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Choice Properties REIT - Q3-2018 Earnings & Price Target Update

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Choice Properties REIT is an owner, manager and developer of retail and commercial properties across Canada. Choice Properties is one of Canada's largest REITs with a portfolio of 751 properties valued at $15.6B at Sept-30-2018 with a total leasable area of 66.8M sq. ft. Choice Properties REIT merged with Canadian Real Estate Investment Trust effective May-4-2018 increasing the number of properties from 540 to 751 and total assets from $9.9B to $15.6B. Q3-2018 represents the first full quarter since the merger of Choice and CREIT. Approximately 72% of the portfolio's base rent for Q3-2018 was derived from large and medium urban markets. Approximately 57% of the portfolio's base rent was generated from large urban markets, with a particular concentration in Toronto, Calgary, Vancouver and Montreal. A key strategy is to adding tenants in complementary business sectors to retail sites anchored by Loblaw food and drug stores.

Choice Properties REIT was created in 2013 from the owned real estate of Loblaw Companies Ltd.(L) who were Choice Properties REIT's largest shareholder and primary tenant. The acquisition of CREIT during Q2-2018 added 209 properties and 22.7M sq. ft. of leasable area including multi-tenant retail, industrial, office and multi-family properties to the portfolio and increased the property concentration in major markets across Canada. The acquisition also expanded Choice Properties' operational and leasing capabilities, complementing the existing in-house development platform.

George Weston Acquires Loblaws Interest in Choice Properties

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