{"id":16972,"date":"2018-11-07T04:30:00","date_gmt":"2018-11-07T09:30:00","guid":{"rendered":"https:\/\/www.choicereit.ca\/news-release\/choice-properties-real-estate-investment-trust-publie-ses-resultats-pour-le-troisieme-trimestre-de-2018\/"},"modified":"2018-11-07T04:30:00","modified_gmt":"2018-11-07T09:30:00","slug":"choice-properties-real-estate-investment-trust-publie-ses-resultats-pour-le-troisieme-trimestre-de-2018","status":"publish","type":"news-release","link":"https:\/\/www.choicereit.ca\/fr\/news-release\/choice-properties-real-estate-investment-trust-publie-ses-resultats-pour-le-troisieme-trimestre-de-2018\/","title":{"rendered":"Choice Properties Real Estate Investment Trust publie ses r\u00e9sultats pour le troisi\u00e8me trimestre de 2018"},"content":{"rendered":"<p><span class=\"xn-location\">TORONTO<\/span>, Nov. 7, 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 third quarter ended September 30, 2018.  The Trust\u2019s Quarterly Report will be available in the Investor Relations section of the Trust\u2019s website at <u><a target=\"_blank\" href=\"http:\/\/www.choicereit.ca\/\" rel=\"nofollow noopener noreferrer\">www.choicereit.ca<\/a><\/u>, filed with SEDAR and available at <u><a target=\"_blank\" href=\"http:\/\/www.sedar.com\/\" rel=\"nofollow noopener noreferrer\">www.sedar.com<\/a><\/u>.<\/p>\n<p>\u00ab\u00a0The third quarter of 2018 represents the first full calendar reporting period since the merger of Choice and CREIT was completed on <span class=\"xn-chron\">May 4, 2018<\/span>,\u00a0\u00bb said <span class=\"xn-person\">Stephen E. Johnson<\/span>, President and Chief Executive Officer. \u00ab\u00a0Our financial results for the quarter were in-line with expectations. As well, we were pleased with the progress made on the integration of Choice and CREIT, as we continue our work to position ourselves as <span class=\"xn-location\">Canada\u2019s<\/span> preeminent REIT.\u00a0\u00bb<\/p>\n<p><b>Summary of Financial Results:<\/b><\/p>\n<div>\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prngen1\">\n<tr>\n<td rowspan=\"2\" class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">For the periods ended September 30<br>($ thousands)<br>(unaudited)<\/span><\/p>\n<\/td>\n<td colspan=\"4\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Three Months<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"4\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Nine Months<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>2018<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">2017<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>2018<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">2017<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>GAAP basis<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\"><\/td>\n<td colspan=\"2\" class=\"prngen6\"><\/td>\n<td colspan=\"2\" class=\"prngen6\"><\/td>\n<td colspan=\"2\" class=\"prngen6\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Net income<\/span><\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>62,620<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">303,095<\/span><\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>368,478<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">368,812<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Net income per unit diluted<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>0.093<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">0.733<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>0.664<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">0.893<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Rental revenue<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>315,584<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">206,978<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>825,480<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">619,399<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Cash flow from operating activities<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>233,586<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">164,042<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>449,951<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">309,537<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Adjustment to fair value of investment properties<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6 prnpr10\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(33,998)<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">77,376<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(70,027)<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">162,168<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\"><\/td>\n<td colspan=\"2\" class=\"prngen6\"><\/td>\n<td colspan=\"2\" class=\"prngen6\"><\/td>\n<td colspan=\"2\" class=\"prngen6\"><\/td>\n<td colspan=\"2\" class=\"prngen6\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Proportionate share basis<sup>(1)<\/sup><\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\"><\/td>\n<td colspan=\"2\" class=\"prngen6\"><\/td>\n<td colspan=\"2\" class=\"prngen6\"><\/td>\n<td colspan=\"2\" class=\"prngen6\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Rental revenue<sup>(1)<\/sup><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>329,828<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">206,978<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>849,389<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">619,399<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Net Operating Income (\u00ab\u00a0NOI\u00a0\u00bb)<sup>(1)(2)<\/sup><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>230,236<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">145,650<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>592,142<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">432,448<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">NOI<sup>(1)(2) <\/sup>for Same Properties<sup>(3)<\/sup>, excluding development activities<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>146,205<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">143,952<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>439,379<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">427,702<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Adjustment to fair value of investment properties<sup>(2)<\/sup><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(37,587)<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">77,376<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(74,041)<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">160,918<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\"><\/td>\n<td colspan=\"2\" class=\"prngen6\"><\/td>\n<td colspan=\"2\" class=\"prngen6\"><\/td>\n<td colspan=\"2\" class=\"prngen6\"><\/td>\n<td colspan=\"2\" class=\"prngen6\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Funds from operations (\u00ab\u00a0FFO\u00a0\u00bb)<sup>(2)<\/sup><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>169,683<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">108,896<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>431,968<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">326,092<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">FFO<sup>(2)<\/sup> per unit diluted<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>0.253<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">0.263<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>0.778<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">0.790<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Adjusted funds from operations (\u00ab\u00a0AFFO\u00a0\u00bb)<sup>(2)<\/sup><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>137,544<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">76,956<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>373,046<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">270,082<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">AFFO<sup>(2)<\/sup> per unit diluted<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>0.205<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">0.186<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>0.672<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">0.654<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">AFFO<sup>(2)<\/sup> payout ratio \u2013 diluted<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>90.2%<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">99.5%<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>82.6%<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">83.3%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\"><\/td>\n<td colspan=\"2\" class=\"prngen6\"><\/td>\n<td colspan=\"2\" class=\"prngen6\"><\/td>\n<td colspan=\"2\" class=\"prngen6\"><\/td>\n<td colspan=\"2\" class=\"prngen6\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Distributions declared<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>123,504<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">76,163<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>307,780<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">224,140<\/span><\/p>\n<\/td>\n<\/tr>\n<\/table>\n<\/div>\n<div>\n<table id=\"convertedTableced1\" cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prngen1\">\n<tr>\n<td colspan=\"2\" class=\"prngen8\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">1.<\/span><\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">A non-GAAP measurement which includes amounts from directly held properties and equity accounted joint ventures.<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">2.<\/span><\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">A non-GAAP measurement. <\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">3.<\/span><\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Same Properties included 535 and 533 income producing properties that were owned throughout the three and nine months, respectively, ended September 30, 2018 and September 30, 2017.<\/span><\/p>\n<\/td>\n<\/tr>\n<\/table>\n<\/div>\n<p> <b>Quarterly Results:<\/b><\/p>\n<ul type=\"disc\">\n<li><b>Net Income<\/b> \u2013 Net income for the third quarter of 2018 was <span class=\"xn-money\">$62.6 million<\/span> compared to net income of <span class=\"xn-money\">$303.1 million<\/span> in the third quarter of 2017. Adjustments to the fair value of Exchangeable Units and investment properties were the primary cause of the variance between these comparative periods. The remaining change resulted from an increase of net property income associated with the acquisition of Canadian Real Estate Investment Trust (\u00ab\u00a0CREIT\u00a0\u00bb), partially offset by acquisition transaction costs and other related expenses.\n<\/li>\n<li><b>Funds from Operations<\/b> \u2013 FFO, a non-GAAP measure, for the third quarter of 2018 was <span class=\"xn-money\">$169.7 million<\/span> or <span class=\"xn-money\">$0.253<\/span> per unit diluted, compared with <span class=\"xn-money\">$108.9 million<\/span> or <span class=\"xn-money\">$0.263<\/span> per unit diluted in the third quarter of 2017. The year-over-year decrease in FFO of <span class=\"xn-money\">$0.010<\/span> per unit diluted was primarily due to the higher weighted average number of units outstanding on a diluted basis and higher net interest expense, excluding distributions on Exchangeable Units, partially offset by the growth in net property income, attributable to the acquisition of CREIT.<\/li>\n<\/ul>\n<p><\/p>\n<p><b>Year-To-Date Results:<\/b><\/p>\n<ul type=\"disc\">\n<li><b>Net Income <\/b>\u2013 Net income for the nine months ended <span class=\"xn-chron\">September 30, 2018<\/span> was <span class=\"xn-money\">$368.5 million<\/span> compared to net income of <span class=\"xn-money\">$368.8 million<\/span> in the third quarter of 2017. Adjustments to the fair value of Exchangeable Units and investment properties were the primary cause of the variance between these comparative periods. The remaining change resulted from an increase of net property income associated with the acquisition of CREIT, partially offset by acquisition transaction costs and other related expenses, which included the accelerated amortization of debt premium and an increase to net interest expense and other financing charges (including distributions on Exchangeable Units).\n<\/li>\n<li><b>Funds from Operations<\/b> \u2013 FFO, a non-GAAP measure, for the nine months ended <span class=\"xn-chron\">September 30, 2018<\/span> was <span class=\"xn-money\">$432.0 million<\/span> or <span class=\"xn-money\">$0.778<\/span> per unit diluted, compared with <span class=\"xn-money\">$326.1 million<\/span> or <span class=\"xn-money\">$0.790<\/span> per unit diluted in the third quarter of 2017. The 2018 results are inclusive of non-recurring lease surrender income of <span class=\"xn-money\">$10.2 million<\/span> earned in the prior quarter and <span class=\"xn-money\">$5.6 million<\/span> of incremental interest expense from debt financing, and the call premium of <span class=\"xn-money\">$2.9 million<\/span> for the early repayment of Series A senior unsecured debentures. Excluding these items, FFO for the year-to-date period would have been <span class=\"xn-money\">$430.3 million<\/span> or <span class=\"xn-money\">$0.775<\/span> per unit diluted.<\/li>\n<\/ul>\n<p><\/p>\n<p><b>Management\u2019s 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 Third 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 <u><a target=\"_blank\" href=\"http:\/\/www.choicereit.ca\/\" rel=\"nofollow noopener noreferrer\">www.choicereit.ca<\/a><\/u> and on SEDAR at <u><a target=\"_blank\" href=\"http:\/\/www.sedar.com\/\" rel=\"nofollow noopener noreferrer\">www.sedar.com<\/a><\/u>.<\/p>\n<p><b>Conference Call and Webcast<\/b><\/p>\n<p>Senior management will host a conference call to discuss the results on <span class=\"xn-chron\">November 8, 2018<\/span> at <span class=\"xn-chron\">11:00AM (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: 3092018. To access the conference call via webcast, a link is available at <a target=\"_blank\" href=\"http:\/\/www.choicereit.ca\/\" rel=\"nofollow noopener noreferrer\">www.choicereit.ca<\/a> in the \u00ab\u00a0Events and Webcast\u00a0\u00bb section under \u00ab\u00a0News and Events\u00a0\u00bb.<\/p>\n<p><b>About Choice Properties Real Estate Investment Trust<\/b><\/p>\n<p>Choice Properties, Canada\u2019s preeminent diversified real estate investment trust, is the owner, manager and developer of a high quality portfolio comprising 751 properties totaling 66.8 million square feet of gross leasable area. The portfolio is comprised of retail properties, predominantly leased to necessity-based tenants, industrial, office and residential assets concentrated in attractive markets and offers an unmatched development pipeline. Choice Properties\u2019 strategic alliance with its principal tenant, Loblaw Companies Limited, the country\u2019s leading retailer, is a key competitive advantage providing long-term growth opportunities. For more information, visit Choice Properties\u2019 website at <u><a target=\"_blank\" href=\"http:\/\/www.choicereit.ca\/\" rel=\"nofollow noopener noreferrer\">www.choicereit.ca<\/a><\/u> and Choice Properties\u2019 issuer profile at <u><a target=\"_blank\" href=\"http:\/\/www.sedar.com\/\" rel=\"nofollow noopener noreferrer\">www.sedar.com<\/a><\/u>.<\/p>\n<p><b>Non-GAAP Financial Measures and Additional Financial Information<\/b><\/p>\n<p>In addition to using performance measures determined in accordance with International Financial Reporting Standards (\u00ab\u00a0IFRS\u00a0\u00bb or \u00ab\u00a0GAAP\u00a0\u00bb), Choice Properties also measures its performance using certain non-GAAP measures, and provides these measures in this press release so that investors may do the same. Such measures and related per-unit amounts are not defined by IFRS and therefore should not be construed as alternatives to net income or cash flow from operating activities determined in accordance with IFRS. Furthermore, the supplemental measures used by management may not be comparable to similar measures presented by other real estate investment trusts or enterprises. These terms, which include the proportionate share basis of accounting, net operating income (\u00ab\u00a0NOI\u00a0\u00bb), funds from operations (\u00ab\u00a0FFO\u00a0\u00bb), adjusted funds from operations (\u00ab\u00a0AFFO\u00a0\u00bb) and adjusted cash flow from operations (\u00ab\u00a0ACFO\u00a0\u00bb), are defined in Section 16, \u00ab\u00a0Non-GAAP Financial Measures\u00a0\u00bb, of the Choice Properties MD&amp;A for the third quarter ended September 30, 2018, and are reconciled to the most comparable IFRS measure.<\/p>\n<p>Choice Properties\u2019 unaudited interim period condensed consolidated financial statements and MD&amp;A for the third quarter ended September 30, 2018 are available on Choice Properties\u2019 website at <u><a target=\"_blank\" href=\"http:\/\/www.choicereit.ca\/\" rel=\"nofollow noopener noreferrer\">www.choicereit.ca<\/a><\/u>. Readers are directed to these documents for financial details and a fulsome discussion on Choice Properties\u2019 results.<\/p>\n<p><b>Cautionary Statements Regarding Forward-looking Statements<\/b><\/p>\n<p>This news release contains forward-looking statements relating to Choice Properties\u2019 operations and the environment in which the Trust operates, which are based on management\u2019s expectations, estimates, forecasts and projections. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. Therefore, actual outcomes and results may differ materially from those expressed in these forward-looking statements. Readers, therefore, should not place undue reliance on any such forward-looking statements. Further, a forward-looking statement speaks only as of the date on which such statement is made. Management undertakes no obligation to publicly update any such statement, to reflect new information or the occurrence of future events or circumstances, except as required by law.<\/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=C3529&amp;Transmission_Id=201811071730CANADANWCANADAPR_C3529&amp;DateId=20181107\" style=\"border:0px; width:1px; height:1px;\"><\/p>\n","protected":false},"template":"","class_list":["post-16972","news-release","type-news-release","status-publish","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Choice Properties Real Estate Investment Trust publie ses r\u00e9sultats pour le troisi\u00e8me trimestre de 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-results-for-the-third-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 publie ses r\u00e9sultats pour le troisi\u00e8me trimestre de 2018 - Propri\u00e9t\u00e9s DeChoix\" \/>\n<meta property=\"og:description\" content=\"TORONTO, Nov. 7, 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 third quarter ended September 30, 2018. 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