Choice Properties Real Estate Investment Trust Reports Results for the Second Quarter Ended June 30, 2015

Release

July 17, 2015

14 minute read

Solid Results Driven by Accretive Acquisitions and Improving Leasing Activity

TORONTO, July 15, 2015 /CNW/ - Choice Properties Real Estate Investment Trust ("Choice Properties" or the "Trust") (TSX: CHP.UN) today announced its consolidated financial results for the second quarter ended June 30, 2015. The Trust's Second Quarter Report will be available in the Investor Relations section of the Trust's website at www.choicereit.ca, filed with SEDAR and available at www.sedar.com.

Quarter Highlights:

Reported FFO(1) per unit diluted of $0.240, an increase of $0.012 or 5.3% compared with $0.228 in the second quarter of 2014;
Acquired 38 income producing properties for $201.3 million that added approximately 1.5 million square feet of gross leasable area("GLA"); and
Improved leasing of ancillary GLA contributed to higher occupancy rate of 98.5% compared to 98.1% as at December 31, 2014 and 97.7% as at June 30, 2014.

"Choice Properties' continued growth and solid operational performance delivered another quarter of strong financial results. During the second quarter we focused on our three growth drivers - expanding our portfolio of assets through accretive acquisitions, building new square footage for retail tenants, and improving our occupancy rate," said John Morrison, President and Chief Executive Officer. "With a pipeline of growth opportunities, a strong balance sheet and financial flexibility, our team remains focused on executing and delivering on our strategic initiatives to maximize the value of our portfolio."

Financial and Operational Summary

For the three months ended June 30 (in thousands of Canadian dollars, except where otherwise noted) (unaudited)


	2015		2014
Number of properties		513		456
Gross Leasable Area ("GLA") (in millions of square feet)		41.3		37.6
Occupancy		98.5%		97.7%
Rental revenue	$	183,084	$	170,339
Net Operating Income ("NOI")(1)	$	126,861	$	118,681
Net Income (Loss)	$	188,735	$	(1,538)
Net Income (Loss) per unit diluted	$	0.472	$	(0.004)
Funds from Operations ("FFO")(1) per unit diluted(2)	$	0.240	$	0.228
Adjusted Funds from Operations ("AFFO")(1) per unit diluted	$	0.191	$	0.184
Adjusted Funds from Operations(1) payout ratio		85.1%		88.3%
Distribution declared per unit	$	0.162501	$	0.162501
Total assets (in millions)	$	8,465	$	7,719
Debt to total assets(3)		45.1%		46.3%
Debt service coverage(3)		3.5x		3.4x

(1)	See "Non-GAAP Financial Measures" beginning on page 4.

(2)	FFO(1) per unit and payout ratio, for the three months ended June 30, 2014, were calculated using FFO(1) (excluding other adjustments). See Section 10, "Non-GAAP Financial Measures", of this MD&A for details.

(3)	Debt ratios include Class C LP Units but exclude Exchangeable Units. The ratios are non-GAAP financial measures calculated based on the trust indentures, as supplemented.

Financial Highlights for the Quarter:

Net Operating Income(1) - Second quarter NOI(1) of $126.9 million represented an increase of $8.2 million, or 6.9%, over the second quarter of 2014. This increase was driven primarily by acquisitions, which contributed $7.3 million to NOI(1). Same Properties(1) NOI(1) of $117.0 million increased by $0.9 million or 0.8% over the second quarter of 2014. This improvement was attributable to an increase of $0.7 million in base rent and net recoveries and $0.8 million in revenue from the recovery of capital expenditures and interest, partially offset by a decrease in other income of $0.6 million, and excludes NOI(1) of $0.2 million contributed by newly developed GLA.
Net Income (Loss) before Fair Value Adjustments(1) - Second quarter net income before fair value adjustments of $45.6 million compared with a net loss before fair value adjustments of $12.8 million reported in the second quarter of 2014.
Funds from Operations(1) - Second quarter FFO(1) was $95.9 million or $0.240 per unit, compared with $86.7 million or $0.228 per unit in the second quarter of 2014, excluding a non-cash finance charge of 52.3 million. The year-over-year improvement in FFO(1) of $0.012 per unit was primarily driven by NOI(1) from acquisitions.
Adjusted Funds from Operations(1) - Second quarter AFFO(1) was $76.4 million or $0.191 per unit, compared with $69.8 million or $0.184 per unit in the second quarter of 2014. Similar to FFO(1), the improvement in AFFO(1) was primarily driven by NOI(1) from acquisitions partially offset by higher capital expenditures.
Distribution - Distributions declared per unit during the quarter totaled $0.162501, for an AFFO(1) payout ratio of 85.1% (2014 - 88.3%).

Operational Highlights for the Quarter:

Accretive Acquisitions - As previously announced, Choice Properties acquired a 38-property portfolio from Loblaw Companies Limited ("Loblaw") for an aggregate purchase price of approximately $201.3 million, excluding acquisition costs and a mark-to-market adjustment on the Exchangeable Units issued as partial consideration on the closing date of the acquisition. With an overall year-one capitalization rate of 7.19%, the acquisition will be immediately accretive. The portfolio spans the country, adds approximately 1.5 million square feet of GLA and is expected to provide an annual stabilized NOI1 of approximately $14.5 million.
Retail Development - During the second quarter of 2015, Choice Properties continued to make headway with its development program, with ongoing progress for seven projects to be delivered to tenants by year-end 2015 and the completion of an intensification project involving a gas bar in Sudbury, Ontario. Year-to-date, the Trust has completed three intensification projects with a weighted average yield of 9.8%.
Leasing Profile - During the second quarter of 2015, Choice Properties entered into leases for 303,966 square feet of GLA with an average lease term of 5.0 years, including renewals of 238,106 square feet with an average increase in base rent of 9.8%.
Occupancy - At June 30, 2015, the Trust's portfolio occupancy rate was 98.5%, compared to 98.1% at December 31, 2014.

Capital Structure:

Capacity to Invest for Further Growth - As at June 30, 2015, the Trust's debt service coverage ratio(2) was 3.5 times. With stable cash flow from operations and access to several funding options including a $500 million unsecured revolving credit facility, the Trust believes it has the financial capacity to meet ongoing obligations and invest for further growth.

Outlook

While the Canadian economy presents uncertainty given volatility in commodity pricing, the fluctuating Canadian dollar exchange rate and movements in interest rates, Choice Properties believes that the fundamentals of the retail real estate market remain stable. Even though the Canadian retail landscape continues to evolve, including changes in competitor make-up with ongoing exits and entrants into the marketplace, Choice Properties' grocery and drug store anchored real estate focus and its stable and reliable cash flows from long-term leases position it well to execute on potential opportunities to drive growth. With consistent cash flow from operations and a strong balance sheet, Choice Properties expects to meet its ongoing obligations, including providing its Unitholders with monthly distributions and to invest in growth. For the balance of the 2015 fiscal year, Choice Properties intends to continue focusing on:

Acquiring accretive assets that meet its investment criteria and that are strategically aligned with its current portfolio;
Leveraging the excess density within its portfolio for at-grade intensification;
Accelerating greenfield and mixed-used development programs; and
Enhancing internally managed operations to strengthen relationships with tenants and to optimize cash flows and profitability within its portfolio.

(1)	See "Non-GAAP Financial Measures" beginning on page 4.

(2)	Debt ratios include Class C LP Units but exclude Exchangeable Units. The ratios are non-GAAP financial measures calculated based on the trust indentures, as supplemented.

Forward-Looking Statements

This press release contains forward-looking statements about Choice Properties' objectives, plans, goals, aspirations, strategies, financial condition, results of operations, cash flows, performance, prospects and opportunities. Specific statements with respect to anticipated future results can be found in various sections of this press release and in the MD&A of Choice Properties' Second Quarter 2015 Report to Unitholders. Forward-looking statements are typically identified by words such as "expect", "anticipate", "believe", "foresee", "could", "estimate", "goal", "intend", "plan", "seek", "strive" , "will", "may", "should" and similar expressions, as they relate to Choice Properties and its management.

Forward-looking statements reflect Choice Properties' current estimates, beliefs and assumptions, which are based on management's perception of historic trends, current conditions and expected future developments, as well as other factors it believes are appropriate in the circumstances. Choice Properties' expectation of operating and financial performance is based on certain assumptions, including assumptions about future growth potential, prospects and opportunities, industry trends, future levels of indebtedness, current tax laws, current economic conditions and no new competition in the market that leads to reduced revenues and profitability. Management's estimates, beliefs and assumptions are inherently subject to significant business, economic, competitive and other uncertainties and contingencies regarding future events and as such, are subject to change. Choice Properties can give no assurance that such estimates, beliefs and assumptions will prove to be correct.

Numerous risks and uncertainties could cause Choice Properties' actual results to differ materially from those expressed, implied or projected in the forward-looking statements, including, those described in the "Enterprise Risks and Risk Management" section of Choice Properties' 2014 Annual Report. Such risks and uncertainties include:

changes in economic conditions, including changes in interest rates, and the rate of inflation or deflation;
the inability of Choice Properties to maintain and leverage its relationship with Loblaw, including in respect of: (i) Loblaw's retained interest in Choice Properties; (ii) the services to be provided to Choice Properties (whether directly or indirectly) by Loblaw; (iii) expected transactions to be entered into between Loblaw and Choice Properties (including Choice Properties' acquisition of certain interests in properties held by Loblaw); and (iv) the Strategic Alliance Agreement between Choice Properties and Loblaw;
changes in Loblaw's business, activities or circumstances which may impact Choice Properties, including Loblaw's inability to make rent payments or perform its obligations under its leases;
failure to manage its growth effectively in accordance with its growth strategy or acquire assets on an accretive basis;
changes in timing to obtain municipal approvals, development costs, and tenant leasing and occupancy of properties under development or intensification;
changes in Choice Properties' capital expenditure and fixed cost requirements;
the inability of Choice Properties Limited Partnership to make distributions or other payments or advances;
the inability of Choice Properties to obtain financing;
changes in Choice Properties' degree of financial leverage;
changes in laws or regulatory regimes, which may affect Choice Properties, including changes in the tax treatment of the Trust and its distributions to Unitholders or the inability of the Trust to continue to qualify as a "mutual fund trust" and as a "real estate investment trust", as such terms are defined in the Income Tax Act (Canada); and
changes in Choice Properties' competitiveness in the real estate market or the unavailability of desirable commercial real estate assets.

This is not an exhaustive list of the factors that may affect Choice Properties' forward-looking statements. Other risks and uncertainties not presently known to Choice Properties could also cause actual results or events to differ materially from those expressed in its forward-looking statements. Additional risks and uncertainties are discussed in Choice Properties' materials filed with the Canadian securities regulatory authorities from time to time, including the Trust's 2014 Annual Information Form. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect Choice Properties' expectations only as of the date of this press release. Except as required by applicable law, Choice Properties does not undertake to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Non-GAAP Financial Measures

Choice Properties uses the following non-GAAP financial measures: NOI, FFO, and AFFO. The Trust 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.

Management uses these and other non-GAAP financial measures to exclude the impact of certain expenses and income that must be recognized under GAAP when analyzing underlying operating performance, as the excluded items are not necessarily reflective of Choice Properties' underlying operating performance or impact the comparability of financial performance between periods. From time to time, the Trust may exclude additional items if it believes doing so would result in a more effective analysis of underlying operating performance. The exclusion of certain items does not imply that they are non-recurring.

These measures do not have a standardized meaning prescribed by GAAP and therefore they may not be comparable to similarly titled measures presented by other publicly traded REITs, and should not be construed as an alternative to other financial measures determined in accordance with GAAP.

Same Properties Properties that were owned throughout both the current and comparative periods are grouped as same properties for comparative calculations.

Net Operating Income NOI is defined as cash rental revenue from investment properties less property operating costs. NOI is a key performance indicator as it evaluates the results of the portfolio and represents a measure over which management has control. It is also a key input in determining the fair value of the portfolio. The Trust's method of calculating NOI may differ from other issuers' methods and, accordingly, may not be comparable to NOI reported by other issuers.

Net Income (Loss) before Fair Value Adjustments Net Income (or net loss) as calculated under GAAP, excluding fair value adjustments on Exchangeable Units and investment properties.

Funds from Operations FFO is not a term defined under IFRS and may not be comparable to similar measures used by other real estate entities. Except as otherwise noted, Choice Properties calculates its FFO in accordance with the Real Property Association of Canada White Paper on Funds from Operations for IFRS issued in April 2014. The purpose of the White Paper was to provide reporting issuers and investors with greater guidance on the definition of FFO and to help promote more consistent disclosure from reporting issuers.

An advantage of the FFO measure is improved comparability between Canadian and foreign real estate investment trusts. FFO adds back to net income (or net loss) items that do not arise from operating activities, such as fair value adjustments. FFO, however, still includes non-cash revenues related to accounting for straight-line rent and makes no deduction for the recurring capital expenditures necessary to sustain the existing earnings stream.

Funds from Operations Payout Ratio FFO payout ratio is calculated as the distribution declared per unit divided by the FFO per unit diluted.

Adjusted Funds from Operations AFFO is a supplemental measure of operating performance widely used in the real estate industry. Choice Properties views AFFO as an alternative measure of cash generated from operations and considers AFFO generated as one of its inputs in determining the appropriate level of distribution to Unitholders. Choice Properties calculates AFFO by adjusting FFO for non-cash income and expense items such as amortization of straight-line rents and finance charges. AFFO includes a reduction for capital expenditures for maintaining productive capacity required for sustaining property infrastructure and revenue from real estate properties and direct leasing costs. Property capital expenditures do not occur evenly over the fiscal year. The property capital expenditures in the AFFO calculation are adjusted to reflect an average annual spending level.

There is currently no standard industry-defined measure of AFFO. As such, Choice Properties' method of calculating AFFO may differ from that of other real estate entities and, accordingly, may not be comparable to such amounts reported by other issuers.

Adjusted Funds from Operations Payout Ratio AFFO payout ratio is calculated as the distribution declared per unit divided by the AFFO per unit diluted.

Choice Properties Real Estate Investment Trust

Calculation of Non-GAAP Financial Measures

For the periods ended June 30 (in thousands of Canadian dollars, except per unit amounts) (unaudited)	Three Months	Six Months
	2015		2014		2015		2014
Rental revenue	$	183,084	$	170,339	$	364,758	$	337,384
Reverse - Straight-line rental revenue		(9,311)		(8,713)		(18,130)		(17,275)
Property operating costs		(46,912)		(42,945)		(94,482)		(86,096)
Net Operating Income(1)	$	126,861	$	118,681	$	252,146	$	234,013
Net Income (Loss)	$	188,735	$	(1,538)	$	(22,315)	$	(9,709)
Fair value adjustments on Exchangeable Units		(159,999)		(11,085)		94,204		37,208
Fair value adjustments on investment properties		16,836		(201)		17,448		(91)
Fair value adjustments on unit-based compensation		(424)		(140)		(83)		(228)
Distributions on Exchangeable Units		50,274		47,382		100,048		93,544
Amortization of tenant improvement allowances		74		2		76		452
Internal expenses for leasing(2)		372		—		747		—
Funds from Operations(1)(4)	$	95,868	$	34,420	$	190,125	$	121,176
Reverse: Finance charge(4)		—		52,253		—		48,911
Funds from Operations(1) excluding other adjustments	$	95,868	$	86,673	$	190,125	$	170,087
Funds from Operations(1)(4)	$	95,868	$	34,420	$	190,125	$	121,176
Straight-line rental revenue		(9,311)		(8,713)		(18,130)		(17,275)
Effective interest rate amortization of finance charges		(275)		52,642		(588)		50,755
Unit-based compensation expense		320		641		879		1,058
Property capital expenditures - incurred		(2,564)		(2,266)		(2,586)		(2,742)
Property and leasing capital expenditures - normalized(3)		(6,179)		(6,837)		(16,121)		(12,578)
Leasing capital expenditures - incurred		(1,459)		(122)		(1,697)		(1,922)
Adjusted Funds from Operations(1)	$	76,400	$	69,765	$	151,882	$	138,472
FFO(1)(5) per unit - diluted	$	0.240	$	0.228	$	0.478	$	0.453
AFFO(1) per unit - diluted	$	0.191	$	0.184	$	0.382	$	0.369
AFFO(1) payout ratio		85.1%		88.3%		85.1%		88.1%
Distribution declared per unit	$	0.162501	$	0.162501	$	0.325002	$	0.325002
Weighted average Units outstanding - basic		399,299,063		379,146,225		397,494,443		375,521,228
Weighted average Units outstanding - diluted		400,068,141		379,658,338		397,918,582		375,766,533
Number of Units outstanding, end of quarter		405,659,341		383,670,554		405,659,341		383,670,554

(1)	See "Non-GAAP Financial Measures" beginning on page 4.

(2)	Internal expenses for leasing, primarily salaries, of $372 and $747 were incurred in the three and six months ended June 30, 2015 respectively, and were eligible to be added back to FFO(1) based on the revision to the definition of FFO(1), in the Real Property Association of Canada White Paper published in April 2014 that provided for an adjustment to incremental leasing expenses for the cost of salaried staff. This adjustment to FFO(1) made results more comparable between real estate entities that expensed their internal leasing departments and those that capitalized the expenses. Choice Properties internalized its leasing function on October 1, 2014. Therefore, there was no adjustment for internal expenses for leasing for the three and six months ended June 30, 2014.

(3)	Seasonality impacts the timing of capital expenditures. AFFO(1) calculation was adjusted for this factor to make the quarters more comparable.

(4)	Non-cash finance losses of $52,253 and $48,911 were reversed from net losses to calculate FFO(1) (excluding other adjustments) for the three and six months ended June 30, 2014, respectively. The losses were the result of accelerated amortization of net debt discounts due to replacement of notes issued to Loblaw in connection with the IPO.

(5)	The FFO(1) per unit amounts for the three and six months ended June 30, 2014 were calculated using FFO(1) (excluding other adjustments). FFO(1) per unit on a diluted basis, before adjustments, was $0.091 and $0.322, respectively."

Selected Financial Information
The following includes quarterly financial information prepared by management in accordance with IFRS and based on the Trust's First Quarter 2015 Report to Unitholders. This financial information does not contain all interim period disclosures required by IFRS, and accordingly should be read in conjunction with the Trust's 2014 Report to Unitholders, which are available in the Investor Relations section of the Trust's website at www.choicereit.ca.

Choice Properties Real Estate Investment Trust
Consolidated Balance Sheets


(unaudited) (in thousands of Canadian dollars)			As at		As at
		June 30, 2015		December 31, 2014
Assets
Non-current Assets
	Investment properties		$	8,248,790	$	7,905,978
	Equity accounted investments			8,350		6,230
	Accounts receivable and other assets			10,490		10,057
	Notes receivable			25,573		22,539
				8,293,203		7,944,804
Current Assets
	Accounts receivable and other assets			48,482		9,473
	Notes receivable			123,174		236,829
	Cash and cash equivalents			—		1,332
				171,656		247,634
Total Assets		$	8,464,859	$	8,192,438

Liabilities and Unitholders' Equity
Non-current Liabilities
	Long term debt and Class C LP Units		$	3,681,168	$	3,435,628
	Credit facility			86,000		120,187
	Exchangeable Units			3,407,777		3,207,216
	Trade payables and other liabilities			1,330		1,020
			$	7,176,275	$	6,764,051
Current Liabilities
	Bank indebtedness			8,936		—
	Long term debt due within one year			1,030		993
	Trade payables and other liabilities			282,309		388,997
				292,275		389,990
Total Liabilities			7,468,550		7,154,041

Equity
	Unitholders' equity			988,613		1,030,701
	Non-controlling interests			7,696		7,696
Total Equity			996,309		1,038,397
Total Liabilities and Equity		$	8,464,859	$	8,192,438

Choice Properties Real Estate Investment Trust
Consolidated Statements of Income (Loss) and Comprehensive Income (Loss)

(unaudited) (in thousands of Canadian dollars)	Three months ended	Three months ended	Six months ended	Six months ended
June 30, 2015	June 30, 2014	June 30, 2015	June 30, 2014
Net Property Income
	Rental revenue from investment properties	$	183,084	$	170,339	$	364,758	$	337,384
	Property operating costs		(46,912)		(42,945)		(94,482)		(86,096)
Net Property Income		136,172		127,394		270,276		251,288
Other Expenses
	General and administrative expenses		(4,718)		(5,362)		(10,575)		(10,691)
	Amortization of other assets		(162)		(132)		(330)		(263)
	Net interest expense and other financing charges		(85,720)		(134,724)		(170,034)		(212,926)
	Fair value adjustment on Exchangeable Units		159,999		11,085		(94,204)		(37,208)
	Fair value adjustment on investment properties		(16,836)		201		(17,448)		91
Net Income (Loss) and Comprehensive Income (Loss)	$	188,735	$	(1,538)	$	(22,315)	$	(9,709)

Choice Properties Real Estate Investment Trust
Consolidated Statements of Cash Flows

(unaudited) (in thousands of Canadian dollars)		Three months ended		Three months ended		Six months ended		Six months ended
		June 30, 2015		June 30, 2014		June 30, 2015		June 30, 2014
Operating Activities
	Net Income (Loss)	$	188,735	$	(1,538)	$	(22,315)	$	(9,709)
	Amortization of straight-line rental revenue		(9,311)		(8,713)		(18,130)		(17,275)
	Amortization of tenant improvement allowances		74		2		76		452
	Amortization of other assets		162		132		330		263
	Net interest expense and other financing charges		85,720		134,724		170,034		212,926
	Value of unit-based compensation granted		(104)		501		796		830
	Fair value adjustment on Exchangeable Units		(159,999)		(11,085)		94,204		37,208
	Fair value adjustment on investment properties		16,836		(201)		17,448		(91)
	Leasing capital expenditures		(1,459)		(122)		(1,697)		(1,922)
	Interest received		3		85		70		200
	Net change in non-cash working capital		(15,632)		(27,093)		(36,060)		(67,164)
Cash Flows from Operating Activities		105,025		86,692		204,756		155,718
Investing Activities
	Acquisitions of investment properties		(101,818)		(80,816)		(197,538)		(96,555)
	Additions to investment properties		(19,755)		(7,132)		(34,538)		(14,254)
	Additions to fixtures and equipment		(282)		(196)		(529)		(359)
	Notes receivable issued to third-party		—		—		(2,065)		—
	Equity investment		(1,600)		—		(2,120)		—
Cash Flows used in Investing Activities		(123,455)		(88,144)		(236,790)		(111,168)
Financing Activities
	Long term debt
		Issued - Senior unsecured debentures, net of debt placement costs		(400)		—		248,486		447,540
		Retired - Transferor Notes		—		—		—		(440,000)
		Principal repayments - Mortgage		(246)		—		(488)		—
	Credit facility
		Net advancements (repayments)		86,000		91,721		(36,000)		91,721
		Debt placement costs		—		(1,740)		(10)		(1,740)
	Change in bank indebtedness		8,936		—		8,936		—
	Notes receivable
		Issued to related party		(61,336)		(58,335)		(122,658)		(116,060)
		Repaid by related party		—		—		236,328		92,057
	Cash received on exercise of options		321		—		321		—
	Interest paid		(13,598)		(13,260)		(94,013)		(60,241)
	Distributions paid on Exchangeable Units		—		—		(190,078)		(73,219)
	Distributions paid to Unitholders		(10,113)		(10,384)		(20,122)		(21,145)
Cash Flows from (used in) Financing Activities		9,564		8,002		30,702		(81,087)
Change in cash and cash equivalents		(8,866)		6,550		(1,332)		(36,537)
Cash and cash equivalents, beginning of period		8,866		8,318		1,332		51,405
Cash and Cash Equivalents, end of period	$	—	$	14,868	$	—	$	14,868

Management Discussion and Analysis and Financial Statements and Notes

Information appearing in this news release is a consolidated select summary of results. This news release should be read in conjunction with Choice Properties' First 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.sedar.com.

Conference Call and Webcast

Senior management will host a conference call to discuss the results on July 16, 2015 at 10:00AM (ET). To access via teleconference, please dial (647) 427-7450. A playback will be made available two hours after the event at (416) 849-0833, access code: 61857950. To access the conference call via webcast, a link is available at www.choicereit.ca in the "Events and Webcasts" section under "News and Events".

About Choice Properties Real Estate Investment Trust

Choice Properties Real Estate Investment Trust is an owner, manager and developer of well-located commercial real estate across Canada. Choice Properties' portfolio spans approximately 41.3 million square feet of gross leasable area and consists of 513 properties primarily focused on supermarket-anchored shopping centres and stand-alone supermarkets. Choice Properties' strategy is to create value by enhancing and optimizing its portfolio through accretive acquisitions, strategic development and active property management. Choice Properties' principal tenant and largest Unitholder is Loblaw Companies Limited, Canada's largest retailer. Choice Properties' strong alliance with Loblaw positions it well for future growth. For more information, visit Choice Properties' website at www.choicereit.ca and Choice Properties' issuer profile at www.sedar.com.

SOURCE Choice Properties Real Estate Investment Trust

For further information: Kim Lee, Vice President, Investor Relations and Planning & Analysis, Choice Properties Real Estate Investment Trust, t (416) 324-7899, e kim.lee@choicereit.ca

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