Choice Properties REIT completed $600 million of transactions in 2023, says its parent company.

George Weston Limited, Choice’s majority owner, reported that Choice also delivered $425 million pf development projects. Altogether, the REIT added 1.8 million square feet of new commercial retail and industrial space and a new purpose-built residential rental building to its portfolio, said George Weston in its latest quarterly report.

The portfolio mainly comprises retail assets located across Canada tied to related firm Loblaw, Canada’s largest grocery store owner and operator.

Toronto-based Choice boosted revenues 12.7% to $355 million from the fourth quarter of 2022. Excluding the sale of residential inventory, the revenue increase was more modest, 4.4% to $329 million. The REIT attributed the increase mainly to higher retail and industrial rental rates, higher capital and operating recoveries and acquisitions and completed developments.

Choice increased its adjusted earnings before interest, taxes, depreciation and amortization 6.7% in the quarter and 4.8% on the year. The REIT suffered a net loss of $445 million in the quarter but made a $797-million annual gain.

The parent did not provide details on Choice’s transactions or developments. But Choice previously reported that it sold two property sold two assets, an office building and retail property, in the third quarter for $81 million.

George Weston operates through its two reportable operating segments, the Loblaw grocery store chain and Choice.

Photo: Choice Properties REIT