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Choice Properties Real Estate Investment Trust (CHP.UN) investor relations material
Choice Properties Real Estate Investment Trust Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary6 Nov, 2025
Executive summary
Achieved strong Q3 2025 performance with high tenant demand in grocery-anchored retail and industrial assets, maintaining near full occupancy at 98%.
Largest REIT in Canada with 700+ high-quality properties and a $17.8B fair value portfolio, focused on necessity-based retail, industrial, and mixed-use/residential assets.
Strategic relationship with Loblaw, accounting for 58% of tenancy, provides stable cash flows and competitive advantage.
Strong ESG leadership, with net zero targets by 2050 and over 50% women executives at VP+ level.
Completed seven retail intensification projects and extended debt maturity profile, supporting long-term value creation.
Financial highlights
Q3 2025 FFO per unit increased 7.8% year-over-year to $0.278; AFFO per unit decreased to $0.192 due to earlier maintenance capital projects.
Reported net income of $242.6 million for Q3 2025, up from a net loss of $663.0 million in Q3 2024, mainly due to favorable fair value adjustment in Exchangeable Units.
Same-asset NOI (cash basis) grew 2.8% year-over-year to $251.5M, with retail up 3.1%, industrial up 1.6%, and mixed-use/residential up 4%.
IFRS/NAV per unit rose to $14.53, up 1% from Q2 2025 and 3.5% year-over-year.
Portfolio occupancy reached 98.0%, up from 97.7% a year ago.
Outlook and guidance
Raised 2025 FFO per unit guidance to $1.06–$1.07, representing 3–4% year-over-year growth.
AFFO payout ratio for 2025 expected to remain consistent with prior year despite Q3 seasonality.
Expects stable occupancy and 2–3% year-over-year growth in Same-Asset NOI (cash basis).
Management expects continued stable and growing cash flows, capital preservation, and NAV appreciation.
Anticipate continued right-sizing initiatives with Loblaw, though at lower volumes in 2026–2027.
What specific incentives support 2026 residential launch?
Loblaw rightsizing: How is re-leasing de-risked?
Liquidity for non-core asset dispositions describe
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Next Choice Properties Real Estate Investment Trust earnings date
Q4 202519 Feb, 2026
Next Choice Properties Real Estate Investment Trust earnings date
Q4 202519 Feb, 2026
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Frequently asked questions
Choice Properties, Canada's preeminent diversified real estate investment trust, is the owner, manager and developer of a high-quality portfolio comprising 725 properties totaling 66.1 million square feet of gross leasable area across Canada. Choice Properties' retail portfolio showcases an exceptional lineup of national and regional tenants and with its $3.8 billion in total assets, including Canadian Tire as an anchor tenant, Choice Properties is well positioned to grow into an S&P/TSX 60 company. Choice Properties' objectives are to provide stable and growing cash distributions to unitholders and to maximize unitholder value through effective management and accretive portfolio growth.
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