Choice Properties Real Estate Investment Trust Reports Strong Operational and Financial Results for 2024
Toronto, Ontario – Choice Properties Real Estate Investment Trust (Choice Properties or the Trust) is pleased to announce the release of its consolidated financial results for the quarter and year ended December 31, 2024. The comprehensive report, known as the 2024 Annual Report to Unitholders, is now available on the Trust’s website.
Financial Highlights
The financial report demonstrates another successful year for Choice Properties, with notable achievements including:
- Total revenue of $1.2 billion, marking a 10% increase from the previous year
- Adjusted Funds from Operations (AFFO) per unit of $1.42, representing a 7% increase year-over-year
- Distribution per unit of $0.85, up by 3% from 2023
- A strong balance sheet with a net asset value per unit of $25.73 and a debt-to-asset ratio of 35.2%
Operational Achievements
Beyond financial success, Choice Properties made significant strides in its operations:
- Acquired 11 new properties, totaling 1.3 million square feet
- Completed 2.5 million square feet of leasing activities, maintaining a 95% occupancy rate
- Sold two non-core properties, generating proceeds of $92.8 million
Impact on Individuals
For individual investors, Choice Properties’ solid financial performance could lead to:
- Increased dividends due to strong cash flow
- Stability and growth in their investment portfolio
- Long-term capital appreciation through the trust’s strategic acquisitions and dispositions
Impact on the World
On a larger scale, the real estate market and the economy as a whole may experience:
- Continued growth in the commercial real estate sector, driven by strong demand for space and low interest rates
- Increased competition among real estate investment trusts (REITs) to acquire prime properties and maintain high occupancy rates
- A positive ripple effect on related industries, such as construction and property management, as demand for new and improved properties grows
Conclusion
Choice Properties’ impressive financial and operational results for the year 2024 position the Trust as a leader in the Canadian real estate market. With a strong balance sheet, strategic acquisitions, and a commitment to delivering value to its unitholders, Choice Properties continues to be an attractive investment opportunity. Furthermore, its success contributes to the growth and stability of the commercial real estate sector and the broader economy.
For more detailed information about Choice Properties’ financial performance, operational achievements, and future plans, please refer to the 2024 Annual Report to Unitholders.
