Choice Properties Real Est Invstmnt Trst Q2 2026 Earnings Report

Choice Properties Real Est Invstmnt Trst EPS Results

• Actual EPS: -C$0.24
• Consensus EPS: N/A
• Beat/Miss: N/A
• One Year Ago EPS: N/A

Choice Properties Real Est Invstmnt Trst Revenue Results

• Actual Revenue: $362.63 million
• Expected Revenue: N/A
• Beat/Miss: N/A
• YoY Revenue Growth: N/A

Choice Properties Real Est Invstmnt Trst Announcement Details

• Quarter: Q2 2026
• Date: 7/22/2026
• Time: After Market Closes
• Conference Call Date: Thursday, July 23, 2026
• Conference Call Time: 10:00AM ET

Choice Properties Real Estate Investment Trust invests in, manages, and develops retail and commercial properties across Canada. The company's portfolio primarily consists of shopping centers anchored by supermarkets and stand-alone supermarkets. The properties are mostly located in Ontario and Quebec, followed by Alberta, Nova Scotia, British Columbia, and New Brunswick. Choice Properties generate the majority of revenue from leasing properties to its tenants. The company's principal tenant, the large-format retailer Loblaw Companies, contributes the vast majority of the total rent.

Choice Properties Real Est Invstmnt Trst Q2 2026 Earnings Call Transcript

Key Takeaways

• Positive Sentiment: Core operating performance remained strong, with portfolio occupancy at 97.7%, same-asset cash NOI up 2.8%, and FFO per unit rising 0.8% year over year. Management said retail and industrial fundamentals were both healthy, supported by robust leasing spreads.
• Positive Sentiment: Retail leasing momentum was a highlight, including 643,000 sq. ft. of renewals, 12.4% renewal spreads, and about 20% spreads excluding fixed-rate options. Backfilling is progressing well, with roughly half of Q2 vacancies already re-leased at rents well above expiring levels.
• Positive Sentiment: Industrial results were especially strong, with occupancy at 98.6% and renewal spreads of 40.2% on 353,000 sq. ft. of renewals. Management also pointed to continued leasing momentum at Choice Caledon and expects organic growth to remain solid through the rest of the year.
• Neutral Sentiment: The proposed First Capital transaction remains on track, with unitholder approval and court approval already secured and regulatory review as the remaining major step. Management continues to expect closing in the second half of 2026, more specifically in Q4, but noted timing is still uncertain.
• Neutral Sentiment: Balance sheet and guidance remain intact, with about CAD 2 billion of liquidity, debt/EBITDA at 7.0x, and 2026 outlook reiterated for 2%–3% same-asset cash NOI growth and FFO per unit of CAD 1.08–CAD 1.10. Management also said the company is well positioned to refinance upcoming debt maturities and finance the transaction.

Presentation

[Operator]

Thank you. I will now hand the call over to Simone Cole, General Counsel and Secretary. Please go ahead.

[Simone Cole, General Counsel and Secretary at Choice Properties]

Thank you. Good morning, welcome to Choice Properties Q2 2026 conference call. I am joined this morning by Rael Diamond, President and Chief Executive Officer, Erin Johnston, Chief Financial Officer, Niall Collins, Executive Vice President of Development and Construction, and David Muallim, Senior Vice President, Leasing and Operations. Rael and Erin will provide a recap of our second quarter operational results and highlights before we open the line for Q&A, where Niall and David will join to answer your questions. Before we begin today's call, I would like to remind you that by discussing our financial and operating performance in responding to your questions, we may make forward-looking statements, including statements regarding Choice Properties objectives, strategies to achieve those objectives.

[Simone Cole, General Counsel and Secretary at Choice Properties]

As well as statements with respect to management's beliefs, plans, estimates, intentions, outlook, similar statements concerning anticipated future events, results, circumstances, performance, or expectations that are not historical facts. These statements are based on our current estimates and assumptions are subject to risks and uncertainties that could cause actual results to differ materially from the conclusions in these forward-looking statements. Additional information on the material risks that can impact our financial results estimates and the assumptions that we made in applying making these statements can be found in our recently filed Q2 2026 financial statements and management discussion and analysis, which are available on our website and on SEDAR+. With that, I turn the call over to Rael.

[Rael Diamond, President and CEO at Choice Properties]

Thank you, Simone, and good morning, everyone. We are pleased with our second quarter results, which reflect the strength of our portfolio and the disciplined execution of our strategy. During the quarter, we continued to unlock value through strategic leasing across our necessity-based retail portfolio. We also capitalized on tenant demand to drive rental rate growth in our well-located industrial portfolio. Across our portfolio, fundamentals held strong. Occupancy remains near full, leasing activity and spreads were robust, and same asset NOI growth was solid. Portfolio occupancy was 97.7%, down 40 basis points from the previous quarter. This primarily reflects planned vacancies tied to strategic repositioning initiatives, which I will discuss shortly. Outside of these initiatives, operating performance was solid. Average leasing spreads were robust at 19%, supported by same asset NOI growth of 2.8%.

[Rael Diamond, President and CEO at Choice Properties]

In our retail portfolio, demand remained resilient across our core necessity-based tenant categories. Retail occupancy ended the quarter at 97.4%. During the quarter, we completed 643,000 sq ft of renewals and 83,000 sq ft of new leasing. Renewal spreads were 12.4%, with increases across categories such as liquor, restaurants, and dollar stores. This includes 318,000 sq ft of fixed rate option renewals. Excluding these fixed rate renewals, the average retail renewal spread was very strong at approximately 20%. Retention was 66%, primarily reflecting known non-renewals of two large spaces previously leased to Loblaw, totaling 172,000 sq ft. Both spaces were utilized for storage or temporary uses and had single-digit gross rents reflecting the flexible nature of their leases. The first space was a 90,000 sq ft strategic repositioning at Bloor and Dundas that we mentioned last quarter.

[Rael Diamond, President and CEO at Choice Properties]

We will be creating a multi-tenant configuration with commitments from Shoppers Drug Mart and GoodLife. During the quarter, we turned over the space to Shoppers Drug Mart for fixturing, with a target opening later this year. Possession for GoodLife is targeted in early 2027. The second was an 82,000 sq ft space in Laval that we are pursuing similar backfill strategy and will provide progress in the coming quarters. Excluding these two non-renewals, retention was approximately 80%, broadly in line with our historical levels. Backfilling of our Q2 vacancies is already well advanced, with approximately 50% of the space having been re-leased at rents well above expiring rates. We also made progress on the backfill of our three former Toys R Us locations.

[Rael Diamond, President and CEO at Choice Properties]

No Frills took possession and is now fixturing at Don Mills Crossing, and we're in active discussions on our remaining two locations with our JV partner. We expect to provide a further update on the remaining locations during our next conference call. In addition, subsequent to the quarter, we completed the renewal of our 2027 tranche of Loblaw leases, representing 50 locations and 3.6 million sq ft. All of the leases renewed were retail locations and were completed at an average spread of 8.8% and an average term of five years. These renewals provide steady cash flow growth and address approximately 67% of our 2027 retail lease maturities. Industrial portfolio also delivered healthy operating results during the quarter, with occupancy stable at 98.6%.

[Rael Diamond, President and CEO at Choice Properties]

We completed 353,000 sq ft of renewals in the quarter, achieving a retention rate of 80.6%. Activity was concentrated in Ontario and Alberta with an average renewal spread of 40.2%. In the GTA, rent commenced in April at our recently completed National Logistics Services building in Choice Caledon Business Park. Construction is also progressing well on Building D, with completion and occupancy targeted for the second half of 2027. Our team remains active in the market and continues to respond to RFPs for single and multiple and multi-tenant users interested in the site. Looking ahead, our industrial portfolio remains well-positioned, supported by high-quality assets, a strong tenant base, and locations in core urban markets across the country. We expect leasing momentum to support robust organic growth through the balance of the year.

[Rael Diamond, President and CEO at Choice Properties]

While renewal spreads are expected to moderate in the second half as the mix of expiring leases changes, our better mark-to-market opportunity remains a meaningful driver of future growth. We also saw positive momentum in our mixed-use and residential portfolio. Mixed-use occupancy increased 50 basis points, while leasing improved across our residential assets, supported by a focus on tenant retention. Turning now to transaction activity. Transaction activity was relatively modest during the quarter, as our focus remained on advancing the proposed First Capital transaction and maintaining balance sheet flexibility. We completed a total of CAD 14 million of transactions in Q2 and CAD 13 million of transactions subsequent to quarter end, bringing our total year-to-date capital recycling activity to approximately CAD 55 million. During the quarter, we acquired a retail property in Waterloo, Ontario, for CAD 7.4 million.

[Rael Diamond, President and CEO at Choice Properties]

The site is adjacent to one of our existing high-performing grocery-anchored retail properties. Together, the properties create a significant land assembly along a major commercial corridor in a neighborhood benefiting from growth in student housing. Ownership of both properties unlocks an attractive intensification opportunity, enhancing the transaction's overall economics. We are pursuing early-stage approvals for additional retail density to enhance the site's long-term value. We completed CAD 6.8 million of dispositions during the quarter. Subsequent to quarter end, we sold our remaining 50% interest in Alberta retail property for CAD 13.2 million. We continue to make progress on our previously announced acquisition of First Capital. Last month, First Capital unitholders voted overwhelmingly in favor of the proposed transaction. The Ontario Superior Court subsequently approved the plan of arrangement. We continue to work constructively through the regulatory process.

[Rael Diamond, President and CEO at Choice Properties]

Closing remains on track. We'll provide further updates as the process advances. With that, I'll now turn the call over to Erin to discuss our financial results and capital allocation activity. Erin?

[Erin Johnston, CFO at Choice Properties]

Thank you, Rael. Good morning, everyone. Q2 was another solid quarter for Choice's core business. For the quarter, reported funds from operations or FFO was CAD 192.9 million or CAD 0.267 per unit on a diluted basis, an increase of 0.8% year-over-year. This performance was driven by same-asset cash NOI growth of 2.8% and higher lease surrender revenue of CAD 1.6 million. Contributions from acquisitions and development transfers were offset by dispositions. Higher interest expense from refinancing, higher G&A, and lower investment income also tempered FFO growth. Adjusting for the impact of non-recurring items, including lease surrender revenues of CAD 1.6 million and the reduction in Allied's distribution of CAD 3.2 million, FFO growth was 1.5%.

[Erin Johnston, CFO at Choice Properties]

AFFO in the quarter was CAD 0.217 per unit, down 6.1% from the prior year, which was largely related to timing of maintenance capital and tenant improvements. Looking ahead, we expect 2026 capital spend to be broadly in line with the prior year. Turning to our property performance. Same asset cash NOI was healthy, increasing CAD 6.9 million or 2.8% over the prior year. Retail same asset cash NOI increased by CAD 3.7 million or 1.9%. Excluding bad debt expense primarily related to the Toys R Us termination, growth was 2.4%. Industrial same asset cash NOI increased by CAD 2.9 million or 5.8%, excluding bad debt reversals in the current year, growth was 5.2%. Both asset classes performed well in the quarter and benefited from strong renewal spreads, higher base rents from new leasing, and contractual rent steps.

[Erin Johnston, CFO at Choice Properties]

Mixed-use and residential same asset cash NOI increased by approximately CAD 0.3 million or 4.1%, primarily due to lower operating costs. Moving to the balance sheet. IFRS net asset value or NAV was CAD 14.73 per unit, an increase of approximately CAD 145 million or 1.4% compared to the prior quarter. The increase reflected a CAD 46 million net contribution from operations, CAD 105 million net fair value gain on investment properties, and CAD 8 million fair value gain on our investment in Allied Properties units. As a reminder, under IFRS, we are required to mark-to-market this investment based on Allied's trading price at the end of each period. Fair value gains on investment properties were primarily driven by our retail portfolio, including the impact of the 2027 renewals and cap rate adjustments supported by external appraisals.

[Erin Johnston, CFO at Choice Properties]

We recorded a gain in our industrial portfolio, primarily supported by an external appraisal at our Ajax property. We also recorded a modest write-down in our mixed-use and residential portfolio, largely related to cap rate adjustments at certain Ontario residential assets. Our balance sheet remains in excellent shape with strong debt metrics and significant access to capital ahead of the expected closing of the FCR transaction. We have approximately CAD 2 billion of available liquidity through our corporate facility and cash on hand. This includes the recent CAD 500 million increase to our credit facility, providing additional liquidity to support our increased scale following the closing of the transaction. We also have approximately CAD 14.1 billion of unencumbered properties, and our debt to EBITDA ratio was unchanged from the prior quarter at seven times.

[Erin Johnston, CFO at Choice Properties]

Financing activity was modest during the quarter. This included the repayment of two mortgages totaling CAD 64 million and securing a new construction facility for Building D at Choice Caledon. Looking ahead, we remain encouraged by the state of the unsecured market and are well-positioned to both refinance our next unsecured maturity in November, along with the financing required to support the FCR transaction. Turning to our development activity. During the quarter, we completed two retail land lease intensifications totaling 66,000 sq ft for a blended yield of 27.2%. These projects included a 65,000 sq ft land lease with Nautical in Kingston, Ontario at a 28% yield and a 1,000 sq ft land lease at a 50% owned site in Winnipeg to a QSR tenant at a 23% yield.

[Erin Johnston, CFO at Choice Properties]

Together, these deliveries are another example of our ability to create value on excess land across our retail portfolio. Executing on our retail intensification pipeline and advancing the next phases of our Choice Caledon development remain key priorities for the balance of the year. Looking ahead to the second half of 2026, we are prioritizing operational excellence across the portfolio, while continuing to execute on a commercial development pipeline and value creation initiatives. We will also continue to progress towards the closing of the FCR transaction. However, given the timing of closing remains uncertain, we are continuing to reference our outlook excluding the impact of the transaction. We are reiterating our outlook and expect to deliver stable occupancy, 2%-3% same asset cash NOI growth, and with FFO per unit diluted between CAD 1.08 and CAD 1.10 for the year.

[Erin Johnston, CFO at Choice Properties]

With that, Rael, David, and Niall and I will be glad to answer your questions.

[Operator]

At this time, I'd like to remind everyone, in order to ask a question, please press star and the number one on your telephone keypad. We will pause for just a moment to compile the Q&A roster. Your first question comes from the line of Himanshu Gupta of Scotiabank. Your line is open.

[Himanshu Gupta, Director of Equity Research at Scotiabank]

Thank you, good morning. I mean solid quarter here, maybe I will focus a bit on the pending FCR transaction. How is the process coming along with the Competition Bureau? When do you expect to receive the necessary approvals?

[Simone Cole, General Counsel and Secretary at Choice Properties]

Hi, Himanshu. It is Simone. The process is going really well. As we said in our last call, we did a lot of work in advance of announcing the deal. At this point, everything is on track, we are still saying that it is going to be in the second half of the year that we expect to close, more particularly in Q4.

[Himanshu Gupta, Director of Equity Research at Scotiabank]

Then in terms of closing, is that the main hurdle now? Or what other approvals or significant approvals are you looking for?

[Simone Cole, General Counsel and Secretary at Choice Properties]

Yeah. That is the main approval. As you would have seen in this past quarter, the First Capital's unitholder vote was overwhelmingly successful, and the court approved the plan of arrangement. It's just in the regulatory process now.

[Himanshu Gupta, Director of Equity Research at Scotiabank]

Got it. Thank you. Then maybe, Erin, with respect to the debt financing required to close the transaction, how has the cost of financing trended since the announcement? Do you still expect mid-4 interest rate on that closing?

[Erin Johnston, CFO at Choice Properties]

Yeah. Since the transaction, Himanshu, as you know, it's been quite volatile in the underlying rates. Fortunately, spreads have held in quite well and are still hovering around 10-year lows, which is great, and we've heard that there continues to be demand, particularly for our name, and our BBB high rating. When I think about 10-year financing today, it's hovered between 4.7, 4.8 in the last couple of weeks.

[Himanshu Gupta, Director of Equity Research at Scotiabank]

Okay. Do you have any hedging in place to fix the interest rate, given a big debt financing coming at the end of the year? I think there's some debt maturity for Choice as well, then FCR, some maturity in January. Do you do any hedging in place?

[Erin Johnston, CFO at Choice Properties]

We have the ability to hedge, Himanshu, close to our refinancing. We don't have any in place right now. What I'd say is one of the reasons we also increased our line is we have that flexibility, and we're also being very thoughtful on when we go to market between now and closing and how we want to spread out that.

[Himanshu Gupta, Director of Equity Research at Scotiabank]

Okay. That's very helpful. Then, sticking with that balance sheet, your debt rating is obviously BBB high, very strong. Is there a leverage threshold you need to maintain for that rating? Does the transaction change anything with respect to that rating?

[Erin Johnston, CFO at Choice Properties]

Our credit ratings were affirmed right after the deal. The way that we're thinking about and the way this particular DBRS is thinking about it is as long as the transaction comes to fruition, as we've said, i.e., the NOI comes online, we are fine, and then de-leveraging will also support as we continue to pursue a higher rating.

[Himanshu Gupta, Director of Equity Research at Scotiabank]

Yeah. Okay. No, that's a good point. Okay. Thank you. Maybe just last one question, not regarding FCR, by the way. On this Caledon Building D, any update on the lease-up? I also saw, I think your expected yield was revised higher, slightly higher. Any reason for that?

[Niall Collins, EVP of Development and Construction at Choice Properties]

Hi, Himanshu. It's Niall. As Rael mentioned, there's good buoyancy in the market, which we're really encouraged by. Secondly, Building D is the only 1 million square foot project that's under construction right now. We feel really good about that. There is a number of offers that are going back and forth. We're encouraged that we'll be able to land one of these offers as soon as we can.

[Himanshu Gupta, Director of Equity Research at Scotiabank]

Thanks.

[Niall Collins, EVP of Development and Construction at Choice Properties]

In terms of the yield.

[Himanshu Gupta, Director of Equity Research at Scotiabank]

Yeah. That's gone up as well.

[Niall Collins, EVP of Development and Construction at Choice Properties]

We have not updated our yield. It remains the same.

[Himanshu Gupta, Director of Equity Research at Scotiabank]

Okay. Around 6, low 6% here.

[Niall Collins, EVP of Development and Construction at Choice Properties]

Correct.

[Himanshu Gupta, Director of Equity Research at Scotiabank]

Okay. Thank you so much. I'll turn it back. Thank you.

[Operator]

If you have a question, please press star one on your telephone keypad to join the queue. Your next question comes from the line of Pammi Bir of RBC Capital Markets. Your line is open.

[Pammi Bir, Managing Director at RBC Capital Markets]

Thanks. Good morning. Just on the FCR deal, I think you cited that CAD 0.04 of estimated dilution from an FFO standpoint. As you kind of work toward closing, are there any pieces that maybe could shift the outlook?

[Erin Johnston, CFO at Choice Properties]

Pammi, the only things that would shift it are we're going to continue to update our debt assumptions, which we just spoke about. Depending on financing, we'll refresh NOI based on new budgets that will be done. Those would be the material pieces, nothing big.

[Pammi Bir, Managing Director at RBC Capital Markets]

Would there be maybe any opportunities to maybe improve the recovery ratios, maybe from a G&A standpoint? I think you have modeled that into your forecast in terms of the additional G&A. I'm just curious if there's any ways to maybe offset some of that.

[Erin Johnston, CFO at Choice Properties]

I think it's too early to say, and our teams continue to work through the impacts of integrating the two platforms. As we have better clarity, we'll share.

[Pammi Bir, Managing Director at RBC Capital Markets]

Okay. Just on the retail occupancy, can you maybe just go through the backfill of the re-leasing? It sounds like, I think Bloor Dundas, I think you talked about it last quarter, but that should be income producing by, I think all or most of it should be backfilled by early next year. Maybe some color on the Montreal vacancies that surfaced this quarter.

[David Muallim, SVP of Leasing and Operations at Choice Properties]

Hi, Pammi. David speaking here. As Rael mentioned, Bloor and Dundas of the Loblaw vacates this quarter. We're actually very encouraged with how quickly our team turned over that site in the sense of it vacated this quarter, and we got Shoppers in within the same quarter. We're very encouraged by that collaboration across the teams. In Laval, the site is requiring a bit of a rezoning process, so it's going to take a little bit more time. We are working through a similar type of plan from a backfill perspective, and we should have more to share in upcoming quarters.

[Pammi Bir, Managing Director at RBC Capital Markets]

Okay. That space is more of a 2027 type re-leasing?

[David Muallim, SVP of Leasing and Operations at Choice Properties]

Yeah.

[Pammi Bir, Managing Director at RBC Capital Markets]

Okay. Then just lastly, on the industrial side, just with all these new issues, I guess, or these new tariffs that were announced and maybe just some broader color here, are you seeing any changes in terms of from a leasing velocity? It looks like leasing or occupancy held pretty steady. In terms of as you look forward over the balance of the year, any shifts in tenant behavior or willingness to commit or maybe even just in terms of delays in any decision-making on some of your existing tenancies?

[Niall Collins, EVP of Development and Construction at Choice Properties]

Hi, Pammi. It's Niall. In terms of new opportunities, no. There's been a consistency over the last number of quarters on moving forward with expansion opportunities as they arise.

[David Muallim, SVP of Leasing and Operations at Choice Properties]

Pammi, David speaking. In terms of the existing portfolio, we're actually fairly encouraged by where we're seeing our occupancy going towards the end of the year. As of now, it hasn't been an impact, but something that we're closely monitoring.

[Pammi Bir, Managing Director at RBC Capital Markets]

Okay. Thanks very much. I'll turn it back.

[Operator]

Again, if you have a question, it is star one. Your next question comes from the line of Tal Woolley of CIBC Capital Markets. Your line is open.

[Tal Woolley, Executive Director at CIBC Capital Markets]

Hi. Good morning. Just wondering if we could talk a little bit about the disposition plan post the closing of the acquisition. I'm assuming you've gotten an idea of what's in the acquired portfolio, what's in your own portfolio. Do you have sort of an idea of when investors should expect to see the start of that disposition process after the deal has closed?

[Rael Diamond, President and CEO at Choice Properties]

Yeah. Hey, Tal as well. Hope you're doing well. Look, I would say the first thing is, the team has a track record of bringing down the leverage post a major acquisition, as we did after the acquisition or the integration of CREIT. We're busy working through it. I would tell you that there's likely more to be sold on the Choice portfolio than the First Capital portfolio because we were very selective on the assets we purchased, as Simone mentioned. As soon as we have more color to share, we will share it. You'll likely see sales start happening, call it early of 2027.

[Tal Woolley, Executive Director at CIBC Capital Markets]

All right. That's great. Something we haven't talked about in a while, but the market started to change, but you obviously have a large residential pipeline potential within the Choice portfolio. You're also going to be acquiring a portfolio that also has large residential opportunities. Have you thought about ways to extract value from that over time? Is it going to be something where, are we sort of in the window where maybe you could consider starting to green light some residential developments, or would you look at trying to monetize some of that density value?

[Rael Diamond, President and CEO at Choice Properties]

Look, I'll say a few things. One, we've said over the last few quarters that we agree things are starting to turn, that there's not a lot of new construction. The condo supply is slowly dwindling. We actually think there is an opportunity to lean in, and Niall's team has been really advancing the Grenville & Grosvenor project. If there was one to go first, it would be that one. Then I'd say we're always looking at ways to extract value. As you know, right now, the land market is just not there, and we don't think, as a long-term owner with a strong balance sheet, now would be the right time to try and sell density.

[Tal Woolley, Executive Director at CIBC Capital Markets]

Okay. That's great. Thanks very much, everybody.

[Operator]

Your next question comes from the line of Giuliano Thornhill of National Bank. Your line is open.

[Giuliano Thornhill, Analyst at National Bank]

Hey, guys. Good morning, everyone. Just one question on the Loblaw's renewal, I saw it went up to 8.8%, that's a bit higher than previous years. I'm just wondering if this kind of mid-eight, high-eight area is that the go-forward kind of trend that we should be expecting for those renewals, or is there anything one time in there?

[David Muallim, SVP of Leasing and Operations at Choice Properties]

Hey, David speaking. What we're seeing is, as you observed, with the strength of the retail market, we've been seeing that rate or that increase go up over the last few years. We've been very positive about that, which is what we've seen in the grocery market, and all of the rest of our retail portfolio. I think on a go-forward basis, it is a little early to tell based on the composition of the sites and the stores in the portfolio. What we're seeing across the rest of our portfolio, we're hoping will continue to work its way through the renewals.

[Giuliano Thornhill, Analyst at National Bank]

By the composition, you're just saying there could be more Toronto versus the actual portfolio broadly? Is that kind of what you're indicating?

[David Muallim, SVP of Leasing and Operations at Choice Properties]

It depends. Every year, because it was a tranche of stores, it is mixed across the country, it's a mix of market sizes, store sizes, and then in some cases, rent levels. That was more of the comment on the composition.

[Giuliano Thornhill, Analyst at National Bank]

Okay. All right. Thanks, guys. That's all for me.

[Operator]

With no further questions, I will now turn the call back over to Rael Diamond, CEO, for closing remarks.

[Rael Diamond, President and CEO at Choice Properties]

Thank you, JL. Once again, our business and portfolio remain in excellent shape. Thank you all for your interest in Choice Properties and for joining us this morning. We look forward to providing you another update on the business in the fall.

[Operator]

This concludes today's conference call. You may now disconnect.

Participants

Analysts

• Simone Cole, General Counsel and Secretary at Choice Properties
• Rael Diamond, President and CEO at Choice Properties
• Erin Johnston, CFO at Choice Properties
• Himanshu Gupta, Director of Equity Research at Scotiabank
• Niall Collins, EVP of Development and Construction at Choice Properties
• Pammi Bir, Managing Director at RBC Capital Markets
• David Muallim, SVP of Leasing and Operations at Choice Properties
• Tal Woolley, Executive Director at CIBC Capital Markets
• Giuliano Thornhill, Analyst at National Bank