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Choice Properties REIT - 2019 Earnings, Price Target Update

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Choice Properties REIT (CHP.UN) portfolio consists of 726 properties totaling 65.8M sq. ft. with a fair value of $15.6B as at Dec-31-2019. This is a decrease from 753 properties comprising 63.8M sq. ft. at Dec-31-2018 with a fair value of $15.5B. They sold 30 shopping centre properties previously acquired from Loblaws (L-TSX) during Q3-2019. George Weston Group (WN-TSX) who controls Loblaw's owns approximately 65% of Choice Properties REIT. In May-2018 Choice Properties REIT merged with Canadian Real Estate Investment Trust (REF.UN) increasing the number of properties from 540 to 751 and total assets from $9.9B to $15.6B. This transformed Choice Properties REIT from a shopping centre retail focused REIT to a diversified portfolio. Choice Properties has further growth potential across the expanded portfolio with greenfield, intensification, redevelopment and residential opportunities. The portfolio comprised of retail properties, predominately leased to necessity-based tenants, industrial, office and residential assets concentrated in major markets. The strategic alliance with its principal tenant, Loblaw who are controlled by George Weston (WN) aligns the interests of the major shareholder with Choice Properties REIT.

Choice Properties' portfolio includes 576 retail properties, 112 industrial properties, 15 office complexes, 4 multi-family residential buildings and 19 development properties. The retail properties are made up of: (i) 280 properties with a stand-alone Loblaw-bannered retail store; (ii) 233 properties anchored by a retail store operating under a Loblaw banner that also contains one or more third-party tenants; and (iii) 63 properties containing only third-party tenants. Approximately 72% of base rent for Q3-2019 was derived from properties in large and medium urban markets and 57% from large urban markets, with a particular concentration in Toronto, Calgary, Vancouver, Montreal, Edmonton and Ottawa.

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