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Choice Properties Real Estate Investment Trust
Choice Properties Real Estate Investment Trust (CHP.UN) investor relations material
Choice Properties Real Estate Investment Trust Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary19 Feb, 2026
Executive summary
Delivered strong operational and financial results in 2025, meeting or exceeding all core financial targets despite economic uncertainty, and maintaining high occupancy across retail, industrial, and mixed-use/residential segments.
Largest REIT in Canada with 699 properties valued at $17.8B as of December 31, 2025, and a strategic relationship with a major national retailer.
Board approved a fourth consecutive distribution increase, effective March 2026.
Focused on sustainability, with 67% of GLA certified as LEED/BOMA Best and significant emissions reductions.
Financial highlights
2025 FFO per unit was $1.069, at the high end of the revised outlook, with Q4 FFO per unit diluted at $0.262, up 0.8% year-over-year.
Same-asset NOI grew 2.2% for the year and 2.4% in Q4; total cash NOI up 4.4% in Q4 and 4.7% for the year.
NAV per unit rose 2.6% year-over-year to $14.43.
Debt-to-EBITDA ratio stable at 7.0x; available liquidity of $1.5B–$1.6B.
AFFO payout ratio at 88% for 2025.
Outlook and guidance
2026 guidance: FFO per unit diluted between $1.08 and $1.10, with 2–3% same-asset NOI growth and stable occupancy.
Distribution to increase to $0.78 per unit in March 2026, a 1.3% rise.
Leverage targeted below 7.5x Adjusted Debt to EBITDAFV.
Clarify Exchangeable Units' net loss impact
Drivers of 21.5% Q4 renewal leasing spreads
Reason for Mixed-Use & Residential NOI decrease
What triggers new industrial spec development
Residential portfolio: When will NOI improve
Retail greenfield development pipeline growth
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Next Choice Properties Real Estate Investment Trust earnings date
Q1 202623 Apr, 2026
Choice Properties Real Estate Investment Trust
Next Choice Properties Real Estate Investment Trust earnings date
Q1 202623 Apr, 2026
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Frequently asked questions
Choice Properties, Canada's preeminent diversified real estate investment trust, is the owner, manager and developer of a high-quality portfolio comprising 725 properties totaling 66.1 million square feet of gross leasable area across Canada. Choice Properties' retail portfolio showcases an exceptional lineup of national and regional tenants and with its $3.8 billion in total assets, including Canadian Tire as an anchor tenant, Choice Properties is well positioned to grow into an S&P/TSX 60 company. Choice Properties' objectives are to provide stable and growing cash distributions to unitholders and to maximize unitholder value through effective management and accretive portfolio growth.
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