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Choice Properties REIT Q3-2017 Earnings Update

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Choice Properties REIT is an owner, manager and developer of well-located retail and commercial properties across Canada. Choice Properties' principal tenant is Loblaw Companies Limited, Canada(L-TSX). The immediate parent of Choice Properties is Loblaw Companies Ltd. (L) Loblaw holds an 83% effective interest in the Choice Properties REIT. Loblaw and its franchisees currently operate 1,053 stores across Canada. Loblaw is controlled by George Weston Ltd (WN) who is in turn controlled by the Weston family. Loblaw's also holds a 5.8% direct interest in Choice Properties. Choice Properties' principal tenant, Loblaw, represents 89% of the annual base rent with an average lease term of 10.7 yrs. The first maturity is in 2023.

Choice Properties is one of Canada's largest retail REITs with a portfolio valued at $9.2B at Sept-30-2017 ($9.1B Dec-31-2016) with a total leasable area of 43.8M sq. ft. consisting of 540 properties primarily focused on supermarket and drug store anchored shopping centres and stand-alone supermarkets and drug stores. The properties are comprised of retail properties, eleven warehouse properties, one office complex, one industrial site and five undeveloped parcels of land.

As of Sept-30-2017 the portfolio was comprised of 521 retail properties, 14 industrial properties, one office complex, and four undeveloped parcels of land. The retail properties are made up of: (i) 315 properties with a stand-alone retail store operating under a Loblaw banner (including Shoppers Drug Mart); (ii) 199 properties anchored by a retail store operating under a Loblaw banner that also contain one or more ancillary tenants; and (iii) seven properties containing only ancillary tenants.

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