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Investor Presentation June 2014

Based on First Quarter 2014

2

Forward Looking Statements

Certain statements contained in this document constitute forward-looking information within the meaning of securities laws.

Forward-looking information may relate to the Choice Properties REIT’s (the “Trust”) future outlook and anticipated events or

results and may include statements regarding the financial position, business strategy, budgets, litigation, projected costs,

capital expenditures, financial results, taxes, plans and objectives of or involving the Trust. Particularly, statements regarding

future results, performance, achievements, prospects or opportunities for the Trust or the real estate industry are forward-

looking statements. In some cases, forward-looking information can be identified by such terms such as ‘‘may’’, ‘‘might’’, ‘‘will’’,

‘‘could’’, ‘‘should’’, ‘‘would’’, ‘‘occur’’, ‘‘expect’’, ‘‘plan’’, ‘‘anticipate’’, ‘‘believe’’, ‘‘intend’’, ‘‘estimate’’, ‘‘predict’’, ‘‘potential’’,

‘‘continue’’, ‘‘likely’’, ‘‘schedule’’, or the negative thereof or other similar expressions concerning matters that are not historical

facts. The Trust has based these forward-looking statements on factors and assumptions about future events and financial

trends that it believes may affect its financial condition, results of operations, business strategy and financial needs, including

that the Canadian economy will remain stable over the next 12 months, that inflation will remain relatively low, that interest

rates will remain stable, that tax laws remain unchanged, that conditions within the real estate market, including competition for

acquisitions, will be consistent with the current climate, that the Canadian capital markets will provide the Trust with access to

equity and/or debt at reasonable rates when required and that Loblaw will continue its involvement with the Trust. Although the

forward-looking statements contained in this document are based upon assumptions that management of the Trust believes

are reasonable based on information currently available to management, there can be no assurance that actual results will be

consistent with these forward-looking statements. Forward-looking statements necessarily involve known and unknown risks

and uncertainties, many of which are beyond the Trust’s control, that may cause the Trust’s or the industry’s actual results,

performance, achievements, prospects and opportunities in future periods to differ materially from those expressed or implied

by such forward-looking statements. These risks and uncertainties include, among other things, the factors discussed under

‘‘Enterprise Risks and Risk Management’’ section the Trust’s 2014 First Quarter Report to Unitholders. The forward-looking

statements made in this report relate only to events or information as of the date on which the statements are made in this

document. Except as required by law, the Trust undertakes no obligation to update or revise publicly any forward-looking

statements, whether as a result of new information, future events or otherwise, after the date on which the statements are

made or to reflect the occurrence of unanticipated events.

Our History – A Solid Pedigree in Retail Real Estate

Canada’s Largest

Retailer

>2,300 stores

~65 million sq. ft.

Growth Oriented

Public Real Estate

Entity

456 Properties

37.6 million sq. ft.

3

The Launch of Choice Properties REIT

$460M

in Equity

$600M

in Public

Debentures

>$7B

Value

4

Our Portfolio1 – Geographically Diverse

444

Retail Properties

1

Office

9

Warehouses

37.6

million sq. ft.

456 Properties

Note 1 - Reflect acquisitions completed post-IPO Note 2 – As of March 31, 2014

180 ONTARIO RETAIL

47 ALBERTA

RETAIL

37

25

102 QUEBEC RETAIL 19

11 11

9

3

SASKATCHEWAN RETAIL

MANITOBA RETAIL

PRINCE EDWARD ISLAND RETAIL

NEWFOUNDLAND & LABRADOR RETAIL

NOVA SCOTIA RETAIL

BRITISH COLUMBIA

RETAIL

SURREY, BC WAREHOUSE 1

CALGARY, AB WAREHOUSE 1

REGINA, SK WAREHOUSE 1

ONTARIO WAREHOUSE +

INDUSTRIAL

2

BRAMPTON, ON OFFICE 1 NEW BRUNSWICK

WAREHOUSE 3 LAVAL, QC

WAREHOUSE 1

ST. JOHN’S, NL WAREHOUSE 1

NEW BRUNSWICK RETAIL

1

Industrial

SURREY, BC LAND

1

Land

5

97.7% Occupied2

Highlights

1. Loblaw – principal tenant and non-discretionary food store anchor

2. Strategic pipeline for long-term value creation

3. Solid capital structure with strong balance sheet and investment grade ratings

4. Sound growth strategy to enhance portfolio and provide stable, predictable and growing monthly distributions

5. Experienced internal management team with proven track record of owning, managing and developing retail real estate

6

7

Loblaw Companies Limited

Principal tenant

10 – 18 year initial lease terms

88% of GLA

90% of base rent

Strong balance sheet and long history of investment grade credit ratings

Rated “BBB” by DBRS and S&P

Recently completed acquisition of Canada’s largest pharmacy retailer, Shoppers Drug Mart

Mutually beneficial business relationship

Strategic Alliance Agreement

Strong Banner Recognition Across Canada

8

Rights of First Offer (ROFO)

Choice has ROFO to purchase from Loblaw

Loblaw has ROFO to purchase from Choice

Future SC development

Choice has right to participate in future Loblaw SC development and redevelopment

Site Intensification

Choice has right to intensify properties; upon substantial completion Loblaw receives payment from Choice

Supermarket Properties

Choice has right to purchase properties including supermarket properties from vendors other than Loblaw

Loblaw has right of first offer to lease from Choice when supermarket use become available

9

Strategic Alliance Agreement

Highlights






10

11

Well positioned to deliver growth and build value

with strategic pipeline of opportunities

10.0

3.5

1.0

4.5

Dedicated acquisition pipeline from

Loblaw’s remaining portfolio of

approximately 10 million sq. ft.

3.5 million sq. ft. of at grade

development from properties with

existing excess density – target to

develop approximately 1.0 sq. ft. in the

next five years

4.5 M sq. ft. of ancillary GLA presents

opportunity to enhance portfolio value

through renewed focus on leasing /

merchandising, operations and capital

improvements Lo

bla

w P

ort

folio

Inte

nsi

fica

tio

n

An

cilla

ry G

LA

Highlights






12

13

Capital Structure

($000’s)

Unaudited

As at March 31, 2014

Transferor Notes $1,500,000

Debentures $1,050,000

Class C LP Units $925,000

Total Debt & Class C LP Units $3,475,000

Equity $3,976,998

Enterprise Value $7,451,998

Debt & Class C LP Units to TEV 47%

Unit price: $10.69

87,954,951 Trust Units

and 284,074,754 Class B

LP Units O/S 1

Subsequent to quarter

end, Loblaw successfully

executed a secondary sale

of the remaining $1.5B of

Choice Properties’

Transferor Notes through 2

separate transactions

Today, Choice Properties

has $2.55B of publically

held debt

1. Loblaw held 21,500,000 Trust Units and all of the Class B LP units. George Weston held 20,428,035 Trust Units

“BBB” Investment Grade Rating

S&P and DBRS

14

Well distributed debt maturity profile with no more than

$450M maturing in one year

Weighted average term to maturity of 6.1 years 1,2

100% unsecured

Minimal refinancing risk (no maturities until April 2016)

$500 million unsecured revolving credit facility provides

liquidity and financial flexibility

1. Public debentures only (excluding Class C Redemption Dates)

2. Class C LP units are redeemable at Loblaw’s option beginning in 2027. REIT has the option to settle in cash or Class B LP units or any

combination thereof

300

200 200

300

200

300

400

250

200 200

300 300 325

-

100

200

300

400

500

600

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029

Pri

nc

ipa

l ($

M)

Debt Maturity Schedule

LP Public Maturities REIT Public Maturities Class C Redemption Dates

Debt Profile

Choice Properties has plenty of headroom in each of its financial covenants

A summary of the financial covenants for Choice Properties’ public debentures is shown below:

15

Debt Covenants

1. Includes Class C LP Units

Test Incurrence /

Maintenance

Unsecured

Debentures

Q1 2014

Result

Leverage Test 1 Cons. Indebtedness to Aggregate Assets

Incurrence <= 65% 47%

Debt Service Coverage Test 1 Consolidated EBITDA to Debt Service

Maintenance >= 1.5x 3.5x

Unencumbered Asset Value Test Unencumbered Assets to Unsecured Indebtedness

Maintenance >= 1.5x 2.9x

Secured Indebtedness Test Cons. Secured Indebtedness to Aggregate Assets

Incurrence <= 40% 0%

Highlights






16

17

Our Objectives

Provide unitholders with stable, predictable and growing monthly cash

distributions

Enhance value of property portfolio to maximize unitholder value

Expand asset base while increasing AFFO per unit through accretive

acquisitions and site intensification

18

Our Growth Strategy

Intensification potential

~3.5M sq. ft. of at-grade GLA

expansion potential, ~1.0M sq.

ft. slated for development

within 5 years

New development opportunities

In partnership with Loblaw or proven third-party

Right of first offer to

acquire additional Loblaw

properties

Pipeline of ~10 million sq. ft. of

GLA

Opportunity to acquire

properties developed or

acquired by Loblaw

Third-party acquisitions

Focus on high quality supermarket anchored properties

Contractual rent increases

13 years average term to maturity for Loblaw leases

5 years average term to maturity for ancillary tenants

Leasing Focused marketing and merchandising for current vacancy and lease renewal

Property management Annualized capital ~$30M

~93% recoverable or directly paid by tenants

Development Acquisitions Active Management

18

19

Intensification – Brown’s Line, Toronto

10K LCBO

10k Dollarama

Existing 31K - Existing

Lakeshore Bld W

to Brown’s Line

Under Construction Proposed

20

Development – 24th Ave & 160th St, Surrey

Under Construction 50K Retail

46K Retail

15K Retail

Gas Bar Under Construction

24

th A

ven

ue

160th Street

120K

Proposed

Existing

Concept Only

21

Redevelopment – Example

Existing Complete

Proposed Mixed-Use (Retail / Res)

Existing 20k Retail

Residential (Rental)

15K Retail 40K Food Store

Existing Concept Only

Highlights






22

Chief Operating Officer

Management

President & CEO John Morrison

Chief Financial Officer Bart Munn CPA, CA

Jane Marshall

Over 30 years experience in Real Estate

Former President and CEO, Primaris REIT and

President, Real Estate Management, Oxford Properties Group

Over 30 years experience in Real Estate

Former CFO, Calloway REIT and Vice President, CFO, Morguard

20 years experience as an executive in Loblaw’s Real Estate division

Former Executive Vice President Loblaw Properties & Business Strategy 23

24

Board Of Trustees

Trustees Position/Title Independent Committees Principal Occupation

Galen G. Weston

Ontario, Canada Chair No — Executive Chairman, Loblaw

John Morrison

Ontario, Canada

Trustee, President and

Chief Executive Officer No —

President and Chief Executive Officer

of Choice Properties

Christie J.B. Clark

Ontario, Canada Trustee Yes

Governance, Compensation

and Nominating Committee Corporate Director

Graeme Eadie

Ontario, Canada Trustee Yes Audit Committee

Senior Vice President, Head of Real

Estate Investments for Canada

Pension Plan Investment Board

Michelle Felman

Connecticut, United

States

Trustee Yes Governance, Compensation

and Nominating Committee Consultant, Vornado Realty Trust

Michael P. Kitt


Audit Committee,


and Nominating Committee

Executive Vice President, Canada for

Oxford Properties Group

Daniel F. Sullivan

Ontario, Canada

Lead

Trustee Yes



(Chair)

Corporate Director

Paul R. Weiss

Ontario, Canada Trustee Yes Audit Committee (Chair) Corporate Director

Kerry D. Adams


Audit Committee,



President, K. Adams and Associates

Limited

IND

EPEN

DEN

T

25

Our Plans for 2014

Create value through

development and

redevelopment

Deliver 95K sq. ft. of retail

GLA (Toronto and

Stoney Creek, ON)

Construct 120K sq. ft. of

retail for delivery in 2015

(Surrey, BC)

Municipal applications filed -

future projects to be initiated

Grow asset base through

accretive acquisitions

Acquire additional properties

from Loblaw

Pursue desirable assets from

other vendors

Increase cash flow and enhance property value

Maximize portfolio occupancy

Drive performance through leasing, merchandising and effective capital investments

Implement new systems and processes

Internalize property management platform

Development Acquisitions Active Management

Conclusion

37.6 M sq. ft. of geographically diverse properties

Canada’s largest retailer as principal tenant and anchor

Opportunity for development and redevelopment

Dedicated pipeline for growth from Loblaw’s remaining portfolio of properties

Strong balance sheet and investment grade ratings

Experienced internal management team with proven track record of owning, managing and developing retail real estate

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Investor Presentation June 2014

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