Choice Properties

What Choice Properties does

Choice Properties Real Estate Investment Trust (TSX: CHP.UN) is one of Canada's largest publicly traded REITs, headquartered in Toronto and operating a diversified portfolio of 699 high-quality properties across retail, industrial, and mixed-use/residential asset classes throughout Canada. The company generates the majority of its revenue through long-term rental income from necessity-based retail (anchored by grocery and essential-service tenants), high-demand industrial distribution assets in key logistics markets, and transit-oriented rental residential properties. Supporting its core leasing business are in-house property management, a development pipeline (Grenville & Grosvenor, The Brixton, Choice Caledon Business Park, Element Ottawa, and others), a tenant-facing digital platform (C3 Customer Connection Portal), and community-focused placemaking and Choice Cares programs. Choice Properties is majority-influenced by George Weston Limited, which also controls Loblaw Companies — a relationship that creates a structural anchor-tenant advantage in the retail portfolio but also ties concentration risk to the Loblaw ecosystem.

The company's go-to-market is principally enterprise field sales for institutional and anchor tenant leasing, complemented by direct-to-tenant digital channels through choicereit.ca and the C3 Portal. Pricing is not publicly disclosed at the unit level — consistent with a B2B REIT model — but distribution to unitholders is disclosed: $0.78/unit annually for 2026 (a 1.3% increase and fourth consecutive annual raise), with FFO per unit diluted of $1.069 in FY2025 (up 3.6% YoY) and Q1 2026 FFO of CAD 196M. Operational signals include 98.2% period-end occupancy in 2025, 21.5% long-term renewal leasing spreads (26.0% in Industrial), and 4.7% Total NOI Cash Basis growth. In April 2026, Choice Properties and KingSett Capital announced a CAD 9.4B joint acquisition of First Capital REIT, with Choice expecting to absorb approximately CAD 5B of retail assets — the largest strategic action in the company's recent history and one that materially expands scale and consolidates the Canadian necessity-retail landscape.

Name

Choice Properties

Legal name

Choice Properties Real Estate Investment Trust

Website

https://choicereit.ca

Company type

Public

Founded year

1993

Operating status

Operating

Headcount range

51–100 employees

Short description

Choice Properties Real Estate Investment Trust (TSX: CHP.UN) is one of Canada's largest REITs, owning and operating 699 diversified retail, industrial, and mixed-use/residential properties across Canada, generating revenue primarily through long-term leasing to commercial and residential tenants.

Ownership category

akta.pro rank

Product category

Real Estate Investment Trust

NAICS

Lessors of Real Estate (5311), Lessors of Other Real Estate Property (53119)

SIC

Real Estate Investment Trusts (6798)

akta.pro primary industry

REITs & Listed Real Estate Securities (FSAAAKAD)

akta.pro secondary industry

Core Real Estate (Stabilized/Core-Plus) (FSAAAKAA)

Keywords

• Commercial real estate
• Retail property leasing
• Industrial property leasing
• Mixed-use development
• 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, Personnel, Supply Chain, Infrastructure, Marketing or Sales

Revenue model

1. Commercial and Residential Leasing: Choice Properties generates revenue primarily through leasing retail, industrial, and mixed-use/residential properties to tenants. Rental income constitutes the core recurring revenue stream, consistent with a REIT business model.
2. Development and Property Transactions: The REIT engages in development activities and real estate transactions to grow its portfolio, generating one-time proceeds alongside recurring rental income.

Go-to-market motion3 records

Distribution channels2 records

Marketing channels8 records

Core offering

Choice Properties Real Estate Investment Trust owns, develops, leases and manages a portfolio of 699 high-quality Canadian properties across three strategic asset classes: necessity-based retail, industrial distribution, and transit-oriented mixed-use/residential. The REIT generates recurring revenue through rental income from commercial and residential tenants, complemented by development and real estate transaction activity, and delivers stable cash distributions to its unitholders.

Product overview

Choice Properties is a leading Canadian Real Estate Investment Trust (REIT) operating as a single unified business rather than a platform-plus-modules architecture. The company offers a diversified portfolio of 699 high-quality properties organized across three strategic asset classes: Retail Portfolio (necessity-based retail with strong anchor tenants), Industrial Portfolio (high-demand distribution assets), and Mixed-Use and Residential Portfolio (transit-oriented rental assets). Supporting the core property business are tenant-facing services including the C3 Portal for customer connection, a development pipeline for new projects, and community engagement initiatives through Placemaking and Choice Cares programs. The company delivers its services through property ownership, development, and management across retail, industrial, and residential segments throughout Canada.

Differentiator

Problem solved

Functional benefit

Products and services

• Retail Portfolio Necessity-based, well-located retail properties supported by strong anchor tenants including grocery and essential service providers, leased to retail tenants across Canada.
• Industrial Portfolio High-quality generic industrial assets in key Canadian distribution markets leased to tenants for distribution, logistics, and e-commerce operations.
• Mixed-Use and Residential Portfolio Transit-oriented rental residential and mixed-use assets concentrated in attractive Canadian urban markets.
• Development Pipeline Diversified development pipeline of retail, industrial, and mixed-use projects across Canada, including named developments such as Grenville & Grosvenor, Choice Caledon Business Park, The Brixton, and Element Ottawa.
• C3 Portal (Choice Customer Connection) Online tenant portal providing tenants with property information, lease management, and service requests for Choice Properties' commercial and residential portfolio.

Quantifiable outcome

• 98.2% occupancy rate achieved as of year-end 2025.
• +4 more outcomes

Named customers4 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

24 partnerships are on record, tiered core, major and minor.

• KingSett CapitalcoreStrategic or Co-development Partner · 16 April 2026Choice Properties and KingSett Capital agreed on April 16, 2026, to jointly acquire First Capital REIT for approximately CAD 9.4 billion, with Choice Properties expecting to acquire roughly CAD 5 billion of First Capital's retail assets. This is a major strategic M&A partnership representing one of the largest Canadian REIT transactions.
• VIBEArtsmajorStrategic or Co-development Partner · 3 July 2025VIBEArts is Choice Properties' charity partner for the 'Lots of Play' placemaking activation. VIBEArts commissioned 25+ local artists to transform parking lots into creative community hubs, led participatory workshops, and invited community members to co-create murals reflecting each neighbourhood's unique identity.
• VIBEArtsmajorStrategic or Co-development PartnerVIBEArts facilitated creative activities and live entertainment throughout Choice Properties' placemaking events at multiple Toronto locations including Golden Mile Plaza, The Annex, Roncesvalles, and Fort York.
• ILEO (Inclusive Local Economic Opportunities)majorStrategic or Co-development PartnerChoice Properties is a signatory to ILEO's Inclusive Local Economic Opportunities charter. Through the Storefront Starter program, Choice Properties collaborates with United Way Greater Toronto to organize pop-up markets offering free space and platform for aspiring entrepreneurs to launch their ideas.
• United Way Greater TorontomajorStrategic or Co-development PartnerPartnered with Choice Properties through the ILEO Storefront Starter program to organize pop-up markets supporting local entrepreneurs.
• The BentwaymajorStrategic or Co-development PartnerChoice Properties partnered with The Bentway to bring the Dominoes public art and community-building project to Toronto. Dominoes featured a larger-than-life moving sculpture with over 8,000 human-sized dominoes along a 2.5 km journey through downtown neighbourhoods including West Block.
• Homeward Bound (Woodgreen Community Services)minorStrategic or Co-development PartnerChoice Properties is an active member of the Homeward Bound industry council. In 2024, participated by hiring 2 participants for one-year full-time positions. Homeward Bound is a four-year training and employment program helping single mothers obtain university degrees and reach financial self-sufficiency.
• CCDI (Canadian Centre for Diversity and Inclusion)minorStrategic or Co-development PartnerChoice Properties is a community partner of CCDI, which provides education, advocacy services, and safe spaces for all.
• PAWC (Pride at Work Canada)minorStrategic or Co-development PartnerChoice Properties is a community partner of Pride at Work Canada, which provides education and advocacy and ensures safe and welcoming spaces for all.
• BlackNorth InitiativeminorStrategic or Co-development PartnerChoice Properties partnered with the BlackNorth Initiative and The Daniels Corporation on the Artist in Residence program supporting emerging Black artists by providing studio spaces and opportunities to lead creative programs in residential communities.
• The Daniels CorporationminorStrategic or Co-development PartnerPartnered with Choice Properties and the BlackNorth Initiative on the Artist in Residence program for emerging Black artists.
• Accelerating Accessibility CoalitionminorStrategic or Co-development PartnerChoice 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.
• Ellis DonminorGTM or Marketing PartnerSilver sponsor of Choice Properties' 10th Annual Golf Classic fundraising event.
• TD BankminorGTM or Marketing PartnerSilver sponsor of Choice Properties' 10th Annual Golf Classic fundraising event.
• DeloitteminorGTM or Marketing PartnerSilver sponsor of Choice Properties' 10th Annual Golf Classic fundraising event.
• RBCminorGTM or Marketing PartnerSilver sponsor of Choice Properties' 10th Annual Golf Classic fundraising event.
• CIBCminorGTM or Marketing PartnerBronze sponsor of Choice Properties' 10th Annual Golf Classic fundraising event.
• ScotiabankminorGTM or Marketing PartnerBronze sponsor of Choice Properties' 10th Annual Golf Classic fundraising event.
• DesjardinsminorGTM or Marketing PartnerBronze sponsor of Choice Properties' 10th Annual Golf Classic fundraising event.
• Appletree MarketsminorStrategic or Co-development PartnerAppletree Markets curated and organized the Pumpkin Fest & Street Food Market at Choice Properties' 650 Dupont property, bringing Toronto's best seasonal street food to the community event.
• Nature CalgaryminorStrategic or Co-development PartnerNature Calgary led a guided bird walk through the Creekside wetlands adjacent to Choice Properties' Creekside Shopping Centre in Calgary, supporting the company's placemaking and community engagement initiatives.
• Luminato FestivalminorStrategic or Co-development PartnerChoice Properties hosted a special activation at 10 Lower Jarvis Street (Loblaws store) as part of Luminato Festival's 20th anniversary city-wide programming, featuring live mural painting, circus arts, and DJ performances.
• Breathe Hot Yoga BradfordminorStrategic or Co-development PartnerBreathe Hot Yoga Bradford led the guided outdoor yoga class at the launch of Choice Properties' 'Lots of Zen' Summer Yoga Series at Bradford Patio.
• CONTACT Photography FestivalminorStrategic or Co-development PartnerChoice Properties hosted a CONTACT Photography Festival exhibition at 650 Dupont Street in May 2026, contributing to the annual city-wide celebration of lens-based media and contemporary photography.

Scale indicators17 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• RioCan REIT: One of Canada's largest retail-focused REITs with a portfolio of grocery-anchored and necessity-based properties. Direct competitor to Choice's retail segment and the most relevant scale comparable in Canadian open-format retail.
• SmartCentres REIT: Canadian retail REIT anchored by Walmart and other necessity-based tenants, with a portfolio comparable in strategy to Choice's retail segment. Operates similar grocery/value retail strip plazas across Canada.
• Dream Industrial REIT: Pure-play Canadian and European industrial/logistics REIT. Direct comparable to Choice's industrial portfolio segment, with similar exposure to e-commerce-driven distribution demand and similar tenant mix.
• Granite REIT: Industrial and logistics REIT with Canadian, U.S., and European assets. Comparable to Choice's industrial portfolio with similar high-quality, generic industrial strategy and strong leasing economics.
• Crombie REIT: Canadian open-format retail REIT with Loblaw as its largest tenant — making it an unusually close comparable to Choice given the same Loblaw-anchored business model and similar tenant concentration dynamics.
• First Capital REIT: Canadian grocery-anchored and necessity-based retail REIT that Choice Properties agreed to acquire in April 2026 for ~CAD 9.4B. Highly comparable in asset class, tenant base, and operating model prior to the announced acquisition.
• Allied Properties REIT: Canadian REIT focused on distinctive urban office and retail workspaces in major Canadian cities. Comparable to Choice in scale and in mixed-use urban strategy, though with an office rather than industrial tilt.
• CT Real Estate Investment Trust: Canadian retail REIT primarily leased to Canadian Tire Corporation across necessity-based retail properties. Comparable to Choice in retail strategy, single-tenant concentration profile, and Canadian geographic focus.

Broad incumbents

• Canadian Apartment Properties REIT (CAPREIT): Canada's largest residential REIT with multifamily apartments nationwide. Comparable to Choice's mixed-use/residential segment and serves as a benchmark for Canadian residential real estate operating economics.
• Boardwalk REIT: Canadian multifamily residential REIT focused on Alberta and Ontario. Comparable to Choice's residential/mixed-use segment with similar exposure to Canadian rental housing fundamentals and tenant dynamics.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

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

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Funding overview

Funding rounds7 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