Choice Properties Real Estate Investment Trust Reports Results for the Six Months Ended June 30, 2025

National Post

17-07-2025

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TORONTO — Choice Properties Real Estate Investment Trust ('Choice Properties' or the 'Trust') (TSX: CHP.UN) today announced its consolidated financial results for the three and six months ended June 30, 2025. The 2025 Second Quarter Report to Unitholders is available in the Investors section of the Trust's website at www.choicereit.ca, and has been filed on SEDAR+ at www.sedarplus.ca.
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'Choice Properties delivered another solid quarter, reflecting the strength of our portfolio and disciplined financial strategy,' said Rael Diamond, President and Chief Executive Officer of the Trust. 'Robust demand for our grocery-anchored retail and well-located industrial assets supported our performance, and we advanced our strategic priorities through $427 million in transactions that further strengthened our position.'
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2025 Second Quarter Highlights
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Reported a net loss for the quarter of $154.2 million compared to net income of $513.2 million in the same prior year period. The loss in the current quarter is primarily due to an unfavourable fair value adjustment in the Trust's Exchangeable Units (1).
Reported FFO (2) per unit diluted of $0.265, an increase of 3.9% compared to the same prior year period.
Period end occupancy remained strong at 97.8%: Retail at 97.8%, Industrial at 98.0%, and Mixed-Use & Residential at 95.4%.
Achieved leasing spreads (3) on long-term renewals of 13.2% and 38.9% in the Retail and Industrial portfolios, respectively.
Same-Asset NOI on a cash basis (2) increased by 1.4% compared to the same prior year period.
Retail increased by 1.7%;
Industrial increased by 0.2%. Growth in the industrial segment was impacted by a bad debt provision reversal in the prior year following the resolution of a tenant dispute. Excluding bad debt expense, industrial increased by 4.2%;
Mixed-Use & Residential increased by 1.6%.
Completed $427.1 million of transactions in the quarter:
Acquired an industrial distribution centre in Ajax, ON from Loblaw for a purchase price of $182.9 million. Concurrent with the transaction, the property was leased back to Loblaw.
Acquired eight industrial outdoor storage sites located across Canada for a purchase price of $162.0 million.
Disposed of nine industrial sites located in Calgary, AB for proceeds of $73.4 million.
Acquired a mixed-use parcel in Toronto, ON for $6.0 million and disposed of a retail property in Halifax, NS for $2.8 million.
Transferred $13.9 million of properties under development to income producing status, delivering approximately 30,900 square feet of new commercial GLA (including 6,900 square feet associated with a ground lease) on a proportionate share basis (2) through retail intensifications.
Invested $34.2 million of capital in development projects on a proportionate share basis (2).
Maintained healthy and stable debt metrics with Adjusted Debt to EBITDAFV (2) of 7.2x, Adjusted Debt to Total Assets (2) at 40.8%, and Interest Coverage ratio (2) of 3.3x.
Maintained a strong liquidity position with approximately $1.3 billion of available credit and a $13.5 billion pool of unencumbered properties.
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Subsequent Events
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Subsequent to quarter end, Choice Properties and Loblaw renewed 39 of a tranche of 41 leases expiring in 2026, comprising 2.52 million of 2.62 million square feet, at a weighted average spread of 8.6% and a weighted average extension term of 5.0 years.
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(i)
Exchangeable Units are required to be classified as financial liabilities at fair value through profit and loss under GAAP. They are recorded at their fair value based on the market trading price of the Trust Units, which results in a negative impact to the financial results when the Trust Unit price rises and a positive impact when the Trust Unit price declines.
(ii)
Fair value gains (losses) excluding Exchangeable Units includes adjustments to fair value of investment properties, investment in real estate securities, and unit-based compensation.
(iii)
Includes Trust Units and Exchangeable Units.
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Quarterly Results
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Choice Properties reported a net loss of $154.2 million for the second quarter of 2025 compared to net income of $513.2 million in the same prior year period. The decrease of $667.5 million was primarily due to changes in certain non-cash adjustments to fair value including:
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a $736.2 million unfavourable change in the adjustment to fair value of the Trust's Exchangeable Units due to the increase in the Trust's unit price; partially offset by
a $65.5 million favourable change in the adjustment to fair value of investment properties; and
a $37.0 million favourable change in the adjustment to fair value of the investment in real estate securities of Allied, driven by the change in Allied's unit price in the quarter.
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In addition to the fair value changes described above, the reversal of a $38.6 million transaction related provision during the second quarter of 2024 further contributed to the decrease. The decrease was partially offset by higher net operating income of $9.4 million.
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Year-to-Date Results
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Choice Properties reported a net loss of $250.5 million for the six months ended June 30, 2025 compared to net income of $655.5 million in the same prior year period. The decrease of $906.0 million was primarily due to changes in certain non-cash adjustments to fair value including:
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a $1,040.9 million unfavourable change in the adjustment to fair value of the Trust's Exchangeable Units due to the increase in the Trust's unit price; partially offset by
a $96.8 million favourable change in the adjustment to fair value of investment properties; and
a $57.6 million favourable change in the adjustment to fair value of the investment in real estate securities of Allied, driven by the change in Allied's unit price in the quarter.
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In addition to the fair value changes described above, the reversal of a $38.6 million transaction related provision during the second quarter of 2024 further contributed to the decrease. The decrease was partially offset by higher net operating income of $15.4 million.
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Quarterly and Year-to-Date Results
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For the three and six months ended June 30, 2025, Same-Asset NOI, Cash Basis (2) increased by $3.4 million and $10.1 million, respectively, compared to the same prior year primarily due to increased revenue from higher rental rates on renewals, new leasing, and contractual rent steps mainly in the retail and industrial portfolios. The increase was partially offset by the impact of a bad debt provision reversal in the prior year in the industrial portfolio following the resolution of a tenant dispute. In addition, the increase for the six month period included a property tax incentive recognized in the mixed-use and residential portfolio in the first quarter of 2025.
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FFO (2) increased by $6.9 million and $10.6 million for the three and six months ended June 30, 2025, respectively. The increase was primarily due to an increase in net operating income and lower general and administrative expenses, partially offset by higher interest expense and lower interest income.
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AFFO (2) decreased by $9.7 million and $2.5 million for the three and six months ended June 30, 2025, respectively. The decrease was primarily due to the earlier commencement of maintenance capital projects in the current year, partially offset by the increase in FFO (1) as noted above. AFFO is impacted by the seasonality inherent in the timing of executing capital projects.
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Outlook
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We are focused on capital preservation, delivering stable and growing cash flows and net asset value appreciation. Our high-quality portfolio is primarily leased to necessity-based tenants and logistics providers, who are less sensitive to economic volatility and therefore provide stability to our overall portfolio. We will continue to advance our development program, with a focus on commercial developments, which provides us with the best opportunity to add high-quality real estate to our portfolio at a reasonable cost and drive net asset value appreciation over time.
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We are confident that our business model, stable tenant base, strong balance sheet, and disciplined approach to financial management will continue to benefit us. In 2025, Choice Properties is targeting:
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Stable occupancy across the portfolio, resulting in approximately 2%-3% year-over-year growth in Same-Asset NOI, Cash Basis;
Annual FFO per unit diluted in a range of $1.05 to $1.06, reflecting approximately 2%-3% year-over-year growth; and
Strong leverage metrics, targeting Adjusted Debt to EBITDAFV below 7.5x.
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Non-GAAP Financial Measures and Additional Financial Information
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In addition to using performance measures determined in accordance with International Financial Reporting Standards ('IFRS' or 'GAAP'), Choice Properties also measures its performance using certain non-GAAP measures, and provides these measures in this news release so that investors may do the same. Such measures and related per-unit amounts are not defined by IFRS and therefore should not be construed as alternatives to net income or cash flows from operating activities determined in accordance with IFRS. Furthermore, the supplemental measures used by management may not be comparable to similar measures presented by other real estate investment trusts or enterprises. The non-GAAP measures included in this news release are defined and reconciled to the most comparable GAAP measure below. Choice Properties believes these non-GAAP financial measures provide useful information to both management and investors in measuring the financial performance and financial condition of the Trust for the reasons outlined below.
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Non-GAAP Measure
Description
Proportionate Share
Represents financial information adjusted to reflect the Trust's equity accounted joint ventures and financial real estate assets and its share of net income (loss) from equity accounted joint ventures and financial real estate assets on a proportionately consolidated basis at the Trust's ownership percentage of the related investment.
Management views this method as relevant in demonstrating the Trust's ability to manage the underlying economics of the related investments, including the financial performance and cash flows and the extent to which the underlying assets are leveraged, which is an important component of risk management.
Net Operating Income ('NOI'), Accounting Basis
Defined as property rental revenue including straight-line rental revenue, reimbursed contract revenue and lease surrender revenue, less direct property operating expenses and realty taxes, and excludes certain expenses such as interest expense and indirect operating expenses in order to provide results that reflect a property's operations before consideration of its financing or the costs of operating the entity in which it is held.
Management believes that NOI is an important measure of operating performance for the Trust's commercial real estate assets that is used by real estate industry analysts, investors and management, while also being a key input in determining the fair value of the Choice Properties portfolio.
NOI, Cash Basis
Defined as property rental revenue and reimbursed contract revenue, excluding straight-line rental revenue and lease surrender revenue, less direct property operating expenses and realty taxes, and excludes certain expenses such as interest expense and indirect operating expenses in order to provide results that reflect a property's operations before consideration of its financing or the costs of operating the entity in which it is held.
Management believes NOI, Cash Basis is a useful measure in understanding period-over-period changes in income from operations due to occupancy, rental rates, operating costs and realty taxes.
Same-Asset NOI, Cash Basis
and
Same-Asset NOI, Accounting Basis
Same-Asset NOI is used to evaluate the period-over-period performance of those commercial properties and stabilized residential properties, owned and operated by Choice Properties since January 1, 2024, inclusive.
NOI from properties that have been (i) purchased, (ii) disposed, (iii) subject to significant change as a result of new development, redevelopment, expansion, or demolition, or (iv) residential properties not yet stabilized (collectively, 'Transactions') are excluded from the determination of Same-Asset NOI.
Same-Asset NOI, Cash Basis, is useful in evaluating the realization of contractual rental rate changes embedded in lease agreements and/or the expiry of rent-free periods, while also being a useful measure in understanding period-over-period changes in NOI due to occupancy, rental rates, operating costs and realty taxes, before considering the changes in NOI that can be attributed to Transactions and development activities.
Funds from Operations ('FFO')
Calculated in accordance with the Real Property Association of Canada's ('REALPAC') Funds From Operations (FFO) & Adjusted Funds From Operations (AFFO) for IFRS issued in January 2022.
Management considers FFO to be a useful measure of operating performance as it adjusts for items included in net income (or loss) that do not arise from operating activities or do not necessarily provide an accurate depiction of the Trust's past or recurring performance, such as adjustments to fair value of Exchangeable Units, investment properties, investment in real estate securities, and unit-based compensation. From time to time, the Trust may enter into transactions that materially impact the calculation and are eliminated from the calculation for management's review purposes.
Management uses and believes that FFO is a useful measure of the Trust's performance that, when compared period over period, reflects the impact on operations of trends in occupancy levels, rental rates, operating costs and realty taxes, acquisition activities and interest costs.
Adjusted Funds from Operations ('AFFO')
Calculated in accordance with REALPAC's Funds From Operations (FFO) & Adjusted Funds From Operations (AFFO) for IFRS issued in January 2022.
Management considers AFFO to be a useful measure of operating performance as it further adjusts FFO for capital expenditures that sustain income producing properties and eliminates the impact of straight-line rental revenue. AFFO is impacted by the seasonality inherent in the timing of executing property capital projects.
In calculating AFFO, FFO is adjusted to exclude straight-line rental revenue and deduct expenditure relating to internal leasing activities and property capital projects. Working capital changes, viewed as short-term cash requirements or surpluses, are deemed financing activities pursuant to the methodology and are not considered when calculating AFFO.
Capital expenditures which are not deducted in the calculation of AFFO comprise those which generate a new investment stream, such as constructing a new retail pad during property expansion or intensification, development activities or acquisition activities.
Accordingly, AFFO differs from FFO in that AFFO excludes from its definition certain non-cash revenues and expenses recognized under GAAP, such as straight-line rental revenue, but also includes capital and leasing costs incurred during the period which are capitalized for GAAP purposes. From time to time, the Trust may enter into transactions that materially impact the calculation and are eliminated from the calculation for management's review purposes.
AFFO Payout Ratio
AFFO payout ratio is a supplementary measure used by Management to assess the sustainability of the Trust's distribution payments.
The ratio is calculated using cash distributions declared divided by AFFO.
Earnings before Interest, Taxes, Depreciation, Amortization and Fair Value ('EBITDAFV')
Defined as net income (loss) attributable to Unitholders, reversing, where applicable, income taxes, interest expense, amortization expense, depreciation expense, adjustments to fair value and other adjustments as allowed in the Trust Indentures, as supplemented.
Management believes EBITDAFV is useful in assessing the Trust's ability to service its debt, finance capital expenditures and provide distributions to its Unitholders.
Total Adjusted Debt
Defined as variable rate debt (construction loans, mortgages, and credit facility) and fixed rate debt (senior unsecured debentures, construction loans and mortgages), as measured on a proportionate share basis, and does not include the Exchangeable Units which are included as part of unit equity on account of the Exchangeable Units being economically equivalent and receiving equal distributions to the Trust Units.
Total Adjusted Debt is presented on a net basis to include the impact of other finance charges such as debt placement costs and discounts or premiums, and defeasance or other prepayments of debt.
Net Asset Value ('NAV')
NAV is an alternative measurement of equity. It is calculated by summing Unitholder's Equity and the fair value of the Trust's Exchangeable Units. Under GAAP, Exchangeable Units are considered debt. The Exchangeable Units are not required to be repaid and the holder of these units has the right to convert them into Units, therefore management considers the Exchangeable Units to be equivalent to equity.
NAV is a useful measure as it reflects management's view of the intrinsic value of the Trust. NAV per unit allows management to determine if the Trust is trading at a discount or premium to its intrinsic value.
Adjusted Debt to EBITDAFV
and
Adjusted Debt to EBITDAFV, net of cash
Calculated as Total Adjusted Debt divided by EBITDAFV.
This ratio is used to assess the financial leverage of Choice Properties, measure its ability to meet financial obligations, and provide a snapshot of its balance sheet strength.
Management also presents this ratio with Total Adjusted Debt calculated net of cash and cash equivalents at the measurement date.
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Three Months
Six Months
Net Operating Income
Rental revenue
$
350,779
$
25,496
$
376,275
$
697,691
$
50,630
$
748,321
Property operating costs
(99,223
)
(7,614
)
(106,837
)
(200,286
)
(15,444
)
(215,730
)
251,556
17,882
269,438
497,405
35,186
532,591
Other Income and Expenses
Interest income
9,028
(2,893
)
6,135
20,689
(7,203
)
13,486
Investment income
5,315
—
5,315
10,630
—
10,630
Fee income
738
—
738
3,208
—
3,208
Net interest expense and other financing charges
(148,957
)
(6,818
)
(155,775
)
(295,146
)
(13,677
)
(308,823
)
General and administrative expenses
(14,976
)
—
(14,976
)
(29,713
)
—
(29,713
)
Share of income from equity accounted joint ventures
5,720
(5,720
)
—
21,875
(21,875
)
—
Amortization of intangible assets
(250
)
—
(250
)
(500
)
—
(500
)
Adjustment to fair value of unit-based compensation
(875
)
—
(875
)
(893
)
—
(893
)
Adjustment to fair value of Exchangeable Units
(364,124
)
—
(364,124
)
(601,596
)
—
(601,596
)
Adjustment to fair value of investment properties
93,486
(2,451
)
91,035
123,444
7,569
131,013
Adjustment to fair value of investment in real estate securities
9,093
—
9,093
119
—
119
Loss before Income Taxes
(154,246
)
—
(154,246
)
(250,478
)
—
(250,478
)
Income tax expense
(1
)
—
(1
)
(2
)
—
(2
)
Net Loss
$
(154,247
)
$
—
$
(154,247
)
$
(250,480
)
$
—
$
(250,480
)
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The following table reconciles net income, as determined in accordance with GAAP, to net income on a proportionate share basis (2) for the three and six months ended June 30, 2024:
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Three Months
Six Months
Net Operating Income
Rental revenue
$
335,388
$
22,864
$
358,252
$
673,346
$
46,314
$
719,660
Property operating costs
(93,195
)
(8,041
)
(101,236
)
(191,300
)
(16,287
)
(207,587
)
242,193
14,823
257,016
482,046
30,027
512,073
Residential Inventory Income
Gross sales
—
—
—
11,268
—
11,268
Cost of sales
—
—
—
(9,234
)
—
(9,234
)
—
—
—
2,034
—
2,034
Other Income and Expenses
Interest income
15,275
(6,147
)
9,128
25,034
(8,075
)
16,959
Investment income
5,315
—
5,315
10,630
—
10,630
Fee income
625
—
625
1,326
—
1,326
Net interest expense and other financing charges
(146,204
)
(4,813
)
(151,017
)
(288,488
)
(11,176
)
(299,664
)
General and administrative expenses
(17,200
)
—
(17,200
)
(31,838
)
—
(31,838
)
Share of income from equity accounted joint ventures
1,370
(1,370
)
—
6,088
(6,088
)
—
Amortization of intangible assets
(250
)
—
(250
)
(500
)
—
(500
)
Transaction costs and other related expenses
38,615
—
38,615
38,615
—
38,615
Adjustment to fair value of unit-based compensation
1,288
—
1,288
2,069
—
2,069
Adjustment to fair value of Exchangeable Units
372,039
—
372,039
439,323
—
439,323
Adjustment to fair value of investment properties
28,035
(2,493
)
25,542
26,670
(4,688
)
21,982
Adjustment to fair value of investment in real estate securities
(27,870
)
—
(27,870
)
(57,511
)
—
(57,511
)
Income before Income Taxes
513,231
—
513,231
655,498
—
655,498
Income tax recovery
—
—
—
12
—
12
Net Income
$
513,231
$
—
$
513,231
$
655,510
$
—
$
655,510
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The following table reconciles net (loss) income, as determined in accordance with GAAP, to Net Operating Income, Cash Basis for the periods ended as indicated:
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For the periods ended June 30 ($ thousands)
Three Months
Six Months
2025
2024
Change $
2025
2024
Change $
Net (Loss) Income
$
(154,247
)
$
513,231
$
(667,478
)
$
(250,480
)
$
655,510
$
(905,990
)
Residential inventory income
—
—
—
—
(2,034
)
2,034
Interest income
(9,028
)
(15,275
)
6,247
(20,689
)
(25,034
)
4,345
Investment income
(5,315
)
(5,315
)
—
(10,630
)
(10,630
)
—
Fee income
(738
)
(625
)
(113
)
(3,208
)
(1,326
)
(1,882
)
Net interest expense and other financing charges
148,957
146,204
2,753
295,146
288,488
6,658
General and administrative expenses
14,976
17,200
(2,224
)
29,713
31,838
(2,125
)
Share of income from equity accounted joint ventures
(5,720
)
(1,370
)
(4,350
)
(21,875
)
(6,088
)
(15,787
)
Amortization of intangible assets
250
250
—
500
500
—
Transaction costs and other related expenses
—
(38,615
)
38,615
—
(38,615
)
38,615
Adjustment to fair value of unit-based compensation
875
(1,288
)
2,163
893
(2,069
)
2,962
Adjustment to fair value of Exchangeable Units
364,124
(372,039
)
736,163
601,596
(439,323
)
1,040,919
Adjustment to fair value of investment properties
(93,486
)
(28,035
)
(65,451
)
(123,444
)
(26,670
)
(96,774
)
Adjustment to fair value of investment in real estate securities
(9,093
)
27,870
(36,963
)
(119
)
57,511
(57,630
)
Income tax expense (recovery)
1
—
1
2
(12
)
14
Net Operating Income, Accounting Basis – GAAP
251,556
242,193
9,363
497,405
482,046
15,359
Straight-line rental revenue
570
1,434
(864
)
937
1,173
(236
)
Lease surrender revenue
(74
)
(1,224
)
1,150
(158
)
(3,773
)
3,615
Net Operating Income, Cash Basis – GAAP
252,052
242,403
9,649
498,184
479,446
18,738
Adjustments for equity accounted joint ventures and financial real estate assets
16,347
14,165
2,182
32,285
28,755
3,530
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The following table reconciles net (loss) income, as determined in accordance with GAAP, to Funds from Operations for the periods ended as indicated:
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For the periods ended June 30
Three Months
Six Months
($ thousands except where otherwise indicated)
2025
2024
Change $
2025
2024
Change $
Net (Loss) Income
$
(154,247
)
$
513,231
$
(667,478
)
$
(250,480
)
$
655,510
$
(905,990
)
Add (deduct) impact of the following:
Amortization of intangible assets
250
250
—
500
500
—
Transaction costs and other related expenses
—
(38,615
)
38,615
—
(38,615
)
38,615
Adjustment to fair value of unit-based compensation
875
(1,288
)
2,163
893
(2,069
)
2,962
Adjustment to fair value of Exchangeable Units
364,124
(372,039
)
736,163
601,596
(439,323
)
1,040,919
Adjustment to fair value of investment properties
(93,486
)
(28,035
)
(65,451
)
(123,444
)
(26,670
)
(96,774
)
Adjustment to fair value of investment properties to proportionate share (2)
2,451
2,493
(42
)
(7,569
)
4,688
(12,257
)
Adjustment to fair value of investment in real estate securities
(9,093
)
27,870
(36,963
)
(119
)
57,511
(57,630
)
Interest otherwise capitalized for development in equity accounted joint ventures
2,340
3,069
(729
)
4,836
5,577
(741
)
Exchangeable Units distributions
76,189
75,199
990
151,718
149,739
1,979
Internal expenses for leasing
2,163
2,579
(416
)
4,573
5,067
(494
)
Income tax expense (recovery)
1
—
1
2
(12
)
14
Funds from Operations
$
191,567
$
184,714
$
6,853
$
382,506
$
371,903
$
10,603
FFO per unit – diluted
$
0.265
$
0.255
$
0.010
$
0.528
$
0.514
$
0.014
Weighted average number of units outstanding – diluted (i)
723,810,797
723,659,539
151,258
723,790,848
723,664,669
126,179
(i) Includes Trust Units and Exchangeable Units.
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For the periods ended June 30
Three Months
Six Months
($ thousands except where otherwise indicated)
2025
2024
Change $
2025
2024
Change $
Funds from Operations
$
191,567
$
184,714
$
6,853
$
382,506
$
371,903
$
10,603
Add (deduct) impact of the following:
Internal expenses for leasing
(2,163
)
(2,579
)
416
(4,573
)
(5,067
)
494
Straight-line rental revenue
570
1,434
(864
)
937
1,173
(236
)
Straight-line rental revenue adjustment to proportionate share (2)
(1,535
)
(658
)
(877
)
(2,901
)
(1,272
)
(1,629
)
Property capital
(12,171
)
(2,606
)
(9,565
)
(12,600
)
(7,000
)
(5,600
)
Direct leasing costs
(2,316
)
(2,024
)
(292
)
(3,775
)
(3,196
)
(579
)
Tenant improvements
(5,487
)
(1,369
)
(4,118
)
(8,814
)
(4,395
)
(4,419
)
Operating capital expenditures adjustment to proportionate share (2)
(1,520
)
(312
)
(1,208
)
(3,570
)
(2,400
)
(1,170
)
Adjusted Funds from Operations
$
166,945
$
176,600
$
(9,655
)
$
347,210
$
349,746
$
(2,536
)
AFFO per unit – diluted
$
0.231
$
0.244
$
(0.013
)
$
0.480
$
0.483
$
(0.003
)
AFFO payout ratio – diluted (i)
83.5
%
77.9
%
5.6
%
79.9
%
78.3
%
1.6
%
Distribution declared per unit
$
0.193
$
0.190
$
0.003
$
0.384
$
0.378
$
0.006
Weighted average number of units outstanding – diluted (ii)
723,810,797
723,659,539
151,258
723,790,848
723,664,669
126,179
(i) AFFO payout ratio is calculated as cash distributions declared divided by AFFO.
(ii) Includes Trust Units and Exchangeable Units.
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The following table reconciles Net Asset Value (2) as at the dates indicated below:
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($ thousands except where otherwise indicated)
As at June 30, 2025
As at December 31, 2024
Change $
Unitholders' equity
$
4,521,720
$
4,899,800
$
(378,080
)
Exchangeable Units
5,885,346
5,283,750
601,596
NAV (2)
$
10,407,066
$
10,183,550
$
223,516
NAV (2) per unit
$
14.38
$
14.07
$
0.31
Trust Units and Exchangeable Units, end of period
723,810,797
723,710,497
100,300
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Management's Discussion and Analysis and Consolidated Financial Statements and Notes
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Information appearing in this news release is a select summary of results. This news release should be read in conjunction with the Choice Properties 2025 Second Quarter Report to Unitholders, which includes the unaudited interim period condensed consolidated financial statements and MD&A for the Trust, and is available at www.choicereit.ca and on SEDAR+ at www.sedarplus.ca.
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Conference Call and Webcast
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Management will host a conference call on Friday, July 18, 2025 at 10:00 AM (EDT) with a simultaneous audio webcast. To access via teleconference, please dial [phone] or [phone] and enter the event passcode: 4788974. The link to the audio webcast will be available on www.choicereit.ca/events-webcasts.
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Choice Properties is a leading Real Estate Investment Trust that creates enduring value through places where people thrive.
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We are more than a national owner, operator and developer of high-quality commercial and residential real estate. We believe in creating spaces that enhance how our tenants and communities come together to live, work, and connect. This includes our industry leadership in integrating environmental, social and economic sustainability practices into all aspects of our business. In everything we do, we are guided by a shared set of values grounded in Care, Ownership, Respect and Excellence. For more information, visit Choice Properties' website at www.choicereit.ca and Choice Properties' issuer profile at www.sedarplus.ca.
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Cautionary Statements Regarding Forward-looking Statements
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This news release contains forward-looking statements relating to Choice Properties' operations and the environment in which the Trust operates, which are based on management's expectations, estimates, forecasts and projections. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. Therefore, actual outcomes and results may differ materially from those expressed in these forward-looking statements. Readers, therefore, should not place undue reliance on any such forward-looking statements. Further, a forward-looking statement speaks only as of the date on which such statement is made. Management undertakes no obligation to publicly update any such statement, to reflect new information or the occurrence of future events or circumstances, except as required by law.
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Numerous risks and uncertainties could cause the Trust's actual results to differ materially from those expressed, implied or projected in the forward-looking statements, including those described in Section 12 'Enterprise Risks and Risk Management' of the Trust's MD&A for the year ended December 31, 2024 and those described in the Trust's Annual Information Form for the year ended December 31, 2024.
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