Overview

* Choice Properties Q3 net income CAD 242.6 mln, up from loss last year

* FFO per unit diluted rises 7.8% yr/yr, reflecting strong tenant demand

* Company completed seven retail intensifications, enhancing commercial development pipeline

Outlook

* Choice Properties targets annual FFO per unit diluted of C$1.06 to C$1.07

* Company expects 2%-3% growth in Same-Asset NOI, Cash Basis for 2025

* Choice Properties aims for Adjusted Debt to EBITDAFV below 7.5x

Result Drivers

* TENANT DEMAND - Strong tenant demand in grocery-anchored retail and industrial assets drove Same-Asset NOI growth

* FAIR VALUE ADJUSTMENTS - Increase in net income primarily due to favorable fair value adjustment in Exchangeable Units

* RETAIL INTENSIFICATIONS - Completed seven retail intensifications, enhancing commercial development pipeline

Key Details

Metric Beat/Mis Actual Consensu

s s

Estimate

Q3 C$362.49

Rental mln

Revenue

Q3 Net C$242.65

Income mln

Q3 C$139.05

Adjusted mln

FFO

Q3 FFO C$201.42

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$16.00, about 9% above its November 4 closing price of C$14.56

* The stock recently traded at 16 times the next 12-month earnings vs. a P/E of 15 three months ago

Press Release:

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(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.)