Canada · Delayed Price · Currency is CAD Choice Properties Real Estate Investment Trust Earnings Call Transcripts
Fiscal Year 2026
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Q2 2026 saw strong portfolio fundamentals, robust leasing, and high occupancy, with FFO up 0.8% year-over-year and stable guidance for 2026. The First Capital acquisition is progressing, with closing expected in Q4, and liquidity remains strong to support future growth.
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Q1 saw strong operating and financial results, highlighted by resilient occupancy, robust leasing spreads, and the transformational acquisition of First Capital REIT. Guidance remains for stable occupancy and 2%-3% same asset NOI growth, with continued focus on operational excellence.
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A CAD 9.4 billion acquisition of high-quality retail assets in major Canadian urban markets is set to enhance portfolio scale, cash flow growth, and market leadership. The deal is expected to close in Q4, with deleveraging driven by organic growth and strong stakeholder support.
Fiscal Year 2025
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Strong 2025 results with growth in NOI, FFO, and high occupancy across Retail and Industrial segments. Guidance for 2026 calls for stable occupancy, 2%-3% same-asset NOI growth, and a 1.3% distribution increase, supported by a robust development pipeline and disciplined capital recycling.
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Q3 saw strong FFO and NOI growth, high occupancy, and robust leasing in retail and industrial segments. Capital recycling and development activity continued, with guidance raised for 2025 FFO per unit. Balance sheet and liquidity remain strong.
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Q2 2025 saw strong operational and financial results, with 3.9% FFO per unit growth, near full occupancy, and robust leasing spreads. Portfolio quality improved through $427 million in transactions, and the outlook for 2025 remains positive.
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Q1 2025 saw strong growth with 97.7% occupancy, 2.9% same-asset NOI growth, and 1.9% FFO growth year-over-year. Major acquisitions and a robust development pipeline support positive outlook, with debt metrics stable and limited tariff risk.
Fiscal Year 2024
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Delivered strong Q4 and full-year 2024 results with stable occupancy, 2% FFO per unit growth, and robust leasing spreads. Development pipeline advanced, balance sheet remains strong, and 2025 guidance calls for continued NOI and FFO growth.
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Q3 2024 saw strong operational and financial performance, with high occupancy, robust leasing spreads, and 3.2% FFO growth year-over-year. Strategic acquisitions, continued development, and prudent capital management supported NAV growth and a positive outlook for the remainder of 2024.
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Q2 2024 saw strong operational and financial performance, with high occupancy, robust leasing spreads, and balanced capital recycling. FFO grew 5.7% year-over-year (normalized), and guidance remains unchanged despite restructuring costs, supported by lease surrender income.