{"id":16820,"date":"2016-04-25T05:00:00","date_gmt":"2016-04-25T09:00:00","guid":{"rendered":"https:\/\/www.choicereit.ca\/news-release\/choice-properties-real-estate-investment-trust-annonce-une-augmentation-de-55-des-fonds-provenant-de-lexploitation1-par-part-diluee-pour-le-premier-trimestre-2016\/"},"modified":"2016-04-25T05:00:00","modified_gmt":"2016-04-25T09:00:00","slug":"choice-properties-real-estate-investment-trust-annonce-une-augmentation-de-55-des-fonds-provenant-de-lexploitation1-par-part-diluee-pour-le-premier-trimestre-2016","status":"publish","type":"news-release","link":"https:\/\/www.choicereit.ca\/fr\/news-release\/choice-properties-real-estate-investment-trust-annonce-une-augmentation-de-55-des-fonds-provenant-de-lexploitation1-par-part-diluee-pour-le-premier-trimestre-2016\/","title":{"rendered":"Choice Properties Real Estate Investment Trust annonce une augmentation de 5,5 % des fonds provenant de l&#8217;exploitation(1) par part dilu\u00e9e pour le premier trimestre 2016"},"content":{"rendered":"<p><span class=\"xn-location\">TORONTO<\/span>, April 25, 2016 \/CNW\/ \u2013 Choice Properties Real Estate Investment Trust (\u00ab\u00a0Choice Properties\u00a0\u00bb or the \u00ab\u00a0Trust\u00a0\u00bb) (TSX: CHP.UN) today announced its condensed consolidated financial results for the first quarter ended March 31, 2016. The Trust\u2019s Quarterly Report will be available in the Investor Relations section of the Trust\u2019s website at <a href=\"http:\/\/www.choicereit.ca\/\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">www.choicereit.ca<\/a>, filed with SEDAR and available at <a href=\"http:\/\/www.sedar.com\/\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">www.sedar.com<\/a>.  <\/p>\n<p><b>Quarter Highlights:<\/b><\/p>\n<ul type=\"disc\">\n<li>Reported Funds from Operations (\u00ab\u00a0FFO\u00a0\u00bb)<sup>(1)<\/sup> per unit diluted of <span class=\"xn-money\">$0.251<\/span>, an increase of <span class=\"xn-money\">$0.013<\/span> or 5.5% compared with <span class=\"xn-money\">$0.238<\/span> in the first quarter of 2015; <\/li>\n<li>Reported rental revenue of <span class=\"xn-money\">$192.2 million<\/span>, an increase of <span class=\"xn-money\">$10.5 million<\/span> or 5.8% compared with <span class=\"xn-money\">$181.7 million<\/span> in the first quarter of 2015; <\/li>\n<li>Developed 40,000 square feet of Gross Leasable Area (\u00ab\u00a0GLA\u00a0\u00bb) creating 12 new retail spaces during the first quarter of 2016; <\/li>\n<li>Improved ancillary occupancy and increased same property, same GLA net operating income (\u00ab\u00a0NOI\u00a0\u00bb) by 1.3% to <span class=\"xn-money\">$125.8 million<\/span> from <span class=\"xn-money\">$124.3 million<\/span> in the first quarter of 2015; <\/li>\n<li>Improved occupancy rate of 98.7% compared to 98.6% as at <span class=\"xn-chron\">December 31, 2015<\/span> and 98.3% as at <span class=\"xn-chron\">March 31, 2015<\/span>; <\/li>\n<li>Leveraged the Trust\u2019s financial stability to issue 30-year senior unsecured debentures and extend the debt maturity schedule; and <\/li>\n<li>Increased monthly distributions by 3.1% effective on <span class=\"xn-chron\">January 29, 2016<\/span>.<\/li>\n<\/ul>\n<p><\/p>\n<p>\u00ab\u00a0The first quarter of <span class=\"xn-money\">2016 marks<\/span> another solid quarter for Choice Properties REIT.  With the team focused on executing and driving growth, we reported year-over-year improvement on key financial and operational metrics\u00a0\u00bb said John Morrison, President and Chief Executive Officer. \u00ab\u00a0We are off to a strong start for 2016 and making significant headway on our development opportunities while we continue to progress with our acquisition and leasing programs. We continue to expect our strategic initiatives and prudent financial management to create incremental value for our existing portfolio of long term leases with stable and growing cash flows.\u00a0\u00bb<\/p>\n<div>\n<table id=\"convertedTable02ac\" border=\"0\" cellspacing=\"0\" cellpadding=\"0\" class=\"prngen1\">\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(1)<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">See \u00ab\u00a0Non-GAAP Financial Measures\u00a0\u00bb beginning on page 5. <\/span><\/p>\n<\/td>\n<\/tr>\n<\/table>\n<\/div>\n<p><\/p>\n<p><b>Financial and Operational Summary<\/b><\/p>\n<div>\n<table border=\"0\" cellspacing=\"0\" cellpadding=\"0\" class=\"prngen1\">\n<tr>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">For the three months ended March 31<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">($ thousands except where otherwise indicated)<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(unaudited)<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>2016<\/b><\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">2015<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Number of properties<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>519<\/b><\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">475<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Gross Leasable Area (\u00ab\u00a0GLA\u00a0\u00bb) (in millions of square feet)<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>41.6<\/b><\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">39.9<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Occupancy<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>98.7%<\/b><\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">98.3%<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Rental revenue<\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">$<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>192,238<\/b><\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">$<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">181,674<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Net Operating Income (\u00ab\u00a0NOI\u00a0\u00bb)<sup>(i)<\/sup><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">$<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>132,445<\/b><\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">125,285<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Net Loss<sup>(ii)<\/sup><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">$<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>(132,655)<\/b><\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(211,050)<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Net Loss per unit diluted<sup>(ii)<\/sup><\/span><\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">$<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>(0.324)<\/b><\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(0.534)<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Funds from Operations (\u00ab\u00a0FFO\u00a0\u00bb)<sup>(i)<\/sup>per unit diluted<\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">$<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>0.251<\/b><\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">0.238<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Adjusted Funds from Operations (\u00ab\u00a0AFFO\u00a0\u00bb)<sup>(i)<\/sup>per unit diluted<\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">$<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>0.203<\/b><\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">0.191<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Adjusted Funds from Operations<sup>(i)<\/sup>payout ratio<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>82.7%<\/b><\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">85.1%<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Distribution declared per unit<\/span><\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">$<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>0.167500<\/b><\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">0.162501<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Total assets (in millions)<\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">$<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>8,730<\/b><\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">8,159<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Debt to total assets<sup>(iii)<\/sup><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>45.9%<\/b><\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">45.8%<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Debt service coverage<sup>(iii)<\/sup><\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>3.6x<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">3.5x<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen10\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prnsbbs prnsblb0 prnpl6 prnpr10 prnvam prnsbtb0 prnrbrb0\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen10\"><\/td>\n<\/tr>\n<\/table>\n<\/div>\n<div>\n<table id=\"convertedTablef2bf\" border=\"0\" cellspacing=\"0\" cellpadding=\"0\" class=\"prngen1\">\n<tr>\n<td class=\"prngen12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(i)<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">See \u00ab\u00a0Non-GAAP Financial Measures\u00a0\u00bb beginning on page 5.<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(ii)<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Net loss included a negative adjustment of $180,753 and $254,203 for the fair value of Exchangeable Units, a negative adjustment of $13,623 and $612 for the fair value of investment properties, and a positive adjustment of $13,640 and nil for the adjustment to fair value of investment property held in equity accounted joint venture for the three months ended March 31, 2016 and March 31, 2015, respectively. Net income before adjustments to fair value was $48,081 and $43,765 for the three months ended March 31, 2016 and March 31, 2015, respectively.<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(iii)<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Debt ratios include Class C LP Units but exclude Exchangeable Units. The ratios are non-GAAP financial measures calculated based on the trust indentures, as supplemented.<\/span><\/p>\n<\/td>\n<\/tr>\n<\/table>\n<\/div>\n<p><\/p>\n<p><b>Financial Results for the Quarter:<\/b><\/p>\n<ul type=\"disc\">\n<li><b>Net Operating Income<\/b><sup>(1)<\/sup> \u2013 First quarter NOI<sup>(1)<\/sup> of <span class=\"xn-money\">$132.4 million<\/span> represented an increase of <span class=\"xn-money\">$7.2 million<\/span>, or 5.7%, over the first quarter of 2015 primarily driven by acquisitions completed in 2015. These acquisitions contributed a total of <span class=\"xn-money\">$4.9 million<\/span> to NOI<sup>(1)<\/sup>. NOI<sup>(1)<\/sup> for Same Properties<sup>(1)<\/sup>, same GLA, of <span class=\"xn-money\">$125.8 million<\/span> was <span class=\"xn-money\">$1.5 million<\/span> or 1.3% higher than the <span class=\"xn-money\">$124.3 million<\/span> achieved in the first quarter of 2015. This improvement was primarily due to growth in base rent and net recoveries, which was driven by improvements in ancillary occupancy, higher average rents per square foot on new ancillary leases and rent steps in Loblaw leases, and growth in capital recoveries. <\/li>\n<li><b>Net Income before Adjustments to Fair Value<\/b><sup>(1)<\/sup> \u2013 First quarter net income before adjustments to fair value of <span class=\"xn-money\">$48.1 million<\/span> compared with a net income before adjustments to fair value of <span class=\"xn-money\">$43.8 million<\/span> reported in the first quarter of 2015. <\/li>\n<li><b>Funds from Operations<\/b><sup>(1)<\/sup> \u2013 First quarter FFO<sup>(1)<\/sup> was <span class=\"xn-money\">$102.8 million<\/span> or <span class=\"xn-money\">$0.251<\/span> per unit diluted, compared with <span class=\"xn-money\">$94.3 million<\/span> or <span class=\"xn-money\">$0.238<\/span> per unit diluted in the first quarter of 2015. The year-over-year improvement in FFO<sup>(1)<\/sup> of <span class=\"xn-money\">$0.013<\/span> per unit diluted was primarily driven by NOI<sup>(1)<\/sup> from acquisitions in 2015. <\/li>\n<li><b>Adjusted Funds from Operations<\/b><sup>(1) <\/sup>\u2013 First quarter AFFO<sup>(1)<\/sup> was <span class=\"xn-money\">$82.9 million<\/span> or <span class=\"xn-money\">$0.203<\/span> per unit diluted, compared with <span class=\"xn-money\">$75.5 million<\/span> or <span class=\"xn-money\">$0.191<\/span> per unit diluted in the first quarter of 2015. Similar to FFO<sup>(1)<\/sup>, the improvement in AFFO<sup>(1)<\/sup> was primarily driven by NOI<sup>(1)<\/sup> from 2015 acquisitions, partially offset by higher capital expenditures. <\/li>\n<li><b>Distributions<\/b> \u2013 Distributions per unit declared during the quarter totaled <span class=\"xn-money\">$0.167500<\/span>, for an AFFO<sup>(1)<\/sup> payout ratio of 82.7% (2015 \u2013 <span class=\"xn-money\">$0.162501<\/span> and 85.1%). In <span class=\"xn-chron\">November 2015<\/span>, Choice Properties announced an increase in the annual distribution by 3.1% to <span class=\"xn-money\">$0.67<\/span> per unit. The increase was effective for Unitholders of record <span class=\"xn-chron\">January 29, 2016<\/span>.<\/li>\n<\/ul>\n<p><\/p>\n<div>\n<table id=\"convertedTable02ac\" border=\"0\" cellspacing=\"0\" cellpadding=\"0\" class=\"prngen1\">\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(1)<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">See \u00ab\u00a0Non-GAAP Financial Measures\u00a0\u00bb beginning on page 5. <\/span><\/p>\n<\/td>\n<\/tr>\n<\/table>\n<\/div>\n<p><\/p>\n<p><b>Operational Results for the Quarter:<\/b><\/p>\n<ul type=\"disc\">\n<li><b>Retail Development \u2013 <\/b>During the first quarter of 2016, Choice Properties tenants took possession of 40,000 square feet of newly constructed GLA. The GLA constructed during the quarter provided new ancillary retail space for 12 tenants in <span class=\"xn-location\">Stoney Creek<\/span> and <span class=\"xn-location\">Burlington, Ontario<\/span>; <span class=\"xn-location\">Calgary<\/span> and <span class=\"xn-location\">Edmonton, Alberta<\/span>; and <span class=\"xn-location\">Regina, Saskatchewan<\/span>. <\/li>\n<li><b>Development Pipeline \u2013<\/b> The GLA expected to be completed in 2016 includes approximately 400,000 square feet of new GLA for Loblaw consisting of a food store in <span class=\"xn-location\">Surrey, British Columbia<\/span>; both a food store and a Shoppers Drug Mart store in <span class=\"xn-location\">Barrie, Ontario<\/span>; and the expansion of a warehouse expansion in <span class=\"xn-location\">Boucherville, Quebec<\/span>. <\/li>\n<li><b>Leasing Profile \u2013 <\/b>During the first quarter of 2016, Choice Properties entered into leases for approximately 176,000 square feet of GLA with an average lease term of 9.3 years, including renewals of approximately 90,000 square feet, renewed 82.8% of expiring leases in the quarter and increased expiring base rent rates by 14.7% on those renewals. <\/li>\n<li><b>Occupancy \u2013 <\/b>At <span class=\"xn-chron\">March 31, 2016<\/span>, the Trust\u2019s portfolio occupancy rate was 98.7%, compared to 98.6% as at <span class=\"xn-chron\">December 31, 2015<\/span>.<\/li>\n<\/ul>\n<p><\/p>\n<p><b>Capital Structure:<\/b><\/p>\n<ul type=\"disc\">\n<li><b>Capacity to Invest for Further Growth \u2013 <\/b>As at <span class=\"xn-chron\">March 31, 2016<\/span>, the Trust\u2019s debt service coverage ratio<sup>(2)<\/sup> was 3.6 times. With stable cash flow from operations and access to several funding options; including a <span class=\"xn-money\">$500 million<\/span> unsecured revolving credit facility, the Trust believes it has the financial capacity to meet ongoing obligations and invest for further growth. <\/li>\n<li><b>Strengthened Financial Flexibility Through Debt Financing<\/b> \u2013 As previously announced, Choice Properties refinanced <span class=\"xn-money\">$300 million<\/span> of Series 5 senior unsecured debentures, and issued <span class=\"xn-money\">$250<\/span> million and <span class=\"xn-money\">$100<\/span> million of Series G and H senior unsecured debentures due <span class=\"xn-chron\">March 7, 2023<\/span> and <span class=\"xn-chron\">March 7, 2046<\/span>, respectively, under the base shelf prospectus. Choice Properties is the first Canadian REIT to issue 30-year debt. The Series G senior unsecured debentures bear interest at a rate of 3.196% per annum and the Series H senior unsecured debentures bear interest at a rate of 5.268%. With the completion of the Series G and H senior unsecured debenture issuances and the Series 5 senior unsecured debenture redemption, the weighted average interest rate and the weighted average term to maturity on Choice Properties\u2019 senior unsecured debentures increased to 3.58% (<span class=\"xn-chron\">December 31, 2015<\/span> \u2013 3.50%) and 5.9 years (<span class=\"xn-chron\">December 31, 2015<\/span> \u2013 4.7 years), respectively. <\/li>\n<\/ul>\n<p><\/p>\n<p><b>Outlook<br><\/b>Choice Properties believes it is well-positioned to execute on its growth opportunities. The Trust has a sizable asset base that is geographically diverse across <span class=\"xn-location\">Canada<\/span>, long-term leases and a strategic alliance with Loblaw and an existing development pipeline. Choice Properties expects to leverage stable and reliable cash flows and the potential to create value through development. Combined with its solid balance sheet and investment grade credit ratings, Choice Properties expects to meet its ongoing obligations, provide Unitholders with monthly distributions and have the capacity to invest in future growth. <\/p>\n<p>The vast majority of Choice Properties\u2019 sites are anchored by Loblaw, <span class=\"xn-location\">Canada\u2019s<\/span> leading food and drug retailer. The Trust\u2019s leasing strategy is to attract tenants that complement Loblaw\u2019s food and drug offerings and that are well suited to consumers\u2019 weekly shopping patterns. With a tenant base that offers products and services considered to be essential, Choice Properties believes its portfolio of properties is relatively immune to both the cyclical nature of discretionary retailing and the broader economy. This stability is underscored by continued demand and interest for Choice Properties\u2019 retail space in <span class=\"xn-location\">Western Canada<\/span>, including <span class=\"xn-location\">Alberta<\/span> where the economic conditions have been significantly impacted by the downturn in the resource sector. The Trust remains focused on properties that are well-positioned to respond to changing consumers\u2019 preferences and plans to attract and retain tenants at its existing sites and to develop new space for tenants. <\/p>\n<p>The Canadian economy has been characterized by a long period of protracted low interest rates. In the event of a material increase in interest rates, the long term, fixed-rate nature of Choice Properties\u2019 debt obligations are expected shield the Trust against the negative impact of higher interest rates. Given the present relatively low interest rate environment, the Trust believes that capitalization rates will remain range-bound particularly for quality retail real estate which is currently scarce in supply.  <\/p>\n<div>\n<table id=\"convertedTablebd31\" border=\"0\" cellspacing=\"0\" cellpadding=\"0\" class=\"prngen1\">\n<tr>\n<td class=\"prngen12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(1)<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">See \u00ab\u00a0Non-GAAP Financial Measures\u00a0\u00bb beginning on page 5.<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(2)<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Debt ratios include Class C LP Units but exclude Exchangeable Units. The ratios are non-GAAP financial measures calculated based on the trust indentures, as supplemented.<\/span><\/p>\n<\/td>\n<\/tr>\n<\/table>\n<\/div>\n<p><\/p>\n<p><b>Forward-Looking Statements<\/b><\/p>\n<p>This press release contains forward-looking statements about Choice Properties\u2019 objectives, outlook, plans, goals, aspirations, strategies, financial condition, results of operations, cash flows, performance, prospects and opportunities. Specific statements with respect to anticipated future results can be found in various sections of this press release and in the MD&amp;A of Choice Properties\u2019 First Quarter 2016 Report. Forward-looking statements are typically identified by words such as \u00ab\u00a0expect\u00a0\u00bb, \u00ab\u00a0anticipate\u00a0\u00bb, \u00ab\u00a0believe\u00a0\u00bb, \u00ab\u00a0foresee\u00a0\u00bb, \u00ab\u00a0could\u00a0\u00bb, \u00ab\u00a0estimate\u00a0\u00bb, \u00ab\u00a0goal\u00a0\u00bb, \u00ab\u00a0intend\u00a0\u00bb, \u00ab\u00a0plan\u00a0\u00bb, \u00ab\u00a0seek\u00a0\u00bb, \u00ab\u00a0strive\u00a0\u00bb , \u00ab\u00a0will\u00a0\u00bb, \u00ab\u00a0may\u00a0\u00bb, \u00ab\u00a0should\u00a0\u00bb and similar expressions, as they relate to Choice Properties and its management.<\/p>\n<p>Forward-looking statements reflect Choice Properties\u2019 current estimates, beliefs and assumptions, which are based on management\u2019s perception of historic trends, current conditions, outlook and expected future developments, as well as other factors it believes are appropriate in the circumstances. Choice Properties\u2019 expectation of operating and financial performance is based on certain assumptions, including assumptions about future growth potential, prospects and opportunities, industry trends, future levels of indebtedness, current tax laws, current economic conditions and no new competition in the market that leads to reduced revenues and profitability. Management\u2019s estimates, beliefs and assumptions are inherently subject to significant business, economic, competitive and other uncertainties and contingencies regarding future events and as such, are subject to change. Choice Properties can give no assurance that such estimates, beliefs and assumptions will prove to be correct.<\/p>\n<p>Numerous risks and uncertainties could cause Choice Properties\u2019 actual results to differ materially from those expressed, implied or projected in the forward-looking statements, including, those described in section 12, \u00ab\u00a0Enterprise Risks and Risk Management\u00a0\u00bb, in the MD&amp;A of Choice Properties\u2019 2015 Annual Report. Such risks and uncertainties include:<\/p>\n<ul type=\"disc\">\n<li>changes in economic conditions, including changes in interest rates, and the rate of inflation or deflation; <\/li>\n<li>the inability of Choice Properties to maintain and leverage its relationship with Loblaw, including in respect of: (i) Loblaw\u2019s retained interest in Choice Properties; (ii) the services to be provided to Choice Properties (whether directly or indirectly) by Loblaw; (iii) expected transactions to be entered into between Loblaw and Choice Properties (including Choice Properties\u2019 acquisition of certain properties held by Loblaw); and (iv) the Strategic Alliance Agreement between Choice Properties and Loblaw; <\/li>\n<li>changes in Loblaw\u2019s business, activities or circumstances which may impact Choice Properties, including Loblaw\u2019s inability to make rent payments or perform its obligations under its leases; <\/li>\n<li>failure to manage its growth effectively in accordance with its growth strategy or acquire assets on an accretive basis; <\/li>\n<li>changes in timing to obtain municipal approvals, development costs, and tenant leasing and occupancy of properties under development, redevelopment, or intensification; <\/li>\n<li>changes in Choice Properties\u2019 capital expenditure and fixed cost requirements; <\/li>\n<li>the inability of Choice Properties Limited Partnership to make distributions or other payments or advances; <\/li>\n<li>the inability of Choice Properties to obtain financing; <\/li>\n<li>changes in Choice Properties\u2019 degree of financial leverage; <\/li>\n<li>changes in laws or regulatory regimes, which may affect Choice Properties, including changes in the tax treatment of the Trust and its distributions to Unitholders or the inability of the Trust to continue to qualify as a \u00ab\u00a0mutual fund trust\u00a0\u00bb and as a \u00ab\u00a0real estate investment trust\u00a0\u00bb, as such terms are defined in the <i>Income Tax Act (<span class=\"xn-location\">Canada<\/span>)<\/i>; and <\/li>\n<li>changes in Choice Properties\u2019 competitiveness in the real estate market or the unavailability of desirable commercial real estate assets. <\/li>\n<\/ul>\n<p><\/p>\n<p>This is not an exhaustive list of the factors that may affect Choice Properties\u2019 forward-looking statements. Other risks and uncertainties not presently known to Choice Properties could also cause actual results or events to differ materially from those expressed in its forward-looking statements. Additional risks and uncertainties are discussed in Choice Properties\u2019 materials filed with the Canadian securities regulatory authorities from time to time, including the Trust\u2019s 2015 Annual Information Form. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect Choice Properties\u2019 expectations only as of the date of this press release. Except as required by applicable law, Choice Properties does not undertake to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.<\/p>\n<p><b>Non-GAAP Financial Measures<\/b><\/p>\n<p>Choice Properties uses the following non-GAAP financial measures. The Trust believes these non-GAAP financial measures provide useful information to both management and investors in measuring the financial performance and financial condition of the Trust for the reasons outlined below.<\/p>\n<p>Management uses these and other non-GAAP financial measures to exclude the impact of certain expenses and income that must be recognized under GAAP when analyzing underlying operating performance, as the excluded items are not necessarily reflective of Choice Properties\u2019 underlying operating performance or impact the comparability of financial performance between periods. From time to time, the Trust may exclude additional items if it believes doing so would result in a more effective analysis of underlying operating performance. The exclusion of certain items does not imply that they are non-recurring.<\/p>\n<p>These measures do not have a standardized meaning prescribed by GAAP and therefore they may not be comparable to similarly titled measures presented by other publicly traded REITs, and should not be construed as an alternative to other financial measures determined in accordance with GAAP.<\/p>\n<p><b>Same Properties <\/b> Properties that were owned throughout both the current and comparative periods are grouped as same properties for comparative calculations, including any re-development of the same properties.<\/p>\n<p><b>Same Properties \u2013 Same GLA<\/b>  Properties that were owned throughout both the current and comparative periods are grouped as same properties for comparative calculations, excluding any re-development of the same properties.<\/p>\n<p><b>Net Operating Income  <\/b>NOI is defined as rental revenue, excluding straight-line rent, from investment properties less property operating costs. NOI is a key performance indicator as it evaluates the operating performance of the portfolio and represents a measure over which management has control. It is also a key input in determining the fair value of the portfolio. The Trust\u2019s method of calculating NOI may differ from other issuers\u2019 methods and, accordingly, may not be comparable to NOI reported by other issuers.<\/p>\n<p><b>Net Income (Net Loss) before Adjustments to Fair Value<\/b>  Net Income (or net loss) as calculated under GAAP excluding adjustments to fair value of Exchangeable Units and investment properties and adjustment to fair value of investment property held in equity-accounted joint venture.<\/p>\n<p><b>Funds from Operations  <\/b>FFO is not a term defined under IFRS and may not be comparable to similar measures used by other real estate entities. Except as otherwise noted, Choice Properties calculates its FFO in accordance with the Real Property Association of Canada White Paper on Funds from Operations for IFRS issued in <span class=\"xn-chron\">April 2014<\/span>. The purpose of the White Paper was to provide reporting issuers and investors with greater guidance on the definition of FFO and to help promote more consistent disclosure from reporting issuers.<\/p>\n<p>An advantage of the FFO measure is improved comparability between Canadian and foreign real estate investment trusts. FFO adds back to net income (or net loss) items that do not arise from operating activities, such as adjustments to fair value. FFO, however, still includes non-cash revenues related to accounting for straight-line rent and makes no deduction for the recurring capital expenditures necessary to sustain the existing earnings stream.<\/p>\n<p><b>Funds from Operations Payout Ratio  <\/b>FFO payout ratio is calculated as the distribution declared per unit divided by the FFO per unit diluted.<\/p>\n<p><b>Adjusted Funds from Operations  <\/b>AFFO is a supplemental measure of operating performance widely used in the real estate industry. Choice Properties views AFFO as an alternative measure of cash generated from operations and considers AFFO generated as one of its inputs in determining the appropriate level of distribution to Unitholders. Choice Properties calculates AFFO by adjusting FFO for non-cash income and expense items such as amortization of straight-line rents and finance charges. AFFO includes a reduction for capital expenditures for maintaining productive capacity required for sustaining property infrastructure and revenue from real estate properties and direct leasing costs. Property capital expenditures do not occur evenly over the fiscal year. The property capital expenditures in the AFFO calculation are adjusted to reflect an average annual spending level.<\/p>\n<p>There is currently no standard industry-defined measure of AFFO. As such, Choice Properties\u2019 method of calculating AFFO may differ from that of other real estate entities and, accordingly, may not be comparable to such amounts reported by other issuers.<\/p>\n<p><b>Adjusted Funds from Operations Payout Ratio  <\/b>AFFO payout ratio is calculated as the distribution declared per unit divided by the AFFO per unit diluted.<\/p>\n\n<p><b>Choice Properties Real Estate Investment Trust<\/b><\/p>\n<p><b>Calculation of Non-GAAP Financial Measures<\/b><\/p>\n<div>\n<table border=\"0\" cellspacing=\"0\" cellpadding=\"0\" class=\"prngen1\">\n<tr>\n<td class=\"prngen14\"><\/td>\n<td class=\"prngen15\"><\/td>\n<td class=\"prngen15\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">For the three months ended March 31<\/span><\/p>\n<\/td>\n<td class=\"prngen14\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(in thousands of Canadian dollars, except per unit amounts)<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(unaudited)<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>2016<\/b><\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">2015<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Rental revenue<\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>192,238<\/b><\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">$<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">181,674<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Reverse \u2013 Straight-line rental revenue<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>(8,883)<\/b><\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(8,819)<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Property operating costs<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>(50,910)<\/b><\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(47,570)<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen16\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Net Operating Income<sup>(1)<\/sup><\/span><\/p>\n<\/td>\n<td class=\"prngen17\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen17\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>132,445<\/b><\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen17\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">$<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen17\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">125,285<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Net Loss<\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>(132,655)<\/b><\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">$<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(211,050)<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Adjustment to fair value of Exchangeable Units<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>180,753<\/b><\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">254,203<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Adjustment to fair value of investment properties<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>13,623<\/b><\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">612<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Adjustment to fair value of unit-based compensation<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>1,033<\/b><\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">341<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Adjustment to fair value of investment property held in equity accounted joint venture<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>(13,640)<\/b><\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">\u2014<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Distributions on Exchangeable Units<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>53,115<\/b><\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">49,774<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Amortization of tenant improvement allowances<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>102<\/b><\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">2<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Internal expenses for leasing<sup>(2)<\/sup><\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>468<\/b><\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">375<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen16\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Funds from Operations<sup>(1)<\/sup><\/span><\/p>\n<\/td>\n<td class=\"prngen17\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen17\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>102,799<\/b><\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen17\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">$<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen17\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">94,257<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Funds from Operations<sup>(1)<\/sup><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>102,799<\/b><\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">$<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">94,257<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Straight-line rental revenue<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>(8,883)<\/b><\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(8,819)<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Effective interest rate amortization of finance charges<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>(425)<\/b><\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(313)<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Unit-based compensation expense<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>814<\/b><\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">559<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Property capital expenditures \u2013 incurred<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>(16)<\/b><\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(22)<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Property and leasing capital expenditures \u2013 normalized<sup>(3)<\/sup><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>(9,984)<\/b><\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(9,942)<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Leasing capital expenditures \u2013 incurred<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>(1,444)<\/b><\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(238)<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen16\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Adjusted Funds from Operations<sup>(1)<\/sup><\/span><\/p>\n<\/td>\n<td class=\"prngen17\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen17\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>82,861<\/b><\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen17\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">$<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen17\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">75,482<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">FFO<sup>(1)<\/sup>per unit \u2013 diluted<\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>0.251<\/b><\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">$<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">0.238<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">AFFO<sup>(1)<\/sup>per unit \u2013 diluted<\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>0.203<\/b><\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">$<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">0.191<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">AFFO<sup>(1)<\/sup>payout ratio<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>82.7%<\/b><\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">85.1%<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Distribution declared per unit<\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>0.167500<\/b><\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">$<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">0.162501<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Weighted average Units outstanding \u2013 basic<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>408,264,351<\/b><\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">395,740,551<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Weighted average Units outstanding \u2013 diluted<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>409,095,647<\/b><\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">396,217,727<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen16\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Number of Units outstanding, end of quarter<\/span><\/p>\n<\/td>\n<td class=\"prngen17\"><\/td>\n<td class=\"prngen17\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>408,459,152<\/b><\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen17\"><\/td>\n<td class=\"prngen17\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">395,976,907<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen10\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td colspan=\"3\" class=\"prngen4\"><\/td>\n<\/tr>\n<\/table>\n<\/div>\n<p><\/p>\n<div>\n<table id=\"convertedTablef569\" border=\"0\" cellspacing=\"0\" cellpadding=\"0\" class=\"prngen1\">\n<tr>\n<td class=\"prngen12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(1)<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">See \u00ab\u00a0Non-GAAP Financial Measures\u00a0\u00bb beginning on page 5. <\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(2)<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Internal expenses for leasing, primarily salaries, were eligible to be added back to FFO<sup>(1)<\/sup>, based on the revision to the definition of FFO<sup>(1)<\/sup> in the Real Property Association of Canada White Paper published in April 2014 that provided for an adjustment to incremental leasing expenses for the cost of salaried staff. This adjustment to FFO<sup>(1)<\/sup> made results more comparable between real estate entities that expensed their internal leasing departments and those that capitalized the expenses.<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(3)<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Seasonality impacts the timing of capital expenditures. The AFFO<sup>(1)<\/sup> calculations for the three months ended March 31, 2016 and March 31, 2015 were adjusted for this factor to make the quarters more comparable.<\/span><\/p>\n<\/td>\n<\/tr>\n<\/table>\n<\/div>\n<p><\/p>\n<p><b>Selected Financial Information<br><\/b>The following includes quarterly financial information prepared by management in accordance with IFRS and based on the Trust\u2019s First Quarter 2016 Report. This financial information does not contain all disclosures required by IFRS, and accordingly should be read in conjunction with the Trust\u2019s 2015 Annual Report, which is available in the Investor Relations section of the Trust\u2019s website at <a href=\"http:\/\/www.choicereit.ca\/\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">www.choicereit.ca<\/a>.<\/p>\n\n<p><b>Choice Properties Real Estate Investment Trust<br><\/b><b>Condensed Consolidated Balance Sheets<\/b><\/p>\n<div>\n<table border=\"0\" cellspacing=\"0\" cellpadding=\"0\" class=\"prntblns\">\n<tr>\n<td colspan=\"3\" class=\"prngen18\"><\/td>\n<td colspan=\"2\" class=\"prngen19\"><\/td>\n<td colspan=\"2\" class=\"prngen20\"><\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" class=\"prngen18\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(unaudited)<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen20\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>As at<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen20\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">As at<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" class=\"prngen21\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(in thousands of Canadian dollars)<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen19\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>March 31, 2016<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen19\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">December 31, 2015<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" class=\"prngen18\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Assets<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen22\"><\/td>\n<td class=\"prngen22\"><\/td>\n<td class=\"prngen22\"><\/td>\n<td class=\"prngen22\"><\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" class=\"prngen18\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Non-current Assets<\/span><\/p>\n<\/td>\n<td class=\"prngen22\"><\/td>\n<td class=\"prngen22\"><\/td>\n<td class=\"prngen22\"><\/td>\n<td class=\"prngen22\"><\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen22\"><\/td>\n<td class=\"prngen18\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Investment properties<\/span><\/p>\n<\/td>\n<td class=\"prngen22\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen22\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>8,579,000<\/b><\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen22\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">$<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen22\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">8,561,000<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen22\"><\/td>\n<td class=\"prngen18\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Equity accounted investments<\/span><\/p>\n<\/td>\n<td class=\"prngen22\"><\/td>\n<td class=\"prngen22\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>22,990<\/b><\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen22\"><\/td>\n<td class=\"prngen22\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">9,350<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen22\"><\/td>\n<td class=\"prngen18\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Accounts receivable and other assets<\/span><\/p>\n<\/td>\n<td class=\"prngen22\"><\/td>\n<td class=\"prngen22\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>9,644<\/b><\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen22\"><\/td>\n<td class=\"prngen22\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">9,874<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen23\"><\/td>\n<td class=\"prngen21\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Notes receivable<\/span><\/p>\n<\/td>\n<td class=\"prngen23\"><\/td>\n<td class=\"prngen23\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>2,223<\/b><\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen23\"><\/td>\n<td class=\"prngen23\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">2,179<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen23\"><\/td>\n<td class=\"prngen23\"><\/td>\n<td class=\"prngen23\"><\/td>\n<td class=\"prngen23\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>8,613,857<\/b><\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen23\"><\/td>\n<td class=\"prngen23\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">8,582,403<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" class=\"prngen18\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Current Assets<\/span><\/p>\n<\/td>\n<td class=\"prngen22\"><\/td>\n<td class=\"prngen22\"><\/td>\n<td class=\"prngen22\"><\/td>\n<td class=\"prngen22\"><\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen22\"><\/td>\n<td class=\"prngen18\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Accounts receivable and other assets<\/span><\/p>\n<\/td>\n<td class=\"prngen22\"><\/td>\n<td class=\"prngen22\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>21,433<\/b><\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen22\"><\/td>\n<td class=\"prngen22\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">6,240<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen22\"><\/td>\n<td class=\"prngen18\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Notes receivable<\/span><\/p>\n<\/td>\n<td class=\"prngen22\"><\/td>\n<td class=\"prngen22\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>89,066<\/b><\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen22\"><\/td>\n<td class=\"prngen22\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">272,892<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen23\"><\/td>\n<td class=\"prngen21\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Cash and cash equivalents<\/span><\/p>\n<\/td>\n<td class=\"prngen23\"><\/td>\n<td class=\"prngen23\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>5,492<\/b><\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen23\"><\/td>\n<td class=\"prngen23\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">44,354<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen23\"><\/td>\n<td class=\"prngen23\"><\/td>\n<td class=\"prngen23\"><\/td>\n<td class=\"prngen23\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>115,991<\/b><\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen23\"><\/td>\n<td class=\"prngen23\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">323,486<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" class=\"prngen24\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Total Assets<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen25\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen25\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>8,729,848<\/b><\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen25\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">$<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen25\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">8,905,889<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" class=\"prngen22\"><\/td>\n<td class=\"prngen22\"><\/td>\n<td class=\"prngen22\"><\/td>\n<td class=\"prngen22\"><\/td>\n<td class=\"prngen22\"><\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" class=\"prngen18\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Liabilities and Unitholders\u2019 Equity<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen22\"><\/td>\n<td class=\"prngen22\"><\/td>\n<td class=\"prngen22\"><\/td>\n<td class=\"prngen22\"><\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" class=\"prngen18\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Non-current Liabilities<\/span><\/p>\n<\/td>\n<td class=\"prngen22\"><\/td>\n<td class=\"prngen22\"><\/td>\n<td class=\"prngen22\"><\/td>\n<td class=\"prngen22\"><\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen22\"><\/td>\n<td class=\"prngen18\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Long term debt and Class C LP Units<\/span><\/p>\n<\/td>\n<td class=\"prngen22\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen22\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>3,927,704<\/b><\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen22\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">$<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen22\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">3,579,202<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen22\"><\/td>\n<td class=\"prngen18\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Credit facility<\/span><\/p>\n<\/td>\n<td class=\"prngen22\"><\/td>\n<td class=\"prngen22\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>16,000<\/b><\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen22\"><\/td>\n<td class=\"prngen22\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">\u2014<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen22\"><\/td>\n<td class=\"prngen18\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Exchangeable Units<\/span><\/p>\n<\/td>\n<td class=\"prngen22\"><\/td>\n<td class=\"prngen22\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>3,922,648<\/b><\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen22\"><\/td>\n<td class=\"prngen22\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">3,741,895<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen23\"><\/td>\n<td class=\"prngen21\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Trade payables and other liabilities<\/span><\/p>\n<\/td>\n<td class=\"prngen23\"><\/td>\n<td class=\"prngen23\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>2,716<\/b><\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen23\"><\/td>\n<td class=\"prngen23\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">1,354<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen23\"><\/td>\n<td class=\"prngen23\"><\/td>\n<td class=\"prngen23\"><\/td>\n<td class=\"prngen23\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>7,869,068<\/b><\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen23\"><\/td>\n<td class=\"prngen23\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">7,322,451<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" class=\"prngen18\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Current Liabilities<\/span><\/p>\n<\/td>\n<td class=\"prngen22\"><\/td>\n<td class=\"prngen22\"><\/td>\n<td class=\"prngen22\"><\/td>\n<td class=\"prngen22\"><\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen22\"><\/td>\n<td class=\"prngen18\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Long term debt due within one year<\/span><\/p>\n<\/td>\n<td class=\"prngen22\"><\/td>\n<td class=\"prngen22\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>1,317<\/b><\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen22\"><\/td>\n<td class=\"prngen22\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">302,188<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen23\"><\/td>\n<td class=\"prngen21\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Trade payables and other liabilities<\/span><\/p>\n<\/td>\n<td class=\"prngen23\"><\/td>\n<td class=\"prngen23\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>159,800<\/b><\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen23\"><\/td>\n<td class=\"prngen23\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">438,177<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen23\"><\/td>\n<td class=\"prngen23\"><\/td>\n<td class=\"prngen23\"><\/td>\n<td class=\"prngen23\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>161,117<\/b><\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen23\"><\/td>\n<td class=\"prngen23\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">740,365<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" class=\"prngen18\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Total Liabilities<\/span><\/p>\n<\/td>\n<td class=\"prngen22\"><\/td>\n<td class=\"prngen22\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>8,030,185<\/b><\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen22\"><\/td>\n<td class=\"prngen22\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">8,062,816<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" class=\"prngen22\"><\/td>\n<td class=\"prngen22\"><\/td>\n<td class=\"prngen22\"><\/td>\n<td class=\"prngen22\"><\/td>\n<td class=\"prngen22\"><\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" class=\"prngen18\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Equity<\/span><\/p>\n<\/td>\n<td class=\"prngen22\"><\/td>\n<td class=\"prngen22\"><\/td>\n<td class=\"prngen22\"><\/td>\n<td class=\"prngen22\"><\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen22\"><\/td>\n<td class=\"prngen18\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Unitholders\u2019 equity<\/span><\/p>\n<\/td>\n<td class=\"prngen22\"><\/td>\n<td class=\"prngen22\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>691,907<\/b><\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen22\"><\/td>\n<td class=\"prngen22\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">835,317<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen23\"><\/td>\n<td class=\"prngen21\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Non-controlling interests<\/span><\/p>\n<\/td>\n<td class=\"prngen23\"><\/td>\n<td class=\"prngen23\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>7,756<\/b><\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen23\"><\/td>\n<td class=\"prngen23\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">7,756<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" class=\"prngen21\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Total Equity<\/span><\/p>\n<\/td>\n<td class=\"prngen23\"><\/td>\n<td class=\"prngen23\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>699,663<\/b><\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen23\"><\/td>\n<td class=\"prngen23\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">843,073<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" class=\"prngen24\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Total Liabilities and Equity<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen25\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen25\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>8,729,848<\/b><\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen25\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">$<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen25\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">8,905,889<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" class=\"prngen18\"><\/td>\n<td class=\"prngen23\"><\/td>\n<td class=\"prngen23\"><\/td>\n<td class=\"prngen22\"><\/td>\n<td class=\"prngen22\"><\/td>\n<\/tr>\n<\/table>\n<\/div>\n<p><b>Choice Properties Real Estate Investment Trust<br><\/b><b>Condensed Consolidated Statements of Loss and Comprehensive Loss<\/b><\/p>\n<div>\n<table border=\"0\" cellspacing=\"0\" cellpadding=\"0\" class=\"prngen1\">\n<tr>\n<td colspan=\"3\" class=\"prngen26\"><\/td>\n<td colspan=\"2\" class=\"prngen27\"><\/td>\n<td colspan=\"2\" class=\"prngen26\"><\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(unaudited)<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen28\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Three months ended<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen28\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Three months ended<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(in thousands of Canadian dollars)<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>March 31, 2016<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">March 31, 2015<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Net Property Income<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen29\"><\/td>\n<td class=\"prngen29\"><\/td>\n<td class=\"prngen29\"><\/td>\n<td class=\"prngen29\"><\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen29\"><\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Rental revenue from investment properties<\/span><\/p>\n<\/td>\n<td class=\"prngen29\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen29\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>192,238<\/b><\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen29\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">$<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen29\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">181,674<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen30\"><\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Property operating costs<\/span><\/p>\n<\/td>\n<td class=\"prngen30\"><\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>(50,910)<\/b><\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen30\"><\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(47,570)<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Net Property Income<\/span><\/p>\n<\/td>\n<td class=\"prngen29\"><\/td>\n<td class=\"prngen29\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>141,328<\/b><\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen29\"><\/td>\n<td class=\"prngen29\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">134,104<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Other Expenses<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen29\"><\/td>\n<td class=\"prngen29\"><\/td>\n<td class=\"prngen29\"><\/td>\n<td class=\"prngen29\"><\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen29\"><\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">General and administrative expenses<\/span><\/p>\n<\/td>\n<td class=\"prngen29\"><\/td>\n<td class=\"prngen28\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>(6,266)<\/b><\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen29\"><\/td>\n<td class=\"prngen28\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(5,857)<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen29\"><\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Amortization of other assets<\/span><\/p>\n<\/td>\n<td class=\"prngen29\"><\/td>\n<td class=\"prngen28\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>(223)<\/b><\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen29\"><\/td>\n<td class=\"prngen28\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(168)<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen29\"><\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Net interest expense and other financing charges<\/span><\/p>\n<\/td>\n<td class=\"prngen29\"><\/td>\n<td class=\"prngen28\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>(86,758)<\/b><\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen29\"><\/td>\n<td class=\"prngen28\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(84,314)<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen29\"><\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Share of income from joint venture<\/span><\/p>\n<\/td>\n<td class=\"prngen29\"><\/td>\n<td class=\"prngen29\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>13,640<\/b><\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen29\"><\/td>\n<td class=\"prngen29\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">\u2014<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen29\"><\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Adjustment to fair value of Exchangeable Units<sup>(1)<\/sup><\/span><\/p>\n<\/td>\n<td class=\"prngen29\"><\/td>\n<td class=\"prngen28\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>(180,753)<\/b><\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen29\"><\/td>\n<td class=\"prngen28\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(254,203)<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen30\"><\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Adjustment to fair value of investment properties<\/span><\/p>\n<\/td>\n<td class=\"prngen30\"><\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>(13,623)<\/b><\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen30\"><\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(612)<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" class=\"prngen16\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Net Loss and Comprehensive Loss<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen31\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen32\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>(132,655)<\/b><\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen31\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">$<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen32\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(211,050)<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" class=\"prngen26\"><\/td>\n<td class=\"prngen30\"><\/td>\n<td class=\"prngen30\"><\/td>\n<td class=\"prngen29\"><\/td>\n<td class=\"prngen29\"><\/td>\n<\/tr>\n<\/table>\n<\/div>\n<p><\/p>\n<div>\n<table id=\"convertedTable1b21\" border=\"0\" cellspacing=\"0\" cellpadding=\"0\" class=\"prngen1\">\n<tr>\n<td class=\"prngen12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(1)<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">The Class B LP Units of the Trust\u2019s subsidiary, Choice Properties Limited Partnership, are exchangeable into Trust Units at the option of the holder. Loblaw holds all of the Exchangeable Units. These Exchangeable Units are considered puttable instruments and are required to be classified as financial liabilities at fair value through profit or loss. The distributions paid on the Exchangeable Units are accounted for as interest expense. <\/span><\/p>\n<\/td>\n<\/tr>\n<\/table>\n<\/div>\n<p><b>Choice Properties Real Estate Investment Trust<br><\/b><b>Condensed Consolidated Statements of Cash Flows<\/b><\/p>\n<div>\n<table border=\"0\" cellspacing=\"0\" cellpadding=\"0\" class=\"prngen1\">\n<tr>\n<td colspan=\"3\" class=\"prngen26\"><\/td>\n<td colspan=\"2\" class=\"prngen27\"><\/td>\n<td colspan=\"2\" class=\"prngen26\"><\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(unaudited)<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen28\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Three months ended<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen28\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Three months ended<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(in thousands of Canadian dollars)<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>March 31, 2016<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">March 31, 2015<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Operating Activities<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen29\"><\/td>\n<td class=\"prngen29\"><\/td>\n<td class=\"prngen29\"><\/td>\n<td class=\"prngen29\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen33\"><\/td>\n<td colspan=\"2\" class=\"prngen34\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Net income (loss)<\/span><\/p>\n<\/td>\n<td class=\"prngen29\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen28\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>(132,655)<\/b><\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen29\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">$<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen28\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(211,050)<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen33\"><\/td>\n<td colspan=\"2\" class=\"prngen34\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Amortization of straight-line rental revenue<\/span><\/p>\n<\/td>\n<td class=\"prngen29\"><\/td>\n<td class=\"prngen28\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>(8,883)<\/b><\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen29\"><\/td>\n<td class=\"prngen28\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(8,819)<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen33\"><\/td>\n<td colspan=\"2\" class=\"prngen34\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Amortization of tenant improvement allowances<\/span><\/p>\n<\/td>\n<td class=\"prngen29\"><\/td>\n<td class=\"prngen29\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>102<\/b><\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen29\"><\/td>\n<td class=\"prngen29\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">2<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen33\"><\/td>\n<td colspan=\"2\" class=\"prngen34\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Amortization of other assets<\/span><\/p>\n<\/td>\n<td class=\"prngen29\"><\/td>\n<td class=\"prngen29\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>223<\/b><\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen29\"><\/td>\n<td class=\"prngen29\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">168<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen33\"><\/td>\n<td colspan=\"2\" class=\"prngen34\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Net interest expense and other financing charges<\/span><\/p>\n<\/td>\n<td class=\"prngen29\"><\/td>\n<td class=\"prngen29\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>86,758<\/b><\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen29\"><\/td>\n<td class=\"prngen29\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">84,314<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen33\"><\/td>\n<td colspan=\"2\" class=\"prngen34\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Value of unit-based compensation granted<\/span><\/p>\n<\/td>\n<td class=\"prngen29\"><\/td>\n<td class=\"prngen29\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>1,847<\/b><\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen29\"><\/td>\n<td class=\"prngen29\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">900<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen33\"><\/td>\n<td colspan=\"2\" class=\"prngen34\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Share of income from joint venture<\/span><\/p>\n<\/td>\n<td class=\"prngen29\"><\/td>\n<td class=\"prngen28\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>(13,640)<\/b><\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen29\"><\/td>\n<td class=\"prngen29\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">\u2014<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen33\"><\/td>\n<td colspan=\"2\" class=\"prngen34\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Adjustment to fair value of Exchangeable Units<\/span><\/p>\n<\/td>\n<td class=\"prngen29\"><\/td>\n<td class=\"prngen29\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>180,753<\/b><\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen29\"><\/td>\n<td class=\"prngen29\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">254,203<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen33\"><\/td>\n<td colspan=\"2\" class=\"prngen34\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Adjustment to fair value of investment properties<\/span><\/p>\n<\/td>\n<td class=\"prngen29\"><\/td>\n<td class=\"prngen29\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>13,623<\/b><\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen29\"><\/td>\n<td class=\"prngen29\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">612<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen33\"><\/td>\n<td colspan=\"2\" class=\"prngen34\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Leasing capital expenditures<\/span><\/p>\n<\/td>\n<td class=\"prngen29\"><\/td>\n<td class=\"prngen28\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>(1,444)<\/b><\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen29\"><\/td>\n<td class=\"prngen28\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(238)<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen33\"><\/td>\n<td colspan=\"2\" class=\"prngen34\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Interest received<\/span><\/p>\n<\/td>\n<td class=\"prngen29\"><\/td>\n<td class=\"prngen29\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>36<\/b><\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen29\"><\/td>\n<td class=\"prngen29\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">67<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen35\"><\/td>\n<td colspan=\"2\" class=\"prngen36\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Net change in non-cash working capital<\/span><\/p>\n<\/td>\n<td class=\"prngen30\"><\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>(98,111)<\/b><\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen30\"><\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(20,428)<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Cash Flows from Operating Activities<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen30\"><\/td>\n<td class=\"prngen30\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>28,609<\/b><\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen30\"><\/td>\n<td class=\"prngen30\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">99,731<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Investing Activities<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen29\"><\/td>\n<td class=\"prngen29\"><\/td>\n<td class=\"prngen29\"><\/td>\n<td class=\"prngen29\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen33\"><\/td>\n<td colspan=\"2\" class=\"prngen34\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Acquisitions of investment properties<\/span><\/p>\n<\/td>\n<td class=\"prngen29\"><\/td>\n<td class=\"prngen29\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>\u2014<\/b><\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen29\"><\/td>\n<td class=\"prngen28\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(95,720)<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen33\"><\/td>\n<td colspan=\"2\" class=\"prngen34\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Additions to investment properties<\/span><\/p>\n<\/td>\n<td class=\"prngen29\"><\/td>\n<td class=\"prngen28\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>(20,182)<\/b><\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen29\"><\/td>\n<td class=\"prngen28\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(14,783)<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen33\"><\/td>\n<td colspan=\"2\" class=\"prngen34\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Additions to fixtures and equipment<\/span><\/p>\n<\/td>\n<td class=\"prngen29\"><\/td>\n<td class=\"prngen28\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>(2)<\/b><\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen29\"><\/td>\n<td class=\"prngen28\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(247)<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen33\"><\/td>\n<td colspan=\"2\" class=\"prngen34\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Notes receivable issued to third-party<\/span><\/p>\n<\/td>\n<td class=\"prngen29\"><\/td>\n<td class=\"prngen29\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>\u2014<\/b><\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen29\"><\/td>\n<td class=\"prngen28\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(2,065)<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen35\"><\/td>\n<td colspan=\"2\" class=\"prngen36\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Equity investment<\/span><\/p>\n<\/td>\n<td class=\"prngen30\"><\/td>\n<td class=\"prngen30\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>\u2014<\/b><\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen30\"><\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(520)<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Cash Flows used in Investing Activities<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen30\"><\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>(20,184)<\/b><\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen30\"><\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(113,335)<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Financing Activities<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen29\"><\/td>\n<td class=\"prngen29\"><\/td>\n<td class=\"prngen29\"><\/td>\n<td class=\"prngen29\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen33\"><\/td>\n<td colspan=\"2\" class=\"prngen34\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Long term debt<\/span><\/p>\n<\/td>\n<td class=\"prngen29\"><\/td>\n<td class=\"prngen29\"><\/td>\n<td class=\"prngen29\"><\/td>\n<td class=\"prngen29\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen33\"><\/td>\n<td class=\"prngen37\"><\/td>\n<td class=\"prngen34\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Issued \u2013 Senior unsecured debentures, net of debt placement costs<\/span><\/p>\n<\/td>\n<td class=\"prngen29\"><\/td>\n<td class=\"prngen29\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>348,356<\/b><\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen29\"><\/td>\n<td class=\"prngen29\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">248,886<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen33\"><\/td>\n<td class=\"prngen37\"><\/td>\n<td class=\"prngen34\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Principal repayments \u2013 Senior unsecured debentures<\/span><\/p>\n<\/td>\n<td class=\"prngen29\"><\/td>\n<td class=\"prngen28\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>(300,000)<\/b><\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen29\"><\/td>\n<td class=\"prngen29\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">\u2014<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen33\"><\/td>\n<td class=\"prngen37\"><\/td>\n<td class=\"prngen34\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Principal repayments \u2013 Mortgage<\/span><\/p>\n<\/td>\n<td class=\"prngen29\"><\/td>\n<td class=\"prngen28\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>(295)<\/b><\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen29\"><\/td>\n<td class=\"prngen28\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(242)<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen33\"><\/td>\n<td colspan=\"2\" class=\"prngen34\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Gain on settlement of bond forward contracts<\/span><\/p>\n<\/td>\n<td class=\"prngen29\"><\/td>\n<td class=\"prngen29\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>2,682<\/b><\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen29\"><\/td>\n<td class=\"prngen29\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">\u2014<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen33\"><\/td>\n<td colspan=\"2\" class=\"prngen34\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Credit facility<\/span><\/p>\n<\/td>\n<td class=\"prngen29\"><\/td>\n<td class=\"prngen29\"><\/td>\n<td class=\"prngen29\"><\/td>\n<td class=\"prngen29\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen33\"><\/td>\n<td class=\"prngen37\"><\/td>\n<td class=\"prngen34\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Net advancements (repayments)<\/span><\/p>\n<\/td>\n<td class=\"prngen29\"><\/td>\n<td class=\"prngen29\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>16,000<\/b><\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen29\"><\/td>\n<td class=\"prngen28\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(122,000)<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen33\"><\/td>\n<td class=\"prngen37\"><\/td>\n<td class=\"prngen34\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Debt placement costs<\/span><\/p>\n<\/td>\n<td class=\"prngen29\"><\/td>\n<td class=\"prngen29\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>\u2014<\/b><\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen29\"><\/td>\n<td class=\"prngen28\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(10)<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen33\"><\/td>\n<td colspan=\"2\" class=\"prngen34\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Notes receivable<\/span><\/p>\n<\/td>\n<td class=\"prngen29\"><\/td>\n<td class=\"prngen29\"><\/td>\n<td class=\"prngen29\"><\/td>\n<td class=\"prngen29\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen33\"><\/td>\n<td class=\"prngen37\"><\/td>\n<td class=\"prngen34\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Issued to related party<\/span><\/p>\n<\/td>\n<td class=\"prngen29\"><\/td>\n<td class=\"prngen28\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>(64,150)<\/b><\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen29\"><\/td>\n<td class=\"prngen28\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(61,322)<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen33\"><\/td>\n<td class=\"prngen37\"><\/td>\n<td class=\"prngen34\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Repaid by related party<\/span><\/p>\n<\/td>\n<td class=\"prngen29\"><\/td>\n<td class=\"prngen29\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>248,463<\/b><\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen29\"><\/td>\n<td class=\"prngen29\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">236,328<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen33\"><\/td>\n<td colspan=\"2\" class=\"prngen34\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Cash received on exercise of options<\/span><\/p>\n<\/td>\n<td class=\"prngen29\"><\/td>\n<td class=\"prngen29\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>64<\/b><\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen29\"><\/td>\n<td class=\"prngen29\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">\u2014<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen33\"><\/td>\n<td colspan=\"2\" class=\"prngen34\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Interest paid<\/span><\/p>\n<\/td>\n<td class=\"prngen29\"><\/td>\n<td class=\"prngen28\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>(85,549)<\/b><\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen29\"><\/td>\n<td class=\"prngen28\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(80,415)<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen33\"><\/td>\n<td colspan=\"2\" class=\"prngen34\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Distributions paid on Exchangeable Units<\/span><\/p>\n<\/td>\n<td class=\"prngen29\"><\/td>\n<td class=\"prngen28\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>(202,204)<\/b><\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen29\"><\/td>\n<td class=\"prngen28\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(190,078)<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen35\"><\/td>\n<td colspan=\"2\" class=\"prngen36\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Distributions paid to Unitholders<\/span><\/p>\n<\/td>\n<td class=\"prngen30\"><\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>(10,654)<\/b><\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen30\"><\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(10,009)<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Cash Flows from (used in) Financing Activities<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen30\"><\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>(47,287)<\/b><\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen30\"><\/td>\n<td class=\"prngen30\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">21,138<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Change in cash and cash equivalents<\/span><\/p>\n<\/td>\n<td class=\"prngen29\"><\/td>\n<td class=\"prngen28\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>(38,862)<\/b><\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen29\"><\/td>\n<td class=\"prngen29\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">7,534<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Cash and cash equivalents, beginning of period<\/span><\/p>\n<\/td>\n<td class=\"prngen30\"><\/td>\n<td class=\"prngen30\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>44,354<\/b><\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen30\"><\/td>\n<td class=\"prngen30\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">1,332<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" class=\"prngen16\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Cash and Cash Equivalents, end of period<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen31\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen31\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>5,492<\/b><\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen31\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">$<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen31\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">8,866<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" class=\"prngen26\"><\/td>\n<td class=\"prngen30\"><\/td>\n<td class=\"prngen30\"><\/td>\n<td class=\"prngen29\"><\/td>\n<td class=\"prngen29\"><\/td>\n<\/tr>\n<\/table>\n<\/div>\n<p><b>Management Discussion and Analysis and Financial Statements and Notes<\/b><\/p>\n<p>Information appearing in this news release is a consolidated select summary of results. This news release should be read in conjunction with Choice Properties\u2019 First Quarter 2016 Report to Unitholders, which includes the condensed consolidated financial statements and MD&amp;A for the Trust and is available at <a href=\"http:\/\/www.choicereit.ca\" rel=\"nofollow\">www.choicereit.ca<\/a> and on SEDAR at <a href=\"http:\/\/www.sedar.com\/\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">www.sedar.com<\/a>.<\/p>\n<p><b>Conference Call and Webcast<\/b><\/p>\n<p>Senior management will host a conference call to discuss the results on <span class=\"xn-chron\">April 26, 2016<\/span> at <span class=\"xn-chron\">10:00AM (ET)<\/span>. To access via teleconference, please dial (647) 427-7450. A playback will be made available two hours after the event at (416) 849-0833, access code: 69938903. To access the conference call via webcast, a link is available at <a href=\"http:\/\/www.choicereit.ca\" rel=\"nofollow\">www.choicereit.ca<\/a> in the \u00ab\u00a0Events and Webcasts\u00a0\u00bb section under \u00ab\u00a0News and Events\u00a0\u00bb.<\/p>\n<p><b>Annual Meeting of Unitholders<\/b><\/p>\n<p>Choice Properties\u2019 Annual Meeting of Unitholders will take place on April 26, 2016 at 11:00AM (ET), at the St. Andrew\u2019s Club &amp; Conference Centre, 150 <span class=\"xn-person\">King Street West<\/span>, 16th Floor, Toronto, <span class=\"xn-location\">Ontario<\/span>, Canada. A simultaneous audio webcast of the event will be available in the \u00ab\u00a0Events and Webcast\u00a0\u00bb section under \u00ab\u00a0News and Events\u00a0\u00bb of <a href=\"http:\/\/www.choicereit.ca\/\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">www.choicereit.ca<\/a>. To access via teleconference, please dial (647) 427-7450. Playback will be available two hours after the event at (416) 849-0833, access code: 69936821.<\/p>\n<p><b>About Choice Properties Real Estate Investment Trust<\/b><\/p>\n<p>Choice Properties Real Estate Investment Trust is an owner, manager and developer of well-located commercial real estate across <span class=\"xn-location\">Canada<\/span>. Choice Properties\u2019 portfolio spans approximately 41.6 million square feet of gross leasable area and consists of 519 properties primarily focused on supermarket and drug store anchored shopping centres and stand-alone supermarkets and drug stores. Choice Properties\u2019 strategy is to create value by enhancing and optimizing its portfolio through accretive acquisitions, strategic development and active property management. Choice Properties\u2019 principal tenant and largest Unitholder is Loblaw Companies Limited, <span class=\"xn-location\">Canada\u2019s<\/span> largest retailer. Choice Properties\u2019 strong alliance with Loblaw positions it well for future growth. For more information, visit Choice Properties\u2019 website at <a href=\"http:\/\/www.choicereit.ca\/\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">www.choicereit.ca<\/a> and Choice Properties\u2019 issuer profile at <a href=\"http:\/\/www.sedar.com\/\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">www.sedar.com<\/a>.<\/p>\n<p>SOURCE  Choice Properties Real Estate Investment Trust<\/p>\n<p><img decoding=\"async\" alt=\"Rt\" src=\"http:\/\/rt.newswire.ca\/rt.gif?NewsItemId=C5072&amp;Transmission_Id=201604251700CANADANWCANADAPR_C5072&amp;DateId=20160425\" style=\"border:0px; width:1px; height:1px;\"><\/p>\n","protected":false},"template":"","class_list":["post-16820","news-release","type-news-release","status-publish","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.3 (Yoast SEO v27.3) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Choice Properties Real Estate Investment Trust annonce une augmentation de 5,5 % des fonds provenant de l&#8217;exploitation(1) par part dilu\u00e9e pour le premier trimestre 2016 - Propri\u00e9t\u00e9s DeChoix<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.choicereit.ca\/news-release\/choice-properties-real-estate-investment-trust-reports-a-5-5-increase-in-ffo1-per-unit-diluted-for-the-first-quarter-2016\/\" \/>\n<meta property=\"og:locale\" content=\"fr_FR\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Choice Properties Real Estate Investment Trust annonce une augmentation de 5,5 % des fonds provenant de l&#8217;exploitation(1) par part dilu\u00e9e pour le premier trimestre 2016\" \/>\n<meta property=\"og:description\" content=\"TORONTO, April 25, 2016 \/CNW\/ \u2013 Choice Properties Real Estate Investment Trust (\u00ab\u00a0Choice Properties\u00a0\u00bb or the \u00ab\u00a0Trust\u00a0\u00bb) (TSX: CHP.UN) today announced its condensed consolidated financial results for the first quarter ended March 31, 2016. The Trust\u2019s Quarterly Report will be available in the Investor Relations section of the Trust\u2019s website at www.choicereit.ca, filed with SEDAR [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.choicereit.ca\/news-release\/choice-properties-real-estate-investment-trust-reports-a-5-5-increase-in-ffo1-per-unit-diluted-for-the-first-quarter-2016\/\" \/>\n<meta property=\"og:site_name\" content=\"Propri\u00e9t\u00e9s DeChoix\" \/>\n<meta property=\"og:image\" content=\"http:\/\/rt.newswire.ca\/rt.gif?NewsItemId=C5072&amp;Transmission_Id=201604251700CANADANWCANADAPR_C5072&amp;DateId=20160425\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Dur\u00e9e de lecture estim\u00e9e\" \/>\n\t<meta name=\"twitter:data1\" content=\"20 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.choicereit.ca\\\/news-release\\\/choice-properties-real-estate-investment-trust-reports-a-5-5-increase-in-ffo1-per-unit-diluted-for-the-first-quarter-2016\\\/\",\"url\":\"https:\\\/\\\/www.choicereit.ca\\\/news-release\\\/choice-properties-real-estate-investment-trust-reports-a-5-5-increase-in-ffo1-per-unit-diluted-for-the-first-quarter-2016\\\/\",\"name\":\"Choice Properties Real Estate Investment Trust annonce une augmentation de 5,5 % des fonds provenant de l&#8217;exploitation(1) par part dilu\u00e9e pour le premier trimestre 2016 - 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