{"id":17352,"date":"2025-07-17T16:43:01","date_gmt":"2025-07-17T20:43:01","guid":{"rendered":"https:\/\/www.choicereit.ca\/news-release\/fiducie-de-placement-immobilier-proprietes-de-choix-presente-ses-resultats-du-semestre-clos-le-30-juin-2025\/"},"modified":"2025-07-17T16:43:01","modified_gmt":"2025-07-17T20:43:01","slug":"fiducie-de-placement-immobilier-proprietes-de-choix-presente-ses-resultats-du-semestre-clos-le-30-juin-2025","status":"publish","type":"news-release","link":"https:\/\/www.choicereit.ca\/fr\/news-release\/fiducie-de-placement-immobilier-proprietes-de-choix-presente-ses-resultats-du-semestre-clos-le-30-juin-2025\/","title":{"rendered":"Fiducie de placement immobilier Propri\u00e9t\u00e9s de Choix pr\u00e9sente ses r\u00e9sultats du semestre clos le 30 juin 2025"},"content":{"rendered":"<p class=\"wp-block-cpr-paragraph-core\"><strong>Toronto, Ontario<\/strong> July 17, 2025 (BUSINESS WIRE) \u2013 Choice Properties Real Estate Investment Trust (\u201cChoice Properties\u201d or the \u201cTrust\u201d) (TSX: CHP.UN) today announced its consolidated financial results for the three and six months ended June 30, 2025. The 2025 Second Quarter Report to Unitholders is available in the Investors section of the Trust\u2019s website at <a href=\"http:\/\/www.choicereit.ca\">www.choicereit.ca<\/a>, and has been filed on SEDAR+ at <a href=\"http:\/\/www.sedarplus.ca\">www.sedarplus.ca<\/a>.<\/p>\n<p>\u201cChoice Properties delivered another solid quarter, reflecting the strength of our portfolio and disciplined financial strategy,\u201d said Rael Diamond, President and Chief Executive Officer of the Trust. \u201cRobust demand for our grocery-anchored retail and well-located industrial assets supported our performance, and we advanced our strategic priorities through $427 million in transactions that further strengthened our position.\u201d<\/p>\n<h4 class=\"wp-block-cpr-heading-four\">2025 Second Quarter Highlights<\/h4>\n<p><\/p>\n<p>\n<\/p>\n<ul class=\"wp-block-list\">\n\n\n<li>Reported a net loss for the quarter of $154.2 million compared to net income of $513.2 million in the same prior year period. The loss in the current quarter is primarily due to an unfavourable fair value adjustment in the Trust\u2019s Exchangeable Units<sup>(1)<\/sup>.<\/li>\n<p>\n\n<\/p>\n<p>\n\n<\/p>\n<li>Reported FFO<sup>(2)<\/sup> per unit diluted of $0.265, an increase of 3.9% compared to the same prior year period.<\/li>\n<p>\n\n<\/p>\n<p>\n\n<\/p>\n<li>Period end occupancy remained strong at 97.8%: Retail at 97.8%, Industrial at 98.0%, and Mixed-Use &amp; Residential at 95.4%.<\/li>\n<p>\n\n<\/p>\n<p>\n\n<\/p>\n<li>Achieved leasing spreads<sup>(3)<\/sup> on long-term renewals of 13.2% and 38.9% in the Retail and Industrial portfolios, respectively.<\/li>\n<p>\n\n<\/p>\n<p>\n\n<\/p>\n<li>Same-Asset NOI on a cash basis<sup>(2)<\/sup> increased by 1.4% compared to the same prior year period.<br>\n\n<ul class=\"wp-block-list\">\n\n\n<li>Retail increased by 1.7%;<\/li>\n<p>\n\n<\/p>\n<p>\n\n<\/p>\n<li>Industrial increased by 0.2%. Growth in the industrial segment was impacted by a bad debt provision reversal in the prior year following the resolution of a tenant dispute. Excluding bad debt expense, industrial increased by 4.2%;<\/li>\n<p>\n\n<\/p>\n<p>\n\n<\/p>\n<li>Mixed-Use &amp; Residential increased by 1.6%.<\/li>\n<p>\n\n<\/p><\/ul>\n<p>\n\n<\/p><\/li>\n<p>\n\n<\/p>\n<p>\n\n<\/p>\n<li>Completed $427.1 million of transactions in the quarter:<br>\n\n<ul class=\"wp-block-list\">\n\n\n<li>Acquired an industrial distribution centre in Ajax, ON from Loblaw for a purchase price of $182.9 million. Concurrent with the transaction, the property was leased back to Loblaw.<\/li>\n<p>\n\n<\/p>\n<p>\n\n<\/p>\n<li>Acquired eight industrial outdoor storage sites located across Canada for a purchase price of $162.0 million.<\/li>\n<p>\n\n<\/p>\n<p>\n\n<\/p>\n<li>Disposed of nine industrial sites located in Calgary, AB for proceeds of $73.4 million.<\/li>\n<p>\n\n<\/p>\n<p>\n\n<\/p>\n<li>Acquired a mixed-use parcel in Toronto, ON for $6.0 million and disposed of a retail property in Halifax, NS for $2.8 million.<\/li>\n<p>\n\n<\/p><\/ul>\n<p>\n\n<\/p><\/li>\n<p>\n\n<\/p>\n<p>\n\n<\/p>\n<li>Transferred $13.9 million of properties under development to income producing status, delivering approximately 30,900 square feet of new commercial GLA (including 6,900 square feet associated with a ground lease) on a proportionate share basis(2) through retail intensifications.<\/li>\n<p>\n\n<\/p>\n<p>\n\n<\/p>\n<li>Invested $34.2 million of capital in development projects on a proportionate share basis(2).<\/li>\n<p>\n\n<\/p>\n<p>\n\n<\/p>\n<li>Maintained healthy and stable debt metrics with Adjusted Debt to EBITDAFV(2) of 7.2x, Adjusted Debt to Total Assets(2) at 40.8%, and Interest Coverage ratio(2) of 3.3x.<\/li>\n<p>\n\n<\/p>\n<p>\n\n<\/p>\n<li>Maintained a strong liquidity position with approximately $1.3 billion of available credit and a $13.5 billion pool of unencumbered properties.<\/li>\n<p>\n\n<\/p><\/ul>\n<p>\n<\/p>\n<p><\/p>\n<p>\n<\/p>\n<h4 class=\"wp-block-cpr-heading-four\">Subsequent Events<\/h4>\n<p>\n<\/p>\n<p>\n<\/p>\n<ul class=\"wp-block-list\">\n\n\n<li>Subsequent to quarter end, Choice Properties and Loblaw renewed 39 of a tranche of 41 leases expiring in 2026, comprising 2.52 million of 2.62 million square feet, at a weighted average spread of 8.6% and a weighted average extension term of 5.0 years.<\/li>\n<p>\n\n<\/p><\/ul>\n<p>\n<\/p>\n<p>\n<\/p>\n<p class=\"wp-block-cpr-paragraph-core\" style=\"font-size: 1em;\"><sup>(1)<\/sup> Exchangeable Units are required to be classified as financial liabilities at fair value through profit and loss under GAAP. They 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.<br><sup>(2) <\/sup>Refer to Non-GAAP Financial Measures and Additional Financial Information section.<br><sup>(3)<\/sup> Long-term renewal spreads are calculated as the difference between the average rate during the renewal term and the expiring rental rate.<\/p>\n<p>\n<\/p>\n<p>\n<\/p>\n<h4 class=\"wp-block-cpr-heading-four\">Summary of GAAP Basis Financial Results<\/h4>\n<p>\n<\/p>\n<p><!-- \/wp:post-content --><\/p>\n<p><!-- wp:table {\"hasFixedLayout\":false} --><\/p>\n<figure class=\"wp-block-table\">\n<table>\n<tbody>\n<tr>\n<td> <\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"> <\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"><strong>Three Months<\/strong><\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"> <\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"> <\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"><strong>Six Months<\/strong><\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"> <\/td>\n<\/tr>\n<tr>\n<td>($ thousands except where otherwise indicated)<br>(unaudited)<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"><strong>June 30, 2025<\/strong><\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">June 30, 2024<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">Change $<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"><strong>June 30, 2025<\/strong><\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">June 30, 2024<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">Change $<\/td>\n<\/tr>\n<tr>\n<td>Net (loss) income<\/td>\n<td><strong>$<\/strong><\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"><strong>(154,247)<\/strong><\/td>\n<td>$<\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">513,231<\/td>\n<td>$<\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">(667,478)<\/td>\n<td><strong>$<\/strong><\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"><strong>(250,480)<\/strong><\/td>\n<td>$<\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">655,510<\/td>\n<td>$<\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">(905,990)<\/td>\n<\/tr>\n<tr>\n<td>Net (loss) income per unit diluted<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"><strong>(0.213)<\/strong><\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">0.709<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">(0.922)<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"><strong>(0.346)<\/strong><\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">0.906<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">(1.252)<\/td>\n<\/tr>\n<tr>\n<td>Rental revenue<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"><strong>350,779<\/strong><\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">335,388<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">15,391<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"><strong>697,691<\/strong><\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">673,346<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">24,345<\/td>\n<\/tr>\n<tr>\n<td>Fair value (loss) gain on Exchangeable Units<sup>(i)<\/sup><\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"><strong>(364,124)<\/strong><\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">372,039<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">(736,163)<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"><strong>(601,596)<\/strong><\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">439,323<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">(1,040,919)<\/td>\n<\/tr>\n<tr>\n<td>Fair value gains (losses) excluding Exchangeable Units<sup>(ii)<\/sup><\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"><strong>101,704<\/strong><\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">1,453<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">100,251<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"><strong>122,670<\/strong><\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">(28,772)<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">151,442<\/td>\n<\/tr>\n<tr>\n<td>Cash flows from operating activities<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"><strong>160,037<\/strong><\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">136,282<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">23,755<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"><strong>299,398<\/strong><\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">277,874<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">21,524<\/td>\n<\/tr>\n<tr>\n<td>Weighted average number of units outstanding \u2013 diluted<sup>(iii)<\/sup><\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"><strong>723,810,797<\/strong><\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">723,659,539<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">151,258<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"><strong>723,790,848<\/strong><\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">723,664,669<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">126,179<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/figure>\n<p><!-- \/wp:table --><\/p>\n<p class=\"wp-block-cpr-paragraph-core\" style=\"font-size: 1em;\"><sup>(i)<\/sup> Exchangeable Units are required to be classified as financial liabilities at fair value through profit and loss under GAAP. They 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.<br><sup>(ii) <\/sup>Fair value gains (losses) excluding Exchangeable Units includes adjustments to fair value of investment properties, investment in real estate securities, and unit-based compensation.<br><sup>(iii) <\/sup>Includes Trust Units and Exchangeable Units.<\/p>\n<p><!-- wp:cpr\/heading-four {\"content\":\"Quarterly Results\"} --><\/p>\n<h4 class=\"wp-block-cpr-heading-four\">Quarterly Results<\/h4>\n<p><!-- \/wp:cpr\/heading-four --><\/p>\n<p><!-- wp:cpr\/paragraph-core {\"content\":\"Choice Properties reported a net loss of $154.2 million for the second quarter of 2025 compared to net income of $513.2 million in the same prior year period. The decrease of $667.5 million was primarily due to changes in certain non-cash adjustments to fair value including:\"} --><\/p>\n<p class=\"wp-block-cpr-paragraph-core\">Choice Properties reported a net loss of $154.2 million for the second quarter of 2025 compared to net income of $513.2 million in the same prior year period. The decrease of $667.5 million was primarily due to changes in certain non-cash adjustments to fair value including:<\/p>\n<p><!-- \/wp:cpr\/paragraph-core --><\/p>\n<p><!-- wp:list --><\/p>\n<ul class=\"wp-block-list\">\n<li style=\"list-style-type: none;\">\n<ul class=\"wp-block-list\"><!-- wp:list-item -->\n<li>a $736.2 million unfavourable change in the adjustment to fair value of the Trust\u2019s Exchangeable Units due to the increase in the Trust\u2019s unit price; partially offset by<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p><!-- \/wp:list-item --><\/p>\n<p><!-- wp:list-item --><\/p>\n<ul class=\"wp-block-list\">\n<li style=\"list-style-type: none;\">\n<ul class=\"wp-block-list\">\n<li>a $65.5 million favourable change in the adjustment to fair value of investment properties; and<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p><!-- \/wp:list-item --><\/p>\n<p><!-- wp:list-item --><\/p>\n<ul class=\"wp-block-list\">\n<li style=\"list-style-type: none;\">\n<ul class=\"wp-block-list\">\n<li>a $37.0 million favourable change in the adjustment to fair value of the investment in real estate securities of Allied, driven by the change in Allied\u2019s unit price in the quarter.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p><!-- \/wp:list-item --><\/p>\n<p><!-- \/wp:list --><\/p>\n<p><!-- wp:cpr\/paragraph-core {\"content\":\"In addition to the fair value changes described above, the reversal of a $38.6 million transaction related provision during the second quarter of 2024 further contributed to the decrease. The decrease was partially offset by higher net operating income of $9.4 million.\"} --><\/p>\n<p class=\"wp-block-cpr-paragraph-core\">In addition to the fair value changes described above, the reversal of a $38.6 million transaction related provision during the second quarter of 2024 further contributed to the decrease. The decrease was partially offset by higher net operating income of $9.4 million.<\/p>\n<p><!-- \/wp:cpr\/paragraph-core --><\/p>\n<p><!-- wp:cpr\/heading-four {\"content\":\"Year-to-Date Results\"} --><\/p>\n<h4 class=\"wp-block-cpr-heading-four\">Year-to-Date Results<\/h4>\n<p><!-- \/wp:cpr\/heading-four --><\/p>\n<p><!-- wp:cpr\/paragraph-core {\"content\":\"Choice Properties reported a net loss of $250.5 million for the six months ended June 30, 2025 compared to net income of $655.5 million in the same prior year period. The decrease of $906.0 million was primarily due to changes in certain non-cash adjustments to fair value including:\"} --><\/p>\n<p class=\"wp-block-cpr-paragraph-core\">Choice Properties reported a net loss of $250.5 million for the six months ended June 30, 2025 compared to net income of $655.5 million in the same prior year period. The decrease of $906.0 million was primarily due to changes in certain non-cash adjustments to fair value including:<\/p>\n<p><!-- \/wp:cpr\/paragraph-core --><\/p>\n<p><!-- wp:list --><\/p>\n<ul class=\"wp-block-list\">\n<li style=\"list-style-type: none;\">\n<ul class=\"wp-block-list\"><!-- wp:list-item -->\n<li>a $1,040.9 million unfavourable change in the adjustment to fair value of the Trust\u2019s Exchangeable Units due to the increase in the Trust\u2019s unit price; partially offset by<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p><!-- \/wp:list-item --><\/p>\n<p><!-- wp:list-item --><\/p>\n<ul class=\"wp-block-list\">\n<li style=\"list-style-type: none;\">\n<ul class=\"wp-block-list\">\n<li>a $96.8 million favourable change in the adjustment to fair value of investment properties; and<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p><!-- \/wp:list-item --><\/p>\n<p><!-- wp:list-item --><\/p>\n<ul class=\"wp-block-list\">\n<li style=\"list-style-type: none;\">\n<ul class=\"wp-block-list\">\n<li>a $57.6 million favourable change in the adjustment to fair value of the investment in real estate securities of Allied, driven by the change in Allied\u2019s unit price in the quarter.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p><!-- \/wp:list-item --><\/p>\n<p><!-- \/wp:list --><\/p>\n<p><!-- wp:cpr\/paragraph-core {\"content\":\"In addition to the fair value changes described above, the reversal of a $38.6 million transaction related provision during the second quarter of 2024 further contributed to the decrease. The decrease was partially offset by higher net operating income of $15.4 million.\"} --><\/p>\n<p class=\"wp-block-cpr-paragraph-core\">In addition to the fair value changes described above, the reversal of a $38.6 million transaction related provision during the second quarter of 2024 further contributed to the decrease. The decrease was partially offset by higher net operating income of $15.4 million.<\/p>\n<p><!-- \/wp:cpr\/paragraph-core --><\/p>\n<p><!-- wp:cpr\/heading-four {\"content\":\"Summary of Proportionate Shareu003csupu003e(2)u003c\/supu003e Financial Results\"} --><\/p>\n<h4 class=\"wp-block-cpr-heading-four\">Summary of Proportionate Share<sup>(2)<\/sup> Financial Results<\/h4>\n<p><!-- \/wp:cpr\/heading-four --><br><!-- \/wp:cpr\/body-copy --><\/p>\n<p><!-- wp:table {\"hasFixedLayout\":false} --><\/p>\n<figure class=\"wp-block-table\">\n<table>\n<tbody>\n<tr>\n<td> <\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"> <\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"><strong>Three Months<\/strong><\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"> <\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"> <\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"><strong>Six Months<\/strong><\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"> <\/td>\n<\/tr>\n<tr>\n<td>As at or for the period ended<br>($ thousands except where otherwise indicated)<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"><strong>June 30, 2025<\/strong><\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">June 30, 2024<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">Change $<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"><strong>June 30, 2025<\/strong><\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">June 30, 2024<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">Change $<\/td>\n<\/tr>\n<tr>\n<td>Rental revenue<sup>(i)<\/sup><\/td>\n<td><strong>$<\/strong><\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"><strong>376,275<\/strong><\/td>\n<td>$<\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">358,252<\/td>\n<td>$<\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">18,023<\/td>\n<td><strong>$<\/strong><\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"><strong>748,321<\/strong><\/td>\n<td>$<\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">719,660<\/td>\n<td>$<\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">28,661<\/td>\n<\/tr>\n<tr>\n<td>Net Operating Income (\u201cNOI\u201d), Cash Basis<sup>(i)<\/sup><\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"><strong>268,399<\/strong><\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">256,568<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">11,831<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"><strong>530,469<\/strong><\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">508,201<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">22,268<\/td>\n<\/tr>\n<tr>\n<td>Same-Asset NOI, Cash Basis<sup>(i)<\/sup><\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"><strong>249,314<\/strong><\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">245,889<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">3,425<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"><strong>497,521<\/strong><\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">487,392<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">10,129<\/td>\n<\/tr>\n<tr>\n<td>Adjustment to fair value of investment properties<sup>(i)<\/sup><\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"><strong>91,035<\/strong><\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">25,542<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">65,493<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"><strong>131,013<\/strong><\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">21,982<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">109,031<\/td>\n<\/tr>\n<tr>\n<td>Occupancy (% of GLA)<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"><strong>97.8 %<\/strong><\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">98.0 %<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">(0.2) %<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"><strong>97.8 %<\/strong><\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">98.0 %<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">(0.2) %<\/td>\n<\/tr>\n<tr>\n<td>Funds from operations (\u201cFFO\u201d)<sup>(i)<\/sup><\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"><strong>191,567<\/strong><\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">184,714<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">6,853<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"><strong>382,506<\/strong><\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">371,903<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">10,603<\/td>\n<\/tr>\n<tr>\n<td>FFO<sup>(i)<\/sup> per unit diluted<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"><strong>0.265<\/strong><\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">0.255<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">0.010<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"><strong>0.528<\/strong><\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">0.514<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">0.014<\/td>\n<\/tr>\n<tr>\n<td>Adjusted funds from operations (\u201cAFFO\u201d)<sup>(i)<\/sup><\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"><strong>166,945<\/strong><\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">176,600<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">(9,655)<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"><strong>347,210<\/strong><\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">349,746<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">(2,536)<\/td>\n<\/tr>\n<tr>\n<td>AFFO<sup>(i) <\/sup>per unit diluted<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"><strong>0.231<\/strong><\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">0.244<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">(0.013)<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"><strong>0.480<\/strong><\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">0.483<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">(0.003)<\/td>\n<\/tr>\n<tr>\n<td>AFFO<sup>(i)<\/sup> payout ratio \u2013 diluted<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"><strong>83.5 %<\/strong><\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">77.9 %<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">5.6 %<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"><strong>79.9 %<\/strong><\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">78.3 %<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">1.6 %<\/td>\n<\/tr>\n<tr>\n<td>Cash distributions declared<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"><strong>139,334<\/strong><\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">137,492<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">1,842<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"><strong>277,455<\/strong><\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">273,779<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">3,676<\/td>\n<\/tr>\n<tr>\n<td>Weighted average number of units outstanding \u2013 diluted<sup>(ii)<\/sup><\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"><strong>723,810,797<\/strong><\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">723,659,539<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">151,258<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"><strong>723,790,848<\/strong><\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">723,664,669<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">126,179<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/figure>\n<p><!-- \/wp:table --><\/p>\n<p><!-- wp:cpr\/body-copy --><\/p>\n<p class=\"wp-block-cpr-paragraph-core\" style=\"font-size: 1em;\">(i) Refer to Non-GAAP Financial Measures and Additional Financial Information section.<br>(ii) Includes Trust Units and Exchangeable Units.<\/p>\n<p><!-- wp:cpr\/heading-four {\"content\":\"Quarterly and Year-to-Date Results\"} --><\/p>\n<h4 class=\"wp-block-cpr-heading-four\">Quarterly and Year-to-Date Results<\/h4>\n<p><!-- \/wp:cpr\/heading-four --><\/p>\n<p><!-- wp:cpr\/paragraph-core {\"content\":\"For the three and six months ended June 30, 2025, Same-Asset NOI, Cash Basisu003csupu003e(2)u003c\/supu003e increased by $3.4 million and $10.1 million, respectively, compared to the same prior year primarily due to increased revenue from higher rental rates on renewals, new leasing, and contractual rent steps mainly in the retail and industrial portfolios. The increase was partially offset by the impact of a bad debt provision reversal in the prior year in the industrial portfolio following the resolution of a tenant dispute. In addition, the increase for the six month period included a property tax incentive recognized in the mixed-use and residential portfolio in the first quarter of 2025.u003cbru003eu003cbru003eFFOu003csupu003e(2)u003c\/supu003e increased by $6.9 million and $10.6 million for the three and six months ended June 30, 2025, respectively. The increase was primarily due to an increase in net operating income and lower general and administrative expenses, partially offset by higher interest expense and lower interest income.u003cbru003eu003cbru003eAFFOu003csupu003e(2)u003c\/supu003e decreased by $9.7 million and $2.5 million for the three and six months ended June 30, 2025, respectively. The decrease was primarily due to the earlier commencement of maintenance capital projects in the current year, partially offset by the increase in FFOu003csupu003e(1)u003c\/supu003e as noted above. AFFO is impacted by the seasonality inherent in the timing of executing capital projects.\"} --><\/p>\n<p class=\"wp-block-cpr-paragraph-core\">For the three and six months ended June 30, 2025, Same-Asset NOI, Cash Basis<sup>(2)<\/sup> increased by $3.4 million and $10.1 million, respectively, compared to the same prior year primarily due to increased revenue from higher rental rates on renewals, new leasing, and contractual rent steps mainly in the retail and industrial portfolios. The increase was partially offset by the impact of a bad debt provision reversal in the prior year in the industrial portfolio following the resolution of a tenant dispute. In addition, the increase for the six month period included a property tax incentive recognized in the mixed-use and residential portfolio in the first quarter of 2025.<\/p>\n<p>FFO<sup>(2)<\/sup> increased by $6.9 million and $10.6 million for the three and six months ended June 30, 2025, respectively. The increase was primarily due to an increase in net operating income and lower general and administrative expenses, partially offset by higher interest expense and lower interest income.<\/p>\n<p>AFFO<sup>(2)<\/sup> decreased by $9.7 million and $2.5 million for the three and six months ended June 30, 2025, respectively. The decrease was primarily due to the earlier commencement of maintenance capital projects in the current year, partially offset by the increase in FFO<sup>(1)<\/sup> as noted above. AFFO is impacted by the seasonality inherent in the timing of executing capital projects.<\/p>\n<p><!-- \/wp:cpr\/paragraph-core --><\/p>\n<p><!-- wp:cpr\/heading-four {\"content\":\"Outlook\"} --><\/p>\n<h4 class=\"wp-block-cpr-heading-four\">Outlook<\/h4>\n<p><!-- \/wp:cpr\/heading-four --><\/p>\n<p><!-- wp:cpr\/paragraph-core {\"content\":\"We are focused on capital preservation, delivering stable and growing cash flows and net asset value appreciation. Our high-quality portfolio is primarily leased to necessity-based tenants and logistics providers, who are less sensitive to economic volatility and therefore provide stability to our overall portfolio. We will continue to advance our development program, with a focus on commercial developments, which provides us with the best opportunity to add high-quality real estate to our portfolio at a reasonable cost and drive net asset value appreciation over time.u003cbru003eu003cbru003eWe are confident that our business model, stable tenant base, strong balance sheet, and disciplined approach to financial management will continue to benefit us. In 2025, Choice Properties is targeting:\"} --><\/p>\n<p class=\"wp-block-cpr-paragraph-core\">We are focused on capital preservation, delivering stable and growing cash flows and net asset value appreciation. Our high-quality portfolio is primarily leased to necessity-based tenants and logistics providers, who are less sensitive to economic volatility and therefore provide stability to our overall portfolio. We will continue to advance our development program, with a focus on commercial developments, which provides us with the best opportunity to add high-quality real estate to our portfolio at a reasonable cost and drive net asset value appreciation over time.<\/p>\n<p>We are confident that our business model, stable tenant base, strong balance sheet, and disciplined approach to financial management will continue to benefit us. In 2025, Choice Properties is targeting:<\/p>\n<p><!-- \/wp:cpr\/paragraph-core --><\/p>\n<p><!-- wp:list --><\/p>\n<ul class=\"wp-block-list\">\n<li style=\"list-style-type: none;\">\n<ul class=\"wp-block-list\"><!-- wp:list-item -->\n<li>Stable occupancy across the portfolio, resulting in approximately 2%-3% year-over-year growth in Same-Asset NOI, Cash Basis;<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p><!-- \/wp:list-item --><\/p>\n<p><!-- wp:list-item --><\/p>\n<ul class=\"wp-block-list\">\n<li style=\"list-style-type: none;\">\n<ul class=\"wp-block-list\">\n<li>Annual FFO per unit diluted in a range of $1.05 to $1.06, reflecting approximately 2%-3% year-over-year growth; and<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p><!-- \/wp:list-item --><\/p>\n<p><!-- wp:list-item --><\/p>\n<ul class=\"wp-block-list\">\n<li style=\"list-style-type: none;\">\n<ul class=\"wp-block-list\">\n<li>Strong leverage metrics, targeting Adjusted Debt to EBITDAFV below 7.5x.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p><!-- \/wp:list-item --><\/p>\n<p><!-- \/wp:list --><\/p>\n<p><!-- wp:cpr\/heading-four {\"content\":\"Non-GAAP Financial Measures and Additional Financial Information\"} --><\/p>\n<h4 class=\"wp-block-cpr-heading-four\">Non-GAAP Financial Measures and Additional Financial Information<\/h4>\n<p><!-- \/wp:cpr\/heading-four --><\/p>\n<p><!-- wp:cpr\/paragraph-core {\"content\":\"In addition to using performance measures determined in accordance with International Financial Reporting Standards (\u201cIFRS\u201d or \u201cGAAP\u201d), 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 flows 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. The non-GAAP measures included in this news release are defined and reconciled to the most comparable GAAP measure below. Choice Properties believes these non-GAAP financial measures provide useful information to both management and investors in measuring the financial performance and financial condition of the Trust for the reasons outlined below.\"} --><\/p>\n<p class=\"wp-block-cpr-paragraph-core\">In addition to using performance measures determined in accordance with International Financial Reporting Standards (\u201cIFRS\u201d or \u201cGAAP\u201d), 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 flows 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. The non-GAAP measures included in this news release are defined and reconciled to the most comparable GAAP measure below. Choice Properties believes these non-GAAP financial measures provide useful information to both management and investors in measuring the financial performance and financial condition of the Trust for the reasons outlined below.<\/p>\n<p><!-- \/wp:cpr\/paragraph-core --><br><!-- \/wp:cpr\/body-copy --><\/p>\n<p><!-- wp:table {\"hasFixedLayout\":false} --><\/p>\n<figure class=\"wp-block-table\">\n<table>\n<tbody>\n<tr>\n<td><strong>Non-GAAP Measure<\/strong><\/td>\n<td><strong>Description<\/strong><\/td>\n<\/tr>\n<tr>\n<td>Proportionate Share<\/td>\n<td>\u2022 Represents financial information adjusted to reflect the Trust\u2019s equity accounted joint ventures and financial real estate assets and its share of net income (loss) from equity accounted joint ventures and financial real estate assets on a proportionately consolidated basis at the Trust\u2019s ownership percentage of the related investment.<br>\u2022 Management views this method as relevant in demonstrating the Trust\u2019s ability to manage the underlying economics of the related investments, including the financial performance and cash flows and the extent to which the underlying assets are leveraged, which is an important component of risk management.<\/td>\n<\/tr>\n<tr>\n<td>Net Operating Income (\u201cNOI\u201d), Accounting Basis<\/td>\n<td>\u2022 Defined as property rental revenue including straight-line rental revenue, reimbursed contract revenue and lease surrender revenue, less direct property operating expenses and realty taxes, and excludes certain expenses such as interest expense and indirect operating expenses in order to provide results that reflect a property\u2019s operations before consideration of its financing or the costs of operating the entity in which it is held.<br>\u2022 Management believes that NOI is an important measure of operating performance for the Trust\u2019s commercial real estate assets that is used by real estate industry analysts, investors and management, while also being a key input in determining the fair value of the Choice Properties portfolio.<\/td>\n<\/tr>\n<tr>\n<td>NOI, Cash Basis<\/td>\n<td>\u2022 Defined as property rental revenue and reimbursed contract revenue, excluding straight-line rental revenue and lease surrender revenue, less direct property operating expenses and realty taxes, and excludes certain expenses such as interest expense and indirect operating expenses in order to provide results that reflect a property\u2019s operations before consideration of its financing or the costs of operating the entity in which it is held.<br>\u2022 Management believes NOI, Cash Basis is a useful measure in understanding period-over-period changes in income from operations due to occupancy, rental rates, operating costs and realty taxes.<\/td>\n<\/tr>\n<tr>\n<td>Same-Asset NOI, Cash Basis\u00a0<br>\u00a0<br>\nand\u00a0<br>\u00a0<br>\nSame-Asset NOI, Accounting Basis<\/td>\n<td>\u2022 Same-Asset NOI is used to evaluate the period-over-period performance of those commercial properties and stabilized residential properties, owned and operated by Choice Properties since January 1, 2024, inclusive.<br>\u2022 NOI from properties that have been (i) purchased, (ii) disposed, (iii) subject to significant change as a result of new development, redevelopment, expansion, or demolition, or (iv) residential properties not yet stabilized (collectively, \u201cTransactions\u201d) are excluded from the determination of Same-Asset NOI.<br>\u2022 Same-Asset NOI, Cash Basis, is useful in evaluating the realization of contractual rental rate changes embedded in lease agreements and\/or the expiry of rent-free periods, while also being a useful measure in understanding period-over-period changes in NOI due to occupancy, rental rates, operating costs and realty taxes, before considering the changes in NOI that can be attributed to Transactions and development activities.<\/td>\n<\/tr>\n<tr>\n<td>Funds from Operations (\u201cFFO\u201d)<\/td>\n<td>\u2022 Calculated in accordance with the Real Property Association of Canada\u2019s (\u201cREALPAC\u201d) <em>Funds From Operations (FFO) &amp; Adjusted Funds From Operations (AFFO) for IFRS<\/em> issued in January 2022.<br>\u2022 Management considers FFO to be a useful measure of operating performance as it adjusts for items included in net income (or loss) that do not arise from operating activities or do not necessarily provide an accurate depiction of the Trust\u2019s past or recurring performance, such as adjustments to fair value of Exchangeable Units, investment properties, investment in real estate securities, and unit-based compensation. From time to time, the Trust may enter into transactions that materially impact the calculation and are eliminated from the calculation for management\u2019s review purposes.<br>\u2022 Management uses and believes that FFO is a useful measure of the Trust\u2019s performance that, when compared period over period, reflects the impact on operations of trends in occupancy levels, rental rates, operating costs and realty taxes, acquisition activities and interest costs.<\/td>\n<\/tr>\n<tr>\n<td>Adjusted Funds from Operations (\u201cAFFO\u201d)<\/td>\n<td>\u2022 Calculated in accordance with REALPAC\u2019s <em>Funds From Operations (FFO) &amp; Adjusted Funds From Operations (AFFO) for IFRS<\/em> issued in January 2022.<br>\u2022 Management considers AFFO to be a useful measure of operating performance as it further adjusts FFO for capital expenditures that sustain income producing properties and eliminates the impact of straight-line rental revenue. AFFO is impacted by the seasonality inherent in the timing of executing property capital projects.<br>\u2022 In calculating AFFO, FFO is adjusted to exclude straight-line rental revenue and deduct expenditure relating to internal leasing activities and property capital projects. Working capital changes, viewed as short-term cash requirements or surpluses, are deemed financing activities pursuant to the methodology and are not considered when calculating AFFO.<br>\u2022 Capital expenditures which are not deducted in the calculation of AFFO comprise those which generate a new investment stream, such as constructing a new retail pad during property expansion or intensification, development activities or acquisition activities.<br>\u2022 Accordingly, AFFO differs from FFO in that AFFO excludes from its definition certain non-cash revenues and expenses recognized under GAAP, such as straight-line rental revenue, but also includes capital and leasing costs incurred during the period which are capitalized for GAAP purposes. From time to time, the Trust may enter into transactions that materially impact the calculation and are eliminated from the calculation for management\u2019s review purposes.<\/td>\n<\/tr>\n<tr>\n<td>AFFO Payout Ratio<\/td>\n<td>\u2022 AFFO payout ratio is a supplementary measure used by Management to assess the sustainability of the Trust\u2019s distribution payments.<br>\u2022 The ratio is calculated using cash distributions declared divided by AFFO.<\/td>\n<\/tr>\n<tr>\n<td>Earnings before Interest, Taxes, Depreciation, Amortization and Fair Value (\u201cEBITDAFV\u201d)<\/td>\n<td>\u2022 Defined as net income (loss) attributable to Unitholders, reversing, where applicable, income taxes, interest expense, amortization expense, depreciation expense, adjustments to fair value and other adjustments as allowed in the Trust Indentures, as supplemented.<br>\u2022 Management believes EBITDAFV is useful in assessing the Trust\u2019s ability to service its debt, finance capital expenditures and provide distributions to its Unitholders.<\/td>\n<\/tr>\n<tr>\n<td>Total Adjusted Debt<\/td>\n<td>\u2022 Defined as variable rate debt (construction loans, mortgages, and credit facility) and fixed rate debt (senior unsecured debentures, construction loans and mortgages), as measured on a proportionate share basis, and does not include the Exchangeable Units which are included as part of unit equity on account of the Exchangeable Units being economically equivalent and receiving equal distributions to the Trust Units.<br>\u2022 Total Adjusted Debt is presented on a net basis to include the impact of other finance charges such as debt placement costs and discounts or premiums, and defeasance or other prepayments of debt.<\/td>\n<\/tr>\n<tr>\n<td>Net Asset Value (\u201cNAV\u201d)<\/td>\n<td>\u2022 NAV is an alternative measurement of equity. It is calculated by summing Unitholder\u2019s Equity and the fair value of the Trust\u2019s Exchangeable Units. Under GAAP, Exchangeable Units are considered debt. The Exchangeable Units are not required to be repaid and the holder of these units has the right to convert them into Units, therefore management considers the Exchangeable Units to be equivalent to equity.<br>\u2022 NAV is a useful measure as it reflects management\u2019s view of the intrinsic value of the Trust. NAV per unit allows management to determine if the Trust is trading at a discount or premium to its intrinsic value.<\/td>\n<\/tr>\n<tr>\n<td>Adjusted Debt to EBITDAFV,\u00a0<br>\u00a0<br>\nand\u00a0<br>\u00a0<br>\nAdjusted Debt to EBITDAFV, net of cash<\/td>\n<td>\u2022 Calculated as Total Adjusted Debt divided by EBITDAFV.<br>\u2022 This ratio is used to assess the financial leverage of Choice Properties, measure its ability to meet financial obligations, and provide a snapshot of its balance sheet strength.<br>\u2022 Management also presents this ratio with Total Adjusted Debt calculated net of cash and cash equivalents at the measurement date.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/figure>\n<p><!-- \/wp:table --><\/p>\n<p><!-- wp:cpr\/body-copy --><\/p>\n<p><!-- wp:cpr\/paragraph-core {\"content\":\"The following table reconciles net loss, as determined in accordance with GAAP, to net loss on a proportionate share basisu003csupu003e(2)u003c\/supu003e for the three and six months ended June 30, 2025:\"} --><\/p>\n<p class=\"wp-block-cpr-paragraph-core\">The following table reconciles net loss, as determined in accordance with GAAP, to net loss on a proportionate share basis<sup>(2)<\/sup> for the three and six months ended June 30, 2025:<\/p>\n<p><!-- \/wp:cpr\/paragraph-core --><\/p>\n<p><!-- \/wp:cpr\/body-copy --><\/p>\n<p><!-- wp:table {\"hasFixedLayout\":false} --><\/p>\n<figure class=\"wp-block-table\">\n<table>\n<tbody>\n<tr>\n<td> <\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"> <\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"><strong>Three Months<\/strong><\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"> <\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"> <\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"><strong>Six Months<\/strong><\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"> <\/td>\n<\/tr>\n<tr>\n<td>($ thousands)<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"><strong>GAAP Basis<\/strong><\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"><strong>Adjustment to Proportionate Share Basis<sup>(2)<\/sup><\/strong><\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"><strong>Proportionate Share Basis<sup>(2)<\/sup><\/strong><\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"><strong>GAAP Basis<\/strong><\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"><strong>Adjustment to Proportionate Share Basis<sup>(2)<\/sup><\/strong><\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"><strong>Proportionate Share Basis<sup>(2)<\/sup><\/strong><\/td>\n<\/tr>\n<tr>\n<td><strong>Net Operating Income<\/strong><\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"> <\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"> <\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"> <\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"> <\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"> <\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"> <\/td>\n<\/tr>\n<tr>\n<td>Rental revenue<\/td>\n<td>$<\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">350,779<\/td>\n<td>$<\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">25,496<\/td>\n<td>$<\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">376,275<\/td>\n<td>$<\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">697,691<\/td>\n<td>$<\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">50,630<\/td>\n<td>$<\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">748,321<\/td>\n<\/tr>\n<tr>\n<td>Property operating costs<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">(99,223)<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">(7,614)<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">(106,837)<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">(200,286)<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">(15,444)<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">(215,730)<\/td>\n<\/tr>\n<tr>\n<td> <\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">251,556<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">17,882<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">269,438<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">497,405<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">35,186<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">532,591<\/td>\n<\/tr>\n<tr>\n<td><strong>Other Income and Expenses<\/strong><\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"> <\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"> <\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"> <\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"> <\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"> <\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"> <\/td>\n<\/tr>\n<tr>\n<td>Interest income<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">9,028<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">(2,893)<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">6,135<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">20,689<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">(7,203)<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">13,486<\/td>\n<\/tr>\n<tr>\n<td>Investment income<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">5,315<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">\u2014<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">5,315<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">10,630<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">\u2014<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">10,630<\/td>\n<\/tr>\n<tr>\n<td>Fee income<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">738<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">\u2014<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">738<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">3,208<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">\u2014<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">3,208<\/td>\n<\/tr>\n<tr>\n<td>Net interest expense and other financing charges<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">(148,957)<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">(6,818)<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">(155,775)<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">(295,146)<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">(13,677)<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">(308,823)<\/td>\n<\/tr>\n<tr>\n<td>General and administrative expenses<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">(14,976)<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">\u2014<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">(14,976)<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">(29,713)<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">\u2014<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">(29,713)<\/td>\n<\/tr>\n<tr>\n<td>Share of income from equity accounted joint ventures<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">5,720<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">(5,720)<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">\u2014<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">21,875<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">(21,875)<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">\u2014<\/td>\n<\/tr>\n<tr>\n<td>Amortization of intangible assets<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">(250)<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">\u2014<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">(250)<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">(500)<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">\u2014<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">(500)<\/td>\n<\/tr>\n<tr>\n<td>Adjustment to fair value of unit-based compensation<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">(875)<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">\u2014<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">(875)<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">(893)<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">\u2014<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">(893)<\/td>\n<\/tr>\n<tr>\n<td>Adjustment to fair value of Exchangeable Units<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">(364,124)<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">\u2014<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">(364,124)<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">(601,596)<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">\u2014<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">(601,596)<\/td>\n<\/tr>\n<tr>\n<td>Adjustment to fair value of investment properties<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">93,486<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">(2,451)<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">91,035<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">123,444<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">7,569<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">131,013<\/td>\n<\/tr>\n<tr>\n<td>Adjustment to fair value of investment in real estate securities<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">9,093<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">\u2014<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">9,093<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">119<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">\u2014<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">119<\/td>\n<\/tr>\n<tr>\n<td><strong>Loss before Income Taxes<\/strong><\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">(154,246)<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">\u2014<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">(154,246)<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">(250,478)<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">\u2014<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">(250,478)<\/td>\n<\/tr>\n<tr>\n<td>Income tax expense<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">(1)<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">\u2014<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">(1)<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">(2)<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">\u2014<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">(2)<\/td>\n<\/tr>\n<tr>\n<td><strong>Net Loss<\/strong><\/td>\n<td>$<\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">(154,247)<\/td>\n<td>$<\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">\u2014<\/td>\n<td>$<\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">(154,247)<\/td>\n<td>$<\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">(250,480)<\/td>\n<td>$<\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">\u2014<\/td>\n<td>$<\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">(250,480)<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/figure>\n<p><!-- \/wp:table --><\/p>\n<p><!-- wp:cpr\/body-copy --><\/p>\n<p><!-- wp:cpr\/paragraph-core {\"content\":\"The following table reconciles net income, as determined in accordance with GAAP, to net income on a proportionate share basisu003csupu003e(2)u003c\/supu003e for the three and six months ended June 30, 2024:\"} --><\/p>\n<p class=\"wp-block-cpr-paragraph-core\">The following table reconciles net income, as determined in accordance with GAAP, to net income on a proportionate share basis<sup>(2)<\/sup> for the three and six months ended June 30, 2024:<\/p>\n<p><!-- \/wp:cpr\/paragraph-core --><\/p>\n<p><!-- \/wp:cpr\/body-copy --><\/p>\n<p><!-- wp:table {\"hasFixedLayout\":false} --><\/p>\n<figure class=\"wp-block-table\">\n<table>\n<tbody>\n<tr>\n<td> <\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"> <\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"><strong>Three Months<\/strong><\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"> <\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"> <\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"><strong>Six Months<\/strong><\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"> <\/td>\n<\/tr>\n<tr>\n<td>($ thousands)<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"><strong>GAAP Basis<\/strong><\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"><strong>Adjustment to Proportionate Share Basis<sup>(2)<\/sup><\/strong><\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"><strong>Proportionate Share Basis<sup>(2)<\/sup><\/strong><\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"><strong>GAAP Basis<\/strong><\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"><strong>Adjustment to Proportionate Share Basis<sup>(2)<\/sup><\/strong><\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"><strong>Proportionate Share Basis<sup>(2)<\/sup><\/strong><\/td>\n<\/tr>\n<tr>\n<td><strong>Net Operating Income<\/strong><\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"> <\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"> <\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"> <\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"> <\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"> <\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"> <\/td>\n<\/tr>\n<tr>\n<td>Rental revenue<\/td>\n<td>$<\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">335,388<\/td>\n<td>$<\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">22,864<\/td>\n<td>$<\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">358,252<\/td>\n<td>$<\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">673,346<\/td>\n<td>$<\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">46,314<\/td>\n<td>$<\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">719,660<\/td>\n<\/tr>\n<tr>\n<td>Property operating costs<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">(93,195)<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">(8,041)<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">(101,236)<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">(191,300)<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">(16,287)<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">(207,587)<\/td>\n<\/tr>\n<tr>\n<td> <\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">242,193<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">14,823<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">257,016<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">482,046<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">30,027<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">512,073<\/td>\n<\/tr>\n<tr>\n<td><strong>Residential Inventory Income<\/strong><\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"> <\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"> <\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"> <\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"> <\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"> <\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"> <\/td>\n<\/tr>\n<tr>\n<td>Gross sales<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">\u2014<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">\u2014<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">\u2014<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">11,268<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">\u2014<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">11,268<\/td>\n<\/tr>\n<tr>\n<td>Cost of sales<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">\u2014<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">\u2014<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">\u2014<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">(9,234)<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">\u2014<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">(9,234)<\/td>\n<\/tr>\n<tr>\n<td> <\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">\u2014<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">\u2014<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">\u2014<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">2,034<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">\u2014<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">2,034<\/td>\n<\/tr>\n<tr>\n<td><strong>Other Income and Expenses<\/strong><\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"> <\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"> <\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"> <\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"> <\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"> <\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"> <\/td>\n<\/tr>\n<tr>\n<td>Interest income<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">15,275<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">(6,147)<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">9,128<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">25,034<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">(8,075)<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">16,959<\/td>\n<\/tr>\n<tr>\n<td>Investment income<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">5,315<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">\u2014<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">5,315<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">10,630<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">\u2014<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">10,630<\/td>\n<\/tr>\n<tr>\n<td>Fee income<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">625<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">\u2014<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">625<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">1,326<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">\u2014<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">1,326<\/td>\n<\/tr>\n<tr>\n<td>Net interest expense and other financing charges<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">(146,204)<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">(4,813)<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">(151,017)<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">(288,488)<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">(11,176)<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">(299,664)<\/td>\n<\/tr>\n<tr>\n<td>General and administrative expenses<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">(17,200)<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">\u2014<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">(17,200)<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">(31,838)<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">\u2014<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">(31,838)<\/td>\n<\/tr>\n<tr>\n<td>Share of income from equity accounted joint ventures<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">1,370<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">(1,370)<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">\u2014<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">6,088<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">(6,088)<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">\u2014<\/td>\n<\/tr>\n<tr>\n<td>Amortization of intangible assets<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">(250)<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">\u2014<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">(250)<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">(500)<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">\u2014<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">(500)<\/td>\n<\/tr>\n<tr>\n<td>Transaction costs and other related expenses<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">38,615<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">\u2014<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">38,615<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">38,615<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">\u2014<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">38,615<\/td>\n<\/tr>\n<tr>\n<td>Adjustment to fair value of unit-based compensation<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">1,288<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">\u2014<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">1,288<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">2,069<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">\u2014<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">2,069<\/td>\n<\/tr>\n<tr>\n<td>Adjustment to fair value of Exchangeable Units<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">372,039<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">\u2014<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">372,039<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">439,323<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">\u2014<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">439,323<\/td>\n<\/tr>\n<tr>\n<td>Adjustment to fair value of investment properties<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">28,035<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">(2,493)<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">25,542<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">26,670<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">(4,688)<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">21,982<\/td>\n<\/tr>\n<tr>\n<td>Adjustment to fair value of investment in real estate securities<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">(27,870)<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">\u2014<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">(27,870)<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">(57,511)<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">\u2014<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">(57,511)<\/td>\n<\/tr>\n<tr>\n<td><strong>Income before Income Taxes<\/strong><\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">513,231<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">\u2014<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">513,231<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">655,498<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">\u2014<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">655,498<\/td>\n<\/tr>\n<tr>\n<td>Income tax recovery<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">\u2014<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">\u2014<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">\u2014<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">12<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">\u2014<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">12<\/td>\n<\/tr>\n<tr>\n<td><strong>Net Income<\/strong><\/td>\n<td>$<\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">513,231<\/td>\n<td>$<\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">\u2014<\/td>\n<td>$<\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">513,231<\/td>\n<td>$<\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">655,510<\/td>\n<td>$<\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">\u2014<\/td>\n<td>$<\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">655,510<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/figure>\n<p><!-- \/wp:table --><\/p>\n<p><!-- wp:cpr\/body-copy --><\/p>\n<p><!-- wp:cpr\/paragraph-core {\"content\":\"The following table reconciles net (loss) income, as determined in accordance with GAAP, to Net Operating Income, Cash Basis for the periods ended as indicated:\"} --><\/p>\n<p class=\"wp-block-cpr-paragraph-core\">The following table reconciles net (loss) income, as determined in accordance with GAAP, to Net Operating Income, Cash Basis for the periods ended as indicated:<\/p>\n<p><!-- \/wp:cpr\/paragraph-core --><\/p>\n<p><!-- \/wp:cpr\/body-copy --><\/p>\n<p><!-- wp:table {\"hasFixedLayout\":false} --><\/p>\n<figure class=\"wp-block-table\">\n<table>\n<tbody>\n<tr>\n<td> <\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"> <\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"><strong>Three Months<\/strong><\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"> <\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"> <\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"><strong>Six Months<\/strong><\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"> <\/td>\n<\/tr>\n<tr>\n<td>For the periods ended June 30 ($ thousands)<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"><strong>2025<\/strong><\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">2024<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">Change $<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"><strong>2025<\/strong><\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">2024<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">Change $<\/td>\n<\/tr>\n<tr>\n<td><strong>Net (Loss) Income<\/strong><\/td>\n<td><strong>$<\/strong><\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"><strong>(154,247)<\/strong><\/td>\n<td>$<\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">513,231<\/td>\n<td>$<\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">(667,478)<\/td>\n<td><strong>$<\/strong><\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"><strong>(250,480)<\/strong><\/td>\n<td>$<\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">655,510<\/td>\n<td>$<\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">(905,990)<\/td>\n<\/tr>\n<tr>\n<td>Residential inventory income<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"><strong>\u2014<\/strong><\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">\u2014<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">\u2014<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"><strong>\u2014<\/strong><\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">(2,034)<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">2,034<\/td>\n<\/tr>\n<tr>\n<td>Interest income<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"><strong>(9,028)<\/strong><\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">(15,275)<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">6,247<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"><strong>(20,689)<\/strong><\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">(25,034)<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">4,345<\/td>\n<\/tr>\n<tr>\n<td>Investment income<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"><strong>(5,315)<\/strong><\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">(5,315)<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">\u2014<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"><strong>(10,630)<\/strong><\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">(10,630)<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">\u2014<\/td>\n<\/tr>\n<tr>\n<td>Fee income<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"><strong>(738)<\/strong><\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">(625)<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">(113)<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"><strong>(3,208)<\/strong><\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">(1,326)<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">(1,882)<\/td>\n<\/tr>\n<tr>\n<td>Net interest expense and other financing charges<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"><strong>148,957<\/strong><\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">146,204<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">2,753<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"><strong>295,146<\/strong><\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">288,488<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">6,658<\/td>\n<\/tr>\n<tr>\n<td>General and administrative expenses<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"><strong>14,976<\/strong><\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">17,200<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">(2,224)<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"><strong>29,713<\/strong><\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">31,838<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">(2,125)<\/td>\n<\/tr>\n<tr>\n<td>Share of income from equity accounted joint ventures<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"><strong>(5,720)<\/strong><\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">(1,370)<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">(4,350)<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"><strong>(21,875)<\/strong><\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">(6,088)<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">(15,787)<\/td>\n<\/tr>\n<tr>\n<td>Amortization of intangible assets<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"><strong>250<\/strong><\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">250<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">\u2014<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"><strong>500<\/strong><\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">500<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">\u2014<\/td>\n<\/tr>\n<tr>\n<td>Transaction costs and other related expenses<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"><strong>\u2014<\/strong><\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">(38,615)<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">38,615<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"><strong>\u2014<\/strong><\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">(38,615)<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">38,615<\/td>\n<\/tr>\n<tr>\n<td>Adjustment to fair value of unit-based compensation<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"><strong>875<\/strong><\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">(1,288)<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">2,163<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"><strong>893<\/strong><\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">(2,069)<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">2,962<\/td>\n<\/tr>\n<tr>\n<td>Adjustment to fair value of Exchangeable Units<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"><strong>364,124<\/strong><\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">(372,039)<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">736,163<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"><strong>601,596<\/strong><\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">(439,323)<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">1,040,919<\/td>\n<\/tr>\n<tr>\n<td>Adjustment to fair value of investment properties<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"><strong>(93,486)<\/strong><\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">(28,035)<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">(65,451)<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"><strong>(123,444)<\/strong><\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">(26,670)<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">(96,774)<\/td>\n<\/tr>\n<tr>\n<td>Adjustment to fair value of investment in real estate securities<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"><strong>(9,093)<\/strong><\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">27,870<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">(36,963)<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"><strong>(119)<\/strong><\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">57,511<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">(57,630)<\/td>\n<\/tr>\n<tr>\n<td>Income tax expense (recovery)<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"><strong>1<\/strong><\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">\u2014<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">1<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"><strong>2<\/strong><\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">(12)<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">14<\/td>\n<\/tr>\n<tr>\n<td><strong>Net Operating Income, Accounting Basis \u2013 GAAP<\/strong><\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"><strong>251,556<\/strong><\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">242,193<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">9,363<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"><strong>497,405<\/strong><\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">482,046<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">15,359<\/td>\n<\/tr>\n<tr>\n<td>Straight-line rental revenue<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"><strong>570<\/strong><\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">1,434<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">(864)<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"><strong>937<\/strong><\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">1,173<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">(236)<\/td>\n<\/tr>\n<tr>\n<td>Lease surrender revenue<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"><strong>(74)<\/strong><\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">(1,224)<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">1,150<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"><strong>(158)<\/strong><\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">(3,773)<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">3,615<\/td>\n<\/tr>\n<tr>\n<td><strong>Net Operating Income, Cash Basis \u2013 GAAP<\/strong><\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"><strong>252,052<\/strong><\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">242,403<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">9,649<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"><strong>498,184<\/strong><\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">479,446<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">18,738<\/td>\n<\/tr>\n<tr>\n<td>Adjustments for equity accounted joint ventures and financial real estate assets<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"><strong>16,347<\/strong><\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">14,165<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">2,182<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"><strong>32,285<\/strong><\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">28,755<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">3,530<\/td>\n<\/tr>\n<tr>\n<td><strong>Net Operating Income, Cash Basis \u2013 Proportionate Share<sup>(2)<\/sup><\/strong><\/td>\n<td><strong>$<\/strong><\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"><strong>268,399<\/strong><\/td>\n<td>$<\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">256,568<\/td>\n<td>$<\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">11,831<\/td>\n<td><strong>$<\/strong><\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"><strong>530,469<\/strong><\/td>\n<td>$<\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">508,201<\/td>\n<td>$<\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">22,268<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/figure>\n<p><!-- \/wp:table --><\/p>\n<p><!-- wp:cpr\/body-copy --><\/p>\n<p><!-- wp:cpr\/paragraph-core {\"content\":\"The following table reconciles Net Operating Income, Cash Basis to Same-Asset Net Operating Income, Cash Basis for the periods ended as indicated:\"} --><\/p>\n<p class=\"wp-block-cpr-paragraph-core\">The following table reconciles Net Operating Income, Cash Basis to Same-Asset Net Operating Income, Cash Basis for the periods ended as indicated:<\/p>\n<p><!-- \/wp:cpr\/paragraph-core --><\/p>\n<p><!-- \/wp:cpr\/body-copy --><\/p>\n<p><!-- wp:table {\"hasFixedLayout\":false} --><\/p>\n<figure class=\"wp-block-table\">\n<table>\n<tbody>\n<tr>\n<td> <\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"> <\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"><strong>Three Months<\/strong><\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"> <\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"> <\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"><strong>Six Months<\/strong><\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"> <\/td>\n<\/tr>\n<tr>\n<td>For the periods ended June 30 ($ thousands)<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"><strong>2025<\/strong><\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">2024<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">Change $<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"><strong>2025<\/strong><\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">2024<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">Change $<\/td>\n<\/tr>\n<tr>\n<td><strong>Net Operating Income, Cash Basis \u2013 Proportionate Share<sup>(2)<\/sup><\/strong><\/td>\n<td><strong>$<\/strong><\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"><strong>268,399<\/strong><\/td>\n<td>$<\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">256,568<\/td>\n<td>$<\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">11,831<\/td>\n<td><strong>$<\/strong><\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"><strong>530,469<\/strong><\/td>\n<td>$<\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">508,201<\/td>\n<td>$<\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">22,268<\/td>\n<\/tr>\n<tr>\n<td>Less:<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"> <\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"> <\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"> <\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"> <\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"> <\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"> <\/td>\n<\/tr>\n<tr>\n<td>Transactions NOI, Cash Basis<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"><strong>(19,085)<\/strong><\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">(10,679)<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">(8,406)<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"><strong>(32,948)<\/strong><\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">(20,809)<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">(12,139)<\/td>\n<\/tr>\n<tr>\n<td><strong>Same-Asset NOI, Cash Basis<\/strong><\/td>\n<td><strong>$<\/strong><\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"><strong>249,314<\/strong><\/td>\n<td>$<\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">245,889<\/td>\n<td>$<\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">3,425<\/td>\n<td>$<\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"><strong>497,521<\/strong><\/td>\n<td>$<\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">487,392<\/td>\n<td>$<\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">10,129<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/figure>\n<p><!-- \/wp:table --><\/p>\n<p><!-- wp:cpr\/body-copy --><\/p>\n<p><!-- wp:cpr\/paragraph-core {\"content\":\"The following table reconciles net (loss) income, as determined in accordance with GAAP, to Funds from Operations for the periods ended as indicated:\"} --><\/p>\n<p class=\"wp-block-cpr-paragraph-core\">The following table reconciles net (loss) income, as determined in accordance with GAAP, to Funds from Operations for the periods ended as indicated:<\/p>\n<p><!-- \/wp:cpr\/paragraph-core --><\/p>\n<p><!-- \/wp:cpr\/body-copy --><\/p>\n<p><!-- wp:table {\"hasFixedLayout\":false} --><\/p>\n<figure class=\"wp-block-table\">\n<table>\n<tbody>\n<tr>\n<td> <\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"> <\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"><strong>Three Months<\/strong><\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"> <\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"> <\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"><strong>Six Months<\/strong><\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"> <\/td>\n<\/tr>\n<tr>\n<td>For the periods ended June 30 ($ thousands except where otherwise indicated)<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"><strong>2025<\/strong><\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">2024<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">Change $<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"><strong>2025<\/strong><\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">2024<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">Change $<\/td>\n<\/tr>\n<tr>\n<td><strong>Net (Loss) Income<\/strong><\/td>\n<td><strong>$<\/strong><\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"><strong>(154,247)<\/strong><\/td>\n<td>$<\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">513,231<\/td>\n<td>$<\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">(667,478)<\/td>\n<td><strong>$<\/strong><\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"><strong>(250,480)<\/strong><\/td>\n<td>$<\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">655,510<\/td>\n<td>$<\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">(905,990)<\/td>\n<\/tr>\n<tr>\n<td>Add (deduct) impact of the following:<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"> <\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"> <\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"> <\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"> <\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"> <\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"> <\/td>\n<\/tr>\n<tr>\n<td>Amortization of intangible assets<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"><strong>250<\/strong><\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">250<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">\u2014<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"><strong>500<\/strong><\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">500<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">\u2014<\/td>\n<\/tr>\n<tr>\n<td>Transaction costs and other related expenses<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"><strong>\u2014<\/strong><\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">(38,615)<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">38,615<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"><strong>\u2014<\/strong><\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">(38,615)<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">38,615<\/td>\n<\/tr>\n<tr>\n<td>Adjustment to fair value of unit-based compensation<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"><strong>875<\/strong><\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">(1,288)<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">2,163<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"><strong>893<\/strong><\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">(2,069)<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">2,962<\/td>\n<\/tr>\n<tr>\n<td>Adjustment to fair value of Exchangeable Units<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"><strong>364,124<\/strong><\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">(372,039)<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">736,163<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"><strong>601,596<\/strong><\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">(439,323)<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">1,040,919<\/td>\n<\/tr>\n<tr>\n<td>Adjustment to fair value of investment properties<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"><strong>(93,486)<\/strong><\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">(28,035)<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">(65,451)<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"><strong>(123,444)<\/strong><\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">(26,670)<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">(96,774)<\/td>\n<\/tr>\n<tr>\n<td>Adjustment to fair value of investment properties to proportionate share<sup>(2)<\/sup><\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"><strong>2,451<\/strong><\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">2,493<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">(42)<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"><strong>(7,569)<\/strong><\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">4,688<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">(12,257)<\/td>\n<\/tr>\n<tr>\n<td>Adjustment to fair value of investment in real estate securities<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"><strong>(9,093)<\/strong><\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">27,870<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">(36,963)<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"><strong>(119)<\/strong><\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">57,511<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">(57,630)<\/td>\n<\/tr>\n<tr>\n<td>Interest otherwise capitalized for development in equity accounted joint ventures<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"><strong>2,340<\/strong><\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">3,069<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">(729)<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"><strong>4,836<\/strong><\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">5,577<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">(741)<\/td>\n<\/tr>\n<tr>\n<td>Exchangeable Units distributions<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"><strong>76,189<\/strong><\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">75,199<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">990<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"><strong>151,718<\/strong><\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">149,739<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">1,979<\/td>\n<\/tr>\n<tr>\n<td>Internal expenses for leasing<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"><strong>2,163<\/strong><\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">2,579<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">(416)<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"><strong>4,573<\/strong><\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">5,067<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">(494)<\/td>\n<\/tr>\n<tr>\n<td>Income tax expense (recovery)<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"><strong>1<\/strong><\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">\u2014<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">1<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"><strong>2<\/strong><\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">(12)<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">14<\/td>\n<\/tr>\n<tr>\n<td><strong>Funds from Operations<\/strong><\/td>\n<td><strong>$<\/strong><\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"><strong>191,567<\/strong><\/td>\n<td>$<\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">184,714<\/td>\n<td>$<\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">6,853<\/td>\n<td><strong>$<\/strong><\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"><strong>382,506<\/strong><\/td>\n<td>$<\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">371,903<\/td>\n<td>$<\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">10,603<\/td>\n<\/tr>\n<tr>\n<td>FFO per unit \u2013 diluted<\/td>\n<td><strong>$<\/strong><\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"><strong>0.265<\/strong><\/td>\n<td>$<\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">0.255<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">0.010<\/td>\n<td><strong>$<\/strong><\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"><strong>0.528<\/strong><\/td>\n<td>$<\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">0.514<\/td>\n<td>$<\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">0.014<\/td>\n<\/tr>\n<tr>\n<td>Weighted average number of units outstanding \u2013 diluted<sup>(i)<\/sup><\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"><strong>723,810,797<\/strong><\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">723,659,539<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">151,258<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"><strong>723,790,848<\/strong><\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">723,664,669<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">126,179<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/figure>\n<p><!-- \/wp:table --><\/p>\n<p><!-- wp:cpr\/body-copy --><\/p>\n<p class=\"wp-block-cpr-paragraph-core\" style=\"font-size: 1em;\">(i) Includes Trust Units and Exchangeable Units.<\/p>\n<p><!-- wp:cpr\/paragraph-core {\"content\":\"The following table reconciles Funds from Operations to Adjusted Funds from Operations for the periods ended as indicated:\"} --><\/p>\n<p class=\"wp-block-cpr-paragraph-core\">The following table reconciles Funds from Operations to Adjusted Funds from Operations for the periods ended as indicated:<\/p>\n<p><!-- \/wp:cpr\/paragraph-core --><\/p>\n<p><!-- \/wp:cpr\/body-copy --><\/p>\n<p><!-- wp:table {\"hasFixedLayout\":false} --><\/p>\n<figure class=\"wp-block-table\">\n<table>\n<tbody>\n<tr>\n<td> <\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"> <\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"><strong>Three Months<\/strong><\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"> <\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"> <\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"><strong>Six Months<\/strong><\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"> <\/td>\n<\/tr>\n<tr>\n<td>For the periods ended June 30 ($ thousands except where otherwise indicated)<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"><strong>2025<\/strong><\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">2024<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">Change $<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"><strong>2025<\/strong><\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">2024<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">Change $<\/td>\n<\/tr>\n<tr>\n<td><strong>Funds from Operations<\/strong><\/td>\n<td><strong>$<\/strong><\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"><strong>191,567<\/strong><\/td>\n<td>$<\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">184,714<\/td>\n<td>$<\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">6,853<\/td>\n<td>$<\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"><strong>382,506<\/strong><\/td>\n<td>$<\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">371,903<\/td>\n<td>$<\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">10,603<\/td>\n<\/tr>\n<tr>\n<td>Add (deduct) impact of the following:<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"> <\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"> <\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"> <\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"> <\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"> <\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"> <\/td>\n<\/tr>\n<tr>\n<td>Internal expenses for leasing<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"><strong>(2,163)<\/strong><\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">(2,579)<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">416<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"><strong>(4,573)<\/strong><\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">(5,067)<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">494<\/td>\n<\/tr>\n<tr>\n<td>Straight-line rental revenue<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"><strong>570<\/strong><\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">1,434<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">(864)<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"><strong>937<\/strong><\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">1,173<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">(236)<\/td>\n<\/tr>\n<tr>\n<td>Straight-line rental revenue adjustment to proportionate share<sup>(2)<\/sup><\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"><strong>(1,535)<\/strong><\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">(658)<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">(877)<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"><strong>(2,901)<\/strong><\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">(1,272)<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">(1,629)<\/td>\n<\/tr>\n<tr>\n<td>Property capital<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"><strong>(12,171)<\/strong><\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">(2,606)<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">(9,565)<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"><strong>(12,600)<\/strong><\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">(7,000)<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">(5,600)<\/td>\n<\/tr>\n<tr>\n<td>Direct leasing costs<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"><strong>(2,316)<\/strong><\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">(2,024)<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">(292)<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"><strong>(3,775)<\/strong><\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">(3,196)<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">(579)<\/td>\n<\/tr>\n<tr>\n<td>Tenant improvements<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"><strong>(5,487)<\/strong><\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">(1,369)<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">(4,118)<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"><strong>(8,814)<\/strong><\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">(4,395)<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">(4,419)<\/td>\n<\/tr>\n<tr>\n<td>Operating capital expenditures adjustment to proportionate share<sup>(2)<\/sup><\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"><strong>(1,520)<\/strong><\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">(312)<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">(1,208)<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"><strong>(3,570)<\/strong><\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">(2,400)<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">(1,170)<\/td>\n<\/tr>\n<tr>\n<td><strong>Adjusted Funds from Operations<\/strong><\/td>\n<td><strong>$<\/strong><\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"><strong>166,945<\/strong><\/td>\n<td>$<\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">176,600<\/td>\n<td>$<\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">(9,655)<\/td>\n<td><strong>$<\/strong><\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"><strong>347,210<\/strong><\/td>\n<td>$<\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">349,746<\/td>\n<td>$<\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">(2,536)<\/td>\n<\/tr>\n<tr>\n<td>AFFO per unit \u2013 diluted<\/td>\n<td><strong>$<\/strong><\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"><strong>0.231<\/strong><\/td>\n<td>$<\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">0.244<\/td>\n<td>$<\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">(0.013)<\/td>\n<td><strong>$<\/strong><\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"><strong>0.480<\/strong><\/td>\n<td>$<\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">0.483<\/td>\n<td>$<\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">(0.003)<\/td>\n<\/tr>\n<tr>\n<td>AFFO payout ratio \u2013 diluted<sup>(i)<\/sup><\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"><strong>83.5 %<\/strong><\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">77.9 %<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">5.6 %<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"><strong>79.9 %<\/strong><\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">78.3 %<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">1.6 %<\/td>\n<\/tr>\n<tr>\n<td>Distribution declared per unit<\/td>\n<td><strong>$<\/strong><\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"><strong>0.193<\/strong><\/td>\n<td>$<\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">0.190<\/td>\n<td>$<\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">0.003<\/td>\n<td><strong>$<\/strong><\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"><strong>0.384<\/strong><\/td>\n<td>$<\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">0.378<\/td>\n<td>$<\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">0.006<\/td>\n<\/tr>\n<tr>\n<td>Weighted average number of units outstanding \u2013 diluted<sup>(ii)<\/sup><\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"><strong>723,810,797<\/strong><\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">723,659,539<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">151,258<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\"><strong>723,790,848<\/strong><\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">723,664,669<\/td>\n<td> <\/td>\n<td class=\"has-text-align-right\" data-align=\"right\">126,179<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/figure>\n<p><!-- \/wp:table --><\/p>\n<p><!-- wp:cpr\/body-copy --><\/p>\n<p class=\"wp-block-cpr-paragraph-core\" style=\"font-size: 1em;\">(i) AFFO payout ratio is calculated as cash distributions declared divided by AFFO.<br>(ii) Includes Trust Units and Exchangeable Units.<\/p>\n<p><!-- wp:cpr\/paragraph-core {\"content\":\"The following table reconciles Net Asset Valueu003csupu003e(2)u003c\/supu003e as at the dates indicated below:\"} --><\/p>\n<p class=\"wp-block-cpr-paragraph-core\">The following table reconciles Net Asset Value<sup>(2)<\/sup> as at the dates indicated below:<\/p>\n<p><!-- \/wp:cpr\/paragraph-core --><\/p>\n<p><!-- \/wp:cpr\/body-copy --><\/p>\n<p><!-- wp:table {\"hasFixedLayout\":false} --><\/p>\n<figure class=\"wp-block-table\">\n<table>\n<tbody>\n<tr>\n<td>($ thousands except where otherwise indicated)<\/td>\n<td> <\/td>\n<td><strong>As at June 30, 2025<\/strong><\/td>\n<td> <\/td>\n<td>As at December 31, 2024<\/td>\n<td> <\/td>\n<td>Change $<\/td>\n<\/tr>\n<tr>\n<td>Unitholders\u2019 equity<\/td>\n<td><strong>$<\/strong><\/td>\n<td><strong>4,521,720<\/strong><\/td>\n<td>$<\/td>\n<td>4,899,800<\/td>\n<td>$<\/td>\n<td>(378,080)<\/td>\n<\/tr>\n<tr>\n<td>Exchangeable Units<\/td>\n<td> <\/td>\n<td><strong>5,885,346<\/strong><\/td>\n<td> <\/td>\n<td>5,283,750<\/td>\n<td> <\/td>\n<td>601,596<\/td>\n<\/tr>\n<tr>\n<td><strong>NAV<sup>(2)<\/sup><\/strong><\/td>\n<td><strong>$<\/strong><\/td>\n<td><strong>10,407,066<\/strong><\/td>\n<td>$<\/td>\n<td>10,183,550<\/td>\n<td>$<\/td>\n<td>223,516<\/td>\n<\/tr>\n<tr>\n<td><strong>NAV<sup>(2)<\/sup> per unit<\/strong><\/td>\n<td><strong>$<\/strong><\/td>\n<td><strong>14.38<\/strong><\/td>\n<td>$<\/td>\n<td>14.07<\/td>\n<td>$<\/td>\n<td>0.31<\/td>\n<\/tr>\n<tr>\n<td>Trust Units and Exchangeable Units, end of period<\/td>\n<td> <\/td>\n<td><strong>723,810,797<\/strong><\/td>\n<td> <\/td>\n<td>723,710,497<\/td>\n<td> <\/td>\n<td>100,300<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/figure>\n<p><!-- \/wp:table --><\/p>\n<p><!-- wp:cpr\/body-copy --><\/p>\n<p><!-- wp:cpr\/heading-four {\"content\":\"Management\u2019s Discussion and Analysis and Consolidated Financial Statements and Notes\"} --><\/p>\n<h4 class=\"wp-block-cpr-heading-four\">Management\u2019s Discussion and Analysis and Consolidated Financial Statements and Notes<\/h4>\n<p><!-- \/wp:cpr\/heading-four --><\/p>\n<p><!-- wp:cpr\/paragraph-core {\"content\":\"Information appearing in this news release is a select summary of results. This news release should be read in conjunction with the Choice Properties 2025 Second Quarter Report to Unitholders, which includes the unaudited interim period condensed consolidated financial statements and MDu0026amp;A for the Trust, and is available at u003ca href=u0022http:\/\/www.choicereit.cau0022u003ewww.choicereit.cau003c\/au003e and on SEDAR+ at u003ca href=u0022http:\/\/www.sedarplus.cau0022u003ewww.sedarplus.cau003c\/au003e.\"} --><\/p>\n<p class=\"wp-block-cpr-paragraph-core\">Information appearing in this news release is a select summary of results. This news release should be read in conjunction with the Choice Properties 2025 Second Quarter Report to Unitholders, which includes the unaudited interim period condensed consolidated financial statements and MD&amp;A for the Trust, and is available at <a href=\"http:\/\/www.choicereit.ca\">www.choicereit.ca<\/a> and on SEDAR+ at <a href=\"http:\/\/www.sedarplus.ca\">www.sedarplus.ca<\/a>.<\/p>\n<p><!-- \/wp:cpr\/paragraph-core --><\/p>\n<p><!-- wp:cpr\/heading-four {\"content\":\"Conference Call and Webcast\"} --><\/p>\n<h4 class=\"wp-block-cpr-heading-four\">Conference Call and Webcast<\/h4>\n<p><!-- \/wp:cpr\/heading-four --><\/p>\n<p><!-- wp:cpr\/paragraph-core {\"content\":\"Management will host a conference call on Friday, July 18, 2025 at 10:00 AM (EDT) with a simultaneous audio webcast. To access via teleconference, please dial +1 (240) 789-2714 or +1 (888) 330-2454 and enter the event passcode: 4788974. The link to the audio webcast will be available on u003ca href=u0022http:\/\/www.choicereit.ca\/investorsu0022u003ewww.choicereit.ca\/investorsu003c\/au003e.\"} --><\/p>\n<p class=\"wp-block-cpr-paragraph-core\">Management will host a conference call on Friday, July 18, 2025 at 10:00 AM (EDT) with a simultaneous audio webcast. To access via teleconference, please dial +1 (240) 789-2714 or +1 (888) 330-2454 and enter the event passcode: 4788974. The link to the audio webcast will be available on <a href=\"http:\/\/www.choicereit.ca\/investors\">www.choicereit.ca\/investors<\/a>.<\/p>\n<p><!-- \/wp:cpr\/paragraph-core --><\/p>\n<p><!-- wp:cpr\/heading-four {\"content\":\"About Choice Properties Real Estate Investment Trust\"} --><\/p>\n<h4 class=\"wp-block-cpr-heading-four\">About Choice Properties Real Estate Investment Trust<\/h4>\n<p><!-- \/wp:cpr\/heading-four --><\/p>\n<p><!-- wp:cpr\/paragraph-core {\"content\":\"Choice Properties is a leading Real Estate Investment Trust that creates enduring value through places where people thrive.u003cbru003eu003cbru003eWe are more than a national owner, operator and developer of high-quality commercial and residential real estate. We believe in creating spaces that enhance how our tenants and communities come together to live, work, and connect. This includes our industry leadership in integrating environmental, social and economic sustainability practices into all aspects of our business. In everything we do, we are guided by a shared set of values grounded in Care, Ownership, Respect and Excellence. For more information, visit Choice Properties\u2019 website at u003ca href=u0022http:\/\/www.choicereit.cau0022u003ewww.choicereit.cau003c\/au003e and Choice Properties\u2019 issuer profile at u003ca href=u0022http:\/\/www.sedarplus.cau0022u003ewww.sedarplus.cau003c\/au003e.\"} --><\/p>\n<p class=\"wp-block-cpr-paragraph-core\">Choice Properties is a leading Real Estate Investment Trust that creates enduring value through places where people thrive.<\/p>\n<p>We are more than a national owner, operator and developer of high-quality commercial and residential real estate. We believe in creating spaces that enhance how our tenants and communities come together to live, work, and connect. This includes our industry leadership in integrating environmental, social and economic sustainability practices into all aspects of our business. In everything we do, we are guided by a shared set of values grounded in Care, Ownership, Respect and Excellence. For more information, visit Choice Properties\u2019 website at <a href=\"http:\/\/www.choicereit.ca\">www.choicereit.ca<\/a> and Choice Properties\u2019 issuer profile at <a href=\"http:\/\/www.sedarplus.ca\">www.sedarplus.ca<\/a>.<\/p>\n<p><!-- \/wp:cpr\/paragraph-core --><\/p>\n<p><!-- wp:cpr\/heading-four {\"content\":\"Cautionary Statements Regarding Forward-looking Statements\"} --><\/p>\n<h4 class=\"wp-block-cpr-heading-four\">Cautionary Statements Regarding Forward-looking Statements<\/h4>\n<p><!-- \/wp:cpr\/heading-four --><\/p>\n<p><!-- wp:cpr\/paragraph-core {\"content\":\"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.u003cbru003eu003cbru003eNumerous 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 12 \u201cEnterprise Risks and Risk Management\u201d of the Trust\u2019s MDu0026amp;A for the year ended December 31, 2024 and those described in the Trust\u2019s Annual Information Form for the year ended December 31, 2024.\"} --><\/p>\n<p class=\"wp-block-cpr-paragraph-core\">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>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 12 \u201cEnterprise Risks and Risk Management\u201d of the Trust\u2019s MD&amp;A for the year ended December 31, 2024 and those described in the Trust\u2019s Annual Information Form for the year ended December 31, 2024.<\/p>\n<p><!-- \/wp:cpr\/paragraph-core --><\/p>\n<p><!-- wp:cpr\/heading-four {\"content\":\"Contact\"} --><\/p>\n<h4 class=\"wp-block-cpr-heading-four\">Contact<\/h4>\n<p><!-- \/wp:cpr\/heading-four --><\/p>\n<p><!-- wp:cpr\/paragraph-core {\"content\":\"For further information, please contact u003ca href=u0022mailto:investor@choicereit.cau0022u003einvestor@choicereit.cau003c\/au003eu003cbru003eu003cbru003eErin Johnstonu003cbru003eChief Financial Officeru003cbru003ee: u003ca href=u0022mailto:Erin.Johnston@choicereit.cau0022u003eErin.Johnston@choicereit.cau003c\/au003e\"} --><\/p>\n<p class=\"wp-block-cpr-paragraph-core\">For further information, please contact <a href=\"mailto:investor@choicereit.ca\">investor@choicereit.ca<\/a><\/p>\n<p>Erin Johnston<br>Chief Financial Officer<br>e: <a href=\"mailto:Erin.Johnston@choicereit.ca\">Erin.Johnston@choicereit.ca<\/a><\/p>\n<p><!-- \/wp:cpr\/paragraph-core --><\/p>\n<p><!-- \/wp:cpr\/body-copy --><\/p>\n","protected":false},"template":"","class_list":["post-17352","news-release","type-news-release","status-publish","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.3 (Yoast SEO v27.3) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Fiducie de placement immobilier Propri\u00e9t\u00e9s de Choix pr\u00e9sente ses r\u00e9sultats du semestre clos le 30 juin 2025 - 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-six-months-ended-june-30-2025\/\" \/>\n<meta property=\"og:locale\" content=\"fr_FR\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Fiducie de placement immobilier Propri\u00e9t\u00e9s de Choix pr\u00e9sente ses r\u00e9sultats du semestre clos le 30 juin 2025\" \/>\n<meta property=\"og:description\" content=\"Toronto, Ontario July 17, 2025 (BUSINESS WIRE) \u2013 Choice Properties Real Estate Investment Trust (\u201cChoice Properties\u201d or the \u201cTrust\u201d) (TSX: CHP.UN) today announced its consolidated financial results for the three and six months ended June 30, 2025. 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The 2025 Second Quarter Report to Unitholders is available in the Investors section of the Trust\u2019s website at [&hellip;]","og_url":"https:\/\/www.choicereit.ca\/news-release\/choice-properties-real-estate-investment-trust-reports-results-for-the-six-months-ended-june-30-2025\/","og_site_name":"Propri\u00e9t\u00e9s DeChoix","twitter_card":"summary_large_image","twitter_misc":{"Dur\u00e9e de lecture estim\u00e9e":"21 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.choicereit.ca\/news-release\/choice-properties-real-estate-investment-trust-reports-results-for-the-six-months-ended-june-30-2025\/","url":"https:\/\/www.choicereit.ca\/news-release\/choice-properties-real-estate-investment-trust-reports-results-for-the-six-months-ended-june-30-2025\/","name":"Fiducie de placement immobilier Propri\u00e9t\u00e9s de Choix pr\u00e9sente ses r\u00e9sultats du semestre clos le 30 juin 2025 - Propri\u00e9t\u00e9s DeChoix","isPartOf":{"@id":"https:\/\/www.choicereit.ca\/#website"},"datePublished":"2025-07-17T20:43:01+00:00","breadcrumb":{"@id":"https:\/\/www.choicereit.ca\/news-release\/choice-properties-real-estate-investment-trust-reports-results-for-the-six-months-ended-june-30-2025\/#breadcrumb"},"inLanguage":"fr-FR","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.choicereit.ca\/news-release\/choice-properties-real-estate-investment-trust-reports-results-for-the-six-months-ended-june-30-2025\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/www.choicereit.ca\/news-release\/choice-properties-real-estate-investment-trust-reports-results-for-the-six-months-ended-june-30-2025\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.choicereit.ca\/fr\/"},{"@type":"ListItem","position":2,"name":"News Releases","item":"https:\/\/www.choicereit.ca\/news-release\/"},{"@type":"ListItem","position":3,"name":"Fiducie de placement immobilier Propri\u00e9t\u00e9s de Choix pr\u00e9sente ses r\u00e9sultats du semestre clos le 30 juin 2025"}]},{"@type":"WebSite","@id":"https:\/\/www.choicereit.ca\/#website","url":"https:\/\/www.choicereit.ca\/","name":"Choice Properties","description":"","publisher":{"@id":"https:\/\/www.choicereit.ca\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.choicereit.ca\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"fr-FR"},{"@type":"Organization","@id":"https:\/\/www.choicereit.ca\/#organization","name":"Choice Properties","url":"https:\/\/www.choicereit.ca\/","logo":{"@type":"ImageObject","inLanguage":"fr-FR","@id":"https:\/\/www.choicereit.ca\/#\/schema\/logo\/image\/","url":"https:\/\/www.choicereit.ca\/wp-content\/uploads\/2026\/04\/logo-alt.svg","contentUrl":"https:\/\/www.choicereit.ca\/wp-content\/uploads\/2026\/04\/logo-alt.svg","width":1,"height":1,"caption":"Choice Properties"},"image":{"@id":"https:\/\/www.choicereit.ca\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.instagram.com\/choicereit\/?hl=en"]}]}},"_links":{"self":[{"href":"https:\/\/www.choicereit.ca\/fr\/wp-json\/wp\/v2\/news-release\/17352","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.choicereit.ca\/fr\/wp-json\/wp\/v2\/news-release"}],"about":[{"href":"https:\/\/www.choicereit.ca\/fr\/wp-json\/wp\/v2\/types\/news-release"}],"wp:attachment":[{"href":"https:\/\/www.choicereit.ca\/fr\/wp-json\/wp\/v2\/media?parent=17352"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}