trust — Q2 2025 Earnings Presentation
65 slides from Choice Properties Real Estate Investment Trust's earnings presentation, July 2025
Slide 1: Second Quarter 2025 Investor Presentation
2025 Second 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 58% Loblaw tenancy(4) properties retail portfolio(3) 68.1 M Across 3 strategic 38M Grocery-anchore
Slide 4: Q2 2025 Financial and Operating Performance
Q2 2025 Financial and Operating Performance Q22025 G1 2025 Q2 2024 FFO(1) $0,265 $0,264 $0,255 /unit /unit /unit +0.4% +3.9% AFFO(1) $0,231 $0,249 $0,244 /unit /unit /unit -7.2% -5.3% Same-Asset NOI, $249.3M $248.2M $245.9M Cash Basis(1) +0.4% +1.4% nav(1) $14.38 $14.17 $13.79 +1.5% +4.3% 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 2332-160* Sf. Sdrrey, 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 Sustaining 2 operational excellence Respect CORE Delivering 3 Values E
Slide 9: Our Near-Term Focus
Our Near-Term Focus 2 1 Maintaining 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 1226 Place D’Orleans Drive Ottawa, ON
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 3333 James Snow Parkway Properties Properties Feet Value(1) Occupancy Development Milton, ON Retail 568 44.5M $11.5B 97.8%
Slide 12: Strategic Asset Classes: NOI by Province
3 Strategic Asset Classes Percentage of NOI by Province(1) 97.8% Total Occupancy 10% 19% 2% British Alberta Manitoba Columbia 2% 47% 11% 9% Saskatchewan Ontario Quebec Atlantic (NFLD/NB/ PEI/NS) *Retail *Industrial *Mixed-Use & Residential (1) Calculated as a % of total NOI on a proportionate share
Slide 13: Stable and Consistent Occupancy
Stable and Consistent Occupancy Period-End Occupancy Occupancy by Asset Class 100% Retail 97.8% Industrial 98.0% 75% Mixed-Use & 95.4% Residential(1) Total 97.8% 50% __ __ __ __ 25% 0% 2016 2017 2018 2019 2020 2021 2022 2023 2024 Q2 2025 (1) Occupancy represents retail and office portion of mixed-us
Slide 14: Long-Term Leases
Long-Term Leases High quality tenants provide cash flow stability Lease Expiry by YeaK(1) * Loblaw Other % of Portfolio 49.9% 35 30 Weighted Average Lease Term 25 Sq. ft. in millions Loblaw Ancillary Total 20 6.3 5.4 5.9 15 14.6% years years years 12.2% 10 10.5% 8.6% 5 2.0% 0 Remainder of 2025 2026
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 44.5 M 568 Square Feet Properties $11.5B 97.8% Fair Value(1) Occupancy (1) Fair value of investment properties is shown on a proportionate share basis. ChoiceProperties 1632 Lonsdale Ave. Vancouver, BC
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) 68% 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 pro
Slide 18: Retail Footprint
Retail Footprint Percentage of GLA by Province(1) 85% 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(1) 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% 20 42.5% in-place 15 occupancy 17.6% 10 12.9% 12.9% 9.8% •• Staggered maturities 5 2.1% •• High probability of renewal •• Strong covenant tenants 0 Remainder of 2025 2026 2027 2028 2029 2
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 21.8M 124 Square Feet Properties $4.4B 98.0% Fair Value(1) Occupancy (1) Fair value of investment properties is shown on a proportionate share basis. 2755190th Street Surrey, BC
Slide 22: High-Demand Industrial: GLA by Market
High-Demand Industrial Percentage of GLA by Market(1) 90%of industrial assets are generic and nigh quality 10% Edmonton 21% 9% Vancouver Calgary 41% 7% 7% Square Feet (M) % of Total Montreal Atlantic * Distribution 19.6 90% (NFLD/NB/ PEI/NS) * warehouse(2) 2.2 10% GTA Ottawa 1% Total GLA 21.8 Kitche
Slide 23: Resilient Industrial Tenant Base
Resilient Industrial 36% Tenant Base Loblaw gross industrial revenue(1) Top 10 Industrial Tenants(1) 1 Loblaw 2 Canada Cartage 3 Amazon 4 Wonderbrands 5 Pet Valu 6 TEN Canada 7 NFIIPD 8 Uline Canada Corporation 9 Alberta Gaming, Liquor and Cannabis 10 Kimberly-Clark (1) Calculated on industrial segm
Slide 24: Significant Embedded Growth
Significant Embedded Growth Major Market Breakdown Choice Market $10.08 Vancouver Avg. Rent(1) $14.07 Avg. Rent(2) $19.91 Choice avg. in-place rent(1) based on Choice portfolio Edmonton $9.15 $11.18 Calgary $8.48 $11.32 $15.37 Greater Toronto Area $10.56 $16.93 Canadian Market avg. rent(2) Greater M
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 95.4% Fair Value(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 v
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% Q2 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 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 18.1M sq.ft. 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 7.3M 5.3M - ► 12.6M Total 7.3M 9.7M 1.1M ► 18.1 M (1) At the Trust's share
Slide 31: On the Move
On the Move Strengthening our portfolio with active development projects Projects under Sq. ft. upon Total active development completion11* investment(1) Retail 16 0.3M $110M Industrial 1 0.8M 213M Residential(2) 1 - 2M Total 18 1.1 M $325M (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)
Slide 33: Mixed-Use and Residential Development Pipeline
Mixed-Use and Residential Development Pipeline Significant future growth 985 Woodbine Ave. 123 Parkway Forest Dr. 13 Toronto, ON Toronto, ON Projects in planning 12.6M Potential sq. ft. Density(1) •Rendering- Rendering Potential 601 total units 191 total units 15,306 Residential Units(1) 1.7 acres 1
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-
Slide 36: Significant Financial Capacity
Significant Financial Capacity 1.5x BBB (High)/+ below peer average(2) DBRS Positive Outlook /S&P Rating S13.5B unencumbered assets(1) $1.3B unused portion of revolving credit facility(1) Adjusted Debt to EBITDAFV, net of cash(3) (4) (1) As at June 30, 2025. (2) Source: Q1 2025, TD Earnings Update R
Slide 37: Capital Structure Targets
Capital Structure Targets Maintaining financial stability Q22025 Mortgages and $2.OB Target Range 11% Secured Facilities^ Unused portion of Unsecured $5.4B / $1.3B > $1.0B revolving credit facility Debentures Unsecured Credit Adjusted Debt to EBITDAFV(1)(2) / 7.2x 30% Facility $0.2B <7.5x ($1.5B tot
Slide 38: Q2 2025 Debt Maturity Profile
Q.2 2025 Debt Maturity Profile(1) 6.1 4.23% Well-balanced debt ladder Years 14% WAI R(2) WATM(2) $1,000 11% 11% $800 10% 10% 9% Debt Maturing ($M) 8% $700 8% 8% $600 $500 $550 $350 5% $750 $750 $400 $350 $500 $500 $200 $200 $200 $200 $310 0% $263 $277 $235 $167 $190 $119 $146 $147 $79 $79 $16 $0 Rem
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/sustainability/ 2024 Environmental, Social and Governance Report ChoiceProperties Q2 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, Caledon, ON
Choice Caledon Business Park • 380-acres of industrial development land Caledon, ON • 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 Q2 2
Slide 44: Mixed-Use & Residential in Planning
Mixed-Use & Residential in Planning
Slide 45: Grenville & Grosvenor, Toronto, ON
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 Q2 2025 • Appendices • Mixed-Use & Residential in Planning 45
Slide 46: North Road, Coquitlam, BC
North Road • 7.8-acre site in city centre Coquitlam, BC • Access to two lines of Vancouver SkyTrain • Revitalization into mixed-use community • High density residential and retail Q2 2025 • Appendices • Mixed-Use & Residential in Planning 46
Slide 47: 985 Woodbine Ave. - Toronto, ON
985 Woodbine Ave. - Toronto, ON Q2 2025 • Appendices • Mixed-Use & Residential in Planning 47
Slide 48: 985 Woodbine Ave., Toronto, ON
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 Q2 2025 • Appendices • Mixed-Use & Residential in Planning 48
Slide 49: 720 Broadview Ave., Toronto, ON
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 Q2 2025 • Appendices • Mixed-Use & Residential in Planning 49
Slide 50: 2280 Dundas St. W - Toronto, ON
2280 Dundas St. W - Toronto, ON Q2 2025 • Appendices • Mixed-Use & Residential in Planning 50
Slide 51: 2280 Dundas St. W, Toronto, ON
2280 Dundas st. W • 13-acre site in Downtown Toronto Toronto , ON • Major transit hub (TTC, GO Train, UP Express) • Large mixed-use community • High density residential, retail and office Q2 2025 • Appendices • Mixed-Use & Residential in Planning 51
Slide 52: Parkway Forest Dr., Toronto, ON
Parkway Forest Dr. • 3-acresite Toronto, ON • 382 units • 1 residential building • Close proximity to Don Mills TTC subway station • Partner: Woodbourne Canada • Obtained city approval Q2 2025 Q2 2025 • Appendices • Mixed-Use & Residential in Planning 52
Slide 53: 25 Photography Dr. - Toronto, ON
25 Photography Dr. - Toronto, ON Q2 2025 • Appendices • Mixed-Use & Residential in Planning 53
Slide 54: 25 Photography Dr., Toronto, ON
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 Q2 2025 • Appendices • Mixed-Use & Residential in Planning 54
Slide 55: 685 Warden Ave., Toronto, ON
685,Warden Ave. • 6.5-acresite Toronto, on • 2,100 units • 6 residential buildings • Directly adjacent to Warden TTC subway station • Dedicated public park Q2 2025 • Appendices • Mixed-Use & Residential in Planning 55
Slide 56: 449 Carlaw Ave. - Toronto, ON
• 5.6-acre site • 3 mixed-use buildings • 1,080 units • Transit-oriented community • Future stop on Ontario Line • Obtained provincial approval Q2 2025 449 Carlaw Ave. - Toronto, ON Q2 2025 • Appendices • Mixed-Use & Residential in Planning 56
Slide 57: Golden Mile - Toronto, ON
• 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 Q2 2025 • Appendices • Mixed-Use & Residential in Planning 57
Slide 58: Golden Mile, Toronto, ON
Golden Mile Phase 1 Toronto, ON • 1 rental tower and 2 condo towers • 1,350 units • Mixed-use • Community innovation district • Partner: Daniels Q2 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 • Retail 40 • Industrial 2 • Mixed-use & 5 Residential • PUD 5 52 Q2 2025 • Appendices • Immense Value Opportunity 60
Slide 61: 17 Leslie St., Toronto, ON
17 Leslie st. • 6-acre site Toronto ,ON • Close proximity to Queen Streetcar Q2 2025 • Appendices • Immense Value Opportunity 61
Slide 62: 10 Lower Jarvis St., Toronto, ON
10 Lower Jarvis st. • 4.1-acre site Toronto, ON • Core downtown location Q2 2025 • Appendices • Immense Value Opportunity 62
Slide 63: Greater Vancouver Area
Greater Vancouver Area • 20 properties in the GVA • Significant long-term development potential. .Retail 16 .Industrial 4 20 Q2 2025 • Appendices • Immense Value Opportunity 63
Slide 64: Montreal
Montreal • 40 properties in the GMA • Significant long-term development potential Retail 36 Industrial 4 40 Q2 2025 • Appendices • Immense Value Opportunity 64
Slide 65: ChoiceProperties
ChoiceProperties
Choice Properties Real Estate Investment Trust — Q2 2025 Earnings Presentation on 6ix