Choice Properties Real Estate Investment Trust · TSX:CHP.UN
Choice Properties Real Estate Investment Trust — Q3 2025 Earnings Presentation
21 slides from Choice Properties Real Estate Investment Trust's earnings presentation, Nov 6, 2025
Slide 1: 2025 Third Quarter Conference Call
2025 Third Quarter Conference Call November 6,2025 9:00 AM ET Places People Thrive ChoiceProperties 301Moore Ave., Toronto, ON
Slide 2: Opening Remarks
Opening Remarks Rael Diamond President & Chief Executive Officer ChoiceProperties 650 Portland St., Dartmouth, NS
Slide 3: Quarterly Highlights
Quarterly Highlights Strong operating and financial performance OCCUPANCY LEASING SPREADS YoY FFO GROWTH 98.0% (+20 bps QoQ) 10.8% 7.8% (3.5% adjusted1) Driven by increases in the Industrial Over 23% excl. Loblaw, supported by Robust cash flow and same-asset portfolio strong Industrial portfolio lea
Slide 4: Q3 Portfolio Recap
Q3 Portfolio Recap A national platform of scale across three strategic asset classes Retail: Healthy third-party renewal spreads; delivered 7 new retail intensifications at attractive yields 567 $11.6B 44.5M PROPERTIES FAIR VALUE1 SQUARE FEET Industrial: Strong leasing activity; next phase of Caledo
Slide 5: Transaction Activity
Transaction Activity Continually improving the quality of our portfolio through capital recycling YTD ACQUISTIONS Q3 Acquisitions $393 M ~$9M PRICE 1 ~13 ACRES1 Primarily industrial acquisitions and Loblaw vend-ins 1 TRANSACTION Acquisition - Development Rendering of 4175 Strandherd, Ottawa, ON YTD
Slide 6: Operations Update
Operations Update Niall Collins Chief Operating Officer ChoiceProperties 2549 Weston Rd., Toronto, ON
Slide 7: Portfolio Statistics
Portfolio Statistics AVERAGE RENEWAL SPREAD OCCUPANCY 10.8% 98.0% Over 23% excluding Loblaw Driven by increases in the leases, supported by strong lease Industrial portfolio renewals in Ontario RETENTION RATIO NEW LEASING 95.8% 291KSF Creekside Shopping Centre, Calgary, AB Strong retention supported
Slide 8: Retail Portfolio
Retail Portfolio Necessity-based, grocery anchored assets 44.5MSF 567 PROPERTIES 9.0%t 97.8% RENEWAL SPREADS OCCUPANCY 3.1M SF RENEWALS 148KSF NEW LEASING 97.0% RETENTION RATIO ChoiceProperties 2925 Rue Rachel E., Montreal, QC
Slide 9: Industrial Portfolio
Industrial Portfolio Flexible high-quality and well-located primarily distribution assets 21.8M SF 124 PROPERTIES 38.3%t 98.3% RENEWAL SPREADS OCCUPANCY 430KSF RENEWALS 142KSF NEW LEASING 87.6% RETENTION RATIO ChoiceProperties 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 11 1.8M 923 95.5 % PROPERTIES SF1 UNITS OCCUPANCY2 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 repre
Slide 11: Development Update
Development Update 107KSF of GLA delivered and transferred to IPP in Q3 RETAIL INTENSIFICATIONS □ 107KSF □ -6.3% average yield 7deliveries □ $33M investment 3050 Vega Blvd., Mississauga, ON INDUSTRIAL □ Progress continues at Choice Caledon Business Park 1 ACTIVE PROJECT Subsequent to Q3: □ NLS build
Slide 12: Active Pipeline
Active Pipeline Development pipeline is driving growth, with near-term focus on commercial development 12 1.0M PROJECTS SQUARE FOOT -$291M “6.9% Choice Caledon Business Park, Caledon, ON TOTAL INVESTMENTS FORECASTED YIELDS 18.0M TOTAL PIPELINE 0.4M 5.0M 12.6M Coventry Hills, 100 Country Village Road
Slide 13: Financial Update
Financial Update Erin Johnston Chief Financial Officer ChoiceProperties 1048 Midland Ave., Kingston, ON
Slide 14: Growing Cash Flows
Growing Cash Flows Portfolio continues to deliver stable and growing cash flows $201M $0,278 7.8%t TOTAL FFO FFO/UNIT FFO/UN IT YOY SA-NOI YoY % 3601 Joseph Howe Dr., Halifax, NS Retail $193M +3.1% Industrial $49 M +1.6% Mixed Use & Residential $10M +4.0% Total $252M +2.8% Maple Ridge Square, 22441
Slide 15: NAV Appreciation
NAV Appreciation Consistent NAV growth $14.53 $111 M 1.0% PER UNIT QoQ QoQ 3.5%t YoY $14.53 $14.38 $14.17 $14.04 $14.07 Q3 24 Q4 24 Q125 Q2 25 Q3 25 ChoiceProperties Creekside Shopping Centre, Calgary, AB
Slide 16: Recent Financing Activity
Recent Financing Activit Extended our debt maturity profile to ~6.8 years $500M dual-tranche financing at average term and rate of ~16 Years and -4.85%, respectively SERIES W UNSECURED DEBENTURE $350M 10 Year Debenture at 4.628% Coupon SERIES X UNSECURED DEBENTURE $150M 30 Year Debenture at 5.369% C
Slide 17: Industry-Leading Balance Sheet
Industry-Leading Balance Sheet BBB (High) BBB+ DBRS Rating S&P Rating Trend: Positive $1.5B $13.7B Unused Portion Of Revolving Unencumbered Assets Credit Facility and Cash 1301 Lougheed Hwy., Coquitlam, BC 7.1x 40.6% Adjusted Debt / EBITDA FV Adjusted Debt / Total Assets Pioneer Park, 123 Pioneer Dr
Slide 18: 2025 Guidance
2025 Guidance Previous Revised Target Outlook Outlook Occupancy Stable Stable SA-NOI growth +2% - 3% +2% - 3% $1.05 - $1.06 $1.06 - $1.07 FFO/unit +2% - 3% +3% - 4% Adjusted Debt/ < 7.5x < 7.5x EBITDA FV ChoiceProperties 100 Country Village Road NE, Calgary, AB
Slide 19: Q&A Session
Q&A Session ChoiceProperties 2332-160th St., Surrey, BC
Slide 20: Thank You!
Thank You! ChoiceProperties 16900 Rte Trans-Canada, Kirkland, QC
Slide 21: 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
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