Choice Properties Real Estate Investment Trust (CHP.UN) Q4 2025 earnings summary

Executive summary

• Delivered strong operational and financial results in 2025, meeting or exceeding all core financial targets despite economic uncertainty, and maintaining high occupancy across retail, industrial, and mixed-use/residential segments.

• Largest REIT in Canada with 699 properties valued at $17.8B as of December 31, 2025, and a strategic relationship with a major national retailer.

• Board approved a fourth consecutive distribution increase, effective March 2026.

• Focused on sustainability, with 67% of GLA certified as LEED/BOMA Best and significant emissions reductions.

Financial highlights

• 2025 FFO per unit was $1.069, at the high end of the revised outlook, with Q4 FFO per unit diluted at $0.262, up 0.8% year-over-year.

• Same-asset NOI grew 2.2% for the year and 2.4% in Q4; total cash NOI up 4.4% in Q4 and 4.7% for the year.

• NAV per unit rose 2.6% year-over-year to $14.43.

• Debt-to-EBITDA ratio stable at 7.0x; available liquidity of $1.5B–$1.6B.

• AFFO payout ratio at 88% for 2025.

Outlook and guidance

• 2026 guidance: FFO per unit diluted between $1.08 and $1.10, with 2–3% same-asset NOI growth and stable occupancy.

• Distribution to increase to $0.78 per unit in March 2026, a 1.3% rise.

• Leverage targeted below 7.5x Adjusted Debt to EBITDAFV.