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*Choice Properties Reports Strong 2024 Results, Sets Sights on Continued Growth**
Toronto, ON - Choice Properties Real Estate Investment Trust (TSX: CHP.UN) today announced its consolidated financial results for the quarter and year ended December 31, 2024. The company's strong operational and financial performance was driven by the stability of its necessity-based portfolio and industry-leading balance sheet.
**Key Highlights**
* Net income for the quarter reached $791.9 million, a significant improvement from the net loss of $445.7 million in the same prior year period.
* Funds From Operations (FFO) per unit diluted increased 2.0% to $0.260, while Same-Asset NOI on a cash basis grew by 6.7% compared to the prior year period.
* Period-end occupancy remained strong at 97.6%, with leasing spreads of 16.0% and 37.0% in the Retail and Industrial portfolios, respectively.
* The company completed $79.2 million of transactions in the quarter, including the acquisition of a retail property and a distribution centre.
**2024 Annual Highlights**
* Net income for the year ended December 31, 2024 was $784.4 million, a decrease of $12.3 million compared to the prior year.
* FFO per unit diluted increased by 2.9% to $1.032, while Same-Asset NOI on a cash basis grew by 29.4% compared to the prior year period.
* The company delivered Net Asset Value (NAV) appreciation of $0.40 to end the year at $14.07 per unit.
**2025 Outlook**
Choice Properties is focused on capital preservation and delivering stable and growing cash flows, with a target for:
* Stable occupancy across the portfolio, resulting in approximately 2%-3% year-over-year growth in Same-Asset NOI.
* Annual FFO per unit diluted in a range of $1.05 to $1.06, reflecting approximately 2%-3% year-over-year growth.
* Strong leverage metrics, targeting Adjusted Debt to EBITDAFV below 7.5x.
**Management's Discussion and Analysis**
The company's MD&A provides a comprehensive review of its financial performance, operations, and strategy for the year ended December 31, 2024. The report highlights the Trust's strong balance sheet, industry-leading portfolio, and commitment to sustainability.
**Conference Call and Webcast**
Choice Properties will host a conference call on Thursday, February 13, 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.
**About Choice Properties**
Choice Properties is a leading Real Estate Investment Trust that creates enduring value through places where people thrive. The company's industry leadership in integrating environmental, social, and economic sustainability practices into all aspects of its business sets it apart from others in the sector.
**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. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict.
