{"id":16848,"date":"2016-11-08T04:00:00","date_gmt":"2016-11-08T09:00:00","guid":{"rendered":"https:\/\/www.choicereit.ca\/news-release\/choice-properties-real-estate-investment-trust-annonce-de-solides-resultats-pour-le-troisieme-trimestre-2016\/"},"modified":"2016-11-08T04:00:00","modified_gmt":"2016-11-08T09:00:00","slug":"choice-properties-real-estate-investment-trust-annonce-de-solides-resultats-pour-le-troisieme-trimestre-2016","status":"publish","type":"news-release","link":"https:\/\/www.choicereit.ca\/fr\/news-release\/choice-properties-real-estate-investment-trust-annonce-de-solides-resultats-pour-le-troisieme-trimestre-2016\/","title":{"rendered":"Choice Properties Real Estate Investment Trust annonce de solides r\u00e9sultats pour le troisi\u00e8me trimestre 2016"},"content":{"rendered":"<p><span class=\"xn-location\">TORONTO<\/span>, Nov. 8, 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 consolidated financial results for the third quarter ended September 30, 2016. The Trust\u2019s Third Quarter Report to Unitholders 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 rental revenue of <span class=\"xn-money\">$196.3 million<\/span>, an increase of <span class=\"xn-money\">$9.0 million<\/span> or 4.8% compared with <span class=\"xn-money\">$187.3 million<\/span> in the third quarter of 2015; <\/li>\n<li>Reported net income of <span class=\"xn-money\">$213.7 million<\/span>, an increase of <span class=\"xn-money\">$387.1 million<\/span> compared with a loss of <span class=\"xn-money\">$173.4 million<\/span> in the third quarter of 2015, which included fair value adjustments of a <span class=\"xn-money\">$168.4 million<\/span> gain and a <span class=\"xn-money\">$219.4 million<\/span> loss, respectively; <\/li>\n<li>Reported Funds from Operations (\u00ab\u00a0FFO\u00a0\u00bb)<sup>(1)<\/sup> per unit diluted of <span class=\"xn-money\">$0.248<\/span>, an increase of <span class=\"xn-money\">$0.007<\/span> or 2.9% compared with <span class=\"xn-money\">$0.241<\/span> in the third quarter of 2015; <\/li>\n<li>Increased annual distributions by 6.0% to <span class=\"xn-money\">$0.71<\/span> per unit, effective as of the <span class=\"xn-chron\">July 29, 2016<\/span> distribution payable <span class=\"xn-chron\">August 15, 2016<\/span>; <\/li>\n<li>Completed the construction of 273,000 square feet of Gross Leasable Area (\u00ab\u00a0GLA\u00a0\u00bb), including 201,000 square feet for the expansion of the distribution centre for Loblaw in <span class=\"xn-location\">Boucherville, Quebec<\/span> that yielded a return of 7.5%; <\/li>\n<li>Acquired an income producing property from a third party for <span class=\"xn-money\">$20.0 million<\/span> adding approximately 67,000 square feet of GLA and approximately <span class=\"xn-money\">$1.27 million<\/span> in stabilized net operating income (\u00ab\u00a0NOI\u00a0\u00bb)<sup>(1)<\/sup>; and <\/li>\n<li>Improved ancillary occupancy and increased organic NOI<sup>(1)<\/sup> by 1.8% to <span class=\"xn-money\">$131.9 million<\/span> from <span class=\"xn-money\">$129.6 million<\/span> in the third quarter of 2015.<\/li>\n<\/ul>\n<p><\/p>\n<p>\u00ab\u00a0We continue to execute on our strategy and deliver results as planned.  The 2.9% year-over-year growth in FFO\/unit reported for the third quarter reflects the strength of our business model and our focus on growth and value creation.\u00a0\u00bb said John Morrison, President and Chief Executive Officer.  \u00ab\u00a0We continue to make progress on all fronts, including acquisitions, active management and development in particular, as we remain on track to complete approximately 750,000 square feet of new retail GLA for 2016, to yield a weighted average return of 8% with a total capital investment of approximately <span class=\"xn-money\">$224 million<\/span>.\u00a0\u00bb <\/p>\n<div>\n<table id=\"convertedTable682b\" border=\"0\" cellspacing=\"0\" cellpadding=\"0\" class=\"prngen1\">\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(1)<\/span><\/p>\n<\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">See \u00ab\u00a0Non-GAAP Financial Measures\u00a0\u00bb beginning on page 5. <\/span><\/p>\n<\/td>\n<\/tr>\n<\/table>\n<\/div>\n<div>\n<table border=\"0\" cellspacing=\"0\" cellpadding=\"0\" class=\"prngen1\">\n<tr>\n<td colspan=\"7\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Financial and Operational Summary<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\"><\/td>\n<td colspan=\"3\" class=\"prngen4\"><\/td>\n<td colspan=\"3\" class=\"prngen4\"><\/td>\n<\/tr>\n<tr>\n<td nowrap class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">As at or for the three months ended September 30<\/span><\/p>\n<\/td>\n<td colspan=\"3\" class=\"prngen4\"><\/td>\n<td colspan=\"3\" class=\"prngen4\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">($ thousands except where otherwise indicated)<\/span><\/p>\n<\/td>\n<td colspan=\"3\" class=\"prngen4\"><\/td>\n<td colspan=\"3\" class=\"prngen4\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(unaudited)<\/span><\/p>\n<\/td>\n<td colspan=\"3\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>2016<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"3\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">2015<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Number of properties<\/span><\/p>\n<\/td>\n<td colspan=\"3\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>530<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"3\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">515<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\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 colspan=\"3\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>42.9<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"3\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">41.4<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Occupancy<\/span><\/p>\n<\/td>\n<td colspan=\"3\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>98.8%<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"3\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">98.5%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\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\"><b>$<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>196,275<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">187,285<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Net Operating Income (\u00ab\u00a0NOI\u00a0\u00bb)<sup>(1)<\/sup><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>137,835<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">129,986<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Net Income (Loss)<sup>(i)<\/sup><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>213,718<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(173,362)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Net Income (Loss)<sup>(i)<\/sup> per unit diluted<\/span><\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>0.521<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(0.426)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Funds from Operations (\u00ab\u00a0FFO\u00a0\u00bb)<sup>(1)<\/sup> per unit diluted<\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>0.248<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">0.241<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Adjusted Funds from Operations (\u00ab\u00a0AFFO\u00a0\u00bb)<sup>(1)<\/sup> per unit diluted<\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>0.200<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">0.194<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Adjusted Funds from Operations<sup>(1)<\/sup> payout ratio<\/span><\/p>\n<\/td>\n<td colspan=\"3\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>88.8%<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"3\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">83.8%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Distribution declared per unit<\/span><\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>0.1775<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">0.1625<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\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\"><b>$<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>9,156<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">8,603<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Debt to total assets<sup>(ii)<\/sup><\/span><\/p>\n<\/td>\n<td colspan=\"3\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>45.9%<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"3\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">44.9%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Debt service coverage<sup>(ii)<\/sup><\/span><\/p>\n<\/td>\n<td colspan=\"3\" class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>3.6x   <\/b><\/span><\/p>\n<\/td>\n<td colspan=\"3\" class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">3.6x   <\/span><\/p>\n<\/td>\n<\/tr>\n<\/table>\n<\/div>\n<p><\/p>\n<div>\n<table id=\"convertedTable75cd\" border=\"0\" cellspacing=\"0\" cellpadding=\"0\" class=\"prngen1\">\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(i)<\/span><\/p>\n<\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Net income (loss) included a positive adjustment of $123,673 and a negative adjustment of $220,896 for the fair value of Exchangeable Units, and positive adjustments of $44,757 and $1,527 for the fair value of investment properties, for the three months ended September 30, 2016 and September 30, 2015, respectively. Net income before adjustments to fair value<sup>(1)<\/sup> was $45,288 and $46,007 for the three months ended September 30, 2016 and September 30, 2015, respectively.<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(ii)<\/span><\/p>\n<\/td>\n<td class=\"prngen2\">\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><b>Financial Results for the Quarter:<\/b><\/p>\n<ul type=\"disc\">\n<li><b>Rental Revenue <\/b>\u2013 Third quarter rental revenue totaled <span class=\"xn-money\">$196.3 million<\/span>, an increase of <span class=\"xn-money\">$9.0 million<\/span> or 4.8% compared with <span class=\"xn-money\">$187.3 million<\/span> in the third quarter of 2015. Properties owned throughout both the comparative periods contributed <span class=\"xn-money\">$5.2 million<\/span> to the increase. <\/li>\n<li><b>Net Operating Income<\/b><sup>(1)<\/sup> \u2013 NOI<sup>(1) <\/sup>for the third quarter of 2016 was <span class=\"xn-money\">$137.8 million<\/span>, an increase of <span class=\"xn-money\">$7.8 million<\/span>, or 6.0%, compared with the third quarter of 2015, including NOI<sup>(1)<\/sup> of <span class=\"xn-money\">$2.7 million<\/span> from properties acquired subsequent to the second quarter of 2015 and <span class=\"xn-money\">$2.8 million<\/span> from new developments. Excluding the NOI<sup>(1)<\/sup> from acquisitions and developments subsequent to <span class=\"xn-chron\">June 30, 2015<\/span>, NOI<sup>(1)<\/sup> of <span class=\"xn-money\">$131.9 million<\/span> was <span class=\"xn-money\">$2.3 million<\/span> or 1.8% higher than the <span class=\"xn-money\">$129.6 million<\/span> achieved in the third quarter of 2015. This improvement was primarily driven by growth in capital recoveries and improvements in ancillary occupancy, higher average rents per square foot on new ancillary leases, and rent steps in Loblaw leases. <\/li>\n<li><b>Net Income <\/b>\u2013 The net income for the third quarter of 2016 was <span class=\"xn-money\">$213.7 million<\/span> compared to a net loss of <span class=\"xn-money\">$173.4 million<\/span> in the third quarter of 2015. Adjustments to fair value measures are the primary driver of the variance between periods. <\/li>\n<li><b>Net Income before Adjustments to Fair Value<\/b><sup>(1)<\/sup> \u2013 Third quarter net income before adjustments to fair value<sup>(1)<\/sup> of <span class=\"xn-money\">$45.3 million<\/span> compared with <span class=\"xn-money\">$46.0 million<\/span> reported in the third quarter of 2015. Increases to net interest expense and other financing charges, including distributions on Exchangeable Units, offset the NOI<sup>(1)<\/sup> increases achieved. <\/li>\n<li><b>Funds from Operations<\/b><sup>(1)<\/sup> \u2013 FFO<sup>(1)<\/sup> for the third quarter of 2016 was <span class=\"xn-money\">$101.9 million<\/span> or <span class=\"xn-money\">$0.248<\/span> per unit diluted, compared with <span class=\"xn-money\">$98.3 million<\/span> or <span class=\"xn-money\">$0.241<\/span> per unit diluted in the third quarter of 2015. The year-over-year improvement in FFO<sup>(1)<\/sup> of <span class=\"xn-money\">$0.007<\/span> per unit diluted was primarily driven by growth in NOI<sup>(1) <\/sup>partially offset by higher net interest expense. <\/li>\n<li><b>Adjusted Funds from Operations<\/b><sup>(1) <\/sup>\u2013 AFFO<sup>(1)<\/sup> for the third quarter of 2016 was <span class=\"xn-money\">$82.0 million<\/span> or <span class=\"xn-money\">$0.200<\/span> per unit diluted, compared with <span class=\"xn-money\">$79.0 million<\/span> or <span class=\"xn-money\">$0.194<\/span> per unit diluted in the same quarter of 2015. Similar to FFO<sup>(1)<\/sup>, the improvement in AFFO<sup>(1)<\/sup> was primarily driven by growth in NOI<sup>(1) <\/sup>partially offset by higher net interest expense.<\/li>\n<\/ul>\n<p><\/p>\n<div>\n<table id=\"convertedTablede25\" border=\"0\" cellspacing=\"0\" cellpadding=\"0\" class=\"prngen1\">\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(1)<\/span><\/p>\n<\/td>\n<td class=\"prngen2\">\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><b>Operational Results for the Quarter:<\/b><\/p>\n<ul type=\"disc\">\n<li><b>Accretive Acquisitions<\/b> \u2013 Choice Properties acquired from a third party an income producing property that is adjacent to an existing Trust site in August, 2016. The purchase price was <span class=\"xn-money\">$20.0 million<\/span> and added approximately 67,000 square feet of GLA and approximately <span class=\"xn-money\">$1.27 million<\/span> in stabilized NOI<sup>(1)<\/sup> to the Trust\u2019s portfolio. <\/li>\n<li>Subsequent to the quarter, Choice Properties completed the previously announced acquisition of a portfolio of four investment properties and a parcel of land for immediate development, from Loblaw for an aggregate purchase price of <span class=\"xn-money\">$40.9 million<\/span>, excluding transaction costs, which was settled through the issuance of 878,713 Exchangeable Units and cash. The new portfolio is accretive with an estimated stabilized NOI<sup>(1)<\/sup> of approximately <span class=\"xn-money\">$2.6 million<\/span>, representing an implied capitalization rate of 6.5%. The acquired properties expand the portfolio by approximately 394,000 square feet with an occupancy rate of 99.7% when acquired. The acquisition offers opportunities to develop up to 344,000 square feet of incremental GLA including the ongoing greenfield development of a new 28,510 square foot Loblaw food store on a parcel of land in <span class=\"xn-location\">Edmonton, Alberta<\/span>. <\/li>\n<li><b>Development Progress \u2013 <\/b>During the third quarter of 2016, Choice Properties constructed 273,000 square feet of GLA for tenant possession. This includes 201,000 square feet for the expansion of an industrial warehouse leased to Loblaw in <span class=\"xn-location\">Boucherville, Quebec<\/span> at a cost of <span class=\"xn-money\">$46 million<\/span> yielding a return of 7.5%. <\/li>\n<li><b>Development Pipeline \u2013<\/b> Choice Properties remains on track to complete the construction of approximately 750,000 square feet of new GLA as part of the projects designated for completion in 2016, of which 575,000 square feet has already been delivered to tenants. <\/li>\n<li><b>Leasing Activity \u2013 <\/b>During the third quarter of 2016, Choice Properties entered into leases for approximately 489,000 square feet of GLA with an average lease term of 12.0 years. This included approximately 153,000 square feet of renewing leases which represented a renewal rate of 69.7% for the quarter with an average increase over expiring base rent rates of 1.3%. Excluding the impact of a large format tenant representing approximately 24,000 square feet which renewed at a lower base rent, the average increase for renewing rents was 8.1% for the quarter. <\/li>\n<li><b>Occupancy \u2013 <\/b>At <span class=\"xn-chron\">September 30, 2016<\/span>, the Trust\u2019s portfolio occupancy rate was 98.8%, compared to 98.6% as at <span class=\"xn-chron\">December 31, 2015<\/span> and 98.5% as at <span class=\"xn-chron\">September 30, 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\">September 30, 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 sources; 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>Distributions \u2013<\/b> Distributions per unit declared during the quarter totaled <span class=\"xn-money\">$0.1775<\/span>, for an AFFO<sup>(1)<\/sup> payout ratio of 88.8% (2015 \u2013 <span class=\"xn-money\">$0.1625<\/span> and 83.8%), which reflects the 6.0% increase in the annual distribution effective as of the record date of <span class=\"xn-chron\">July 29, 2016<\/span>. <\/li>\n<\/ul>\n<p><\/p>\n<p><b>Outlook<\/b><\/p>\n<p>Choice Properties\u2019 outlook continues to be for steady, stable growth enhanced by the Trust\u2019s capacity to capitalize on leasing and development opportunities to further fuel growth and create incremental value. <\/p>\n<p>Choice Properties expects to provide Unitholders with stable cash flow and sustainable growth in distributions.  The Trust has a sizable asset base that is geographically diverse across Canada.  It also has long-term leases and a strategic alliance with Loblaw and an existing development pipeline.  Combined with a solid balance sheet, a long and staggered debt profile and investment grade credit, Choice Properties is confident it has the capacity to meet current obligations and to invest for future growth. <\/p>\n<p>The vast majority of Choice Properties\u2019 sites are anchored by Loblaw, <span class=\"xn-location\">Canada\u2019s<\/span> largest food and drug retailer.  Loblaw represents approximately 90% of the Trust\u2019s gross leasable area and base rent.  Leases with Loblaw have 10 to 20 year initial terms with multiple five-year renewal options and include rent escalations that will reach a steady-state of 1.5% annual growth by mid-2018, or 7.7% every five years.  For the remaining 10% of its GLA, that is not leased to Loblaw and its pipeline of development opportunities, Choice Properties targets tenants with strong covenants to complement the non-discretionary food and drug offering of its anchor tenant.  With the current uncertainty in the Canadian and global economies, certain retailers have taken a more conservative stance with respect to expansion.  Despite the slowing in business investments, Choice Properties sites, including those in Western provinces experiencing an economic recession, remain in demand for national tenants that benefit from the proximity to a Loblaw bannered store.  Choice Properties plans to attract and retain quality tenants at its existing sites and to develop new space for tenants. The Trust\u2019s primary focus is on properties that are well-positioned to respond to changing consumer preferences. <\/p>\n<p>The Canadian economy has experienced a protracted period of low interest rates and a volatile economy underscored by the downturn in the resource sector.  Given the Bank of <span class=\"xn-location\">Canada\u2019s<\/span> recent downward revisions to the country\u2019s GDP growth profile through to mid-2018, a sudden rise in interest rates over the near- to mid-term is not expected.  In this low interest rate environment, the Trust believes that capitalization rates will remain range-bound, particularly for quality retail real estate which remains in scarce supply.  Choice Properties expects to continue to complete accretive acquisitions of strategic sites from Loblaw and third party vendors.<\/p>\n<div>\n<table id=\"convertedTable3cd1\" border=\"0\" cellspacing=\"0\" cellpadding=\"0\" class=\"prngen1\">\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(1)<\/span><\/p>\n<\/td>\n<td class=\"prngen2\">\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=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(2)<\/span><\/p>\n<\/td>\n<td class=\"prngen2\">\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><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 Third Quarter 2016 Report to Unitholders. 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 IFRS when analyzing 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.<\/p>\n<p>These measures do not have a standardized meaning prescribed by IFRS 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 IFRS.<\/p>\n<p>These non-GAAP measures are more fully defined and discussed in the Trust\u2019s Third Quarter 2016 Management\u2019s Discussion and Analysis.<\/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 before Adjustments to Fair Value<\/b>  Net Income (or net loss) as calculated under IFRS excluding adjustments to fair value of Exchangeable Units, investment properties and 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>Choice Properties calculates FFO by adjusting net income (or net loss) for items that do not arise from operating activities, such as adjustments to fair value.<\/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.<\/p>\n<p>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 property capital expenditures, required for sustaining productive capacity 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>AFFO payout ratio is calculated as the distribution declared per unit divided by the AFFO per unit diluted.<\/p>\n<div>\n<table border=\"0\" cellspacing=\"0\" cellpadding=\"0\" class=\"prngen1\">\n<tr>\n<td colspan=\"9\" class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Choice Properties Real Estate Investment Trust<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"9\" class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Calculation of Non-GAAP Financial Measures<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\"><\/td>\n<td colspan=\"4\" class=\"prngen4\"><\/td>\n<td colspan=\"4\" class=\"prngen4\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\"><\/td>\n<td colspan=\"4\" class=\"prngen10\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Three Months<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"4\" class=\"prngen10\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Nine Months<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">For the periods ended September 30<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<\/tr>\n<tr>\n<td nowrap class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(in thousands of Canadian dollars, except per unit amounts)<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(unaudited)<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>2016<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">2015<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>2016<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">2015<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Rental revenue<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>196,275<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">187,285<\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>585,861<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">552,043<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Reverse \u2013 Straight-line rental revenue<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(8,695)<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(9,405)<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(27,423)<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(27,535)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Property operating costs<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(49,745)<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(47,894)<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(151,431)<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(142,376)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Net Operating Income<sup>(1)<\/sup><\/span><\/p>\n<\/td>\n<td class=\"prngen12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>137,835<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">129,986<\/span><\/p>\n<\/td>\n<td class=\"prngen12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>407,007<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">382,132<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Net Income (Loss)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>213,718<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(173,362)<\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(478,646)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(195,677)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Adjustment to fair value of Exchangeable Units<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(123,673)<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">220,896<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>637,391<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">315,100<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Adjustment to fair value of investment properties<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(44,757)<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(1,527)<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(7,384)<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">15,921<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Adjustment to fair value of investment property held in equity <br>accounted joint venture<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>\u2014<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">\u2014<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(13,640)<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">\u2014<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Net Income before Adjustments to Fair Value<sup>(1)<\/sup><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>45,288<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">46,007<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>137,721<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">135,344<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Adjustment to fair value of unit-based compensation<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(489)<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">592<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>4,534<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">509<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Interest otherwise capitalized for development in equity <br>accounted joint venture<sup>(2)<\/sup><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>82<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">\u2014<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>240<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">\u2014<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Distributions on Exchangeable Units<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>56,287<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">51,295<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>162,517<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">151,343<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Amortization of tenant improvement allowances<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>165<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">74<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>365<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">150<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Internal expenses for leasing<sup>(3)<\/sup><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>546<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">358<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>1,617<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">1,105<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\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\"><b>$<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>101,879<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">98,326<\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>306,994<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">288,451<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Straight-line rental revenue<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(8,695)<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(9,405)<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(27,423)<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(27,535)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Effective interest rate amortization of finance charges<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>513<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(325)<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>596<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(913)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Unit-based compensation expense<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>660<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">617<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>2,293<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">1,496<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Property capital expenditures \u2013 incurred<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(24,074)<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(5,227)<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(25,849)<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(7,813)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Property and leasing capital expenditures \u2013 normalized<sup>(4)<\/sup><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>14,074<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(2,571)<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(4,151)<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(18,692)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Leasing capital expenditures \u2013 incurred<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(2,395)<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(2,403)<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(4,030)<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(4,100)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Adjusted Funds from Operations<sup>(1)<\/sup><\/span><\/p>\n<\/td>\n<td class=\"prngen12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>81,962<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">79,012<\/span><\/p>\n<\/td>\n<td class=\"prngen12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>248,430<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">230,894<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">FFO<sup>(1)<\/sup> per unit \u2013 diluted<\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>0.248<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">0.241<\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>0.749<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">0.720<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">AFFO<sup>(1)<\/sup> per unit \u2013 diluted<\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>0.200<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">0.194<\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>0.606<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">0.576<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">AFFO<sup>(1)<\/sup> payout ratio<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>88.8%<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">83.8%<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>84.6%<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">84.6%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Distribution declared per unit<\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>0.1775<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">0.1625<\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>0.5125<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">0.4875<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Weighted average Units outstanding \u2013 basic<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>409,046,270<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">406,013,090<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>408,660,570<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">400,365,196<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Weighted average Units outstanding \u2013 diluted<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>410,254,616<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">406,503,007<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>409,618,643<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">400,811,437<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Number of Units outstanding, end of period<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>409,244,667<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">406,379,516<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>409,244,667<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">406,379,516<\/span><\/p>\n<\/td>\n<\/tr>\n<\/table>\n<\/div>\n<div>\n<table id=\"convertedTable4ddb\" border=\"0\" cellspacing=\"0\" cellpadding=\"0\" class=\"prngen1\">\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(1)<\/span><\/p>\n<\/td>\n<td class=\"prngen2\">\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=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(2)<\/span><\/p>\n<\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Interest expensed in the Trust, relating to qualifying development projects underway in the equity accounted joint venture, was eligible to be added back to FFO<sup>(1)<\/sup> in accordance with the Real Property Association of Canada White Paper on Funds from Operations for IFRS issued in April 2014.<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(3)<\/span><\/p>\n<\/td>\n<td class=\"prngen2\">\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=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(4)<\/span><\/p>\n<\/td>\n<td class=\"prngen2\">\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 and nine months ended September 30, 2016 and September 30, 2015 were adjusted for this factor to make the quarters more comparable.<\/span><\/p>\n<\/td>\n<\/tr>\n<\/table>\n<\/div>\n<p><b>Selected Financial Information<\/b><\/p>\n<p>The following includes quarterly financial information prepared by management in accordance with IFRS and based on the Trust\u2019s Third Quarter 2016 Report to Unitholders. 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<div>\n<table border=\"0\" cellspacing=\"0\" cellpadding=\"0\" class=\"prngen1\">\n<tr>\n<td colspan=\"6\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Choice Properties Real Estate Investment Trust<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"6\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Condensed Consolidated Balance Sheets<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen7\"><\/td>\n<td colspan=\"2\" class=\"prngen7\"><\/td>\n<td colspan=\"2\" class=\"prngen7\"><\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(unaudited)<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>As at<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">As at<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(in thousands of Canadian dollars)<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>September 30, 2016<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">December 31, 2015<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Assets<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen7\"><\/td>\n<td colspan=\"2\" class=\"prngen7\"><\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Non-current Assets<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen7\"><\/td>\n<td colspan=\"2\" class=\"prngen7\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen7\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Investment properties<\/span><\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>8,869,000<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">8,561,000<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen7\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Equity accounted joint venture<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>18,990<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">9,350<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen7\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Accounts receivable and other assets<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>6,085<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">9,874<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Notes receivable<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>2,313<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">2,179<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\"><\/td>\n<td class=\"prngen8\"><\/td>\n<td colspan=\"2\" class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>8,896,388<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">8,582,403<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Current Assets<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen7\"><\/td>\n<td colspan=\"2\" class=\"prngen7\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen7\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Accounts receivable and other assets<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>35,942<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">6,240<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen7\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Notes receivable<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>221,534<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">272,892<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Cash and cash equivalents<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>1,784<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">44,354<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\"><\/td>\n<td class=\"prngen8\"><\/td>\n<td colspan=\"2\" class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>259,260<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">323,486<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Total Assets<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>9,155,648<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">8,905,889<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen7\"><\/td>\n<td colspan=\"2\" class=\"prngen7\"><\/td>\n<td colspan=\"2\" class=\"prngen7\"><\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Liabilities and Unitholders\u2019 Equity<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen7\"><\/td>\n<td colspan=\"2\" class=\"prngen7\"><\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Non-current Liabilities<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen7\"><\/td>\n<td colspan=\"2\" class=\"prngen7\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen7\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Long term debt and Class C LP Units<\/span><\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>3,726,450<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">3,579,202<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen7\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Credit facility<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>203,000<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">\u2014<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen7\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Exchangeable Units<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>4,379,286<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">3,741,895<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Trade payables and other liabilities<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>2,019<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">1,354<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\"><\/td>\n<td class=\"prngen8\"><\/td>\n<td colspan=\"2\" class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>8,310,755<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">7,322,451<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Current Liabilities<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen7\"><\/td>\n<td colspan=\"2\" class=\"prngen7\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen7\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Long term debt due within one year<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>202,199<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">302,188<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Trade payables and other liabilities<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>310,399<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">438,177<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\"><\/td>\n<td class=\"prngen8\"><\/td>\n<td colspan=\"2\" class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>512,598<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">740,365<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Total Liabilities<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>8,823,353<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">8,062,816<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen7\"><\/td>\n<td colspan=\"2\" class=\"prngen7\"><\/td>\n<td colspan=\"2\" class=\"prngen7\"><\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Equity<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen7\"><\/td>\n<td colspan=\"2\" class=\"prngen7\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen7\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Unitholders\u2019 equity<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>324,539<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">835,317<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Non-controlling interests<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>7,756<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">7,756<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Total Equity<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>332,295<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">843,073<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Total Liabilities and Equity<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>9,155,648<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">8,905,889<\/span><\/p>\n<\/td>\n<\/tr>\n<\/table>\n<\/div>\n\n<div>\n<table border=\"0\" cellspacing=\"0\" cellpadding=\"0\" class=\"prngen1\">\n<tr>\n<td colspan=\"10\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Choice Properties Real Estate Investment Trust<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"10\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Condensed Consolidated Statements of Income (Loss) and Comprehensive Income (Loss)<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen14\"><\/td>\n<td colspan=\"2\" class=\"prngen14\"><\/td>\n<td colspan=\"2\" class=\"prngen14\"><\/td>\n<td colspan=\"2\" class=\"prngen14\"><\/td>\n<td colspan=\"2\" class=\"prngen14\"><\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen14\"><\/td>\n<td colspan=\"2\" nowrap class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Three months <br>ended<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" nowrap class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Three months <br>ended<\/span><\/p>\n<\/td>\n<td colspan=\"2\" nowrap class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Nine months <br>ended<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" nowrap class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Nine months<br>ended<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen5\"><span class=\"prnews_span\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(unaudited)<br><\/span>(in thousands of Canadian dollars)<\/p>\n<p><\/p><\/span><\/td>\n<td colspan=\"2\" nowrap class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>September 30, <br>2016<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" nowrap class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">September 30, <br>2015<\/span><\/p>\n<\/td>\n<td colspan=\"2\" nowrap class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>September 30, <br>2016<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" nowrap class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">September 30, <br>2015<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Net Property Income<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen14\"><\/td>\n<td colspan=\"2\" class=\"prngen14\"><\/td>\n<td colspan=\"2\" class=\"prngen14\"><\/td>\n<td colspan=\"2\" class=\"prngen14\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen14\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Rental revenue from investment properties<\/span><\/p>\n<\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>196,275<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">187,285<\/span><\/p>\n<\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>585,861<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">552,043<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen15\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Property operating costs<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(49,745)<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(47,894)<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(151,431)<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(142,376)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Net Property Income<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>146,530<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">139,391<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>434,430<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">409,667<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Other Expenses<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen14\"><\/td>\n<td colspan=\"2\" class=\"prngen14\"><\/td>\n<td colspan=\"2\" class=\"prngen14\"><\/td>\n<td colspan=\"2\" class=\"prngen14\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen14\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">General and administrative expenses<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(5,286)<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(6,042)<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(21,921)<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(16,617)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen14\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Amortization of other assets<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(231)<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(235)<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(697)<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(565)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen14\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Net interest expense and other financing charges<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(95,725)<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(87,107)<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(274,091)<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(257,141)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen14\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Share of income from joint venture<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>\u2014<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">\u2014<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>13,640<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">\u2014<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen14\"><\/td>\n<td class=\"prngen3\">\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 colspan=\"2\" class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>123,673<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(220,896)<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(637,391)<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(315,100)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen15\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Adjustment to fair value of investment properties<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>44,757<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">1,527<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>7,384<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(15,921)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" nowrap class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Net Income (Loss) and Comprehensive Income (Loss)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>213,718<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(173,362)<\/span><\/p>\n<\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(478,646)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(195,677)<\/span><\/p>\n<\/td>\n<\/tr>\n<\/table>\n<\/div>\n<div>\n<table id=\"convertedTablee92c\" border=\"0\" cellspacing=\"0\" cellpadding=\"0\" class=\"prngen1\">\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(1)<\/span><\/p>\n<\/td>\n<td class=\"prngen2\">\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\n<div>\n<table border=\"0\" cellspacing=\"0\" cellpadding=\"0\" class=\"prngen1\">\n<tr>\n<td colspan=\"11\" class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Choice Properties Real Estate Investment Trust<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"11\" class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Condensed Consolidated Statements of Cash Flows<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" class=\"prngen14\"><\/td>\n<td colspan=\"2\" class=\"prngen14\"><\/td>\n<td colspan=\"2\" class=\"prngen14\"><\/td>\n<td colspan=\"2\" class=\"prngen14\"><\/td>\n<td colspan=\"2\" class=\"prngen14\"><\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" class=\"prngen14\"><\/td>\n<td colspan=\"2\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Three months <br>ended<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Three months <br>ended<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Nine months <br>ended<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Nine months <br>ended<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" class=\"prngen16\"><span class=\"prnews_span\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(unaudited)<\/span><\/p>\n<p class=\"prnews_p\"><span class=\"prnews_span\">(in thousands of Canadian dollars)<\/span><\/p>\n<p><\/p><\/span><\/td>\n<td colspan=\"2\" class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>September 30, <br>2016<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">September 30, <br>2015<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>September 30, <br>2016<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">September 30, <br>2015<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Operating Activities<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen14\"><\/td>\n<td colspan=\"2\" class=\"prngen14\"><\/td>\n<td colspan=\"2\" class=\"prngen14\"><\/td>\n<td colspan=\"2\" class=\"prngen14\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen14\"><\/td>\n<td colspan=\"2\" class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Net income (loss)<\/span><\/p>\n<\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>213,718<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(173,362)<\/span><\/p>\n<\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(478,646)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(195,677)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen14\"><\/td>\n<td colspan=\"2\" class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Straight-line rental revenue<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(8,695)<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(9,405)<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(27,423)<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(27,535)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen14\"><\/td>\n<td colspan=\"2\" class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Amortization of tenant improvement allowances<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>165<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">74<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>365<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">150<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen14\"><\/td>\n<td colspan=\"2\" class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Amortization of other assets<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>231<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">235<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>697<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">565<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen14\"><\/td>\n<td colspan=\"2\" class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Net interest expense and other financing charges<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>95,725<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">87,107<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>274,091<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">257,141<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen14\"><\/td>\n<td colspan=\"2\" class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Value of unit-based compensation granted<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>171<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">1,209<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>6,827<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">2,005<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen14\"><\/td>\n<td colspan=\"2\" class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Share of income from joint venture<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>\u2014<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">\u2014<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(13,640)<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">\u2014<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen14\"><\/td>\n<td colspan=\"2\" class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Adjustment to fair value of Exchangeable Units<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(123,673)<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">220,896<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>637,391<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">315,100<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen14\"><\/td>\n<td colspan=\"2\" class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Adjustment to fair value of investment properties<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(44,757)<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(1,527)<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(7,384)<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">15,921<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen14\"><\/td>\n<td colspan=\"2\" class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Interest received<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>13<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">9<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>89<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">79<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen15\"><\/td>\n<td colspan=\"2\" class=\"prngen16\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Net change in non-cash working capital<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>23,884<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">20,659<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(97,005)<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(15,401)<\/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 Flows from Operating Activities<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>156,782<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">145,895<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>295,362<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">352,348<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Investing Activities<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen14\"><\/td>\n<td colspan=\"2\" class=\"prngen14\"><\/td>\n<td colspan=\"2\" class=\"prngen14\"><\/td>\n<td colspan=\"2\" class=\"prngen14\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen14\"><\/td>\n<td colspan=\"2\" class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Acquisitions of investment properties<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(19,920)<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(18,863)<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(139,815)<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(216,401)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen14\"><\/td>\n<td colspan=\"2\" class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Additions to investment properties<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(74,203)<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(47,899)<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(130,598)<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(84,134)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen14\"><\/td>\n<td colspan=\"2\" class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Additions to fixtures and equipment<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>\u2014<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">\u2014<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(338)<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(529)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen14\"><\/td>\n<td colspan=\"2\" class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Notes receivable issued to third-party<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>\u2014<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">500<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>\u2014<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(1,565)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen15\"><\/td>\n<td colspan=\"2\" class=\"prngen16\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Equity investment<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>4,000<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">\u2014<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>4,000<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(2,120)<\/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 Flows used in Investing Activities<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(90,123)<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(66,262)<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(266,751)<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(304,749)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Financing Activities<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen14\"><\/td>\n<td colspan=\"2\" class=\"prngen14\"><\/td>\n<td colspan=\"2\" class=\"prngen14\"><\/td>\n<td colspan=\"2\" class=\"prngen14\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen14\"><\/td>\n<td colspan=\"2\" class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Long term debt<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen14\"><\/td>\n<td colspan=\"2\" class=\"prngen14\"><\/td>\n<td colspan=\"2\" class=\"prngen14\"><\/td>\n<td colspan=\"2\" class=\"prngen14\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen14\"><\/td>\n<td class=\"prngen14\"><\/td>\n<td nowrap class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Issued \u2013 Senior unsecured debentures, net of debt <br>placement costs<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(217)<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(76)<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>347,854<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">248,410<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen14\"><\/td>\n<td class=\"prngen14\"><\/td>\n<td nowrap class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Principal repayments \u2013 Senior unsecured debentures<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>\u2014<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">\u2014<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(300,000)<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">\u2014<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen14\"><\/td>\n<td class=\"prngen14\"><\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Principal repayments \u2013 Mortgage<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(306)<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(261)<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(901)<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(749)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen14\"><\/td>\n<td colspan=\"2\" class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Gain on settlement of bond forward contracts<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>\u2014<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">\u2014<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>2,682<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">\u2014<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen14\"><\/td>\n<td colspan=\"2\" class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Credit facility<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen14\"><\/td>\n<td colspan=\"2\" class=\"prngen14\"><\/td>\n<td colspan=\"2\" class=\"prngen14\"><\/td>\n<td colspan=\"2\" class=\"prngen14\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen14\"><\/td>\n<td class=\"prngen14\"><\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Net advancements (repayments)<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>61,000<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">47,000<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>203,000<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">11,000<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen14\"><\/td>\n<td class=\"prngen14\"><\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Debt placement costs<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>\u2014<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(282)<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(275)<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(292)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen14\"><\/td>\n<td colspan=\"2\" class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Change in bank indebtedness<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(4,232)<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(8,936)<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>\u2014<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">\u2014<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen14\"><\/td>\n<td colspan=\"2\" class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Notes receivable<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen14\"><\/td>\n<td colspan=\"2\" class=\"prngen14\"><\/td>\n<td colspan=\"2\" class=\"prngen14\"><\/td>\n<td colspan=\"2\" class=\"prngen14\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen14\"><\/td>\n<td class=\"prngen14\"><\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Issued to related party<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(66,792)<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(62,852)<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(195,620)<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(185,510)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen14\"><\/td>\n<td class=\"prngen14\"><\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Repaid by related party<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>\u2014<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">\u2014<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>248,463<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">236,328<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen14\"><\/td>\n<td colspan=\"2\" class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Trust Unit issuance costs<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>\u2014<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">\u2014<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(133)<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">\u2014<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen14\"><\/td>\n<td colspan=\"2\" class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Cash received on exercise of options<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>136<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">\u2014<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>732<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">321<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen14\"><\/td>\n<td colspan=\"2\" class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Interest paid<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(43,520)<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(36,802)<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(142,404)<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(130,815)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen14\"><\/td>\n<td colspan=\"2\" class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Distributions paid on Exchangeable Units<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>\u2014<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">\u2014<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(202,204)<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(190,078)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen14\"><\/td>\n<td colspan=\"2\" class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Distributions paid to Unitholders<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(10,944)<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(9,870)<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(32,375)<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(29,992)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen15\"><\/td>\n<td colspan=\"2\" class=\"prngen16\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Contribution from non-controlling interest<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>\u2014<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">60<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>\u2014<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">60<\/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 Flows used in Financing Activities<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(64,875)<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(72,019)<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(71,181)<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(41,317)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Change in cash and cash equivalents<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>1,784<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">7,614<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(42,570)<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">6,282<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" class=\"prngen16\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Cash and cash equivalents, beginning of period<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>\u2014<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">\u2014<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>44,354<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">1,332<\/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=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>1,784<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">7,614<\/span><\/p>\n<\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>1,784<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">7,614<\/span><\/p>\n<\/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 Third 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\/\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">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\">November 9, 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: 91187105. To access the conference call via webcast, a link is available at <a href=\"http:\/\/www.choicereit.ca\/\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">www.choicereit.ca<\/a> in the \u00ab\u00a0Events and Webcasts\u00a0\u00bb section under \u00ab\u00a0News and Events\u00a0\u00bb.<\/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 43.3 million square feet of gross leasable area and consists of 535 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=C4672&amp;Transmission_Id=201611081700CANADANWCANADAPR_C4672&amp;DateId=20161108\" style=\"border:0px; width:1px; height:1px;\"><\/p>\n","protected":false},"template":"","class_list":["post-16848","news-release","type-news-release","status-publish","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.4 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Choice Properties Real Estate Investment Trust annonce de solides r\u00e9sultats pour le troisi\u00e8me 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-solid-results-for-the-third-quarter-of-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 de solides r\u00e9sultats pour le troisi\u00e8me trimestre 2016\" \/>\n<meta property=\"og:description\" content=\"TORONTO, Nov. 8, 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 consolidated financial results for the third quarter ended September 30, 2016. The Trust\u2019s Third Quarter Report to Unitholders will be available in the Investor Relations section of the Trust\u2019s website at www.choicereit.ca, filed [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.choicereit.ca\/news-release\/choice-properties-real-estate-investment-trust-reports-solid-results-for-the-third-quarter-of-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=C4672&amp;Transmission_Id=201611081700CANADANWCANADAPR_C4672&amp;DateId=20161108\" \/>\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=\"21 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-solid-results-for-the-third-quarter-of-2016\\\/\",\"url\":\"https:\\\/\\\/www.choicereit.ca\\\/news-release\\\/choice-properties-real-estate-investment-trust-reports-solid-results-for-the-third-quarter-of-2016\\\/\",\"name\":\"Choice Properties Real Estate Investment Trust annonce de solides r\u00e9sultats pour le troisi\u00e8me trimestre 2016 - 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