{"id":17044,"date":"2020-02-12T04:04:00","date_gmt":"2020-02-12T09:04:00","guid":{"rendered":"https:\/\/www.choicereit.ca\/news-release\/choice-properties-real-estate-investment-trust-publie-ses-resultats-pour-le-quatrieme-trimestre-et-lexercice-clos-le-31-decembre-2019\/"},"modified":"2020-02-12T04:04:00","modified_gmt":"2020-02-12T09:04:00","slug":"choice-properties-real-estate-investment-trust-publie-ses-resultats-pour-le-quatrieme-trimestre-et-lexercice-clos-le-31-decembre-2019","status":"publish","type":"news-release","link":"https:\/\/www.choicereit.ca\/fr\/news-release\/choice-properties-real-estate-investment-trust-publie-ses-resultats-pour-le-quatrieme-trimestre-et-lexercice-clos-le-31-decembre-2019\/","title":{"rendered":"Choice Properties Real Estate Investment Trust publie ses r\u00e9sultats pour le quatri\u00e8me trimestre et l&#8217;exercice clos le 31 d\u00e9cembre 2019"},"content":{"rendered":"<p><span class=\"xn-location\">TORONTO<\/span>, <span class=\"xn-chron\">Feb. 12, 2020<\/span> \/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 fourth quarter and year ended December 31, 2019. The 2019 Annual Report to Unitholders is available in the Investor Relations section of the Trust\u2019s website at <u><a href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=2718853-1&amp;h=1754799613&amp;u=http%3A%2F%2Fwww.choicereit.ca%2F&amp;a=www.choicereit.ca\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">www.choicereit.ca<\/a><\/u>, and has been filed on SEDAR at <u><a href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=2718853-1&amp;h=3841857447&amp;u=http%3A%2F%2Fwww.sedar.com%2F&amp;a=www.sedar.com\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">www.sedar.com<\/a><\/u>.<\/p>\n<div id=\"DivAssetPlaceHolder1\" class=\"PRN_ImbeddedAssetReference\">\n<p><span style=\"font-size: calc(16px + 6 * ((100vw - 420px) \/ 1500));\">\u00ab\u00a0We are pleased with both our financial and operational results for the fourth quarter and year ended December 31, 2019. Our portfolio of high-quality real estate continues to produce consistent and stable results with same-asset net operating income being up 3.1% for the quarter and portfolio occupancy at 97.7%,\u00a0\u00bb said <\/span><span class=\"xn-person\" style=\"font-size: calc(16px + 6 * ((100vw - 420px) \/ 1500));\">Rael Diamond<\/span><span style=\"font-size: calc(16px + 6 * ((100vw - 420px) \/ 1500));\">, President and Chief Executive Officer. Mr. Diamond added, \u00ab\u00a0We are exceptionally well positioned heading into 2020 with a stable income producing portfolio, a long-term pipeline of development opportunities and a strong balance sheet.\u00a0\u00bb<\/span><\/p>\n<\/div>\n<p><b>Summary of GAAP Basis Financial Results:<\/b><\/p>\n<div>\n<table class=\"prngen1\" border=\"0\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody>\n<tr>\n<td class=\"prngen2\" rowspan=\"2\" nowrap>\n<p class=\"prnews_p\"><span class=\"prnews_span\">($ thousands except where otherwise<br>\nindicated)<\/span><\/p>\n<\/td>\n<td class=\"prngen12 prnpr8\"><\/td>\n<td class=\"prngen4\" colspan=\"8\" nowrap>\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Three Months<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen4\" colspan=\"8\" nowrap>\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Year Ended<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen5\" colspan=\"2\" nowrap>\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>December 31,<br>\n2019<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen5\" colspan=\"2\" nowrap>\n<p class=\"prnews_p\"><span class=\"prnews_span\">December 31,<br>\n2018<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen5\" colspan=\"2\" nowrap>\n<p class=\"prnews_p\"><span class=\"prnews_span\">Change<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen5\" colspan=\"2\" nowrap>\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>December 31,<br>\n2019<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen5\" colspan=\"2\" nowrap>\n<p class=\"prnews_p\"><span class=\"prnews_span\">December 31,<br>\n2018<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen5\" colspan=\"2\" nowrap>\n<p class=\"prnews_p\"><span class=\"prnews_span\">Change<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" nowrap>\n<p class=\"prnews_p\"><span class=\"prnews_span\">Net income (loss)<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>293,261<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">281,099<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">12,162<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen12 prnpr6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(581,357)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen3\" nowrap>\n<p class=\"prnews_p\"><span class=\"prnews_span\">649,577<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen7\" nowrap>\n<p class=\"prnews_p\"><span class=\"prnews_span\">(1,230,934)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" nowrap>\n<p class=\"prnews_p\"><span class=\"prnews_span\">Net income (loss) per unit diluted<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\" colspan=\"2\" nowrap>\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>0.419<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">0.419<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">\u2014<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen7\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(0.843)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">1.111<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen7\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(1.954)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\" colspan=\"2\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\" colspan=\"2\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\" colspan=\"2\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\" colspan=\"2\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\" colspan=\"2\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\" colspan=\"2\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" nowrap>\n<p class=\"prnews_p\"><span class=\"prnews_span\">Rental revenue<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>317,986<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">322,793<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen7\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(4,807)<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\" colspan=\"2\" nowrap>\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>1,288,554<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">1,148,273<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">140,281<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Fair value gain (loss) on <\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\" colspan=\"2\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\" colspan=\"2\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\" colspan=\"2\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\" colspan=\"2\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\" colspan=\"2\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\" colspan=\"2\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" nowrap>\n<p class=\"prnml10\"><span class=\"prnews_span\">Exchangeable Units<sup>(1)<\/sup><\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>206,680<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">214,479<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen7\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(7,799)<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen7\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(932,009)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">593,706<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen7\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(1,525,715)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" nowrap>\n<p class=\"prnews_p\"><span class=\"prnews_span\">Fair value gains (losses) <\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\" colspan=\"2\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\" colspan=\"2\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\" colspan=\"2\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\" colspan=\"2\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\" colspan=\"2\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\" colspan=\"2\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" nowrap>\n<p class=\"prnml10\"><span class=\"prnews_span\">excluding Exchangeable <\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\" colspan=\"2\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\" colspan=\"2\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\" colspan=\"2\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\" colspan=\"2\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\" colspan=\"2\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\" colspan=\"2\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" nowrap>\n<p class=\"prnml10\"><span class=\"prnews_span\">Units<sup>(2)<\/sup><\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>9,352<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen7\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(17,841)<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">27,193<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen7\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(11,543)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen7\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(83,783)<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">72,240<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\" colspan=\"2\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\" colspan=\"2\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\" colspan=\"2\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\" colspan=\"2\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\" colspan=\"2\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\" colspan=\"2\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" nowrap>\n<p class=\"prnews_p\"><span class=\"prnews_span\">Cash flows from operating <\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\" colspan=\"2\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\" colspan=\"2\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\" colspan=\"2\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\" colspan=\"2\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\" colspan=\"2\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\" colspan=\"2\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" nowrap>\n<p class=\"prnml10\"><span class=\"prnews_span\">activities<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>207,460<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">200,465<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">6,995<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>580,556<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">405,192<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">175,364<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\" colspan=\"2\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\" colspan=\"2\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\" colspan=\"2\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\" colspan=\"2\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\" colspan=\"2\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\" colspan=\"2\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Weighted average Units <\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\" colspan=\"2\" nowrap><\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\" colspan=\"2\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\" colspan=\"2\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\" colspan=\"2\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\" colspan=\"2\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\" colspan=\"2\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" nowrap>\n<p class=\"prnml10\"><span class=\"prnews_span\">outstanding \u2013 diluted<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen8\" colspan=\"2\" nowrap>\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>700,544,380<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen8\" colspan=\"2\" nowrap>\n<p class=\"prnews_p\"><span class=\"prnews_span\">670,486,393<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen8\" colspan=\"2\" nowrap>\n<p class=\"prnews_p\"><span class=\"prnews_span\">30,057,987<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen8\" colspan=\"2\" nowrap>\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>689,285,790<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen8\" colspan=\"2\" nowrap>\n<p class=\"prnews_p\"><span class=\"prnews_span\">584,605,228<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen8\" colspan=\"2\" nowrap>\n<p class=\"prnews_p\"><span class=\"prnews_span\">104,680,562<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\" colspan=\"2\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\" colspan=\"2\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\" colspan=\"2\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\" colspan=\"2\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\" colspan=\"2\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\" colspan=\"2\"><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<div>\n<table id=\"convertedTableb2e5\" class=\"prngen1\" border=\"0\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody>\n<tr>\n<td class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">1.<\/span><\/p>\n<\/td>\n<td class=\"prngen10\" nowrap>\n<p class=\"prnews_p\"><span class=\"prnews_span\">Exchangeable Units are recorded at their fair value based on the market trading price of the Trust Units, which results in a negative impact to the financial results<br>\nwhen the Trust Unit price rises and a positive impact when the Trust Unit price declines. <\/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=\"prngen10\" nowrap>\n<p class=\"prnews_p\"><span class=\"prnews_span\">Fair value gains (losses) excluding Exchangeable Units includes adjustments to fair value of investment properties and unit-based compensation.<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p><b>Quarterly Results:<\/b><\/p>\n<ul type=\"disc\">\n<li><b>Net Income (Loss)<\/b> \u2013 Net income for the fourth quarter of 2019 was <span class=\"xn-money\">$293.3 million<\/span>, as compared to <span class=\"xn-money\">$281.1 million<\/span> in the prior year. The increase of <span class=\"xn-money\">$12.2 million<\/span> compared to the fourth quarter of 2018 was mainly due to a favourable change of <span class=\"xn-money\">$26.2 million<\/span> in the adjustment to fair value for investment properties and lower acquisition transaction and borrowing costs, partially offset by a <span class=\"xn-money\">$7.8 million<\/span> reduction in the year-over-year gain recognized with respect to the fair value adjustment on Exchangeable Units, a <span class=\"xn-money\">$3.0 million<\/span> allowance for expected credit losses associated with certain mortgages and loans receivable, as well as a <span class=\"xn-money\">$7.1 million<\/span> non-recurring reimbursement of contract revenue to Loblaw for incorrectly allocated solar rooftop leases.<\/li>\n<\/ul>\n<p><b>Year End Results:<\/b><\/p>\n<ul type=\"disc\">\n<li><b>Net Income (Loss)<\/b> \u2013 Net loss for the year ended <span class=\"xn-chron\">December 31, 2019<\/span> was <span class=\"xn-money\">$581.4 million<\/span>, as compared to net income of <span class=\"xn-money\">$649.6 million<\/span> in the prior year. The decline of <span class=\"xn-money\">$1.2 billion<\/span> compared to the prior year included <span class=\"xn-money\">$1.5 billion<\/span> which was primarily due to cumulative adverse fair value adjustments on Exchangeable Units due to increases in the unit price, partially offset by a decline in acquisition transaction costs, a full year of contribution from the acquisition of Canadian Real Estate Investment Trust (\u00ab\u00a0CREIT\u00a0\u00bb), as compared to eight months in the prior year, growth in rental revenue attributable to completed development projects and a favourable change in the fair value for investment properties.<\/li>\n<\/ul>\n<p><b>Summary of Proportionate Share<sup>(1)<\/sup> Financial Results:<\/b><\/p>\n<div>\n<table class=\"prngen1\" border=\"0\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody>\n<tr>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen4\" colspan=\"8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Three Months<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen4\" colspan=\"8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Year Ended<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" nowrap>\n<p class=\"prnews_p\"><span class=\"prnews_span\">($ thousands except where otherwise<br>\nindicated)<\/span><\/p>\n<\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen5\" colspan=\"2\" nowrap>\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>December 31,<br>\n2019<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen5\" colspan=\"2\" nowrap>\n<p class=\"prnews_p\"><span class=\"prnews_span\">December 31,<br>\n2018<\/span><\/p>\n<\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen5\" colspan=\"2\" nowrap>\n<p class=\"prnews_p\"><span class=\"prnews_span\">Change<\/span><\/p>\n<\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen5\" colspan=\"2\" nowrap>\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>December 31,<br>\n2019<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen5\" colspan=\"2\" nowrap>\n<p class=\"prnews_p\"><span class=\"prnews_span\">December 31,<br>\n2018<\/span><\/p>\n<\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen5\" colspan=\"2\" nowrap>\n<p class=\"prnews_p\"><span class=\"prnews_span\">Change<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" nowrap>\n<p class=\"prnews_p\"><span class=\"prnews_span\">Rental revenue<sup>(1)<\/sup><\/span><\/p>\n<\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>333,744<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">338,147<\/span><\/p>\n<\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(4,403)<\/span><\/p>\n<\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>1,354,383<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">1,187,536<\/span><\/p>\n<\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">166,847<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Net Operating Income (\u00ab\u00a0NOI\u00a0\u00bb)<sup>(1)<\/sup>, <\/span><\/p>\n<\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\" colspan=\"2\"><\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\" colspan=\"2\"><\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\" colspan=\"2\"><\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\" colspan=\"2\"><\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\" colspan=\"2\"><\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\" colspan=\"2\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" nowrap>\n<p class=\"prnml10\"><span class=\"prnews_span\">cash basis<\/span><\/p>\n<\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>234,949<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">232,506<\/span><\/p>\n<\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">2,443<\/span><\/p>\n<\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>941,320<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">814,172<\/span><\/p>\n<\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">127,148<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" nowrap>\n<p class=\"prnews_p\"><span class=\"prnews_span\">Same-Asset NOI, cash basis<sup>(1)<\/sup><\/span><\/p>\n<\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>132,560<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">128,569<\/span><\/p>\n<\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">3,991<\/span><\/p>\n<\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>521,451<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">508,024<\/span><\/p>\n<\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">13,427<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Adjustment to fair value of <\/span><\/p>\n<\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\" colspan=\"2\"><\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\" colspan=\"2\"><\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\" colspan=\"2\"><\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\" colspan=\"2\"><\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\" colspan=\"2\"><\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\" colspan=\"2\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" nowrap>\n<p class=\"prnml10\"><span class=\"prnews_span\">investment properties<sup>(1)<\/sup><\/span><\/p>\n<\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen12\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(5,891)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen12\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(19,788)<\/span><\/p>\n<\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">13,897<\/span><\/p>\n<\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen12\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(15,250)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen12\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(93,829)<\/span><\/p>\n<\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">78,579<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\" colspan=\"2\"><\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\" colspan=\"2\"><\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\" colspan=\"2\"><\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\" colspan=\"2\"><\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\" colspan=\"2\"><\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\" colspan=\"2\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" nowrap>\n<p class=\"prnews_p\"><span class=\"prnews_span\">Occupancy (% of GLA)<\/span><\/p>\n<\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen7\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>97.7%<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen7\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">97.7%<\/span><\/p>\n<\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen7\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">\u2014%<\/span><\/p>\n<\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen7\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>97.7%<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen7\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">97.7%<\/span><\/p>\n<\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen7\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">\u2014%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\" colspan=\"2\"><\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\" colspan=\"2\"><\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\" colspan=\"2\"><\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\" colspan=\"2\"><\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\" colspan=\"2\"><\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\" colspan=\"2\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" nowrap>\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 class=\"prngen11\"><\/td>\n<td class=\"prngen11\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>165,795<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">171,872<\/span><\/p>\n<\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen12\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(6,077)<\/span><\/p>\n<\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>680,278<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">603,840<\/span><\/p>\n<\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">76,438<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" nowrap>\n<p class=\"prnews_p\"><span class=\"prnews_span\">FFO<sup>(2)<\/sup> per unit diluted<\/span><\/p>\n<\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>0.237<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">0.256<\/span><\/p>\n<\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen12\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(0.019)<\/span><\/p>\n<\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>0.987<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">1.033<\/span><\/p>\n<\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen12\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(0.046)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\" colspan=\"2\"><\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\" colspan=\"2\"><\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\" colspan=\"2\"><\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\" colspan=\"2\"><\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\" colspan=\"2\"><\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\" colspan=\"2\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Adjusted funds from operations <\/span><\/p>\n<\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\" colspan=\"2\"><\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\" colspan=\"2\"><\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\" colspan=\"2\"><\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\" colspan=\"2\"><\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\" colspan=\"2\"><\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\" colspan=\"2\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" nowrap>\n<p class=\"prnml10\"><span class=\"prnews_span\">(\u00ab\u00a0AFFO\u00a0\u00bb)<sup>(2)<\/sup><\/span><\/p>\n<\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>129,187<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">110,332<\/span><\/p>\n<\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">18,855<\/span><\/p>\n<\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>587,695<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">483,378<\/span><\/p>\n<\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">104,317<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" nowrap>\n<p class=\"prnews_p\"><span class=\"prnews_span\">AFFO<sup>(2)<\/sup> per unit diluted<\/span><\/p>\n<\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>0.184<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">0.165<\/span><\/p>\n<\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">0.019<\/span><\/p>\n<\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>0.853<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">0.827<\/span><\/p>\n<\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">0.026<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" nowrap>\n<p class=\"prnews_p\"><span class=\"prnews_span\">AFFO<sup>(2)<\/sup> payout ratio \u2013 diluted<\/span><\/p>\n<\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen7\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>100.3%<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen7\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">112.0%<\/span><\/p>\n<\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen12 prnpr4\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(11.7)%<\/span><\/p>\n<\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen7\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>86.8%<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen7\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">89.2%<\/span><\/p>\n<\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen13\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(2.4)%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\" colspan=\"2\"><\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\" colspan=\"2\"><\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\" colspan=\"2\"><\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\" colspan=\"2\"><\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\" colspan=\"2\"><\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\" colspan=\"2\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\" nowrap>\n<p class=\"prnews_p\"><span class=\"prnews_span\">Distributions declared<\/span><\/p>\n<\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>151,267<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">123,612<\/span><\/p>\n<\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">27,655<\/span><\/p>\n<\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>532,054<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">431,392<\/span><\/p>\n<\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\" colspan=\"2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">100,662<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Weighted average number of<\/span><\/p>\n<\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\" colspan=\"2\"><\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\" colspan=\"2\"><\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\" colspan=\"2\"><\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\" colspan=\"2\"><\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\" colspan=\"2\"><\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\" colspan=\"2\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\" nowrap>\n<p class=\"prnml10\"><span class=\"prnews_span\">Units outstanding \u2013 diluted<\/span><\/p>\n<\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen14\" colspan=\"2\" nowrap>\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>700,544,380<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen14\" colspan=\"2\" nowrap>\n<p class=\"prnews_p\"><span class=\"prnews_span\">670,486,393<\/span><\/p>\n<\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen14\" colspan=\"2\" nowrap>\n<p class=\"prnews_p\"><span class=\"prnews_span\">30,057,987<\/span><\/p>\n<\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen14\" colspan=\"2\" nowrap>\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>689,285,790<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen14\" colspan=\"2\" nowrap>\n<p class=\"prnews_p\"><span class=\"prnews_span\">584,605,228<\/span><\/p>\n<\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen14\" colspan=\"2\" nowrap>\n<p class=\"prnews_p\"><span class=\"prnews_span\">104,680,562<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\" colspan=\"2\"><\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\" colspan=\"2\"><\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\" colspan=\"2\"><\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\" colspan=\"2\"><\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\" colspan=\"2\"><\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\" colspan=\"2\"><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<div>\n<table id=\"convertedTableba6f\" class=\"prngen1\" border=\"0\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody>\n<tr>\n<td class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">1.<\/span><\/p>\n<\/td>\n<td class=\"prngen10\" nowrap>\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=\"prngen10\" nowrap>\n<p class=\"prnews_p\"><span class=\"prnews_span\">A non-GAAP measurement. <\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p><b>Quarterly Results:<\/b><\/p>\n<ul type=\"disc\">\n<li><b>Funds from Operations<\/b> \u2013 For the fourth quarter of 2019, FFO (a non-GAAP measure) was <span class=\"xn-money\">$165.8 million<\/span> or <span class=\"xn-money\">$0.237<\/span> per unit diluted, compared with <span class=\"xn-money\">$171.9 million<\/span> or <span class=\"xn-money\">$0.256<\/span> per unit diluted in the fourth quarter of 2018. FFO decreased primarily due to the non-recurring reimbursement of contract revenue to Loblaw for incorrectly allocated solar rooftop leases, offset primarily by a decline in borrowing costs. On a per unit basis, the decline was due to deleveraging which contributed to a higher weighted average number of units outstanding as a result of the <span class=\"xn-chron\">May 2019<\/span> equity offering. Excluding the impact of the non-recurring reimbursement of contract revenue to Loblaw of <span class=\"xn-money\">$7.1 million<\/span>, FFO for the fourth quarter was <span class=\"xn-money\">$172.9 million<\/span> or <span class=\"xn-money\">$0.247<\/span> per unit diluted.<\/li>\n<\/ul>\n<p><b>Year End Results:<\/b><\/p>\n<ul type=\"disc\">\n<li><b>Funds from Operations<\/b> \u2013 For the year ended <span class=\"xn-chron\">December 31, 2019<\/span>, FFO was <span class=\"xn-money\">$680.3 million<\/span> or <span class=\"xn-money\">$0.987<\/span> per unit diluted, compared with <span class=\"xn-money\">$603.8 million<\/span> or <span class=\"xn-money\">$1.033<\/span> per unit diluted in 2018. FFO increased primarily due to a full year of contribution from the acquisition of CREIT as compared to eight months in the prior year, as well as positive leasing activity driving same asset NOI growth, and incremental net operating income attributable to completed development projects, partially offset by higher borrowing costs and the non-recurring reimbursement of contract revenue to Loblaw. On a per unit basis, the decline was primarily due to deleveraging which contributed to the higher weighted average number of units outstanding as a result of the units issued in consideration for the acquisition of CREIT and the <span class=\"xn-chron\">May 2019<\/span> equity offering.<\/li>\n<\/ul>\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 news 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) and adjusted funds from operations (\u00ab\u00a0AFFO\u00a0\u00bb), are defined in Section 15, \u00ab\u00a0Non-GAAP Financial Measures\u00a0\u00bb, of the Choice Properties MD&amp;A for the year ended <span class=\"xn-chron\">December 31, 2019<\/span>, and are reconciled to the most comparable IFRS measure.<\/p>\n<p>Choice Properties\u2019 consolidated financial statements and MD&amp;A for the year ended <span class=\"xn-chron\">December 31, 2019<\/span> are available on Choice Properties\u2019 website at <u><a href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=2718853-1&amp;h=1754799613&amp;u=http%3A%2F%2Fwww.choicereit.ca%2F&amp;a=www.choicereit.ca\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">www.choicereit.ca<\/a> <\/u>and on SEDAR at <u><a href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=2718853-1&amp;h=3841857447&amp;u=http%3A%2F%2Fwww.sedar.com%2F&amp;a=www.sedar.com\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">www.sedar.com<\/a><\/u>. Readers are directed to these documents for financial details and a fulsome discussion on Choice Properties\u2019 results.<\/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 select summary of results. This news release should be read in conjunction with Choice Properties\u2019 2019 Annual Report to Unitholders, which includes the consolidated financial statements and MD&amp;A for the Trust, and is available at <u><a href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=2718853-1&amp;h=1754799613&amp;u=http%3A%2F%2Fwww.choicereit.ca%2F&amp;a=www.choicereit.ca\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">www.choicereit.ca<\/a><\/u> and on SEDAR at <u><a href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=2718853-1&amp;h=3841857447&amp;u=http%3A%2F%2Fwww.sedar.com%2F&amp;a=www.sedar.com\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">www.sedar.com<\/a><\/u>.<\/p>\n<p><b>Conference Call and Webcast<\/b><\/p>\n<p>Management will host a conference call on <span class=\"xn-chron\">Thursday, February 13, 2020<\/span> at <span class=\"xn-chron\">11:00AM (ET)<\/span> with a simultaneous audio webcast. To access via teleconference, please dial (647) 427-7450 or (888) 231-8191 toll free. A playback will be made available two hours after the event at (416) 849-0833, access code: 5992745. The link to the audio webcast will be available on <u><a href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=2718853-1&amp;h=1754799613&amp;u=http%3A%2F%2Fwww.choicereit.ca%2F&amp;a=www.choicereit.ca\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">www.choicereit.ca<\/a><\/u> 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 726 properties totalling 65.8 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 impressive and substantial 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 href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=2718853-1&amp;h=1754799613&amp;u=http%3A%2F%2Fwww.choicereit.ca%2F&amp;a=www.choicereit.ca\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">www.choicereit.ca<\/a><\/u> and Choice Properties\u2019 issuer profile at <a href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=2718853-1&amp;h=3841857447&amp;u=http%3A%2F%2Fwww.sedar.com%2F&amp;a=www.sedar.com\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">www.sedar.com<\/a>.<\/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<div id=\"DivAssetPlaceHolder2\" class=\"PRN_ImbeddedAssetReference\"><\/div>\n<p>SOURCE Choice Properties Real Estate Investment Trust<\/p>\n","protected":false},"template":"","class_list":["post-17044","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 publie ses r\u00e9sultats pour le quatri\u00e8me trimestre et l&#8217;exercice clos le 31 d\u00e9cembre 2019 - 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-fourth-quarter-and-year-ended-december-31-2019\/\" \/>\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 quatri\u00e8me trimestre et l&#8217;exercice clos le 31 d\u00e9cembre 2019\" \/>\n<meta property=\"og:description\" content=\"TORONTO, Feb. 12, 2020 \/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 fourth quarter and year ended December 31, 2019. The 2019 Annual Report to Unitholders is available in the Investor Relations section of the Trust\u2019s website at www.choicereit.ca, and [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.choicereit.ca\/news-release\/choice-properties-real-estate-investment-trust-reports-results-for-the-fourth-quarter-and-year-ended-december-31-2019\/\" \/>\n<meta property=\"og:site_name\" content=\"Propri\u00e9t\u00e9s DeChoix\" \/>\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=\"7 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-results-for-the-fourth-quarter-and-year-ended-december-31-2019\\\/\",\"url\":\"https:\\\/\\\/www.choicereit.ca\\\/news-release\\\/choice-properties-real-estate-investment-trust-reports-results-for-the-fourth-quarter-and-year-ended-december-31-2019\\\/\",\"name\":\"Choice Properties Real Estate Investment Trust publie ses r\u00e9sultats pour le quatri\u00e8me trimestre et l&#8217;exercice clos le 31 d\u00e9cembre 2019 - 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Propri\u00e9t\u00e9s DeChoix","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.choicereit.ca\/news-release\/choice-properties-real-estate-investment-trust-reports-results-for-the-fourth-quarter-and-year-ended-december-31-2019\/","og_locale":"fr_FR","og_type":"article","og_title":"Choice Properties Real Estate Investment Trust publie ses r\u00e9sultats pour le quatri\u00e8me trimestre et l&#8217;exercice clos le 31 d\u00e9cembre 2019","og_description":"TORONTO, Feb. 12, 2020 \/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 fourth quarter and year ended December 31, 2019. 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