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Choice Properties REIT - Q3-2021 Earnings, Price Target Update

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Choice Properties REIT (CHP.UN) portfolio consists of 718 properties (66.5M sq. ft.) and 17 commercial and four residential projects under development with a total value of $16B as at Sept-30-2021. 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 76%, industrial 15%, office properties 8% and residential 1%. 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 $400M with the balance mainly for residential by 2023 year end.

Choice Properties' portfolio includes 576 retail properties, 122 industrial properties, 16 office complexes, 4 multi-family residential buildings and 17 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) 61 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 42% of net operating income, Alberta – 20%, Quebec-14%, BC-10%, Atlantic Canada 10% and the balance in Manitoba and Saskatchewan.

Choice Properties' parent corporation is George Weston Limited (WN-TSX), which as at Jun-30-2021 held 61.7% 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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