Choice Properties Real Estate Investment Trust announced Thursday its consolidated financial results for the three and nine months ended September 30, 2026, with net income surging to $888.5 million in the third quarter.
“Choice Properties delivered another strong quarter, with near-full occupancy and healthy Same-Asset NOI performance driving FFO growth,” said Rael Diamond, President and Chief Executive Officer of the Trust.
“Attractive leasing spreads and high tenant retention continue to demonstrate the quality of our portfolio and its ability to generate consistent organic growth. We also advanced our commercial development program, completing several retail intensification projects and commencing development on a new industrial project in the GTA. Our solid operating performance and balance sheet strength position us well for continued growth.”
The REIT said net income rose from $242.6 million a year ago.
“The increase was primarily due to the favourable fair value adjustments to the Trust’s Exchangeable Units and derivative financial assets resulting from the change in the Trust’s unit price,” it said.
The REIT said the period end occupancy was 97.8%, with Retail at 97.5%, Industrial at 98.6%, and Mixed-Use & Residential at 91.4%. It said it delivered $47.4 million of development projects through retail intensification, adding approximately 91,000 square feet of new commercial GLA (including 2,000 square feet associated with a ground lease) on a proportionate share basis through five retail intensifications and the completion of a retail greenfield development.
In the summer, First Capital REIT unitholders overwhelmingly approved the previously announced $9.4 billion acquisition of the company by KingSett Capital and Choice Properties REIT.
“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,” said Choice Properties in its news release.
“We are confident that our business model, stable tenant base, strong balance sheet, and disciplined approach to financial management will continue to benefit us.”
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