Canada's Choice Properties REIT Q1 FFO rises on higher net operating income

Choice Properties Real Estate Investment Trust

29/04/2026 22:03

Overview

Canada real estate investment trust's Q1 FFO per unit grew 2.7% yr/yr

Q1 net loss narrowed to C$87.2 mln from C$96.2 mln a year earlier

Company agreed to acquire C$5 bln in retail assets from First Capital REIT

Outlook

Choice Properties targets 2026 Same-Asset NOI, Cash Basis growth of 2%-3% year over year

Company expects 2026 annual FFO per unit diluted of C$1.08 to C$1.10

Choice Properties aims to keep Adjusted Debt to EBITDAFV below 7.5x in 2026

Result Drivers

HIGHER NET OPERATING INCOME - Co said FFO growth was primarily due to higher net operating income and lease surrender revenue

STRONG LEASING SPREADS - Long-term renewal leasing spreads reached 21.8%, with retail at 17.2% and industrial at 46.2%

STABLE OCCUPANCY - Period end occupancy remained stable at 98.1% across the portfolio

Company press release: ID:nBw2ZShLca

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q1 Net Loss
C$87.19 mln
Q1 FFO
C$196.02 mln


Analyst Coverage

The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 4 "strong buy" or "buy", 5 "hold" and no "sell" or "strong sell"

The average consensus recommendation for the commercial reits peer group is "buy."

Wall Street's median 12-month price target for Choice Properties Real Estate Investment Trust is C$17.00, about 11.9% above its April 28 closing price of C$15.19

The stock recently traded at 14 times the next 12-month earnings vs. a P/E of 14 three months ago

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)