Choice Properties Real Estate Investment Trust · TSX:CHP.UN
Choice Properties Real Estate Investment Trust — Q1 2026 Earnings Presentation
32 slides from Choice Properties Real Estate Investment Trust's earnings presentation, April 2026
Slide 1: 2026 Q1 Investor Presentation
2026 Q1 Investor Presentation 1
Slide 2: Forward-Looking Statements and Non-GAAP Financial Measures
Forward -Looking Statements 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: Canada's Leading REIT
Canada’s Leading REIT 3 Maple Ridge Square, 22441 Dewdney Trunk Rd., Maple Ridge, BC
Slide 4: Canada's Leading REIT
Canada’s Leading REIT Proven performance, positioned for long -term growth Largest in Canada (1) Unmatched Necessity -Based Strategic Relationship with Portfolio Canada’s Largest Retailer 699 68.5M SF $17.9B 83% 37M SF 57% High -quality Across 3 strategic Fair value (2) Necessity -based Grocery -anc
Slide 5: Three Strategic Asset Classes
Three Strategic Asset Classes Driving long -term value through our complementary and synergistic portfolio How Our Asset Classes Work Together • Commercial tenants benefit from a single landlord across multiple aspects of their business, supported by consistent leasing and property management teams
Slide 6: Our Portfolio at a Glance
Our Portfolio at a Glance An integrated national portfolio anchored in the places Canadians live, work, and thrive 563 Properties Percentage of NOI 699 by Asset Class (1) 4% High -quality properties across Canada Retail 22% Industrial 1048 Midland Ave., Kingston, ON Q1 2026 Mixed Use 124 Properties
Slide 7: Developing with Purpose
Developing with Purpose Driving incremental value and diversifying our tenant base Retail Development Near -term Industrial Mixed -Use & Residential 18.7M SF (1) Total Pipeline 1.3MSF 13 Active Sites under development 10.1MSF $374M Zoned & Total active 3045 Mavis Rd. / 3020 Elmcreek , Mississauga, O
Slide 8: Sustainability & Social Leadership
Sustainability & Social Leadership Integrating environmental stewardship, social responsibility, and rigorous governance in everything we do Sustainability Social 2025 Goal 2025 Goal 67% > 65% 54% > 45% of GLA certified as of Senior Management LEED / BOMA Best identify as women 42% > 50% 35% > 30% r
Slide 9: Our Proven Strategy
Our Proven Strategy 9 301 Moore Ave. Toronto, ON
Slide 10: A Proven Strategic Framework Creating Enduring Value
A Proven Strategic Framework Guiding our strategy with clear priorities, enduring principles, and a strong foundation GOALS PRIORITIES FOUNDATION Creating 1 Maintaining market -leading portfolio Strategic relationship with Canada’s largest retailer Enduring Value 2 Sustaining operational excellence
Slide 11: Long-term Financial Framework
Long -term Financial Framework Building long -term unitholder value through disciplined execution and a proven financial framework Historical annual return Delivering Value to Unitholders 9.3% AFFO/NAV Growth from Developments (1) Since IPO (4) ~1% Incremental annual growth from a conservative devel
Slide 12: Continued Outperformance
Continued Outperformance Resilient performance across cycles, driven by the disciplined execution of our proven strategic framework Total Return Since Choice Properties IPO (1) 9.3% 250% Choice Properties Retail REITs Average (2) TSX REIT Index Annualized return since 2013 IPO 200% 9.5% 150% Annuali
Slide 13: Retail Portfolio
Retail Portfolio Necessity -based grocery anchored retail portfolio 563 Properties 44.5M SF $11.7B Fair value (1) 97.9% Occupancy (1) Fair value of investment properties is shown on a proportionate share basis. 13 380 The East Mall, Etobicoke, ON
Slide 14: A Truly National Retail Footprint
A Truly National Retail Footprint A coast -to -coast platform of necessity -based retail properties located where Canadians live and shop ~90 % Percentage of NOI by Province (1) 45% Properties located at key intersections (3) 17% 14% 11% ~88% (2) 9% 2% 2% Neighbourhood Centres British Alberta Saskat
Slide 15: Largest Necessity-based Portfolio in Canada
Largest Necessity -based Portfolio in Canada A high -quality, necessity -anchored portfolio that generates durable and resilient cash flows 37M SF +64% Grocery -anchored portfolio of retail revenue from Loblaw banners (1) +68% of retail revenue from grocery and pharmacy (1) +83% of retail revenue fr
Slide 16: Strong Tenant Retention Fuels Consistent Growth
Strong Tenant Retention Fuels Consistent Growth Growing leasing spreads and staggered maturities drive stable and growing cash flows Stable and growing retail leasing spreads Well staggered retail lease maturity profile 9.3% Leasing Spreads by Quarter Lease Expiry by Year (1) Average retail leasing
Slide 17: Our Retail Intensification Strategy
Our Retail Intensification Strategy Maintaining portfolio stability at our existing sites while adding density and diversifying our tenant base OUR STRATEGY Last 3 Years Near Term Opportunity Long Term Opportunity Completed Unlocking value 36 11 Active projects (2) Retail sites with on existing site
Slide 18: Industrial Portfolio
Industrial Portfolio Flexible well -located industrial portfolio 124 Properties 22.2M SF $4.6B Fair value (1) 98.6% Occupancy (1) Fair value of investment properties is shown on a proportionate share basis. 18 18504 -18552 111 Ave. NW, Edmonton, AB
Slide 19: Our High-Demand Industrial Portfolio
Our High -Demand Industrial Portfolio Generic assets positioned close to multi -modal transport networks supplying Canadian consumers 91% Percentage of NOI by Market (1) Industrial assets are 9% generic and high quality Edmonton Critical mass in key 13% 18% 41% distribution markets 6% 90% (3) 7% Atl
Slide 20: Strong Covenant National Industrial Tenant Base
Strong Covenant National Industrial Tenant Base High -quality industrial tenancy supported by strong covenants and cross -platform relationships Top 10 Industrial Tenants (1) • A primarily third -party tenanted industrial portfolio with strong % of Rev. (1) covenant tenants and a Loblaw anchor ( ~35
Slide 21: Significant Embedded Growth
Significant Embedded Growth Meaningful upside as in -place rents remain well below market across major Canadian markets $10.43 Major Market MTM Breakdown Choice Average Rent Market Average Rent (1) (2) Choice average in -place rent (1) $14.91 Vancouver $14.56 $19.51 Canadian Market average rent (2)
Slide 22: Industrial Development Opportunity
Industrial Development Opportunity Development pipeline positions us to scale our industrial platform into Canada’s largest public portfolio ~4.5 M SF (1) Pipeline of z oned industrial space 27M SF Potential future industrial portfolio after pipeline completion (1) Access to multi -modal transport •
Slide 23: Mixed-Use & Residential
Mixed -Use & Residential Transit oriented mixed -use and residential portfolio 12 Properties 923 Residential Units (1) 1.8M SF (1) $0.9B Fair Value (2) 93.8% Occupancy (3) (1) 1.8 million sq. ft. of GLA includes 0.7 million sq. ft. associated with Choice Properties’ 923 residential units at the Trus
Slide 24: Multi-Residential Development Pipeline
Multi-Residential Development Pipeline A significant pipeline of active and future developments position us to scale in urban markets 26 Grenville & 27 Grosvenor 985 Woodbine Ave. Zoning Approved Toronto, ON Toronto, ON 7 7,414 Properties Potential residential units (1) 5.9M SF Potential residential
Slide 25: Prudent Financial Management
Prudent Financial Management 25 Fiesta Mall, 102 Hwy 8, Stoney Creek, ON
Slide 26: Resilient Organic Cash Flow & Earnings Growth
Resilient Organic Cash Flow & Earnings Growth Delivering stable and consistent cash flow growth across cycles SA -NOI Growth (1) Property level cash flows have been resilient over ~2.9% the last 10+ years averaging near 3% average annual SA - ~2.9% avg. NOI growth since 2015 COVID 2.1% 3.3% 6.0% 3.6
Slide 27: An Industry-leading Balance Sheet
An Industry -leading Balance Sheet Maintaining financial stability and flexibility with significant capacity Leverage Q1 2026 Target Range 1.8x (3) Unused portion of below peer average $1.5B > $1.0B revolving credit facility Adjusted Debt to 7.0x < 7.5x EBITDAFV (1) 1100 Princess St., Kingston, ON W
Slide 28: Balanced Debt Maturity Profile
Balanced Debt Maturity Profile A well -balanced debt ladder with manageable near -term maturities (1) 4.28% $1,000 WAIR (2) 11% 11% 11% $800 10% 10% 9% 8% 8% 9% 8% Debt Maturing ($M) $600 $700 $500 $350 $500 $750 $750 $550 $350 5% $350 $400 $500 $200 $350 $259 $309 0% $258 $206 $240 $147 $148 $190 $
Slide 29: Supplementary Information
Supplementary Information 29 31 9th St. E., Cornwall, Ottawa, ON
Slide 30: Historical Operational Metrics
Historical Operational Metrics Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Retail 563 563 567 568 569 570 572 570 573 Industrial 124 124 124 124 124 124 122 121 121 # of Properties Mixed Use & Resi 12 12 11 11 11 11 11 11 11 Total 699 699 702 703 704 705 705 702 705 Retai
Slide 31: Historical Profit & Loss Metrics
Historical Profit & Loss Metrics Q1 2026 2025 Q4 2025 Q3 2025 Q2 2025 Q1 2025 2024 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Retail +3.2% +1.9% +1.6% +3.1% +1.7% +1.5% +2.2% +2.3% +1.2% +3.0% +2.5% Same -Asset Industrial +6.2% +3.5% +6.2% +1.6% +0.2% +6.1% +8.2% +6.4% +11.7% +11.8% +2.8% NOI Growth (Cash Basi
Slide 32: Historical Financial Position Metrics
Historical Financial Position Metrics Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Net Asset Value per Unit $14.53 $14.43 $14.53 $14.38 $14.17 $14.07 $14.04 $13.79 $13.69 Market Price per Unit $15.36 $14.91 $14.70 $14.87 $13.95 $13.35 $15.13 $12.84 $13.78 Adjusted Debt to
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