{"id":16938,"date":"2018-04-25T06:25:00","date_gmt":"2018-04-25T10:25:00","guid":{"rendered":"https:\/\/www.choicereit.ca\/news-release\/choice-properties-real-estate-investment-trust-annonce-de-solides-resultats-pour-le-premier-trimestre-2018\/"},"modified":"2018-04-25T06:25:00","modified_gmt":"2018-04-25T10:25:00","slug":"choice-properties-real-estate-investment-trust-annonce-de-solides-resultats-pour-le-premier-trimestre-2018","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-premier-trimestre-2018\/","title":{"rendered":"Choice Properties Real Estate Investment Trust annonce de solides r\u00e9sultats pour le premier trimestre 2018"},"content":{"rendered":"<p><span class=\"xn-location\">TORONTO<\/span>, April 25, 2018 \/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 first quarter ended March 31, 2018.  The Trust\u2019s Quarterly Report will be available in the Investor Relations section of the Trust\u2019s website at <a target=\"_blank\" href=\"http:\/\/www.choicereit.ca\/\" rel=\"nofollow noopener noreferrer\">www.choicereit.ca<\/a>, filed with SEDAR and available at <a target=\"_blank\" href=\"http:\/\/www.sedar.com\/\" 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\">$215.0 million<\/span>, an increase of <span class=\"xn-money\">$11.6 million<\/span> or 5.7% compared with <span class=\"xn-money\">$203.4 million<\/span> in the first quarter of 2017;<\/li>\n<li>Reported net income of <span class=\"xn-money\">$627.0 million<\/span>, an increase of <span class=\"xn-money\">$602.7 million<\/span> compared with net income of <span class=\"xn-money\">$24.3 million<\/span> in the first quarter of 2017. The first quarter of 2018 included a net fair value adjustment gain of <span class=\"xn-money\">$588.5 million<\/span> (2017 \u2013 net loss of <span class=\"xn-money\">$26.0 million<\/span>);<\/li>\n<li>Reported Funds from Operations (\u00ab\u00a0FFO\u00a0\u00bb)<sup>(1)<\/sup> per unit diluted of <span class=\"xn-money\">$0.255<\/span>, a decrease of <span class=\"xn-money\">$0.009<\/span>, or 3.4%, compared with <span class=\"xn-money\">$0.264<\/span> in the first quarter of 2017;<\/li>\n<li>Completed five property acquisition transactions from third-party vendors for an aggregate purchase price of <span class=\"xn-money\">$29.4 million<\/span>, excluding transaction costs, which added approximately 91,000 square feet of gross leasable area (\u00ab\u00a0GLA\u00a0\u00bb);<\/li>\n<li>Constructed 32,000 square feet of GLA, delivering seven new ancillary retail units and a Shoppers Drug Mart;<\/li>\n<li>Maintained ancillary occupancy and increased organic Net Operating Income (\u00ab\u00a0NOI\u00a0\u00bb)<sup>(1)<\/sup> for the quarter by 2.3% to <span class=\"xn-money\">$145.1 million<\/span> from <span class=\"xn-money\">$141.9 million<\/span> in the first quarter of 2017;<\/li>\n<li>Issued <span class=\"xn-money\">$1,950 million<\/span> and retired <span class=\"xn-money\">$400 million<\/span> of senior unsecured debentures, extending the weighted average term to maturity to 6.1 years from 4.5 years, with an increase of 0.05% to the weighted average interest rate, and repaid and cancelled a <span class=\"xn-money\">$250 million<\/span> senior unsecured committed revolving credit facility;<\/li>\n<li>The Distribution Reinvestment Plan (\u00ab\u00a0DRIP\u00a0\u00bb) is temporarily suspended commencing with distributions declared in <span class=\"xn-chron\">May 2018<\/span>; and<\/li>\n<li>Entered into an agreement to acquire Canadian Real Estate Investment Trust (\u00ab\u00a0CREIT\u00a0\u00bb), which is expected to close on <span class=\"xn-chron\">May 4, 2018<\/span>.<\/li>\n<\/ul>\n<p><\/p>\n<p>\u00ab\u00a0Choice Properties\u2019 progress this quarter is a reflection of the strength of our operations, the quality of our portfolio and the potential of our pipeline.   We delivered another quarter of growth with a 2.3% increase in organic NOI driven by the underlying fundamentals of our real estate business,\u00a0\u00bb said John Morrison, President and Chief Executive Officer.  \u00ab\u00a0Our plans to combine CREIT with Choice Properties to create <span class=\"xn-location\">Canada\u2019s<\/span> preeminent diversified REIT will build on our strong base of business with an expanded portfolio of quality real estate and a best-in-class platform to drive long-term value.\u00a0\u00bb<\/p>\n<div>\n<table id=\"convertedTable9c85\" cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prngen1\">\n<tr>\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>Financial and Operational Summary<\/b><\/p>\n<div>\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prngen1\">\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">As at or for the three months ended March 31<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">($ thousands except where otherwise indicated)<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(unaudited)<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>2018<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">2017<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Number of properties<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>548<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">536<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Gross Leasable Area (\u00ab\u00a0GLA\u00a0\u00bb) (in millions of square feet)<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>44.2<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">43.7<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Occupancy<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>98.8%<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">98.8%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Rental revenue<sup>(i)<\/sup><\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>215,027<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">203,433<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\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=\"prngen3\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>149,783<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">142,424<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Net Income<sup>(i)<\/sup><\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>626,991<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">24,250<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Net Income<sup>(i)<\/sup> per unit diluted<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>1.513<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">0.059<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\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=\"prngen3\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>0.255<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">0.264<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Adjusted Cash Flow from Operations (\u00ab\u00a0ACFO\u00a0\u00bb)<sup>(1)<\/sup><\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>83,600<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">90,776<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Adjusted Cash Flow from Operations<sup>(1)<\/sup> payout ratio<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>91.5%<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">80.3%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Distribution declared per unit<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>0.1850<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">0.1775<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Total assets (in millions)<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>11,121<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">9,380<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Debt to total assets<sup>(ii)<\/sup><\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>51.9%<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">46.3%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Debt service coverage<sup>(ii)<\/sup><\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>3.5x<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen7\">\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=\"convertedTable6730\" cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prngen1\">\n<tr>\n<td nowrap class=\"prngen8\">\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, for the three months ended March 31, 2018, included positive fair value adjustments of $555,200 and $33,260 for Exchangeable Units and Investment Properties, respectively. The quarter also included acquisition transactions costs of $12,054. Net income before acquisition transaction costs and adjustments to fair value<sup>(1)<\/sup> was $50,585 for the three months ended March 31, 2018.<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap class=\"prngen8\"><\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Net income, for the three months ended March 31, 2017, included a negative fair value adjustment of $117,656 for Exchangeable Units and a positive fair value adjustment of $92,843 for investment properties. The quarter also included a negative fair value adjustment of $1,250 for investment property held in an equity accounted joint venture. Net income before acquisition transaction costs and adjustments to fair value<sup>(1)<\/sup> was $50,313 for the three months ended March 31, 2017.<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap class=\"prngen8\">\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 First quarter rental revenue totaled <span class=\"xn-money\">$215.0 million<\/span>, an increase of <span class=\"xn-money\">$11.6 million<\/span> or 5.7% compared with <span class=\"xn-money\">$203.4 million<\/span> in the first quarter of 2017. Properties owned throughout both comparative periods contributed <span class=\"xn-money\">$9.1 million<\/span> to the increase.<\/li>\n<li><b>Net Operating Income<\/b><sup>(1)<\/sup> \u2013 NOI<sup>(1) <\/sup>for the first quarter of 2018 was <span class=\"xn-money\">$149.8 million<\/span>, an increase of <span class=\"xn-money\">$7.4 million<\/span>, or 5.2%, compared with the first quarter of 2017, including an increase in NOI<sup>(1)<\/sup> of <span class=\"xn-money\">$2.4 million<\/span> from new developments and <span class=\"xn-money\">$1.8 million<\/span> from properties acquired subsequent to <span class=\"xn-chron\">December 31, 2017<\/span>. Excluding NOI<sup>(1)<\/sup> from acquisitions and developments, NOI<sup>(1)<\/sup> was <span class=\"xn-money\">$145.1 million<\/span>, <span class=\"xn-money\">$3.2 million<\/span>, or 2.3%, higher than the <span class=\"xn-money\">$141.9 million<\/span> achieved in the first quarter of 2017. This improvement was primarily driven by rent steps in Loblaw leases and higher average rents per square foot on ancillary leases.<\/li>\n<li><b>Net Income <\/b>\u2013 Net income for the first quarter of 2018 was <span class=\"xn-money\">$627.0 million<\/span> compared to a net income of <span class=\"xn-money\">$24.3 million<\/span> in the first quarter of 2017. Adjustments to fair value measures were the primary cause of the variance between these comparative periods.<\/li>\n<li><b>Net Income before Acquisition Transaction Costs and Adjustments to Fair Value<\/b><sup>(1)<\/sup> \u2013 First quarter net income before acquisition transaction costs and adjustments to fair value<sup>(1)<\/sup> of <span class=\"xn-money\">$50.6 million<\/span> compared with <span class=\"xn-money\">$50.3 million<\/span> reported in the first quarter of 2017. The change was driven by an increase of net property income and the favourable adjustment to the fair value of unit-based compensation included in general and administrative expenses, partially offset by an increase to net interest expense and other financing charges, including distributions on Exchangeable Units.<\/li>\n<li><b>Funds from Operations<\/b><sup>(1)<\/sup> \u2013 FFO<sup>(1)<\/sup> for the first quarter of 2018 was <span class=\"xn-money\">$105.7 million<\/span> or <span class=\"xn-money\">$0.255<\/span> per unit diluted, compared with <span class=\"xn-money\">$108.8 million<\/span> or <span class=\"xn-money\">$0.264<\/span> per unit diluted in the first quarter of 2017. The year-over-year decline in FFO<sup>(1)<\/sup> of <span class=\"xn-money\">$0.009<\/span> per unit diluted was primarily due to higher net interest expense, excluding distributions on Exchangeable Units, partially offset by growth in net property income.<\/li>\n<li><b>Adjusted Cash Flow from Operations<sup>(<\/sup><\/b><sup>1)<\/sup> \u2013 ACFO<sup>(1)<\/sup> for the first quarter of 2018 was <span class=\"xn-money\">$83.6 million<\/span>, representing an excess of <span class=\"xn-money\">$7.1 million<\/span> over distributions paid during the quarter, which is a decrease of <span class=\"xn-money\">$10.8 million<\/span> compared to an excess of <span class=\"xn-money\">$17.9 million<\/span> in the first quarter of 2017. The year-over-year decrease in ACFO<sup>(1)<\/sup> is driven by higher net interest expense and negative fluctuations in the timing of cash flows from operating working capital, partially offset by growth in net property income.<\/li>\n<li><b>Distributions<\/b> \u2013 Distributions per unit declared during the quarter totaled <span class=\"xn-money\">$0.1850<\/span>, for an ACFO(1) payout ratio of 91.5% (2017 \u2013 <span class=\"xn-money\">$0.1775<\/span> and 80.3%, respectively). At its most recent meeting on <span class=\"xn-chron\">April 25, 2018<\/span>, the Board of Trustees temporarily suspended the DRIP commencing with any distributions declared in <span class=\"xn-chron\">May 2018<\/span>.<\/li>\n<\/ul>\n<p><\/p>\n<div>\n<table id=\"convertedTable19ed\" cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prngen1\">\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(1) 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>Acquisitions<\/b> \u2013 In the first quarter of 2018, Choice Properties completed two acquisitions of investment properties from third-party vendors for an aggregate purchase price of <span class=\"xn-money\">$6.8 million<\/span>, which added approximately 42,000 square feet of GLA leased to Loblaw. In addition, a retail property and two parcels of land were acquired from third-party vendors at locations adjacent to existing Choice owned sites.<\/li>\n<li><b>Development Progress <\/b>\u2013<b> <\/b>In the first quarter of 2018, Choice Properties constructed 32,000 square feet, delivering seven new retail spaces for third-party tenants and a Shoppers Drug Mart. This construction contributed to the completion of 2018 development projects, started in prior years, with 81,000 square feet of GLA.<\/li>\n<li><b>Leasing Activity <\/b>\u2013 In the first quarter of 2018, Choice Properties entered into leases for approximately 153,000 square feet of GLA with an average lease term of 8.2 years. This total included approximately 49,000 square feet of lease renewals, with an average increase over expiring base rent rates of 7.2%, and approximately 43,000 square feet for new developments at an average base rent per square foot of <span class=\"xn-money\">$30.21<\/span>.<\/li>\n<li><b>Occupancy <\/b>\u2013 At <span class=\"xn-chron\">March 31, 2018<\/span>, the Trust\u2019s portfolio occupancy rate was 98.8%, the same rate as at <span class=\"xn-chron\">March 31, 2017<\/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 <\/b>\u2013 As at <span class=\"xn-chron\">March 31, 2018<\/span>, the Trust\u2019s debt service coverage ratio<sup>(2)<\/sup> was 3.5 times. With stable cash flows from operations and access to several funding sources, including from our senior unsecured committed revolving credit facility, the Trust believes it has the financial capacity to meet ongoing obligations and invest for further growth.<\/li>\n<li>On <span class=\"xn-chron\">January 12, 2018<\/span>, Choice Properties issued <span class=\"xn-money\">$300 million<\/span> and <span class=\"xn-money\">$350 million<\/span> aggregate principal amount of Series I and J senior unsecured debentures due <span class=\"xn-chron\">March 21, 2022<\/span> and <span class=\"xn-chron\">January 10, 2025<\/span>, respectively. The Series I unsecured debentures bear interest at a rate of 3.010% per annum and the Series J unsecured debentures bear interest at a rate of 3.546% per annum.<\/li>\n<li>On <span class=\"xn-chron\">February 12, 2018<\/span>, Choice Properties completed the early retirement of Series A senior unsecured debentures at a redemption price equal to <span class=\"xn-money\">$402.9 million<\/span> plus accrued and unpaid interest.<\/li>\n<li>On <span class=\"xn-chron\">March 8, 2018<\/span>, Choice Properties issued <span class=\"xn-money\">$550 million<\/span> and <span class=\"xn-money\">$750 million<\/span> aggregate principal amount of Series K and L senior unsecured debentures due <span class=\"xn-chron\">September 9, 2024<\/span> and <span class=\"xn-chron\">March 8, 2028<\/span>, respectively. The Series K unsecured debentures bear interest at a rate of 3.556% per annum, and the Series L unsecured debentures bear interest at a rate of 4.178% per annum. The net proceeds of the issuance are held in escrow pending the completion of the acquisition of CREIT. In the event that the escrow release conditions are not met, the Series K and L senior unsecured debentures will be repaid at par, plus accrued interest.<\/li>\n<\/ul>\n<p><\/p>\n<p><b>Agreement to Acquire Canadian Real Estate Investment Trust<\/b><\/p>\n<p>As previously announced on <span class=\"xn-chron\">February 14, 2018<\/span>, Choice Properties entered into an arrangement agreement to acquire all the assets and assume all the liabilities of CREIT, including long term debt and all residual liabilities. CREIT will then redeem all of its outstanding units for an aggregate of <span class=\"xn-money\">$22.50<\/span> in cash and 2.4904 Trust Units per unit of CREIT on a fully prorated basis.<\/p>\n<p>The aggregate consideration will consist of approximately 58% in Trust Units and 42% in cash. CREIT unitholders will have the ability to choose whether to receive <span class=\"xn-money\">$53.75<\/span> in cash or 4.2835 Trust Units for each CREIT unit held, subject to proration. The maximum amount of cash to be paid will be approximately <span class=\"xn-money\">$1,651,312<\/span> and approximately 183 million Trust Units will be issued, based on the fully diluted number of CREIT units outstanding on the date of the closing of the transaction.<\/p>\n<p>The Acquisition Transaction was approved by CREIT unitholders at a special meeting held on <span class=\"xn-chron\">April 11, 2018<\/span> and the plan of arrangement was approved by the Ontario Superior Court of Justice (Commercial List) on <span class=\"xn-chron\">April 24, 2018<\/span>. As more fully described in the arrangement agreement, the completion of the Acquisition Transaction depends on a number of conditions being satisfied or waived, including, among others, the Competition Act approval being obtained. While work will continue towards final approval under the Competition Act, and may continue post-closing, the Acquisition Transaction is expected to close on <span class=\"xn-chron\">May 4, 2018<\/span>, however, there can be no certainty, nor can Choice Properties provide any assurance, that all of the closing conditions will be satisfied or, if satisfied, when they will be satisfied. If the Acquisition Transaction is not completed, Choice Properties will not receive any reimbursement from CREIT for the fees, costs and expenses it has incurred in connection with the Acquisition Transaction. If the Acquisition Transaction is not completed or is materially delayed, the market price of the Trust Units may be materially adversely affected. While the Acquisition Transaction is pending, Choice Properties and CREIT are subject to customary interim operating covenants.<\/p>\n<p><b>Outlook<\/b><\/p>\n<p>Choice Properties expects to continue to drive value creation through strategic acquisitions, value-add development and active management of its portfolio of properties.  This strategy supports the Trust\u2019s goal to expand its asset base and increase monthly distributions to Unitholders over time.<\/p>\n<p>Choice Properties is well positioned to meet its current obligations and to invest for future growth. The Trust\u2019s competitive advantages include: a sizable asset base that is geographically diverse across <span class=\"xn-location\">Canada<\/span>; long-term leases and a strategic alliance with Loblaw; and an existing development pipeline, supported by sound financial management focused on maintaining a solid balance sheet and its investment grade credit ratings. With these key differentiators, Choice Properties believes that it is well positioned to achieve its strategic goals within a potentially rising interest rate environment and despite an increasingly competitive landscape, underscored by ever changing square footage requirements in the retail industry.<\/p>\n<p>For 2018, Choice Properties expects to:<\/p>\n<ul type=\"disc\">\n<li>Acquire additional properties from Loblaw and third-party vendors when opportunities arise;<\/li>\n<li>Invest approximately <span class=\"xn-money\">$198 million<\/span> to complete developments in 2018 and toward development projects in the existing pipeline of properties, including mixed-use projects, targeted for completion in future years;<\/li>\n<li>Maintain a total occupancy rate for the current portfolio of approximately 98%, with the occupancy rate for ancillary GLA in the 90% range; and<\/li>\n<li>Continue to align growth in distributions with stable, growing cash flows. <\/li>\n<\/ul>\n<p><\/p>\n<div>\n<table id=\"convertedTable2a19\" cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prngen1\">\n<tr>\n<td nowrap class=\"prngen8\">\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 nowrap class=\"prngen8\">\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, opportunities, and legal and regulatory matters. Specific statements with respect to anticipated future results and events, including the proposed arrangement transaction to acquire CREIT, can be found in various sections of this press release and in the MD&amp;A of Choice Properties\u2019 2017 Annual 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, tax laws, economic conditions and competition. 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 10, \u00ab\u00a0Enterprise Risks and Risk Management\u00a0\u00bb, in the MD&amp;A of Choice Properties\u2019 2017 Annual Report. Such risks and uncertainties include:<\/p>\n<ul type=\"disc\">\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>failure to manage its growth effectively in accordance with its growth strategy or acquire assets on an accretive basis;<\/li>\n<li>failure by Choice Properties to complete the acquisition of CREIT or to realize the anticipated strategic benefits;<\/li>\n<li>changes in economic conditions, including changes in interest rates and the rate of inflation;<\/li>\n<li>shifting consumer preferences toward electronic commerce may result in a decrease in demand for physical space by retail tenants;<\/li>\n<li>failure to realize benefits from investments in Choice Properties\u2019 new Information Technology (\u00ab\u00a0IT\u00a0\u00bb) systems, the inability of Choice Properties\u2019 IT infrastructure to support the requirements of Choice Properties\u2019 business;<\/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<li>failure of third-party vendors, developers, co-owners or strategic partners to provide adequate services at optimal rates, complete projects or fulfill contractual obligations;<\/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>the inability of Choice Properties to maintain and leverage its relationship with Loblaw Companies Limited (\u00ab\u00a0Loblaw\u00a0\u00bb), 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>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<\/i> <i>(<span class=\"xn-location\">Canada<\/span>);<\/i><\/li>\n<li>changes in Choice Properties\u2019 capital expenditure and fixed cost requirements; and<\/li>\n<li>changes in Choice Properties\u2019 degree of financial leverage<i>.<\/i><\/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 2017 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 reports non-GAAP financial measures, including, but not limited to, Net Operating Income (\u00ab\u00a0NOI\u00a0\u00bb), Net Income before Adjustments to Fair Value, Funds from Operations (\u00ab\u00a0FFO\u00a0\u00bb), and Adjusted Cash Flow from Operations (\u00ab\u00a0ACFO\u00a0\u00bb). 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>A comprehensive list of non-GAAP measures are defined and discussed in the Trust\u2019s 2017 Annual Report.<\/p>\n<p><b>Same Properties  <\/b>Investment properties owned by the Trust during both the current and comparative periods.<\/p>\n<p><b>Same Properties with the Same GLA  <\/b>Investment properties owned by the Trust during both the current and comparative periods excluding any development activities at the properties which increased GLA.<\/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 and amounts attributable to non-controlling interests. 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 Acquisition Transaction Costs and Adjustments to Fair Value<\/b>  Net Income (or net loss) as calculated under IFRS excluding acquisition transactions costs, as calculated under IFRS for business combinations, and 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 <span class=\"xn-location\">Canada\u2019s<\/span> <i>White Paper on Funds from Operations &amp; Adjusted Funds from Operations for IFRS<\/i> issued in <span class=\"xn-chron\">February 2018<\/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>Funds from Operations Payout Ratio<\/b>  FFO Payout ratio is calculated as the distributions declared per unit, divided by the FFO per unit diluted.<\/p>\n<p><b>Adjusted Cash Flow from Operations  <\/b>ACFO 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 ACFO in accordance with the Real Property Association of <span class=\"xn-location\">Canada\u2019s<\/span><i> White Paper on Adjusted Cashflow from Operations (ACFO) for IFRS<\/i> issued in <span class=\"xn-chron\">February 2018<\/span>. The purpose of the White Paper was to provide reporting issuers and investors with greater guidance on the definitions of ACFO and to help promote more consistent disclosure from reporting issuers.<\/p>\n<p>Choice Properties considers ACFO an input to determining the appropriate level of distributions to Unitholders as it adjusts cash flows from operations for other sustainable economic cash flows.<\/p>\n<p><b>Adjusted Cash Flow from Operations Payout Ratio  <\/b>ACFO Payout ratio is calculated as the total distributions declared, divided by the ACFO.<\/p>\n<p><b>Choice Properties Real Estate Investment Trust<\/b><\/p>\n<p><b>Calculation of Non-GAAP Financial Measures<\/b><\/p>\n<div>\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prngen1\">\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">For the three months ended March 31<\/span><\/p>\n<\/td>\n<td class=\"prngen9\"><\/td>\n<td class=\"prngen9\"><\/td>\n<td class=\"prngen9\"><\/td>\n<td class=\"prngen9\"><\/td>\n<td class=\"prngen9\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(in thousands of Canadian dollars, except per unit amounts)<\/span><\/p>\n<\/td>\n<td class=\"prngen9\"><\/td>\n<td class=\"prngen9\"><\/td>\n<td class=\"prngen9\"><\/td>\n<td class=\"prngen9\"><\/td>\n<td class=\"prngen9\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(unaudited)<\/span><\/p>\n<\/td>\n<td class=\"prngen10\"><\/td>\n<td class=\"prngen10\"><\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>2018<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen10\"><\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">2017<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Rental Revenue<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen9\"><\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>215,027<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">203,433<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Reverse \u2013 Straight-line rental revenue<\/span><\/p>\n<\/td>\n<td class=\"prngen9\"><\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(8,098)<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(9,298)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Property operating costs<\/span><\/p>\n<\/td>\n<td class=\"prngen10\"><\/td>\n<td colspan=\"2\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(57,146)<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(51,711)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Net Operating Income<sup>(1)<\/sup><\/span><\/p>\n<\/td>\n<td class=\"prngen9\"><\/td>\n<td colspan=\"2\" class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>149,783<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">142,424<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">NOI<sup>(1)<\/sup> from property acquisition and disposition transactions<\/span><\/p>\n<\/td>\n<td class=\"prngen10\"><\/td>\n<td colspan=\"2\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(1,944)<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(193)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">NOI<sup>(1)<\/sup> Same Properties<\/span><\/p>\n<\/td>\n<td class=\"prngen9\"><\/td>\n<td colspan=\"2\" class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>147,839<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">142,231<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">NOI<sup>(1)<\/sup> from developed GLA<\/span><\/p>\n<\/td>\n<td class=\"prngen9\"><\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(2,750)<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(338)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">NOI<sup>(1)<\/sup> for Same Properties, with the same GLA<\/span><\/p>\n<\/td>\n<td class=\"prngen10\"><\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>145,089<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">141,893<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Net Income<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen9\"><\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>626,991<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">24,250<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Acquisition transaction costs<\/span><\/p>\n<\/td>\n<td class=\"prngen9\"><\/td>\n<td colspan=\"2\" class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>12,054<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">\u2014<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Adjustment to fair value of Exchangeable Units<\/span><\/p>\n<\/td>\n<td class=\"prngen9\"><\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(555,200)<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">117,656<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Adjustment to fair value of investment properties<\/span><\/p>\n<\/td>\n<td class=\"prngen9\"><\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(33,260)<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(92,843)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Adjustment to fair value of investment property held in equity accounted joint venture<\/span><\/p>\n<\/td>\n<td class=\"prngen10\"><\/td>\n<td colspan=\"2\" class=\"prngen10\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>\u2014<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen10\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">1,250<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Net Income before Acquisition Transaction Costs and Adjustments to Fair Value<sup>(1)<\/sup><\/span><\/p>\n<\/td>\n<td class=\"prngen9\"><\/td>\n<td colspan=\"2\" class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>50,585<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">50,313<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Adjustment to fair value of unit-based compensation<\/span><\/p>\n<\/td>\n<td class=\"prngen9\"><\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(5,148)<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">1,254<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Interest otherwise capitalized for development in equity accounted joint venture<\/span><\/p>\n<\/td>\n<td class=\"prngen9\"><\/td>\n<td colspan=\"2\" class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>246<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">93<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Distributions on Exchangeable Units<\/span><\/p>\n<\/td>\n<td class=\"prngen9\"><\/td>\n<td colspan=\"2\" class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>59,030<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">56,443<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Amortization of tenant improvement allowances<\/span><\/p>\n<\/td>\n<td class=\"prngen9\"><\/td>\n<td colspan=\"2\" class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>221<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">174<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Internal expenses for leasing<\/span><\/p>\n<\/td>\n<td class=\"prngen10\"><\/td>\n<td colspan=\"2\" class=\"prngen10\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>751<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen10\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">559<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Funds from Operations<sup>(1)<\/sup><\/span><\/p>\n<\/td>\n<td class=\"prngen10\"><\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>105,685<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">108,836<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">FFO<sup>(1)<\/sup> per unit \u2013 diluted<\/span><\/p>\n<\/td>\n<td class=\"prngen9\"><\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>0.255<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">0.264<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">FFO<sup>(1)<\/sup> payout ratio \u2013 diluted<\/span><\/p>\n<\/td>\n<td class=\"prngen9\"><\/td>\n<td colspan=\"2\" class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>72.5<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">67.2<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Distribution declared per unit<\/span><\/p>\n<\/td>\n<td class=\"prngen9\"><\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>0.1850<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">0.1775<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Weighted average Units outstanding \u2013 diluted<\/span><\/p>\n<\/td>\n<td class=\"prngen10\"><\/td>\n<td class=\"prngen10\"><\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>414,441,099<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen10\"><\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">412,164,820<\/span><\/p>\n<\/td>\n<\/tr>\n<\/table>\n<\/div>\n<p><\/p>\n<div>\n<table id=\"convertedTable4294\" cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prngen1\">\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(1)<\/span><\/p>\n<\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">See \u00ab\u00a0Non-GAAP Financial Measures\u00a0\u00bb beginning on page 5. <\/span><\/p>\n<\/td>\n<\/tr>\n<\/table>\n<\/div>\n<div>\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prngen1\">\n<tr>\n<td colspan=\"2\" class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">For the three months ended March 31<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">($ thousands)<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(unaudited)<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>2018<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">2017<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Cash flows from operating activities<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>128,239<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">37,954<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Interest paid<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(96,389)<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(92,696)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Cash flows from operating activities less interest paid<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>31,850<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(54,742)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Add (deduct) impact of the following:<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen3\"><\/td>\n<td colspan=\"2\" class=\"prngen3\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Net interest expense and other financing charges in excess of interest paid<sup>(1)<\/sup><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(11,388)<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(3,465)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Distributions on Exchangeable Units included in net interest expense and other financing charges<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>59,030<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">56,443<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Interest and other income in excess of interest received<sup>(1)<\/sup><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>904<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">47<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Interest otherwise capitalized for development in equity accounted joint venture<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>246<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">93<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Share of income from joint venture<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>72<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">60<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Portion of internal expenses for leasing relating to development activity<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>375<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">280<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Property capital expenditures \u2013 incurred<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(452)<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(360)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Property capital expenditures \u2013 normalized<sup>(2)<\/sup><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(11,298)<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(10,890)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Leasing capital expenditures \u2013 incurred<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(1,024)<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(1,390)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Acquisition transaction costs<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>12,054<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">\u2014<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Adjustment for changes in non-cash working capital items which are not indicative of sustainable operating cash flows<sup>(3)<\/sup><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>3,231<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">104,700<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Adjusted Cash Flow from Operations<sup>(4)<\/sup><\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>83,600<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">90,776<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Total distributions declared<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>76,486<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">72,922<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>ACFO<sup>(4)<\/sup> payout ratio<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>91.5%<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">80.3%<\/span><\/p>\n<\/td>\n<\/tr>\n<\/table>\n<\/div>\n<p><\/p>\n<div>\n<table id=\"convertedTable4383\" cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prngen1\">\n<tr>\n<td nowrap class=\"prngen8\">\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 timing of the recognition of interest expense and income differs from the payment and collection. The ACFO calculations for the periods ended March 31, 2018 and March 31, 2017 were adjusted for this factor to make the quarters more comparable.<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap class=\"prngen8\">\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\">Seasonality impacts the timing of capital expenditures.  The ACFO calculations for the periods ended March 31, 2018 and March 31, 2017 were adjusted for this factor to make the quarters more comparable based on the annual anticipated spend of approximately $1.00 per square foot.<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap class=\"prngen8\">\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\">ACFO is adjusted each quarter for fluctuations in non-cash working capital due to the timing of transactions for realty taxes prepaid or payable, and prepaid insurance. The payments for these operating expenses tend to have quarterly, seasonal fluctuations that even out on an annual basis. ACFO is also adjusted each quarter to remove fluctuations in non-cash working capital due to capital expenditure accruals, which are not related to sustainable operating activities.<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap class=\"prngen8\">\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\">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>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 First Quarter 2018 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 2017 Annual Report, which is available in the Investor Relations section of the Trust\u2019s website at <a href=\"http:\/\/www.choicereit.ca\" rel=\"nofollow\">www.choicereit.ca<\/a>.<\/p>\n<p><b>Choice Properties Real Estate Investment Trust<br><\/b><b>Condensed Consolidated Balance Sheets <\/b><\/p>\n<div>\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prngen1\">\n<tr>\n<td colspan=\"2\" class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(unaudited)<\/span><\/p>\n<\/td>\n<td class=\"prngen6\"><\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>As at<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">As at<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(in thousands of Canadian dollars)<\/span><\/p>\n<\/td>\n<td class=\"prngen7\"><\/td>\n<td colspan=\"2\" nowrap class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>March 31, 2018<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" nowrap class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">December 31, 2017<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Assets<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen6\"><\/td>\n<td class=\"prngen6\"><\/td>\n<td class=\"prngen6\"><\/td>\n<td class=\"prngen6\"><\/td>\n<td class=\"prngen6\"><\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Non-current Assets<\/span><\/p>\n<\/td>\n<td class=\"prngen6\"><\/td>\n<td class=\"prngen6\"><\/td>\n<td class=\"prngen6\"><\/td>\n<td class=\"prngen6\"><\/td>\n<td class=\"prngen6\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\"><\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Investment properties<\/span><\/p>\n<\/td>\n<td class=\"prngen6\"><\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>9,651,000<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">9,551,000<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\"><\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Equity accounted joint venture<\/span><\/p>\n<\/td>\n<td class=\"prngen6\"><\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>36,491<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">32,339<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\"><\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Accounts receivable and other assets<\/span><\/p>\n<\/td>\n<td class=\"prngen6\"><\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>5,718<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">5,565<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen7\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Notes receivable<\/span><\/p>\n<\/td>\n<td class=\"prngen7\"><\/td>\n<td colspan=\"2\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>2,608<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">2,556<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen7\"><\/td>\n<td class=\"prngen7\"><\/td>\n<td class=\"prngen7\"><\/td>\n<td colspan=\"2\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>9,695,817<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">9,591,460<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Current Assets<\/span><\/p>\n<\/td>\n<td class=\"prngen6\"><\/td>\n<td colspan=\"2\" class=\"prngen6\"><\/td>\n<td colspan=\"2\" class=\"prngen6\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\"><\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Accounts receivable and other assets<\/span><\/p>\n<\/td>\n<td class=\"prngen6\"><\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>30,585<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">21,419<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\"><\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Notes receivable<\/span><\/p>\n<\/td>\n<td class=\"prngen6\"><\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>97,184<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">304,225<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\"><\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Security deposits<\/span><\/p>\n<\/td>\n<td class=\"prngen6\"><\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>1,295,075<\/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=\"prngen7\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Cash and cash equivalents<\/span><\/p>\n<\/td>\n<td class=\"prngen7\"><\/td>\n<td colspan=\"2\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>2,426<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">6,407<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen7\"><\/td>\n<td class=\"prngen7\"><\/td>\n<td class=\"prngen7\"><\/td>\n<td colspan=\"2\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>1,425,270<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">332,051<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Total Assets<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen7\"><\/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>11,121,087<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">9,923,511<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen6\"><\/td>\n<td class=\"prngen6\"><\/td>\n<td colspan=\"2\" class=\"prngen6\"><\/td>\n<td colspan=\"2\" class=\"prngen6\"><\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Liabilities and Unitholders\u2019 Equity<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen6\"><\/td>\n<td colspan=\"2\" class=\"prngen6\"><\/td>\n<td colspan=\"2\" class=\"prngen6\"><\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Non-current Liabilities<\/span><\/p>\n<\/td>\n<td class=\"prngen6\"><\/td>\n<td colspan=\"2\" class=\"prngen6\"><\/td>\n<td colspan=\"2\" class=\"prngen6\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\"><\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Long term debt and Class C LP Units<\/span><\/p>\n<\/td>\n<td class=\"prngen6\"><\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>3,987,257<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">3,336,942<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\"><\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Credit facilities<\/span><\/p>\n<\/td>\n<td class=\"prngen6\"><\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>382,000<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">311,000<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\"><\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Exchangeable Units<\/span><\/p>\n<\/td>\n<td class=\"prngen6\"><\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>3,704,524<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">4,259,724<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen7\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Trade payables and other liabilities<\/span><\/p>\n<\/td>\n<td class=\"prngen7\"><\/td>\n<td colspan=\"2\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>1,655<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">2,713<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen7\"><\/td>\n<td class=\"prngen7\"><\/td>\n<td class=\"prngen7\"><\/td>\n<td colspan=\"2\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>8,075,436<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">7,910,379<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Current Liabilities<\/span><\/p>\n<\/td>\n<td class=\"prngen6\"><\/td>\n<td colspan=\"2\" class=\"prngen6\"><\/td>\n<td colspan=\"2\" class=\"prngen6\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\"><\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Long term debt and Class C LP Units<\/span><\/p>\n<\/td>\n<td class=\"prngen6\"><\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>1,293,932<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">400,088<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\"><\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Credit facilities<\/span><\/p>\n<\/td>\n<td class=\"prngen6\"><\/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\">250,000<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen7\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Trade payables and other liabilities<\/span><\/p>\n<\/td>\n<td class=\"prngen7\"><\/td>\n<td colspan=\"2\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>204,256<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">426,063<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen7\"><\/td>\n<td class=\"prngen7\"><\/td>\n<td class=\"prngen7\"><\/td>\n<td colspan=\"2\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>1,498,188<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">1,076,151<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Total Liabilities<\/span><\/p>\n<\/td>\n<td class=\"prngen6\"><\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>9,573,624<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">8,986,530<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen6\"><\/td>\n<td class=\"prngen6\"><\/td>\n<td colspan=\"2\" class=\"prngen6\"><\/td>\n<td colspan=\"2\" class=\"prngen6\"><\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Equity<\/span><\/p>\n<\/td>\n<td class=\"prngen6\"><\/td>\n<td colspan=\"2\" class=\"prngen6\"><\/td>\n<td colspan=\"2\" class=\"prngen6\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\"><\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Unitholders\u2019 equity<\/span><\/p>\n<\/td>\n<td class=\"prngen6\"><\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>1,538,762<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">928,280<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen7\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Non-controlling interests<\/span><\/p>\n<\/td>\n<td class=\"prngen7\"><\/td>\n<td colspan=\"2\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>8,701<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">8,701<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Total Equity<\/span><\/p>\n<\/td>\n<td class=\"prngen7\"><\/td>\n<td colspan=\"2\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>1,547,463<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">936,981<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Total Liabilities and Equity<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen7\"><\/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>11,121,087<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">9,923,511<\/span><\/p>\n<\/td>\n<\/tr>\n<\/table>\n<\/div>\n<p><b>Choice Properties Real Estate Investment Trust<br><\/b><b>Condensed Consolidated Statements of Income and Comprehensive Income<\/b><\/p>\n<div>\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prngen1\">\n<tr>\n<td colspan=\"2\" class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(unaudited)<\/span><\/p>\n<\/td>\n<td colspan=\"2\" nowrap class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Three months ended<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" nowrap class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Three months ended<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(in thousands of Canadian dollars)<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>March 31, 2018<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">March 31, 2017<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Net Property Income<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen9\"><\/td>\n<td class=\"prngen9\"><\/td>\n<td class=\"prngen9\"><\/td>\n<td class=\"prngen9\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\"><\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Rental revenue from investment properties<\/span><\/p>\n<\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>215,027<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">203,433<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen10\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Property operating costs<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(57,146)<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(51,711)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\"><\/td>\n<td class=\"prngen9\"><\/td>\n<td colspan=\"2\" class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>157,881<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">151,722<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Other Income and Expenses<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen9\"><\/td>\n<td class=\"prngen9\"><\/td>\n<td class=\"prngen9\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\"><\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">General and administrative expenses<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(1,198)<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(5,996)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\"><\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Property management and other administration fees charged to related party<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>247<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">150<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\"><\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Amortization of other assets<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(248)<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(233)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\"><\/td>\n<td class=\"prngen2\">\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=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(107,777)<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(96,161)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\"><\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Interest and other income<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>1,608<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">771<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\"><\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Share of income (loss) from joint venture<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>72<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(1,190)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\"><\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Acquisition transaction costs<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(12,054)<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">\u2014<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\"><\/td>\n<td class=\"prngen2\">\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=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>555,200<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(117,656)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen10\"><\/td>\n<td class=\"prngen4\">\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=\"prngen10\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>33,260<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen10\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">92,843<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Net Income and Comprehensive Income<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>626,991<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">24,250<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\"><\/td>\n<td class=\"prngen9\"><\/td>\n<td colspan=\"2\" class=\"prngen9\"><\/td>\n<td class=\"prngen9\"><\/td>\n<td class=\"prngen9\"><\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Net Income and Comprehensive Income attributable to:<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen9\"><\/td>\n<td class=\"prngen9\"><\/td>\n<td class=\"prngen9\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\"><\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Choice Properties\u2019 Unitholders<\/span><\/p>\n<\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>626,991<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">24,250<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen10\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Non-controlling interests<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen10\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>\u2014<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen10\"><\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">\u2014<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen10\"><\/td>\n<td class=\"prngen10\"><\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>626,991<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">24,250<\/span><\/p>\n<\/td>\n<\/tr>\n<\/table>\n<\/div>\n<p><\/p>\n<div>\n<table id=\"convertedTable99d2\" cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prngen1\">\n<tr>\n<td nowrap class=\"prngen8\">\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<p><b>Choice Properties Real Estate Investment Trust<br><\/b><b>Condensed Consolidated Statements of Cash Flows<\/b><\/p>\n<div>\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prngen1\">\n<tr>\n<td colspan=\"3\" class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(unaudited)<\/span><\/p>\n<\/td>\n<td colspan=\"2\" nowrap class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Three months ended<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"3\" nowrap class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Three months ended<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" class=\"prngen12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(in thousands of Canadian dollars)<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>March 31, 2018<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"3\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">March 31, 2017<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Operating Activities<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen9\"><\/td>\n<td class=\"prngen9\"><\/td>\n<td class=\"prngen9\"><\/td>\n<td class=\"prngen9\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\"><\/td>\n<td colspan=\"2\" class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Net income<\/span><\/p>\n<\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>626,991<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">24,250<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\"><\/td>\n<td colspan=\"2\" class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Straight-line rental revenue<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(8,098)<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(9,298)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\"><\/td>\n<td colspan=\"2\" class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Amortization of tenant improvement allowances<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>221<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">174<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\"><\/td>\n<td colspan=\"2\" class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Amortization of other assets<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>248<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">233<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\"><\/td>\n<td colspan=\"2\" class=\"prngen11\">\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=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>107,777<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">96,161<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\"><\/td>\n<td colspan=\"2\" class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Interest and other income<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(1,608)<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(771)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\"><\/td>\n<td colspan=\"2\" class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Value of unit-based compensation granted<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(4,136)<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">2,181<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\"><\/td>\n<td colspan=\"2\" class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Share of (income) loss from joint venture<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(72)<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">1,190<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\"><\/td>\n<td colspan=\"2\" class=\"prngen11\">\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=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(555,200)<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">117,656<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\"><\/td>\n<td colspan=\"2\" class=\"prngen11\">\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=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(33,260)<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(92,843)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\"><\/td>\n<td colspan=\"2\" class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Interest and other income received<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>704<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">724<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen10\"><\/td>\n<td colspan=\"2\" class=\"prngen12\">\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=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(5,328)<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(101,703)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" class=\"prngen12\">\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=\"prngen10\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>128,239<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"3\" class=\"prngen10\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">37,954<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Investing Activities<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen9\"><\/td>\n<td colspan=\"3\" class=\"prngen9\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\"><\/td>\n<td colspan=\"2\" class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Acquisitions of investment properties<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(27,875)<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(9,834)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\"><\/td>\n<td colspan=\"2\" class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Additions to investment properties<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(27,485)<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(20,554)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\"><\/td>\n<td colspan=\"2\" class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Additions to fixtures and equipment<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(411)<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(72)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\"><\/td>\n<td colspan=\"2\" class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Change in security deposits<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(1,295,075)<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">\u2014<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen10\"><\/td>\n<td colspan=\"2\" class=\"prngen12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Equity investment contribution<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(4,080)<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(1,000)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" class=\"prngen12\">\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=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(1,354,926)<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"3\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(31,460)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Financing Activities<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen9\"><\/td>\n<td colspan=\"3\" class=\"prngen9\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\"><\/td>\n<td colspan=\"2\" class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Long term debt<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen9\"><\/td>\n<td colspan=\"2\" class=\"prngen9\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\"><\/td>\n<td class=\"prngen9\"><\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Issued \u2013 Senior unsecured debentures, net of debt placement costs<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>1,940,089<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">\u2014<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\"><\/td>\n<td class=\"prngen9\"><\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Principal repayments \u2013 Senior unsecured debentures<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(400,000)<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(200,000)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\"><\/td>\n<td class=\"prngen9\"><\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Principal repayments \u2013 Mortgage<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(90)<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(315)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\"><\/td>\n<td colspan=\"2\" class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Credit facilities<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen9\"><\/td>\n<td colspan=\"2\" class=\"prngen9\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\"><\/td>\n<td class=\"prngen9\"><\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Net (repayments) advances<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(179,000)<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">321,000<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\"><\/td>\n<td colspan=\"2\" class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Notes receivable<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen9\"><\/td>\n<td colspan=\"2\" class=\"prngen9\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\"><\/td>\n<td class=\"prngen9\"><\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Issued to related party<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(70,593)<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(68,006)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\"><\/td>\n<td class=\"prngen9\"><\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Repaid by related party<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>277,588<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">263,574<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\"><\/td>\n<td colspan=\"2\" class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Cash paid on vesting of restricted units<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(1,057)<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">\u2014<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\"><\/td>\n<td colspan=\"2\" class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Interest paid<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(96,389)<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(92,696)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\"><\/td>\n<td colspan=\"2\" class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Distributions paid on Exchangeable Units<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(231,338)<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(217,324)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen10\"><\/td>\n<td colspan=\"2\" class=\"prngen12\">\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>(16,504)<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(11,068)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" class=\"prngen12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Cash Flows from (used in) Financing Activities<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen10\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>1,222,706<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"3\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(4,835)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Change in cash and cash equivalents<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(3,981)<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"3\" class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">1,659<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" class=\"prngen12\">\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=\"prngen10\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>6,407<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"3\" class=\"prngen10\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">5,113<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" class=\"prngen12\">\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=\"prngen10\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>2,426<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">6,772<\/span><\/p>\n<\/td>\n<\/tr>\n<\/table>\n<\/div>\n<p><b>Management Discussion and Analysis and Consolidated Financial Statements and Notes<\/b><\/p>\n<p>Information appearing in this news release is a consolidated select summary of results. This news release should be read in conjunction with Choice Properties\u2019 First Quarter 2018 Report to Unitholders, which includes the unaudited interim period condensed consolidated financial statements and MD&amp;A for the Trust and is available at <a target=\"_blank\" href=\"http:\/\/www.choicereit.ca\/\" rel=\"nofollow noopener noreferrer\">www.choicereit.ca<\/a> and on SEDAR at <a target=\"_blank\" href=\"http:\/\/www.sedar.com\/\" rel=\"nofollow noopener noreferrer\">www.sedar.com<\/a>.<\/p>\n<p><b>Conference Call and Webcast<\/b><\/p>\n<p>Senior management will host a conference call to discuss the results on <span class=\"xn-chron\">April 26, 2018<\/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: 2089204. To access the conference call via webcast, a link is available at <a href=\"http:\/\/www.choicereit.ca\" rel=\"nofollow\">www.choicereit.ca<\/a> in the \u00ab\u00a0Events and Webcast\u00a0\u00bb section under \u00ab\u00a0News and Events\u00a0\u00bb.<\/p>\n<p><b>Annual and Special Meeting of Unitholders <\/b><\/p>\n<p>Choice Properties\u2019 Annual and Special Meeting of Unitholders will take place on <span class=\"xn-chron\">May 2, 2018<\/span> at <span class=\"xn-chron\">2:00PM (ET)<\/span>, at Vantage Venues (formerly St. Andrew\u2019s Club &amp; Conference Centre), 150 King Street West, 16th Floor, <span class=\"xn-location\">Toronto, Ontario, Canada<\/span>. A simultaneous audio webcast of the event will be available in the \u00ab\u00a0Events and Webcast\u00a0\u00bb section under \u00ab\u00a0News and Events\u00a0\u00bb of <a href=\"http:\/\/www.choicereit.ca\" rel=\"nofollow\">www.choicereit.ca<\/a>. To access the webcast via teleconference, please dial (647) 427-7450. Playback will be available two hours after the event at (416) 849-0833, access code: 2274959.<\/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 retail and other commercial real estate across <span class=\"xn-location\">Canada<\/span>. Choice Properties\u2019 portfolio spans approximately 44.2 million square feet of gross leasable area and consists of 548 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\" rel=\"nofollow\">www.choicereit.ca<\/a> and Choice Properties\u2019 issuer profile at <a target=\"_blank\" href=\"http:\/\/www.sedar.com\/\" 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=\"https:\/\/rt.newswire.ca\/rt.gif?NewsItemId=C2955&amp;Transmission_Id=201804251825CANADANWCANADAPR_C2955&amp;DateId=20180425\" style=\"border:0px; width:1px; height:1px;\"><\/p>\n","protected":false},"template":"","class_list":["post-16938","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 premier trimestre 2018 - 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-first-quarter-of-2018\/\" \/>\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 premier trimestre 2018\" \/>\n<meta property=\"og:description\" content=\"TORONTO, April 25, 2018 \/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 first quarter ended March 31, 2018. The Trust\u2019s Quarterly Report will be available in the Investor Relations section of the Trust\u2019s website at www.choicereit.ca, filed with SEDAR and [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.choicereit.ca\/news-release\/choice-properties-real-estate-investment-trust-reports-solid-results-for-the-first-quarter-of-2018\/\" \/>\n<meta property=\"og:site_name\" content=\"Propri\u00e9t\u00e9s DeChoix\" \/>\n<meta property=\"og:image\" content=\"https:\/\/rt.newswire.ca\/rt.gif?NewsItemId=C2955&amp;Transmission_Id=201804251825CANADANWCANADAPR_C2955&amp;DateId=20180425\" \/>\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=\"24 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-first-quarter-of-2018\\\/\",\"url\":\"https:\\\/\\\/www.choicereit.ca\\\/news-release\\\/choice-properties-real-estate-investment-trust-reports-solid-results-for-the-first-quarter-of-2018\\\/\",\"name\":\"Choice Properties Real Estate Investment Trust annonce de solides r\u00e9sultats pour le premier trimestre 2018 - 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