Canada's Choice Properties REIT swings to Q2 net loss
Overview
Choice Properties swings to Q2 net loss from year-ago net profit
FFO per unit increased 3.9% yr/yr
Outlook
Choice Properties targets 2%-3% growth in Same-Asset NOI, Cash Basis for 2025
Company expects annual FFO per unit diluted of C$1.05-C$1.06
Choice Properties aims for adjusted debt to EBITDAFV below 7.5x for 2025
Company focuses on commercial developments to enhance portfolio quality
Result Drivers
FAIR VALUE ADJUSTMENTS - Net loss driven by unfavorable fair value adjustment in Exchangeable Units
STRATEGIC TRANSACTIONS - Completed C$427 mln of transactions in qtr, including acquisitions and disposals, strengthened portfolio
HIGH OCCUPANCY - Maintained "strong" occupancy rates across retail, industrial, and mixed-use & Residential segments
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q2 Rental Revenue |
| C$350.78 mln |
|
Q2 Net Income |
| -C$154.25 mln |
|
Q2 Adjusted FFO |
| C$166.94 mln |
|
Q2 FFO |
| C$191.57 mln |
|
Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 6 "strong buy" or "buy", 3 "hold" and no "sell" or "strong sell"
The average consensus recommendation for the commercial reits peer group is "buy"
Wall Street's median 12-month price target for Choice Properties Real Estate Investment Trust is C$16.00, about 7.4% above its July 16 closing price of C$14.81
Press Release: ID:nBw42nwxwa
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