Choice Properties REIT

What Choice Properties REIT does

Choice Properties Real Estate Investment Trust is Canada's largest real estate investment trust, founded in 2010 and listed on the Toronto Stock Exchange under ticker CHP.UN. The company owns, operates, and develops a diversified portfolio of 699 high-quality commercial and residential properties spanning approximately 44 million square feet of gross leasable area across Canada. The portfolio is organized around three strategic asset classes: a necessity-based retail portfolio supported by strong anchor tenants, a high-quality industrial portfolio concentrated in key distribution markets, and a transit-oriented mixed-use and residential portfolio in Canada's most attractive markets. The company is controlled by the Weston family through George Weston Limited, providing institutional-grade governance and long-term strategic alignment.

The company generates revenue almost entirely through long-term commercial leasing of its physical real estate assets, producing recurring rental income from a diversified tenant base across retail, industrial, and residential segments. Its go-to-market is primarily enterprise field sales: direct leasing teams and broker relationships manage tenant acquisition, while an online C3 Portal supports existing tenant account management. Unitholders access the investment through public markets (TSX: CHP.UN) and receive monthly cash distributions (CAD 0.065/unit, CAD 0.78 annualized as of April 2026). In April 2026, Choice Properties announced a transformational CAD 9.4 billion joint acquisition of First Capital REIT alongside KingSett Capital, with Choice acquiring approximately CAD 5.0 billion of necessity-based shopping centre assets and assuming CAD 2.3 billion of First Capital unsecured debentures.

Operationally, Choice Properties reported Q1 2026 revenue of CAD 355.66 million and FFO of CAD 196 million (CAD 0.271/unit, up 2.7% year-over-year), with portfolio occupancy at 98.1% and average leasing spreads of 21.8% driving same-asset cash NOI growth of 3%. The company has issued a CAD 1.08–1.10 diluted FFO/unit guidance for full-year 2026 and is targeting 2–3% same-asset cash NOI growth. Choice Properties also maintains a development pipeline with active projects including Grenville & Grosvenor (Toronto), Uniti (Brampton), Element (Ottawa), and Choice Caledon Business Park, supporting organic growth alongside the First Capital acquisition.

Name

Choice Properties REIT

Legal name

Choice Properties Real Estate Investment Trust

Website

https://choicereit.ca

Company type

Public

Founded year

2010

Operating status

Operating

Headcount range

51–100 employees

Short description

Choice Properties REIT is Canada's largest real estate investment trust, owning and operating 699 retail, industrial, and mixed-use/residential properties (~44M sq ft) across Canada, generating recurring rental income from commercial tenants and monthly distributions to unitholders.

Ownership category

akta.pro rank

Product category

Real Estate Investment Trust (REIT)

NAICS

Funds, Trusts, and Other Financial Vehicles (525), Portfolio Management and Investment Advice (523940), Other Financial Vehicles (52599)

SIC

Real Estate Investment Trusts (6798), Real Estate (6500)

akta.pro primary industry

Real Estate Portfolio & Fund Management (Institutional/REIT/PE) (BPAJAMAJ)

akta.pro secondary industry

REITs & Listed Real Estate Securities (FSAAAKAD)

Keywords

• Commercial real estate
• Retail properties
• Industrial real estate
• Residential rentals
• Real estate investment trust

Headquarters

HQ city

Toronto

HQ country

Canada

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Infrastructure, Personnel, Others

Revenue model

1. Commercial Real Estate Leasing: Choice Properties generates revenue primarily through leasing retail, industrial, and mixed-use/residential properties to tenants. Rental income is derived from long-term leases across a diversified property portfolio spanning approximately 44 million square feet of gross leasable area.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels5 records

Core offering

Choice Properties REIT owns, operates, and develops a diversified portfolio of 699 high-quality commercial and residential properties spanning approximately 44 million square feet of gross leasable area across Canada. The portfolio is organized into three strategic asset classes: necessity-based retail properties, high-quality industrial distribution assets, and transit-oriented mixed-use/residential communities. Revenue is generated primarily through long-term leases with commercial, industrial, and residential tenants.

Product overview

Choice Properties REIT is a single, unified real estate investment trust operating Canada's largest REIT portfolio of 699 properties. The company manages three strategic asset classes: Retail Portfolio (necessity-based retail properties with strong anchor tenants), Industrial Portfolio (high-demand distribution assets), and Mixed-Use/Residential Portfolio (transit-oriented rental assets). Additionally, the company maintains a Development Pipeline that creates new properties across retail, industrial, and residential segments through named development projects including Erin Ridge (retail in Alberta), Uniti (transit residential in Brampton), and Element (residential in Ottawa).

Differentiator

Problem solved

Functional benefit

Products and services

• Retail Portfolio

Quantifiable outcome

• 98.1% portfolio occupancy rate as of Q1 2026
• +5 more outcomes

Named customers3 records

Segments2 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

16 partnerships are on record, tiered core and minor.

• KingSett CapitalcoreStrategic or Co-development Partner · 16 April 2026KingSett Capital and Choice Properties REIT jointly agreed to acquire First Capital REIT for CAD 9.4 billion. KingSett acquires approximately CAD 4.4 billion of remaining assets and all outstanding First Capital units, while Choice Properties acquires approximately CAD 5.0 billion in retail assets. The deal is structured as a statutory plan of arrangement under the Canada Business Corporations Act, expected to close in H2 2026 pending unitholder and regulatory approvals.
• Ellis DonminorGTM or Marketing Partner · 1 September 2025Ellis Don served as a Silver Sponsor of the Choice Cares Annual Golf Classic fundraiser in September 2025. The event supports local organizations strengthening communities through economic opportunity and social connection.
• TD BankminorGTM or Marketing Partner · 1 September 2025TD served as a Silver Sponsor of the Choice Cares Annual Golf Classic fundraiser in September 2025.
• DeloitteminorGTM or Marketing Partner · 1 September 2025Deloitte served as a Silver Sponsor of the Choice Cares Annual Golf Classic fundraiser in September 2025.
• RBCminorGTM or Marketing Partner · 1 September 2025RBC served as a Silver Sponsor of the Choice Cares Annual Golf Classic fundraiser in September 2025.
• CIBCminorGTM or Marketing Partner · 1 September 2025CIBC served as a Bronze Sponsor of the Choice Cares Annual Golf Classic fundraiser in September 2025.
• ScotiabankminorGTM or Marketing Partner · 1 September 2025Scotiabank served as a Bronze Sponsor of the Choice Cares Annual Golf Classic fundraiser in September 2025.
• DesjardinsminorGTM or Marketing Partner · 1 September 2025Desjardins served as a Bronze Sponsor of the Choice Cares Annual Golf Classic fundraiser in September 2025.
• The BentwayminorStrategic or Co-development Partner · 1 September 2025Choice Properties partnered with The Bentway to bring the Dominoes public art installation (Station House Opera) to Toronto's West Block property, a community-building project featuring over 8,000 human-sized dominoes along a 2.5 km downtown journey.
• ILEO (Inclusive Local Economic Opportunities)coreStrategic or Co-development Partner · 1 June 2024Choice Properties is a signatory to ILEO's Inclusive Local Economic Opportunities charter, collaborating with public, private, and community partners to support local entrepreneurs. Through ILEO's Storefront Starter program in partnership with United Way Greater Toronto, Choice Properties organizes pop-up markets providing free space and platforms for aspiring business owners.
• United Way Greater TorontocoreStrategic or Co-development Partner · 1 June 2024Choice Properties partners with United Way Greater Toronto through the ILEO Storefront Starter program to organize pop-up markets supporting local entrepreneurs and community economic development.
• BlackNorth Initiative and The Daniels CorporationminorStrategic or Co-development Partner · 1 January 2024Choice Properties co-runs an Artist in Residence program supporting emerging Black artists by providing workshop spaces and opportunities to lead creative programs in residential communities.
• Accelerating Accessibility CoalitioncoreStrategic or Co-development Partner · 1 January 2024Choice Properties is a founding member of the Accelerating Accessibility Coalition, a national collaboration of real estate development and accessibility leaders working together to make buildings and public spaces more inclusive.
• Woodgreen Community ServicesminorStrategic or Co-development Partner · 1 January 2024Choice Properties participates in the Homeward Bound program, hiring participants for one-year full-time positions. Homeward Bound is a four-year training and employment program helping single mothers achieve university degrees and financial self-sufficiency.
• CCDI (Canadian Centre for Diversity and Inclusion)minorStrategic or Co-development Partner · 1 January 2024Choice Properties is a community partner of the Canadian Centre for Diversity and Inclusion, which provides education and advocacy services and ensures safe and welcoming spaces for all.
• Fierté au travail Canada (Pride at Work Canada)minorStrategic or Co-development Partner · 1 January 2024Choice Properties is a community partner of Pride at Work Canada, which provides education and advocacy services and ensures safe and welcoming spaces for all employees.

Scale indicators12 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Dream Industrial REIT: Dream Industrial is a Canadian REIT focused on distribution, logistics, and light industrial properties. Directly comparable as a peer in the industrial asset class that Choice Properties operates across Canada.
• RioCan REIT: RioCan is one of Canada's largest REITs with a portfolio concentrated in retail and mixed-use properties. Directly comparable as a major Canadian retail-focused REIT competing for tenants, capital, and development opportunities in the same Canadian markets as Choice Properties.
• Boardwalk REIT: Boardwalk is one of Canada's largest residential REITs with multi-family apartment communities primarily in Alberta, Saskatchewan, and Ontario. Comparable to Choice Properties' residential asset class and Canadian rental market exposure.
• Granite REIT: Granite REIT is a Canadian industrial-focused REIT with multi-tenant logistics and warehouse properties. Comparable to Choice Properties' industrial asset class in business model and tenant profile.
• Allied Properties REIT: Allied Properties is a Canadian REIT focused on office and urban workspace, particularly in Toronto, Montreal, and Vancouver. Comparable as a Canadian REIT peer serving institutional and commercial real estate tenants, with overlap in urban mixed-use markets.
• Crombie REIT: Crombie is a Canadian REIT focused on grocery-anchored retail and mixed-use developments, with a strong relationship with Sobeys. Directly comparable to Choice Properties' retail and mixed-use asset classes in Canadian markets.
• SmartCentres REIT: SmartCentres is a Canadian REIT focused on necessity-based retail properties, often Walmart-anchored. Directly comparable as a competitor in the Canadian necessity-based retail REIT space, sharing tenant overlap and target property types with Choice Properties.
• First Capital REIT: First Capital is a Canadian REIT focused on necessity-based grocery-anchored retail properties. Currently being acquired by Choice Properties and KingSett Capital for CAD 9.4B, making it the most directly overlapping peer given its necessity-based retail strategy and Canadian footprint.
• Canadian Apartment Properties REIT (CAPREIT): CAPREIT is one of Canada's largest residential REITs. Directly comparable as a peer in the residential rental asset class that Choice Properties is building out through transit-oriented developments like Uniti and Element.

Regional players

• Plaza Retail REIT: Plaza Retail is a smaller Canadian REIT focused on open-format necessity-based retail in secondary markets. Comparable business model in retail leasing but smaller scale and primarily operates in Eastern Canadian secondary markets where Choice has less concentration.

Market position

Weaknesses4 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/choicereit/?originalSubdomain=ca
• Instagraminstagram.com/choicereit
• Xx.com/choicereit

Compliance5 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds6 records

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Choice Properties REIT