{"id":17062,"date":"2020-04-22T05:00:00","date_gmt":"2020-04-22T09:00:00","guid":{"rendered":"https:\/\/www.choicereit.ca\/news-release\/choice-properties-real-estate-investment-trust-publie-ses-resultats-pour-le-premier-trimestre-clos-le-31-mars-2020\/"},"modified":"2020-04-22T05:00:00","modified_gmt":"2020-04-22T09:00:00","slug":"choice-properties-real-estate-investment-trust-publie-ses-resultats-pour-le-premier-trimestre-clos-le-31-mars-2020","status":"publish","type":"news-release","link":"https:\/\/www.choicereit.ca\/fr\/news-release\/choice-properties-real-estate-investment-trust-publie-ses-resultats-pour-le-premier-trimestre-clos-le-31-mars-2020\/","title":{"rendered":"Choice Properties Real Estate Investment Trust publie ses r\u00e9sultats pour le premier trimestre clos le 31 mars 2020"},"content":{"rendered":"

TORONTO<\/span>, April 22, 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 first quarter ended March 31, 2020. The 2020 First Quarter Report to Unitholders is available in the Investor Relations section of the Trust\u2019s website at www.choicereit.ca<\/a><\/u>, and has been filed on SEDAR at www.sedar.com<\/a><\/u>.<\/p>\n

\u00ab\u00a0We are pleased with our first quarter results, which reflect our stable portfolio of income producing assets and lower leverage as compared to the first quarter of 2019,\u00a0\u00bb noted Rael Diamond<\/span>, President and Chief Executive Officer of the Trust. Mr. Diamond added, \u00ab\u00a0Beginning in mid-March, the COVID-19 pandemic began to affect many of our tenants and the communities in which they live and work across the country. The COVID-19 pandemic did not have a material impact on our financial results for the quarter, but our team was busy working on a wide range of measures to help ensure the health and well-being of our employees and tenants.\u00a0\u00bb<\/p>\n

Summary of GAAP Basis Financial Results:<\/b><\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

($ thousands except where otherwise indicated)
\n(unaudited)<\/span><\/p>\n<\/td>\n

<\/td>\n\n

Three Months<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n

<\/td>\n\n

March 31, 2020<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n\n

March 31, 2019<\/span><\/p>\n<\/td>\n

<\/td>\n\n

Change<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Net income (loss)<\/span><\/p>\n<\/td>\n

<\/td>\n\n

$<\/b><\/span><\/p>\n<\/td>\n

\n

332,742<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n\n

$<\/span><\/p>\n<\/td>\n

\n

(902,132)<\/span><\/p>\n<\/td>\n

<\/td>\n\n

$<\/span><\/p>\n<\/td>\n

\n

1,234,874<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Net income (loss) per unit diluted<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

0.475<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n\n

(1.346)<\/span><\/p>\n<\/td>\n

<\/td>\n\n

1.821<\/span><\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Rental revenue<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

324,911<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n\n

322,973<\/span><\/p>\n<\/td>\n

<\/td>\n\n

1,938<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Fair value gain (loss) on Exchangeable Units(1)<\/sup><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

386,062<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n\n

(990,504)<\/span><\/p>\n<\/td>\n

<\/td>\n\n

1,376,566<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Fair value losses excluding Exchangeable Units(2)<\/sup><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(135,665)<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n\n

(10,417)<\/span><\/p>\n<\/td>\n

<\/td>\n\n

(125,248)<\/span><\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Cash flows from operating activities<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

104,147<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n\n

94,171<\/span><\/p>\n<\/td>\n

<\/td>\n\n

9,976<\/span><\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Weighted average Units outstanding \u2013 diluted<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

700,625,695<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n\n

670,451,259<\/span><\/p>\n<\/td>\n

<\/td>\n\n

30,174,436<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

\n\n\n\n\n\n
<\/td>\n<\/td>\n<\/tr>\n
\n

1.<\/span><\/p>\n<\/td>\n

\n

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 when the Trust Unit price rises and a positive impact when the Trust Unit price declines. <\/span><\/p>\n<\/td>\n<\/tr>\n

\n

2.<\/span><\/p>\n<\/td>\n

\n

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

Quarterly Results
\n<\/b>Net income for the first quarter of 2020 was $332.7 million<\/span>, compared to a loss of $902.1 million<\/span> in the first quarter of 2019. The increase of $1.2 billion<\/span> was mainly due to a favourable change of $1.4 billion<\/span> in the adjustment to fair value on Exchangeable Units, partially offset by an unfavourable change in fair value of investment properties as a result of an increase in the risk premium associated with certain retail, industrial and office properties.<\/p>\n

Summary of Proportionate Share(1)<\/sup> Financial Results:<\/b><\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

($ thousands except where otherwise indicated)
\n(unaudited)<\/span><\/p>\n<\/td>\n

<\/td>\n\n

Three Months<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n

<\/td>\n\n

March 31, 2020<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n\n

March 31, 2019<\/span><\/p>\n<\/td>\n

<\/td>\n\n

Change<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Rental revenue(1)<\/sup><\/span><\/p>\n<\/td>\n

<\/td>\n\n

$<\/b><\/span><\/p>\n<\/td>\n

\n

340,417<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n\n

$<\/span><\/p>\n<\/td>\n

\n

339,600<\/span><\/p>\n<\/td>\n

<\/td>\n\n

$<\/span><\/p>\n<\/td>\n

\n

817<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Net Operating Income (\u00ab\u00a0NOI\u00a0\u00bb)(1)<\/sup>, cash basis<\/span><\/p>\n<\/td>\n

<\/td>\n\n

231,531<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n\n

232,609<\/span><\/p>\n<\/td>\n

<\/td>\n\n

(1,078)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Same-Asset NOI, cash basis(1)<\/sup><\/span><\/p>\n<\/td>\n

<\/td>\n\n

211,715<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n\n

208,059<\/span><\/p>\n<\/td>\n

<\/td>\n\n

3,656<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Adjustment to fair value of investment properties(1)<\/sup><\/span><\/p>\n<\/td>\n

<\/td>\n\n

(148,206)<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n\n

5,478<\/span><\/p>\n<\/td>\n

<\/td>\n\n

(153,684)<\/span><\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Occupancy (% of GLA)<\/span><\/p>\n<\/td>\n

<\/td>\n\n

97.5%<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n\n

97.4%<\/span><\/p>\n<\/td>\n

<\/td>\n\n

0.1%<\/span><\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Funds from operations (\u00ab\u00a0FFO\u00a0\u00bb)(2)<\/sup><\/span><\/p>\n<\/td>\n

<\/td>\n\n

170,670<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n\n

169,260<\/span><\/p>\n<\/td>\n

<\/td>\n\n

1,410<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

FFO(2)<\/sup> per unit diluted<\/span><\/p>\n<\/td>\n

<\/td>\n\n

0.244<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n\n

0.252<\/span><\/p>\n<\/td>\n

<\/td>\n\n

(0.008)<\/span><\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Adjusted funds from operations (\u00ab\u00a0AFFO\u00a0\u00bb)(2)<\/sup><\/span><\/p>\n<\/td>\n

<\/td>\n\n

151,773<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n\n

154,673<\/span><\/p>\n<\/td>\n

<\/td>\n\n

(2,900)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

AFFO(2)<\/sup> per unit diluted<\/span><\/p>\n<\/td>\n

<\/td>\n\n

0.217<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n\n

0.231<\/span><\/p>\n<\/td>\n

<\/td>\n\n

(0.014)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

AFFO(2)<\/sup> payout ratio \u2013 diluted<\/span><\/p>\n<\/td>\n

<\/td>\n\n

85.4%<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n\n

80.0%<\/span><\/p>\n<\/td>\n

<\/td>\n\n

5.4%<\/span><\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Cash distributions declared<\/span><\/p>\n<\/td>\n

<\/td>\n\n

129,561<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n\n

123,745<\/span><\/p>\n<\/td>\n

<\/td>\n\n

5,816<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Weighted average number of Units outstanding \u2013 diluted<\/span><\/p>\n<\/td>\n

<\/td>\n\n

700,625,695<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n\n

670,451,259<\/span><\/p>\n<\/td>\n

<\/td>\n\n

30,174,436<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

\n\n\n\n\n\n
<\/td>\n<\/td>\n<\/tr>\n
\n

1.<\/span><\/p>\n<\/td>\n

\n

A non-GAAP measurement which includes amounts from directly held properties and equity accounted joint ventures.<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

2.<\/span><\/p>\n<\/td>\n

\n

A non-GAAP measurement. <\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

Quarterly Results<\/b>
\nFor the first quarter of 2020, Funds from Operations (a non-GAAP measure) was $170.7 million<\/span> or $0.244<\/span> per unit diluted, compared to $169.3 million<\/span> or $0.252<\/span> per unit diluted in the first quarter of 2019. FFO increased primarily due to lower borrowing costs as a result of a reduction in indebtedness in the second quarter of 2019, partially offset by a reduction in NOI attributable to the disposition of a 30-property portfolio in the third quarter of 2019. On a per unit basis, the decline was due to a higher weighted average number of units outstanding. This increase was a result of an equity offering in May 2019<\/span>, with the proceeds used to repay debt.<\/p>\n

COVID-19 Update<\/b>
\nAs one of Canada\u2019s<\/span> largest landlords, Choice Properties has an important role to play in helping Canadians and their businesses during these unprecedented and challenging times. The Trust has agreed to assist qualifying small businesses and independent tenants with a deferral of rent for 60 days, effective April 1, 2020<\/span>. The amounts deferred for qualifying tenants are due to be repaid over a 12-month period and as of April 22, 2020<\/span>, were approximately $5 million<\/span> of monthly contractual rent. The Trust has also been in discussions with those of its larger tenants who have been adversely affected by COVID-19 and will consider rent deferral requests on a case by case basis.<\/p>\n

Most of the Trust\u2019s leases require that rent be paid on the first day of each month. As of April 22, 2020<\/span>, the Trust had received 86% of the contractual rents for April, as set out in the table below:<\/p>\n

\n\n\n\n\n\n\n\n\n\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
<\/td>\n\n

% Collected<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
\n

Retail<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n\n

84 %<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
\n

Industrial<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n\n

97 %<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
\n

Office<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n\n

89 %<\/b><\/span><\/p>\n<\/td>\n

\n

(1)<\/sup><\/b><\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Total<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n\n

86 %<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
\n

(1)<\/sup> Uncollected portion primarily relates to retail tenants in office buildings<\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

From a liquidity perspective, using the most recent information available, the Trust is well-positioned to weather the current market volatility and any negative impacts on its business, however, the Trust will continue to evaluate and monitor this as the situation prolongs. The Trust has approximately $1.3 billion<\/span> available under its committed credit facility and has no significant debt maturities for the remainder of the year.<\/p>\n

The Trust expects its development initiatives will be impacted by delays due to COVID-19. These delays may impact the completion dates of ongoing development projects, but the Trust remains confident that over time, its development initiatives will add high-quality real estate to the portfolio at a reasonable cost.<\/p>\n

In light of the uncertainty surrounding the duration and severity of the pandemic, it is not possible to reliably estimate the length and severity of COVID-19 related impacts on the financial results and operations of the Trust. As announced on April 6, 2020<\/span>, the Trust has withdrawn its 2020 Outlook that is contained in its Management\u2019s Discussion and Analysis (\u00ab\u00a0MD&A\u00a0\u00bb) for the year ended December 31, 2019<\/span>. For more information on the risks presented to the Trust by the COVID-19 pandemic, please see Section 11, \u00ab\u00a0Enterprise Risks and Risk Management\u00a0\u00bb of the Trust\u2019s MD&A for the three months ended March 31, 2020<\/span>.<\/p>\n

Non-GAAP Financial Measures and Additional Financial Information<\/b><\/p>\n

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 as it relates to \u00ab\u00a0equity accounted joint ventures\u00a0\u00bb, 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 13, \u00ab\u00a0Non-GAAP Financial Measures\u00a0\u00bb, of the Choice Properties MD&A for the three months ended March 31, 2020<\/span>, and are reconciled to the most comparable IFRS measure.<\/p>\n

Choice Properties\u2019 unaudited interim period condensed consolidated financial statements and MD&A for the three months ended March 31, 2020<\/span> are available on Choice Properties\u2019 website at www.choicereit.ca<\/a><\/u> and on SEDAR at 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

Management\u2019s Discussion and Analysis and Consolidated Financial Statements and Notes<\/b><\/p>\n

Information appearing in this news release is a select summary of results. This news release should be read in conjunction with the Choice Properties 2020 First Quarter Report to Unitholders, which includes the unaudited interim period condensed consolidated financial statements and MD&A for the Trust, and is available at www.choicereit.ca<\/a><\/u> and on SEDAR at www.sedar.com<\/a><\/u>.<\/p>\n

Conference Call and Webcast<\/b><\/p>\n

Management will host a conference call on Thursday, April 23, 2020<\/span> at 11:00AM (ET)<\/span> with a simultaneous audio webcast. To access via teleconference, please dial (647) 427-7450 or (888) 231-8191. A playback will be made available two hours after the event at (416) 849-0833 or (855) 859-2056, access code: 9137276. The link to the audio webcast will be available on www.choicereit.ca<\/a><\/u> in the \u00ab\u00a0Events and Webcast\u00a0\u00bb section under \u00ab\u00a0News and Events\u00a0\u00bb.<\/p>\n

Annual Meeting of Unitholders<\/b><\/p>\n

Choice Properties\u2019 Annual Meeting of Unitholders will take place on Friday, April 24, 2020<\/span> at 10:00AM (ET)<\/span>. Due to the public health impact of the COVID-19 pandemic and in consideration of the health and safety of our Unitholders, employees and the broader community, this year\u2019s meeting will be held in a virtual meeting format only, by way of a live webcast. Unitholders can attend the meeting by joining the live webcast online at https:\/\/web.lumiagm.com\/166996853<\/a>. Refer to \u00ab\u00a0How do I attend and participate in the virtual Meeting?\u00a0\u00bb in the Management Proxy Circular which can be viewed online at www.choicereit.ca<\/a> or under Choice Properties\u2019 SEDAR profile at www.sedar.com<\/a>, for detailed instructions on how to attend and vote at the meeting. The webcast of the meeting will be archived on our website following the meeting. Please refer to the investor relations page at www.choicereit.ca<\/a> for additional details on the virtual meeting.<\/p>\n

About Choice Properties Real Estate Investment Trust<\/b><\/p>\n

Choice Properties, Canada\u2019s preeminent diversified real estate investment trust, is the owner, manager and developer of a high-quality portfolio comprising 724 properties totaling 65.6million square feet of gross leasable area. Choice Properties owns a portfolio 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 www.choicereit.ca<\/a><\/u> and Choice Properties\u2019 issuer profile at www.sedar.com<\/a><\/u>.<\/p>\n

Cautionary Statements Regarding Forward-looking Statements<\/b><\/p>\n

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

Numerous risks and uncertainties could cause the Trust\u2019s actual results to differ materially from those expressed, implied or projected in the forward-looking statements, including those described in Section 11, \u00ab\u00a0Enterprise Risks and Risk Management\u00a0\u00bb of the Trust\u2019s MD&A for the three months ended March 31, 2020<\/span>, which includes detailed risks and disclosure regarding COVID-19 and its impact on the Trust.<\/p>\n

<\/div>\n

SOURCE Choice Properties Real Estate Investment Trust<\/p>\n

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