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Choice Properties REIT - Q3-2020 Earnings, Price Target Update

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Choice Properties REIT (CHP.UN) portfolio consists of 717 properties including 10 properties in development, totaling 66.1M sq. ft. with a value of $14.9B as at Sept-30-2020. This is a decrease from 753 properties comprising 63.8M sq. ft. at Dec-31-2018 with a fair value of $15.2B. The decrease in the number of properties was mainly from sale of 30 shopping centre properties during Q3-2019 that were previously acquired from Loblaws (L-TSX). George Weston Group (WN-TSX) who controls Loblaw's owns 61.5% 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 focused REIT to a more diversified portfolio holding office, industrial and residential development properties. By net operating income shopping centres contribute 78%, industrial 15% and office properties 7%. The residential portfolio is a recent addition to the Choice Properties asset mix that includes densifying existing retail sites with residential buildings. The residential properties are located in Canada's largest cities and include both newly developed purpose built rental buildings and residential focused mixed use communities, many of which are in close proximity to public transportation. Total budgeted development for the portfolio is approximately $1B of which $450M has been spent with $450M to complete over the next three to five years.

Choice Properties' portfolio includes 577 retail properties, 112 industrial properties, 15 office complexes, 3 multi-family residential buildings and 10 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 is derived from properties in large and medium urban markets and 57% from large urban markets, with a particular concentration in Ontario at 40% of net operating income, Alberta – 20%, Qubec-14%, BC-11%, Atlantic Canada 10% and the balance in Manitoba and Saskatchewan.

Choice Properties' parent corporation is George Weston Limited (WN-TSX), which as at Sept-30- 2020 held 61.5% of Choice Properties REIT. George Weston Ltd. is also the parent company of Loblaw owning 52.2% of Loblaw's. W. Galen Weston is the controlling shareholder of George Weston Ltd. Loblaw represents 56 % of Choice Properties' rental revenue.

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