Choice Properties Real Estate Investment Trust Reports Results for the Second Quarter of 2018
Choice Properties Real Estate Investment Trust Reports Results for the Second Quarter of 2018 |
[18-July-2018] |
TORONTO, July 18, 2018 /CNW/ - Choice Properties Real Estate Investment Trust ("Choice Properties" or the "Trust") (TSX: CHP.UN) announced today its consolidated financial results for the second quarter ended June 30, 2018. The Trust's Quarterly Report will be available in the Investor Relations section of the Trust's website at www.choicereit.ca, filed with SEDAR and available at www.sedar.com. "The highlight of the quarter was the completion of the transaction on May 4, which combined the businesses of Choice and CREIT," said Stephen Johnson, President and Chief Executive Officer. "Choice is now Canada's preeminent diversified REIT, with a portfolio of high-quality real estate assets and an extensive property development pipeline." FINANCIAL PERFORMANCE:
Quarterly results
Year-To-Date Results
Management Discussion and Analysis and Condensed Consolidated Financial Statements and Notes Information appearing in this news release is a select summary of the consolidated results of the Trust. This news release should be read in conjunction with Choice Properties' Second Quarter 2018 Report to Unitholders, which includes the unaudited interim period condensed consolidated financial statements and MD&A for the Trust and is available at www.choicereit.ca and on SEDAR at www.sedar.com. Conference Call and Webcast Senior management will host a conference call to discuss the results on July 19, 2018 at 11:00AM (ET). To access via teleconference, please dial (647) 427-7450. A playback will be made available two hours after the event at (416) 849-0833, access code: 3091748. To access the conference call via webcast, a link is available at www.choicereit.ca in the "Events and Webcast" section under "News and Events". About Choice Properties Real Estate Investment Trust Choice Properties, Canada's preeminent diversified real estate investment trust, is the owner, manager and developer of a high-quality portfolio comprising 757 properties totaling 67.0 million square feet of gross leasable area. Choice Properties owns a portfolio comprised of retail properties predominantly leased to necessity-based tenants; industrial, office and residential assets concentrated in attractive markets; and an unmatched development pipeline. Choice Properties' strategic alliance with its principal tenant, Loblaw Companies Limited, the country's leading retailer, is a key competitive advantage providing long-term growth opportunities. For more information, visit Choice Properties' website at www.choicereit.ca and Choice Properties' issuer profile at www.sedar.com. Non-GAAP Financial Measures and Additional Financial Information In addition to using performance measures determined in accordance with International Financial Reporting Standards ("IFRS" or "GAAP"), Choice Properties also measures its performance using certain additional non-GAAP measures, and provides these measures in this press release so that investors may do the same. Such measures and related per-unit amounts are not defined by IFRS and therefore should not be construed as alternatives to net income or cash flow from operating activities determined in accordance with IFRS. Furthermore, the supplemental measures used by Management may not be comparable to similar measures presented by other real estate investment trusts or enterprises. These terms, which include the proportionate share basis of accounting, net operating income ("NOI"), funds from operations ("FFO"), adjusted funds from operations ("AFFO") and adjusted cash flow from operations ("ACFO"), are defined in Section 16, "Non-GAAP Financial Measures", of the Choice Properties MD&A for the period ended June 30, 2018 and are reconciled to the most comparable IFRS measure. Choice Properties Condensed Consolidated Financial Statements and MD&A for the period ended June 30, 2018 are available on Choice Properties' website at www.choicereit.ca. Readers are directed to these documents for financial details and a fulsome discussion on Choice Properties' results. Cautionary Statements Regarding Forward-looking Statements This news release contains forward-looking statements relating to Choice Properties' operations and the environment in which the Trust operates, which are based on management's expectations, estimates, forecasts and projections. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. Therefore, actual outcomes and results may differ materially from those expressed in these forward-looking statements. Readers, therefore, should not place undue reliance on any such forward-looking statements. Further, a forward-looking statement speaks only as of the date on which such statement is made. Management undertakes no obligation to publicly update any such statement, to reflect new information or the occurrence of future events or circumstances, except as required by law. Contact For further information, please contact: Rael Diamond Mario Barrafato SOURCE Choice Properties Real Estate Investment Trust | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Company Codes: Toronto:CHP.UN |
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