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Choice Properties REIT - Q2-2019 Earnings, Price Target Update

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Choice Properties is the owner, manager and developer of commercial retail, industrial, office and residential properties across Canada. The portfolio is comprised of 756 properties with a total leasable area of 68M sq. ft. as at Jun-30-2019. A total of $1.1B of development is planned of which $416M has been spent, $512M is in process and $210M more is planned. Total assets as of Jun-30-2019 are $15.7B and liabilities are $12.7B.

The pipeline of development opportunities includes: intensification of excess density within its existing retail portfolio, redevelopment of properties in key markets, greenfield developments in large markets, including retail and industrial projects, major mixed use development in urban markets and residential development.

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.

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