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Investor

Presentation

Q3 2019

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Certain statements contained in this document constitute forward-looking information within the meaning of securities laws. Forward-looking information may

relate to Choice Properties REIT’s (the “Trust”) future outlook and anticipated events or results and may include statements regarding the financial position,

business strategy, budgets, litigation, projected costs, capital expenditures, financial results, taxes, plans and objectives of or involving the Trust. Particularly,

statements regarding future results, performance, achievements, prospects or opportunities for the Trust or the real estate industry are forward-looking

statements. In some cases, forward-looking information can be identified by such terms such as ‘‘may’’, ‘‘might’’, ‘‘will’’, ‘‘could’’, ‘‘should’’, ‘‘would’’, ‘‘occur’’,

‘‘expect’’, ‘‘plan’’, ‘‘anticipate’’, ‘‘believe’’, ‘‘intend’’, ‘‘estimate’’, ‘‘predict’’, ‘‘potential’’, ‘‘continue’’, ‘‘likely’’, ‘‘schedule’’, or the negative thereof or other similar

expressions concerning matters that are not historical facts. The Trust has based these forward-looking statements on factors and assumptions about future

events and financial trends that it believes may affect its financial condition, results of operations, business strategy and financial needs, including that the

Canadian economy will remain stable over the next 12 months, that inflation will remain relatively low, that interest rates will remain stable, that tax laws remain

unchanged, that conditions within the real estate market, including competition for acquisitions, will be consistent with the current climate, that the Canadian

capital markets will provide the Trust with access to equity and/or debt at reasonable rates when required and that Loblaw will continue its involvement with the

Trust. Although the forward-looking statements contained in this document are based upon assumptions that management of the Trust believes are reasonable

based on information currently available to management, there can be no assurance that actual results will be consistent with these forward-looking

statements. Forward-looking statements necessarily involve known and unknown risks and uncertainties, many of which are beyond the Trust’s control, that

may cause the Trust’s or the industry’s actual results, performance, achievements, prospects and opportunities in future periods to differ materially from those

expressed or implied by such forward-looking statements. These risks and uncertainties include, among other things, the factors discussed under ‘‘Enterprise

Risks and Risk Management’’ section of the Trust’s Report to Unitholders. The forward-looking statements made in this presentation relate only to events or

information as of the date on which the statements are made in this document. Except as required by law, the Trust undertakes no obligation to update or

revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are

made or to reflect the occurrence of unanticipated events.

These forward-looking statements are made as of November 26, 2019 and Choice Properties REIT assumes no obligation to update or revise them to reflect

new events or circumstances, except as required by law.

FORWARD LOOKING STATEMENTS

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A PREMIER

DIVERSIFIED REIT

Choice Properties is an

owner, manager and

developer of a high-quality

real estate portfolio

Our goal is to provide NAV

appreciation, stable NOI

growth and capital

preservation with a long-

term focus

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Stability

and

Growth

4

Size, Scale and Reach

KEY INVESTMENT HIGHLIGHTS

Portfolio Stability and

Reliability

Development Potential

Backed by a Robust

Operating Platform

Well-Positioned Portfolio

Supported by Prudent Capital

Structure

Canada’s premier REIT

comprising of 726 properties

spanning ~65.5M sq. ft.

National footprint concentrated in

Canada’s largest markets

Portfolio focused on necessity-

based retail, and high-quality

industrial and office assets

Strategic relationship with Loblaw

and George Weston Limited

Established operating platform

with a proven track record of

success

Transformational development

pipeline providing long-term

value creation and growth

Diversified portfolio with

occupancy and staggered lease

maturities that support debt

service

Financial strength, solid

balance sheet and investment

grade credit rating (“BBB”)

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OUR PORTFOLIO

(1) As of September 30, 2019

Number of

Properties (1)

Retail

Industrial 112

576

A diversified portfolio

with a national footprint

concentrated in Canada’s largest markets

Offering stability through long-term leases and a

strategic relationship

with Loblaw – Canada’s largest retailer

INCOME PRODUCING

Office

Residential

Developments

707

4

15

19

TOTAL 726

Square Footage (1)

(M)

15.8

46.3

~65.5

0.2

3.2

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TOP 10 TENANTS

(1) Gross rent for the three months ended September 30, 2019

Canadian Tire

TJX Companies 1.0

2.4

High-quality tenant base

Income stability through

increased exposure to

national investment grade

tenants

Anchored by a strategic

relationship with Loblaw -

Canada’s largest retailer

Dollarama

Staples 0.7

0.8

Loblaw / Shoppers

GoodLife

Sobeys 0.6

0.6

TD Canada Trust

LCBO 0.5

0.5

Lowe’s 0.5

64.7

57.1

Top 10 Tenants % of gross rental

revenue (1)

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LONG-TERM LEASES PROVIDE CASH FLOW STABILITY

WALT

TOTAL

6.8 years

LOBLAW

8.5 years

ANCILLARY

4.7 years

(1) As of September 30, 2019

1%5% 6% 5%

12% 9%

61%

0%

10%

20%

30%

40%

50%

60%

70%

-

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

45,000

2019 2020 2021 2022 2023 2024 2025 &Beyond

LEASE EXPIRY BY YEAR (1)

Loblaw Ancillary % of Portfolio

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RETAIL

Strong composition of

national tenants

Focused on necessity-

based retailers with

66% exposure to Loblaw,

Canada’s largest food

and drug retailer

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9

GLA (sq. ft.)GLA (sq. ft.)GLA (sq. ft.)GLA (sq. ft.)

Winston Churchill

RETAIL PROPERTIES

Seton Way Erin Mills East Hastings

Mississauga, ON Calgary, AB Mississauga, ON Vancouver, BC

21K320K105K260K

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INDUSTRIAL

High quality

and generic product

Critical mass in target

markets

Readily accommodates

a broad range of tenants

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INDUSTRIAL PROPERTIES

3333 James Snow ParkwayMilton, ON

Choice Distribution ParkCalgary, AB

855Ksq. ft.

300Ksq. ft.

407Ksq. ft.

635Ksq. ft.

410 Business CentreBrampton, ON

2755 190th StreetSurrey, BC

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OFFICE

Large office buildings

in target markets

Well-located office

properties in the

downtown core of some

of Canada’s largest cities

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GLA (sq. ft.)

Ownership

Major Tenants

GLA (sq. ft.)

Ownership

Major Tenants

GLA (sq. ft.)

Ownership

Major Tenants

GLA (sq. ft.)

Ownership

Major Tenants

525 University Ave.

OFFICE PROPERTIES

175 Bloor St. East Calgary Place 1010 Sherbrooke Place

Toronto, ON Toronto, ON Calgary, AB Montreal, QC

330K

100%

• Jarislowsky Fraser

• McGill University

• Canadian Bank

580K

50%

• Alta Gas Ltd.

• A.E.S.O.

• MNP

600K

50%

• Klick

• Leo Burnett

• Towers Watson

• NORR Limited

200K

100%

• Hospital for Sick Kids

• Cancer Care Ontario

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TRANSFORMATIONAL

DEVELOPMENT

Development pipeline

provides long-term

growth and value

creation

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(1) As of September 30, 2019(2) Includes 4 major mixed use development projects currently in the pre-development phase for which the total investment and density is to be determined

GREENFIELD

18 projects

DEVELOPMENT PIPELINE (1)

0.5M

$38M

$169M

INTENSIFICATION

31 projects

sq. ft.

invested

total

investment

1.2M

$243M

$367M

sq. ft.

invested

total

investment

N/A

$31M

$49M

REDEVELOPMENT

4 projects (2)

invested

total

investment

1.0M

$112M

$534M

RESIDENTIAL

7 projects

sq. ft.

invested

total

investment

2.8M

$424M

$1.1B

TOTAL

60 projects

sq. ft.

invested

total

investment

16

210K sq. ft.

Anchored

by Sobeys and

Shoppers Drug

Mart

Canada’s best

community

2015

Partner: Hopewell

Development

RETAIL DEVELOPMENT

Mahogany Village Market

Calgary, AB

17

300 Veterans Blvd.

Calgary, AB

47K sq. ft. of

intensification

Completed:

Q3 2019

Leasing: 100%

committed

Anchored

by Loblaws

Intensificationincludes Dollarama,

Party City, and a

Daycare

RETAIL INTENSIFICATION

18

2994 Peddie Rd.

Milton, ON

28 acres

665K sq. ft.

36 foot

clear heights

Partner: Kylin

Developments

INDUSTRIAL DEVELOPMENT

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390 DUFFERIN STTORONTO, ON

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20

390 Dufferin St.

Toronto, ON

347 units /

3 buildings

Land acquired in

Q3 2017

Transit

accessible

Partner: Woodbourne Canada

& CentreCourt

Developments

RESIDENTIAL DEVELOPMENT

WALK SCORE TRANSIT SCORE BIKE SCORE

9710053

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39 EAST LIBERTY ST

TORONTO, ON

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22

39 East Liberty St.

Toronto, ON

387 units

Construction

commencement:

Q1 2019

Transit

accessible

Partner: Woodbourne Canada

& CentreCourt

Developments

RESIDENTIAL DEVELOPMENT

WALK SCORE TRANSIT SCORE BIKE SCORE

9210074

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Grenville and Grosvenor

Toronto, ON

700 units

Provincial

Affordable

Housing Lands

Program

Transit

accessible

Partner:

Greenwin

RESIDENTIAL DEVELOPMENT

WALK SCORE TRANSIT SCORE BIKE SCORE

9910075

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Major

Mixed Use

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2280 DUNDAS ST. W

15-acre site in

Downtown Toronto

Major transit hub

(TTC, GO Train, UP

Express)

Large mixed-use

community

High density

residential, retail and

office

TORONTO, ON

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GOLDEN MILE

19-acre site in

Toronto

Adjacent to two new

transit stations of

Eglinton Crosstown

Large mixed-use

community

High density

residential and retail

TORONTO, ON

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NORTH ROAD

7-acre site in

city centre

Access to two

lines of

Vancouver SkyTrain

Revitalization

into mixed-use

community

High density

residential and retail

COQUITLAM, BC

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985 WOODBINE AVE.

2-acre site in

Downtown Toronto

Directly adjacent to

Woodbine TTC

subway station

Two mid-rise rental

residential buildings

Grocery retail at

grade

TORONTO, ON

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47 properties

in the City of

Toronto

Significant

long-term

development

potential

LONG TERM POTENTIAL

Retail 35

Office 4

PUD 6

Residential 1

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10 LOWER JARVIS ST

4-acre site

Core downtown

location

TORONTO, ON

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31

TORONTO, ON

449 CARLAW AVE.

6-acre site

Future stop on

Downtown Relief Line

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32

TORONTO, ON

720 BROADVIEW AVE

3-acre site

Close proximity to TTC

subway station

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TORONTO, ON

25 PHOTOGRAPHY DR

7-acre site

Adjacent to Eglinton

LRT (Phase 1)

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TORONTO, ON

17 LESLIE ST

6-acre site

Close proximity to

Queen Streetcar

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FINANCIAL

MANAGEMENT

Choice Properties’

foundation is built upon

maintaining a strong

balance sheet, financial

flexibility, and prudent

and disciplined financial

management

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DEBT MATURITY PROFILE

(1) As at September 30, 2019(2) Graph excludes $167M drawn on Choice Properties’ $1.5B unsecured revolving committed credit facility (revolver)(3) Proportionate share. Includes $99M of construction loans which are variable interest rate loans (weighted average interest rate

of 3.83% as at September 30, 2019)

PUBLIC DEBENTURES

Principal

WAIR 3.67%

$5,175M

WATM 5.4 years

MORTGAGES & CONSTRUCTION

LOANS

4.00% (3)

$1,565M (3)

5.5 years

• Choice Properties continues to maintain a well-balanced

debt maturity profile (2)

• $1.5B unsecured revolving committed credit facility

provides liquidity and financial flexibility (matures May

2023)

$270 $179 $222$109 $156 $152 $86 $46 $55 $38

$228

$550$550

$600

$575

$750$550

-

$750 $750

0%

12%11%

12%10%

13%

10%

1% 1%

12% 12%

5%

$1,500

-

$200

$400

$600

$800

$1,000

$1,200

$1,400

$1,600

RevolverCapacity

2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 Thereafter

De

bt

Ma

turi

ng

($

M)

Mortgages and Construction Loans Current Unsecured Debentures Term Loan Facility Senior Unsecured Facility % of Debt

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Reducing

leverage and

strengthening

our balance

sheet

Additional

capacity to fund

our significant

development

program

STRONG BALANCE SHEET

Q4 2018 Q3 2019

Debt ($M) $7.5M $6.9M

Leverage Ratio 47.2% 43.5%

Debt-to-EBITDA 8.0 X 7.5 X

Weighted Avg. Term to Maturity 5.5 5.5

Weighted Avg. Interest Rate 3.74% 3.75%

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Stability

and Growth

OUTLOOK:

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