Choice Properties Real Estate Investment Trust Reports Results for the Three Months Ended March 31, 2025

Toronto, Ontario April 23, 2025 (BUSINESS WIRE) – Choice Properties Real Estate Investment Trust (“Choice Properties” or the “Trust”) (TSX: CHP.UN) today announced its consolidated financial results for the three months ended March 31, 2025. The 2025 First Quarter Report to Unitholders is available in the Investors section of the Trust’s website at www.choicereit.ca, and has been filed on SEDAR+ at www.sedarplus.ca.

“Choice Properties delivered a solid first quarter of 2025. Occupancy remained high, and same-asset NOI growth and leasing spreads continued to be strong,” said Rael Diamond, President and Chief Executive Officer of the Trust. “Supported by a resilient tenant base and our industry leading balance sheet, we continue to pursue growth opportunities, including the acquisition of $340 million of investment properties subsequent to quarter end.”

2025 First Quarter Highlights

• Reported a net loss for the quarter of $96.2 million compared to net income of $142.3 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’s Exchangeable Units⁽¹⁾.
• Reported FFO⁽²⁾ per unit diluted of $0.264, an increase of 1.9% compared to the same prior year period.
• Period end occupancy was 97.7%: Retail at 97.8%, Industrial at 97.7%, and Mixed-Use & Residential at 94.9%.
• Achieved leasing spreads⁽³⁾ on long-term renewals of 10.3% and 16.6% in the Retail and Industrial portfolios, respectively.
• Same-Asset NOI on a cash basis⁽²⁾ increased by 2.9% compared to the same prior year period.
  ◦ Retail increased by 1.5%;
  ◦ Industrial increased by 6.1%; and
  ◦ Mixed-Use & Residential increased by 15.3% primarily due to a property tax incentive recognized in the current quarter.
• Completed $95.2 million of transactions in the quarter, including the acquisition of one retail property, as well as the opportunistic disposition of three retail properties and a 50% interest in a retail land parcel.
• Transferred $13.4 million of properties under development to income producing status, delivering approximately 97,600 square feet of new commercial GLA (including 72,600 square feet associated with a ground lease) on a proportionate share basis⁽²⁾ through retail intensifications.
• Invested $44.1 million of capital in development projects on a proportionate share basis⁽²⁾.
• Completed $436.0 million in financings:
  ◦ $300.0 million Series V senior unsecured debenture.
  ◦ $136.0 million at share mortgage secured by the Loblaw distribution centre at Choice Caledon Business Park.
• Maintained a strong liquidity position with approximately $1.5 billion of available credit and a $13.1 billion pool of unencumbered properties.
• Increased the distribution by 1.3% per annum, our third consecutive annual distribution increase.

Subsequent Events

Subsequent to the quarter, the Trust:

• Completed $340.3 million in acquisitions:
  ◦ Acquired an industrial distribution centre in Ajax, ON from Loblaw, which was concurrently leased back to Loblaw.
  ◦ Acquired eight industrial outdoor storage sites located across Canada from a third party.

Issuance of ESG Report

On April 23, 2025, the Trust issued its 2024 Environmental, Social and Governance Report, available on the Trust’s website at www.choicereit.ca/sustainability.

⁽¹⁾ 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.
⁽²⁾ Refer to Non-GAAP Financial Measures and Additional Financial Information section.
⁽³⁾ Long-term renewal spread is calculated as the difference between the average rate during the renewal term and the expiring rental rate.

Summary of GAAP Basis Financial Results

				Three Months
($ thousands except where otherwise indicated) (unaudited)		March 31, 2025		March 31, 2024		Change $
Net (loss) income	$	(96,233)	$	142,279	$	(238,512)
Net (loss) income per unit diluted		(0.133)		0.197		(0.330)
Rental revenue		346,912		337,958		8,954
Fair value (loss) gain on Exchangeable Units(i)		(237,472)		67,284		(304,756)
Fair value gains (losses) excluding Exchangeable Units(ii)		20,966		(30,225)		51,191
Cash flows from operating activities		120,113		141,592		(21,479)
Weighted average number of units outstanding – diluted(iii)		723,770,677		723,666,036		104,641

⁽ⁱ⁾ 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.
⁽ⁱⁱ⁾ Fair value gains (losses) excluding Exchangeable Units includes adjustments to fair value of investment properties, investment in real estate securities, and unit-based compensation.
⁽ⁱⁱⁱ⁾ Includes Trust Units and Exchangeable Units.

Quarterly Results

Choice Properties reported a net loss of $96.2 million for the first quarter of 2025 compared to net income of $142.3 million in the same prior year period. The decrease of $238.5 million was primarily due to changes in certain non-cash adjustments to fair value including:

• a $304.8 million unfavourable change in the adjustment to fair value of the Trust’s Exchangeable Units due to the increase in the Trust’s unit price; partially offset by
• a $31.3 million favourable change in the adjustment to fair value of investment properties; and
• a $20.7 million favourable change in the adjustment to fair value of the investment in real estate securities of Allied, driven by the change in Allied’s unit price in the quarter.

Summary of Proportionate Share⁽²⁾ Financial Results

				Three Months
As at or for the period ended ($ thousands except where otherwise indicated)		March 31, 2025		March 31, 2024		Change $
Rental revenue(i)	$	372,046	$	361,408	$	10,638
Net Operating Income (“NOI”), Cash Basis(i)		262,070		251,633		10,437
Same-Asset NOI, Cash Basis(i)		251,650		244,499		7,151
Adjustment to fair value of investment properties(i)		39,978		(3,560)		43,538
Occupancy (% of GLA)		97.7 %		97.9 %		(0.2)%
Funds from operations (“FFO”)(i)		190,939		187,189		3,750
FFO(i) per unit diluted		0.264		0.259		0.005
Adjusted funds from operations (“AFFO”)(i)		180,265		173,146		7,119
AFFO(i) per unit diluted		0.249		0.239		0.010
AFFO(i) payout ratio – diluted		76.6 %		78.7 %		(2.1)%
Cash distributions declared		138,121		136,287		1,834
Weighted average number of units outstanding – diluted(ii)		723,770,677		723,666,036		104,641

⁽ⁱ⁾ Refer to Non-GAAP Financial Measures and Additional Financial Information section.
⁽ⁱⁱ⁾ Includes Trust Units and Exchangeable Units.

Quarterly Results

For the three months ended March 31, 2025, Same-Asset NOI, Cash Basis⁽²⁾ increased by $7.2 million or 2.9%, compared to the same prior year period primarily due to increased revenue from higher rental rates on renewals, new leasing and contractual rent steps mainly in the industrial and retail portfolios. Further contributing to the increase was a property tax incentive recognized in the mixed-use and residential portfolio.

FFO⁽²⁾ increased by $3.8 million or 1.9% for the three months ended March 31, 2025 compared to the prior year period primarily due to an increase in net operating income and higher fee income. The increase was partially offset by higher net interest expense, lower lease surrender revenue and income from the sale of residential inventory recognized in the prior year.

Outlook

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.

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:

• Stable occupancy across the portfolio, resulting in approximately 2%-3% year-over-year growth in Same-Asset NOI, Cash Basis;
• Annual FFO per unit diluted in a range of $1.05 to $1.06, reflecting approximately 2%-3% year-over-year growth; and
• Strong leverage metrics, targeting Adjusted Debt to EBITDAFV below 7.5x.

Non-GAAP Financial Measures and Additional Financial Information

In addition to using performance measures determined in accordance with International Financial Reporting Standards (“IFRS” or “GAAP”), 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.

Non-GAAP Measure	Description
Proportionate Share	• Represents financial information adjusted to reflect the Trust’s 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’s ownership percentage of the related investment. • Management views this method as relevant in demonstrating the Trust’s 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.
Net Operating Income (“NOI”), Accounting Basis	• 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’s operations before consideration of how it is financed or the costs of operating the entity in which it is held. • Management believes that NOI is an important measure of operating performance for the Trust’s 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.
NOI, Cash Basis	• 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’s operations before consideration of how it is financed or the costs of operating the entity in which it is held. • 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.
Same-Asset NOI, Cash Basis and Same-Asset NOI, Accounting Basis	• 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. • 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, “Transactions”) are excluded from the determination of same-asset NOI. • 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 the Transactions and development activities.
Funds from Operations (“FFO”)	• Calculated in accordance with the Real Property Association of Canada’s (“REALpac”) Funds From Operations (FFO) & Adjusted Funds From Operations (AFFO) for IFRS issued in January 2022. • 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’s 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’s review purposes. • Management uses and believes that FFO is a useful measure of the Trust’s 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.
Adjusted Funds from Operations (“AFFO”)	• Calculated in accordance with REALpac’s Funds From Operations (FFO) & Adjusted Funds From Operations (AFFO) for IFRS issued in January 2022. • 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 rent. AFFO is impacted by the seasonality inherent in the timing of executing property capital projects. • In calculating AFFO, FFO is adjusted to exclude straight-line rent, and deduct costs incurred 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. • 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. • 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 rent, 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’s review purposes.
AFFO Payout Ratio	• AFFO payout ratio is a supplementary measure used by Management to assess the sustainability of the Trust’s distribution payments. • The ratio is calculated using cash distributions declared divided by AFFO.
Earnings before Interest, Taxes, Depreciation, Amortization and Fair Value (“EBITDAFV”)	• 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. • Management believes EBITDAFV is useful in assessing the Trust’s ability to service its debt, finance capital expenditures and provide distributions to its Unitholders.
Total Adjusted Debt	• 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(1), 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. • Total Adjusted Debt is also 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.
Net Asset Value (“NAV”)	• NAV is an alternative measurement of equity. It is calculated by summing Unitholder’s Equity and the fair value of the Trust’s 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. • NAV is a useful measure as it reflects Management’s 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.
Adjusted Debt to EBITDAFV and Adjusted Debt to EBITDAFV, net of cash	• Calculated as Total Adjusted Debt divided by EBITDAFV. • 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. • Management also presents this ratio with Total Adjusted Debt calculated net of cash and cash equivalents at the measurement date.

The following table reconciles net loss, as determined in accordance with GAAP, to net loss on a proportionate share basis⁽²⁾ for the three months ended March 31, 2025:

				Three Months
($ thousands)		GAAP Basis		Adjustment to Proportionate Share Basis(2)		Proportionate Share Basis(2)
Net Operating Income
Rental revenue	$	346,912	$	25,134	$	372,046
Property operating costs		(101,063)		(7,830)		(108,893)
		245,849		17,304		263,153
Other Income and Expenses
Interest income		11,661		(4,310)		7,351
Investment income		5,315		—		5,315
Fee income		2,470		—		2,470
Net interest expense and other financing charges		(146,189)		(6,859)		(153,048)
General and administrative expenses		(14,737)		—		(14,737)
Share of income from equity accounted joint ventures		16,155		(16,155)		—
Amortization of intangible assets		(250)		—		(250)
Adjustment to fair value of unit-based compensation		(18)		—		(18)
Adjustment to fair value of Exchangeable Units		(237,472)		—		(237,472)
Adjustment to fair value of investment properties		29,958		10,020		39,978
Adjustment to fair value of investment in real estate securities		(8,974)		—		(8,974)
Loss before Income Taxes		(96,232)		—		(96,232)
Income tax expense		(1)		—		(1)
Net Loss	$	(96,233)	$	—	$	(96,233)

The following table reconciles net income, as determined in accordance with GAAP, to net income on a proportionate share basis⁽²⁾ for the three months ended March 31, 2024:

				Three Months
($ thousands)		GAAP Basis		Adjustment to Proportionate Share Basis(2)		Proportionate Share Basis(2)
Net Operating Income
Rental revenue	$	337,958	$	23,450	$	361,408
Property operating costs		(98,105)		(8,246)		(106,351)
		239,853		15,204		255,057
Residential Inventory Income
Gross sales		11,268		—		11,268
Cost of sales		(9,234)		—		(9,234)
		2,034		—		2,034
Other Income and Expenses
Interest income		9,759		(1,928)		7,831
Investment income		5,315		—		5,315
Fee income		701		—		701
Net interest expense and other financing charges		(142,284)		(6,363)		(148,647)
General and administrative expenses		(14,638)		—		(14,638)
Share of income from equity accounted joint ventures		4,718		(4,718)		—
Amortization of intangible assets		(250)		—		(250)
Adjustment to fair value of unit-based compensation		781		—		781
Adjustment to fair value of Exchangeable Units		67,284		—		67,284
Adjustment to fair value of investment properties		(1,365)		(2,195)		(3,560)
Adjustment to fair value of investment in real estate securities		(29,641)		—		(29,641)
Income before Income Taxes		142,267		—		142,267
Income tax recovery		12		—		12
Net Income	$	142,279	$	—	$	142,279

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:

				Three Months
For the periods ended March 31 ($ thousands)		2025		2024		Change $
Net (Loss) Income	$	(96,233)	$	142,279	$	(238,512)
Residential inventory income		—		(2,034)		2,034
Interest income		(11,661)		(9,759)		(1,902)
Investment income		(5,315)		(5,315)		—
Fee income		(2,470)		(701)		(1,769)
Net interest expense and other financing charges		146,189		142,284		3,905
General and administrative expenses		14,737		14,638		99
Share of income from equity accounted joint ventures		(16,155)		(4,718)		(11,437)
Amortization of intangible assets		250		250		—
Adjustment to fair value of unit-based compensation		18		(781)		799
Adjustment to fair value of Exchangeable Units		237,472		(67,284)		304,756
Adjustment to fair value of investment properties		(29,958)		1,365		(31,323)
Adjustment to fair value of investment in real estate securities		8,974		29,641		(20,667)
Income tax expense (recovery)		1		(12)		13
Net Operating Income, Accounting Basis – GAAP		245,849		239,853		5,996
Straight-line rental revenue		367		(261)		628
Lease surrender revenue		(84)		(2,549)		2,465
Net Operating Income, Cash Basis – GAAP		246,132		237,043		9,089
Adjustments for equity accounted joint ventures and financial real estate assets		15,938		14,590		1,348
Net Operating Income, Cash Basis – Proportionate Share(2)	$	262,070	$	251,633	$	10,437

The following table reconciles Net Operating Income, Cash Basis to Same-Asset Net Operating Income, Cash Basis for the periods ended as indicated:

				Three Months
For the periods ended March 31 ($ thousands)		2025		2024		Change $
Net Operating Income, Cash Basis – Proportionate Share(2)	$	262,070	$	251,633	$	10,437
Less:
Transactions NOI, Cash Basis		(10,420)		(7,134)		(3,286)
Same-Asset NOI, Cash Basis	$	251,650	$	244,499	$	7,151

The following table reconciles net (loss) income, as determined in accordance with GAAP, to Funds from Operations for the periods ended as indicated:

				Three Months
For the periods ended March 31 ($ thousands except where otherwise indicated)		2025		2024		Change $
Net (Loss) Income	$	(96,233)	$	142,279	$	(238,512)
Add (deduct) impact of the following:
Amortization of intangible assets		250		250		—
Adjustment to fair value of unit-based compensation		18		(781)		799
Adjustment to fair value of Exchangeable Units		237,472		(67,284)		304,756
Adjustment to fair value of investment properties		(29,958)		1,365		(31,323)
Adjustment to fair value of investment properties to proportionate share(2)		(10,020)		2,195		(12,215)
Adjustment to fair value of investment in real estate securities		8,974		29,641		(20,667)
Interest otherwise capitalized for development in equity accounted joint ventures		2,496		2,508		(12)
Exchangeable Units distributions		75,529		74,540		989
Internal expenses for leasing		2,410		2,488		(78)
Income tax expense (recovery)		1		(12)		13
Funds from Operations	$	190,939	$	187,189	$	3,750
FFO per unit – diluted	$	0.264	$	0.259	$	0.005
Weighted average number of units outstanding – diluted(i)		723,770,677		723,666,036		104,641

⁽ⁱ⁾ Includes Trust Units and Exchangeable Units.

The following table reconciles Funds from Operations to Adjusted Funds from Operations for the periods ended as indicated:

				Three Months
For the periods ended March 31 ($ thousands except where otherwise indicated)		2025		2024		Change $
Funds from Operations	$	190,939	$	187,189	$	3,750
Add (deduct) impact of the following:
Internal expenses for leasing		(2,410)		(2,488)		78
Straight-line rental revenue		367		(261)		628
Straight-line rental revenue adjustment to proportionate share(2)		(1,366)		(614)		(752)
Property capital		(429)		(4,394)		3,965
Direct leasing costs		(1,459)		(1,172)		(287)
Tenant improvements		(3,327)		(3,026)		(301)
Operating capital expenditures adjustment to proportionate share(2)		(2,050)		(2,088)		38
Adjusted Funds from Operations	$	180,265	$	173,146	$	7,119
AFFO per unit – diluted	$	0.249	$	0.239	$	0.010
AFFO payout ratio – diluted(i)		76.6 %		78.7 %		(2.1) %
Distribution declared per unit	$	0.191	$	0.188	$	0.003
Weighted average number of units outstanding – diluted(ii)		723,770,677		723,666,036		104,641

⁽ⁱ⁾ AFFO payout ratio is calculated as cash distributions declared divided by AFFO.
⁽ⁱⁱ⁾ Includes Trust Units and Exchangeable Units.

The following table reconciles Net Asset Value⁽²⁾ as at the dates indicated below:

($ thousands except where otherwise indicated)		As at March 31, 2025		As at December 31, 2024		Change $
Unitholders’ equity	$	4,738,228	$	4,899,800	$	(161,572)
Exchangeable Units		5,521,222		5,283,750		237,472
NAV(2)	$	10,259,450	$	10,183,550	$	75,900
NAV(2) per unit	$	14.17	$	14.07	$	0.10
Trust Units and Exchangeable Units, end of period		723,810,797		723,710,497		100,300

Management’s Discussion and Analysis and Consolidated Financial Statements and Notes

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 First Quarter Report to Unitholders, which includes the unaudited interim period condensed consolidated financial statements and MD&A for the Trust, and is available at www.choicereit.ca and on SEDAR+ at www.sedarplus.ca.

Conference Call and Webcast

Management will host a conference call on Thursday, April 24, 2025 at 9:00 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 www.choicereit.ca/investors.

About Choice Properties Real Estate Investment Trust

Choice Properties is a leading Real Estate Investment Trust that creates enduring value through places where people thrive.

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’ website at www.choicereit.ca and Choice Properties’ issuer profile at www.sedarplus.ca.

Cautionary Statements Regarding Forward-looking Statements

This news release contains forward-looking statements relating to Choice Properties’ operations and the environment in which the Trust operates, which are based on management’s 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.

Numerous risks and uncertainties could cause the Trust’s actual results to differ materially from those expressed, implied or projected in the forward-looking statements, including those described in Section 12 “Enterprise Risks and Risk Management” of the Trust’s MD&A for the year ended December 31, 2024 and those described in the Trust’s Annual Information Form for the year ended December 31, 2024.

Contact

For further information, please contact investor@choicereit.ca

Erin Johnston
Chief Financial Officer
e: Erin.Johnston@choicereit.ca