Choice Properties Real Estate Investment Trust Announces Normal Course Issuer Bid

Executive Summary

• The Toronto Stock Exchange has accepted Choice Properties’ notice to commence a new NCIB, allowing the Trust to purchase up to 27,436,700 units (≈10% of public float) between 21 Nov 2025 and 20 Nov 2026.
• Purchases will be made on‑exchange or via alternative trading systems, with daily volume caps of 105,761 units (based on average six‑month trading volume).
• Units bought may be cancelled, used for equity‑settled incentive plans, or to offset dilution from option exercises; the Trust may also employ forward purchase, swap contracts, private agreements, or unit repurchase programs subject to issuer‑bid exemption orders.

Key Details

• NCIB Scope: Up to 27,436,700 units (≈10% of public float).
• Timeframe: 12‑month period – 21 Nov 2025 to 20 Nov 2026.
• Outstanding Units (as of 7 Nov 2025): 328,024,272 units.
• Average Daily Volume (last 6 months): 423,047 units → daily purchase limit set at 105,761 units (excluding block‑purchase exceptions).
• Purchase Methods:
• Open‑market transactions on TSX or alternative trading systems.
• Forward purchase or swap contracts (settled in cash, physical units, or combination).
• Private agreements/unit repurchase programs if an issuer‑bid exemption is obtained; such purchases may be at a discount to market price per the exemption order.
• Use of Purchased Units:
• Cancelled or allocated to equity‑settled incentive plans.
• Acquired to offset dilution from exercised options.
• Flexibility: Trust may suspend or discontinue the NCIB at any time; timing of purchases will consider market conditions, unit price, and other factors.
• Prior NCIB Reference: Under the previous NCIB (21 Nov 2024 – 20 Nov 2025), 282,657 units were purchased at a weighted‑average price of $13.67 per unit.

Notable Quotes

(No direct quotes included in the release.)