Choice Properties Real Estate Investment Trust · TSX:CHP.UN
Choice Properties Real Estate Investment Trust — Q4 2025 Earnings Presentation
52 slides from Choice Properties Real Estate Investment Trust's earnings presentation, Feb 19, 2026
Slide 1: 2025 Annual Investor Presentation
2025 Annual Investor Presentation 1
Slide 2: Forward-Looking Statements
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 $17.8B 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 Q4 2025 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 18.8M SF (1) Total Pipeline 1.4MSF 14 Active Sites under development 9.0M SF $387M 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% > 50% of GLA certified as of Senior Management LEED / BOMA Best identify as women 39 % (1) > 50% 35% >
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 9.5% 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) 9.5% 200% Choice Properties Retail REITs Average (2) TSX REIT Index Annualized return since 2013 IPO 150% 9.8% Annualized r
Slide 13: Delivering on Our Strategy
Delivering on Our Strategy 13 5010 Glen Erin Dr., Mississauga, ON
Slide 14: 2025 Key Achievements
2025 Key Achievements Delivered on our strategic priorities with a year of strong operating and financial performance Deliver ed on our Full Year Outlook Capital Recycling Program (2) 2025 Outlook 2025 Actual Achieved $460M $341M +$119M SA -NOI (1)growth 2.0% -3.0% 2.2% Retail and Industrial Disposi
Slide 15: Delivering on our Financial Framework
Delivering on our Financial Framework Executing our plan and delivering consistent growth and value for unitholders NOI Growth (1) FFO / Unit Growth Delivering consistent growth, Consistent property 3.3% 4.4% Reliable earnings growth 3.5% supported by the quality of level cash flow growth SA -NOI To
Slide 16: Maintaining Our Market Leading Portfolio
Maintaining Our Market Leading Portfolio Strengthening our portfolio and improving asset quality over time through disciplined capital recycling ~$5.5B (1) Capital Recycling An effective tool to improve our asset quality over time, lower vacancies and deliver more resilient properties of transaction
Slide 17: Delivering on Our Development Pipeline
Delivering on Our Development Pipeline Creating value by delivering high quality projects at attractive yields Retail Industrial Residential ~7.4% Average yield on cost since 2023 (1) $949M (1) FV delivered since 2023 $224M 19655 Seton Way SE, Calgary, AB Eastway Industrial Centre, East Gwillimbury,
Slide 18: Retail Portfolio
Retail Portfolio Necessity -based grocery anchored retail portfolio 563 Properties 44.5M SF $11.6B Fair value (1) 98.0% Occupancy (1) Fair value of investment properties is shown on a proportionate share basis. 18 380 The East Mall, Etobicoke, ON
Slide 19: 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 20: What is a Neighbourhood Centre?
What is a Neighbourhood Centre? Multi -tenanted neighbourhood shopping centres that meet the needs of local communities in Canada Neighbourhood Centres with essential anchor tenants that drive strong traffic and cash flows • Anchored by necessity -based tenants - grocery, pharmacy, and essential ser
Slide 21: 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 22: 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 9.1% Leasing Spreads by Quarter Lease Expiry by Year (1) Average retail leasing
Slide 23: 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 38 12 Active projects (2) Retail sites with on existing site
Slide 24: Enhancing Site Value Through Strategic Intensifications
Enhancing Site Value Through Strategic Intensifications A highly accretive strategy that increases site cash flow through added GLA and rightsizing Bradford, ON Project 500 Holland St. W • Original standalone Zehrs was intensified with a Shoppers Drug Mart and over a dozen small format necessity -ba
Slide 25: Putting Sustainability into Practice
Putting Sustainability into Practice Decarbonizing new retail developments and intensifications Key Site Stats First retail site to achieve Zero All -Electric or dual -fuel Renewable Energy Electricity Building Envelope Improvement rooftop units Solar panels were installed on the Better -performing
Slide 26: Industrial Portfolio
Industrial Portfolio Flexible well -located industrial portfolio 124 Properties 22.2M SF $4.6 B Fair value (1) 98.8% Occupancy (1) Fair value of investment properties is shown on a proportionate share basis. 26 18504 -18552 111 Ave. NW, Edmonton, AB
Slide 27: 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 10% generic and high quality Edmonton Critical mass in key 13% 18% 42% distribution markets 6% 91% (3) 7% At
Slide 28: Industrial Footprint in High-Growth GTA Market
Industrial Footprint in High -Growth GTA Market Our portfolio is strategically located across Canada’s fastest growing industrial market 45 % IPP 45 King City PUD 2 Industrial NOI in the GTA Markham Total 47 Ajax Richmond Hill Oshawa 400 Income Producing Pickering Caledon Properties Vaughan 404 47 4
Slide 29: Key Part of Western Canada Supply Chain
Key Part of Western Canada Supply Chain Significant presence in the primary distribution hub of Western Canada 17% 201 North Industrial NOI in Calgary North West Calgary International Income Producing Airport North East Properties 2 Calgary 25 1 Properties East ~4.7M 201 West 201 SF City Centre 8 So
Slide 30: 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 31: Improving Fundamentals Support an Industrial Recovery
Improving Fundamentals Support an Industrial Recovery Declining supply and stabilizing rents are setting the stage for a more balanced, resilient industrial market New industrial supply across Canada is declining National industrial rents are stabilizing National new supply & under construction pipe
Slide 32: Significant Embedded Growth
Significant Embedded Growth Meaningful upside as in -place rents remain well below market across major Canadian markets $10.40 Major Market MTM Breakdown Choice Average Rent Market Average Rent (1) (2) Choice average in -place rent (1) $14.91 Vancouver $14.56 $19.64 Canadian Market average rent (2)
Slide 33: Industrial Development Opportunity
Industrial Development Opportunity Development pipeline positions us to scale our industrial platform into Canada’s largest public portfolio ~4.6 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 34: 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) 93.7% 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 35: Long-term Outlook for Multi-Residential is Strong
Long -term Outlook for Multi -Residential is Strong Multi -residential is expected to remain a defensive asset class with attractive long -term growth prospects Conviction in multi - GTA rental supply gap to persist Cumulative growth in GTA rental supply & demand (1) residential supported by long -t
Slide 36: A Growing Residential Platform in Urban Markets
A Growing Residential Platform in Urban Markets Our residential strategy is focused on intensifying key urban land sites with purpose built rental projects Richmond Hill Markham GTA Residential Residential (IPP) 5 Properties Vaughan Residential (In Planning (1)) 11 5 Mixed Use GTA Total 5 21 Propert
Slide 37: 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 6 5,954 Properties Potential residential units (1) 4.8M SF Potential residential
Slide 38: Strategic Relationship with Loblaw
Strategic Relationship with Loblaw 38 12 Redway Rd., Toronto, ON
Slide 39: Canada's Leading Food & Pharmacy Retailer
Canada’s Leading Food & Pharmacy Retailer Industry leading assets, excellence in retail operations, and consistent operational & financial performance Canada’s Consumer Partner Revenue ~1/3rd 20%+ $61B 11.5% Of Canadians partner annual revenue (1) adj. EBITDA margin (1) Of Canadians choose Loblaw to
Slide 40: A Partnership Advantage
A Partnership Advantage A longstanding partnership that unlocks growth opportunities across our platform Mutually Beneficial Collaborative Transparency and Delivering on Our Strategic Alliance Working Relationship Long -Term Planning Growth Strategies Agreement Together Retail Industrial 12432 Symon
Slide 41: Growing Retail Presence Nationwide
Growing Retail Presence Nationwide Working with Loblaw to support its growth plans, while improving our existing sites Shoppers Drug Mart Intensifications New Grocery Store Expansion Supporting Shoppers Drug Mart national growth by adding new stores Expanding Loblaw banner's grocery presence by deve
Slide 42: Building Next-Generation Distribution Network
Building Next -Generation Distribution Network Building an at -scale next -generation retail distribution network with Loblaw in key GTA nodes Eastway Industrial Centre Choice Caledon Business Park Strategically located in GTA East's fastest -growing municipality, the Loblaw -occupied building ancho
Slide 43: Accessing High-Quality New Assets
Accessing High -Quality New Assets Loblaw has provided Choice Properties with a consistent pipeline of high -quality retail & industrial acquisitions 500 Bayly Ajax, ON Retail/Industrial JV Various Markets 396 St. Clair Toronto, ON Well located distribution asset along Highway Portfolio of 4 high -q
Slide 44: Prudent Financial Management
Prudent Financial Management 44 Fiesta Mall, 102 Hwy 8, Stoney Creek, ON
Slide 45: 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 46: An Industry-leading Balance Sheet
An Industry -leading Balance Sheet Maintaining financial stability and flexibility with significant capacity Leverage 2025 Target Range 1.7x (3) Unused portion of below peer average $1.5B > $1.0B revolving credit facility Adjusted D ebt to 7.0x < 7.5x EBITDAFV (1) 1100 Princess St., Kingston, ON Wei
Slide 47: 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% $800 10% 10% 9% 8% 8% 8% 8% Debt Maturing ($M) $600 $700 $500 $350 $350 $500 $750 $750 $550 $400 5% $350 $500 $200 $350 $274 $259 $309 $206 $190 1% $240 $147 $148 $
Slide 48: 2026 Outlook
2026 Outlook Setting achievable goals for 2026 following a successful 2025 Targets Stable Occupancy +2% - 3% SA -NOI growth $1.08 - $1.10 FFO / unit <7.5x Adjusted Debt / EBITDA FV 48 2332 160th St., Surrey, BC
Slide 49: Supplementary Information
Supplementary Information 49 31 9th St. E., Cornwall, Ottawa, ON
Slide 50: Historical Operational Metrics
Historical Operational Metrics Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Retail 563 567 568 569 570 572 570 573 Industrial 124 124 124 124 124 122 121 121 # of Properties Mixed Use & Resi 12 11 11 11 11 11 11 11 Total 699 702 703 704 705 705 702 705 Retail 44.5 44.5 44.5 44.5 4
Slide 51: Historical Profit & Loss Metrics
Historical Profit & Loss Metrics 2025 Q4 2025 Q3 2025 Q2 2025 Q1 2025 2024 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Retail +1.9% +1.6% +3.1% +1.7% +1.5% +2.2% +2.3% +1.2% +3.0% +2.5% Same -Asset Industrial +3.5% +6.2% +1.6% +0.2% +6.1% +8.2% +6.4% +11.7% +11.8% +2.8% NOI Growth (Cash Basis) Mixed Use & Resi
Slide 52: Historical Financial Position Metrics
Historical Financial Position Metrics Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Net Asset Value per Unit $14.43 $14.53 $14.38 $14.17 $14.07 $14.04 $13.79 $13.69 Market Price per Unit $14.91 $14.70 $14.87 $13.95 $13.35 $15.13 $12.84 $13.78 Adjusted Debt to Assets 40.5% 40.6% 40.
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