Choice Properties Real Estate Investment Trust · TSX:CHP.UN
Choice Properties Real Estate Investment Trust — Q3 2025 Earnings Presentation
63 slides from Choice Properties Real Estate Investment Trust's earnings presentation, 2025
Slide 1: 2025 Third Quarter Investor Presentation
2025 Third 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(2) 68.1M Across 3 strategic 37M Grocery-anchored
Slide 4: Q3 2025 Financial and Operating Performance
Q3 2025 Financial and Operating Performance Q3 2025 Q2 2025 03 2024 FFO(1) $0.278 $0.265 $0,258 /unit /unit /unit +4.9% +7.8% AFFO(1)(2) $0.192 $0.231 $0,229 /unit /unit /unit -16.9% -16.2% Same-Asset NOI, $251.5M $249.2M $244.6M Cash Basis(1) +0.9% +2.8% NAV(1) $14.53 $14.38 $14.04 +1.0% +3.5% Occu
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 2332-160th st. surrey, 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 2 Sustaining operational excellence Respect CORE 3 Delivering developm
Slide 9: Our Near-Term Focus
Our Near-Term Focus 1 Maintaining Sustaining 3 Delivering 2 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 property Industrial opportunity the Future Improving
Slide 10: Market Leading Portfolio
Market Leading Portfolio ChoiceProperties 1226 Place D'Orleans Drive Ottawa, ON
Slide 11: 3 Strategic Asset Classes
South Trail Shopping Centre Edmonton, AB 3 Strategic Asset Classes 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 567 44.5M $11.6B(1) 97.8%
Slide 12: Strategic Asset Classes: NOI by Province
3 Strategic Asset Classes Percentage of NOI by Province(1) 98.0% Total Occupancy Retail Industrial Mixed-Use & Residential (1) Calculated as a % of total NOI on a proportionate share cash basis for the three months ended September 30,2025. ChoiceProperties Q3 2025 • 3 Strategic Asset Classes 12
Slide 13: Stable and Consistent Occupancy
Stable and Consistent Occupancy Period-End Occupancy Occupancy by Asset Class Retail 97.8% Industrial 98.3% Mixed-Use & 95.5% Residential(1) Total 98.0% (1) Occupancy represents retail and office portion of mixed-use properties; residential units are excluded. ChoiceProperties Q3 2025 • 3 Strategic
Slide 14: Long-Term Leases
Long-Term Leases High quality tenants provide cash flow stability Lease Expiry by Year(1) Loblaw Other % of Portfolio Weighted Average Lease Term Sq.ft, in millions Loblaw Ancillary Total 6.3 5.4 5.9 years years years (1) Lease expiry by year includes ground leases. ChoiceProperties Q3 2025 • 3 Stra
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 44.5M 567 Square Feet Properties $11.6B 97.8% • > Fair Value(1) Occupancy (1) Fair value of investment properties is shown on a proportionate share basis and includes $0.1M of assets held for sale as at Septembe
Slide 17: Strong Necessity-Based Retail Anchor Tenants
Strong Necessity-Based Retail Anchor Tenants Reliable and stable cash flows(1) 65% of retail revenue from Loblaw banners 68% of retail revenue from grocery and pharmacy 83% of retail revenue from necessity-based retail (1) Revenue percentages below are calculated on the segment’s annualized gross re
Slide 18: Retail Footprint
Retail Footprint 90% Percentage of GLA by Province(1) of properties located at key intersections(2) Square Feet NOI(3) Necessity-based(4) Neighbourhood Centres (M) 39.2 88% 78% Power Centres 5.3 12% 5% Total 44.5 83% (1) Calculated as a % of the retail segment's total GLA as at September 30, 2025. (
Slide 19: Strong Tenant Retention
Strong Tenant Retention Reliable and stable cash flows Lease Expiry by Year(1) Loblaw Other % of Portfolio 97.8% in-place occupancy • Staggered maturities • High probability of renewal • Strong covenant tenants (1) Lease expiry by year includes ground leases. ChoiceProperties Q3 2025 • Winning Retai
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 98.3% Fair Value(1) Occupancy (1) Fair value of investment properties is shown on a proportionate share basis. ChoiceProperties 500 Bayly Street E Ajax, ON
Slide 22: High-Demand Industrial: GLA by Market
High-Demand Industrial 90% Percentage of GLA by Market(1) of industrial assets are generic and high quality Square Feet (M) % of Total Distribution 19.6 90% Warehouse(2) 2.2 10% Total GLA 21.8 Kitchener/Cambridge/Waterloo (1) Calculated as a % of the industrial segment's total GLA as at September 30
Slide 23: Resilient Industrial Tenant Base
Resilient Industrial 36% Tenant Base Loblaw gross industrial revenue(1) Top 10 Industrial Tenants(1) 1 Loblaw 2 Amazon 3 Canada Cartage 4 Wonderbrands Inc. 5 TEN Canada Ltd. 6 Pet Valu 7 NFIIPD 8 Uline Canada Corporation 9 Alberta Gaming, Liquor and Cannabis 10 Kimberly-Clark (1) Calculated on indus
Slide 24: Significant Embedded Growth
Significant Embedded Growth Major Market Breakdown Choice Market Properties’ $10.22 Avg. Rent(1) Avg. Rent(2) Choice Properties’ avg. in- Vancouver $14.39 $19.87 place rent(1) Edmonton $9.23 $11.20 Calgary $8.56 $11.30 $15.11 Greater Toronto Area $10.76 $16.59 Canadian Market avg. rent(2) Greater Mo
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 95.5% Fair Value(2) Occupancy(3) (1) GLA of mixed-use & residential includes 0.7 million sq. ft. associated with Choice Properties’ 923 residential units. (2) Fa
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% ChoicePro
Slide 28: Transformational Development
Transformational Development ChoiceProperties 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 18.0M sq. ft. Sq. ft.(1) In Planning Zoned & Ready Active Total Retail - 0.2M 0.2M 0.4M Industrial - 4.2M 0.8M 5.0M Mixed-Use & 7.3M 5.3M - 12.6M Residential Total 7.3M 9.7M 1.0M 18.0M (1) At the Trust’s share. Choic
Slide 31: On the Move
On the Move Strengthening our portfolio with active development projects Projects under Sq. ft. upon Total active development completion(1) investment(1) Retail 10 0.2M $76M Industrial 1 0.8M 213M Residential(2) 1 - 2M Total 12 1.0M $291M (1) Estimated upon completion at the Trust’s share. Active de
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. zoned(1) Caledon, ON 2 Projects 259 Net Developable Acres(1) 0.5M 2025 completions sq. ft.(1) 4.5M 2026+ completions sq. ft.(1) (1) At the Trus
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) Potential 601 total units 191 total units 15,306 Residential Units(1) 1.7 acres 1.5 acres (1) At the Tr
Slide 34: Prudent Financial Management
Prudent Financial Management ChoiceProperties 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 Maintaining 1 market-leading portfoli
Slide 36: Significant Financial Capacity
Significant Financial Capacity BBB (High) DBRS Rating Positive Outlook 1.4x below peer average(2) BBB + S&P Rating unencumbered $13.7B assets(1) 7.2 7.4 7.1 7.4 7.0 6.9 7.1 unused portion of $1.4B revolving credit facility(1) 2019 2020 2021 2022 2023 2024 Q3 2025 Adjusted Debt to EBITDAFV, net of ca
Slide 37: Capital Structure Targets
Capital Structure Targets Maintaining financial stability Mortgages and $1.9B GL3 2025 Target Range 10% Secured Facilities(5) Unused portion of Unsecured $5.7B $1.4B > $1.0B Debentures revolving credit facility Unsecured Credit 31% $0.1B Adjusted Debt to EBITDAFV(1)(2) 7.1x < 7.5x Facility ($1.5B to
Slide 38: Q3 2025 Debt Maturity Profile
Q3 2025 Debt Maturity Profile 4.28% 6.8 Years Well-balanced debt ladder(1) WAIR(2) WATM(2) Debt Maturing ($M) Senior Unsecured Mortgages and Senior Unsecured Credit Facility % of Debt Green Debentures Construction Loans Debentures (1) As at September 30, 2025, on a proportionate share basis. (2) Ref
Slide 39: Environmental, Social & Governance Program
Environmental, Social & Governance Program ChoiceProperties 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 Q3 2025 • Leading by Example in ESG 40
Slide 41: Appendices
Appendices ChoiceProperties 1792 Liverpool Rd. (Rendering), Pickering, ON
Slide 42: Transformational Industrial Development
Transformational Industrial Development ChoiceProperties Choice Caledon Business Park (Rendering), Caledon, ON
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. • A portion of Building H
Slide 44: Mixed-Use & Residential in Planning
Mixed-Use & Residential in Planning ChoiceProperties Parkway Forest Dr. (Rendering), North York, ON
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 ChoiceProperties Q3 2025 • Appendices • Mixed-Use & Residential in Planning 45
Slide 46: North Road, Coquitlam, BC
North Road • 7.8-acre site in city Coquitlam, BC centre • Access to two lines of Vancouver SkyTrain • Revitalization into mixed-use community • High density residential and retail ChoiceProperties Q3 2025 • Appendices • Mixed-Use & Residential in Planning 46
Slide 47: 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 ChoiceProperties Q3 2025 • Appendices • Mixed-Use & Residential in P
Slide 48: Woodbine Ave. - Toronto, ON
985 Woodbine Ave. - Toronto, ON
Slide 49: Broadview Ave., Toronto, ON
720 Broadview Ave. • 3.3-acre site Toronto, ON • 503 units • 1 residential building • Directly across from Broadview TTC subway station • New grocery store • Dedicated public park ChoiceProperties Q3 2025 • Appendices • Mixed-Use & Residential in Planning 49
Slide 50: 2280 Dundas St. W, Toronto, ON
2280 Dundas St. W • 13-acre site in Downtown Toronto, ON Toronto • Major transit hub (TTC, GO Train, UP Express) • Large mixed-use community • High density residential, retail and office ChoiceProperties Q3 2025 • Appendices • Mixed-Use & Residential in Planning 50
Slide 51: 2280 Dundas St. W - Toronto, ON
2280 Dundas St. W - Toronto, ON ChoiceProperties Q3 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 ChoiceProperties Q3 2025 • Appendices • Mixed-Use & Residential in Planning 52
Slide 53: 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 ChoiceProperties Q3 2025 • Appendices • Mixed-Use & Residential in Planning 53
Slide 54: Photography Dr. - Toronto, ON
25 Photography Dr. - Toronto, ON Q3 2025 • Appendices • Mixed-Use & Residential in Planning 54
Slide 55: 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 ChoiceProperties Q3 2025 • Appendices • Mixed-Use & Residential in Planning 55
Slide 56: Carlaw Ave., Toronto, ON
449 Carlaw Ave. • 5.6-acresite Toronto, ON • 3 mixed-use buildings • 1,080 units • Transit-oriented community • Future stop on Ontario Line • Obtained provincial approval Q2 2025 ChoiceProperties Q3 2025 • Appendices • Mixed-Use & Residential in Planning 56
Slide 57: Golden Mile Phase, Toronto, ON
Golden Mile Phase 1 Toronto, ON • 1 rental tower and 2 condo towers • 1,350 units • Mixed-use • Community innovation district (Rendering) ChoiceProperties Q3 2023 • Appendices • Mixed-Use & Residential in Planning 57
Slide 58: 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 ChoiceProperties Q3 2023 • 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. ChoiceProperties
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 ChoiceProperties Q3 2023 • Appendices • Immense Value Opportunity 60
Slide 61: Greater Vancouver Area
Greater Vancouver Area • 20 properties in the GVA • Significant long-term development potential. Retail 16 Industrial 4 20 ChoiceProperties Q3 2023 • Appendices • Immense Value Opportunity 61
Slide 62: Montréal
Montréal • 40 properties in the GMA • Significant long-term development potential Retail 36 Industrial 4 40 ChoiceProperties Q3 2023 • Appendices • Immense Value Opportunity 62
Slide 63: ChoiceProperties
ChoiceProperties
Choice Properties Real Estate Investment Trust — Q3 2025 Earnings Presentation on 6ix