April 2014

Based on Year-End 2013

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 2013 Annual Report MD&A. 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.

About Choice Properties

A growth-oriented public real

estate entity

36.3 million sq. ft. portfolio

provides a stable and sizeable

base for growth

Access to future growth

Store development and site

intensification on existing

portfolio

~11 million sq. ft. of remaining

real estate held by Loblaw

Growth Pipeline

IPO Portfolio

~36.3M sq. ft.

3

4

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

2013 Financial Results

5

Financials in-line with expectations with FFO and AFFO ahead of

forecast

Actual

Adjusted

Forecast (1) Variance

Rental revenue 318,507$ 317,141$ 1,366$

Straight-line rent (16,484) (15,841) (643)

Property operating costs (79,756) (80,850) 1,094

Net Operating Income 222,267$ 220,450$ 1,817$

Net Income 67,148$ 64,237$ 2,911$

Funds from Operations 158,892$ 151,141$ 7,751$

Adjusted Funds from Operations 130,939$ 124,532$ 6,407$

AFFO per unit - basic 0.360$ 0.352$ 0.008$

AFFO per unit - diluted 0.360$ 0.352$ 0.008$

AFFO payout ratio 88.6% 90.6% 2.0%

Distribution per unit 0.318917$ 0.318917$ -$

Weighted average units outstanding - basic 363,642,405 353,997,871 9,644,534

Weighted average units outstanding - diluted 363,767,339 353,997,871 9,769,468

Number of units outstanding, end of quarter 371,688,983 353,997,871 17,691,112

(1) Adjusted to reflect the fact that operations commenced on July 5, 2013.

$000's , except per unit amounts

(Unaudited)

Ended December 31, 2013

Operating Year

2013 Operational Performance

6

Occupancy

Occupancy rate of 97.7% is virtually on-plan

Leasing activity

Maximizing return on ancillary space with higher renewal rental rates

Development and Acquisitions

Acquired approximately 1 million square feet for $186 million

Launched development program with two projects underway

Acquisitions - Subsequent to IPO

7

Immediately accretive – stabilized NOI of approximately $11 M representing overall year-

one capitalization rate of 6.64%

Development Potential

Development projects currently underway, with expected completion in Q2 2014

Development project to commence in Q2 2014

Location Banner Property Type GLA

Acquisitions from Loblaw

5528 Highway 7, Porter’s Lake, NS Atlantic Superstore Multi-tenant retail 54,300

3070 Main Street, Salisbury, NB Save Easy Multi-tenant retail 17,291

12 Hurontario Street, Collingwood, ON Loblaws Retail 57,795

3501 Yonge Street, Toronto, ON Loblaws Retail 33,700

1811 Avenue Road / 352 Melrose, Toronto, ON no frills Retail 13,299

192 Bullock Drive, Markham, ON N/A Multi-tenant retail 12,102

3730 Lakeshore Boulevard, Toronto, ON no frills Retail 32,011

102 Highway 8, Stoney Creek, ON Fortinos Multi-tenant retail 92,546

350 SE Marine Drive, Vancouver, BC Real Canadian Superstore Stand-alone Retail & Warehouse 621,177

1569 - 1591 Wilson Avenue, Toronto, ON no frills Multi-tenant retail 47,344

2332 160TH

Street, Surrey, BC N/A Vacant land N/A

981,565

Third Party Acquisition

1199 Oxford Street W, London, ON N/A Multi-tenant retail 5,538

Our Portfolio

424

Retail Properties

9

Warehouses

1

Office

36.3

million sq. ft.

435 Properties

1

Land

8

9

Loblaw Companies Limited

Majority owner and major lender

Single largest tenant

88% of initial GLA

93% of initial NOI

Major partner in Choice Properties’ growth

Strategic Alliance Agreement

Mutually beneficial business relationship

10

About Loblaw

Canada’s largest food distributor

Leading provider of non-discretionary

products and services – food, drug, gas,

and financial

30 well-know banners covering discount

and conventional formats

> $13 billion market capitalization

Stable profitable revenue growth with

$32 billion revenues in 2013

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

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Loblaw Leases

10 to 18 year initial term

Series of five-year renewal options

Between 40-100 years depending on province

Contractual escalations built in

~1.5% average steady-state annual revenue growth after five years

Strategic Alliance Agreement

Rights of First Offer (ROFO) Choice has ROFO to purchase from Loblaw

Loblaw has ROFO to purchase from Choice

New Shopping Centre (SC) Acquisitions Choice has right of first opportunity to acquire SC presented by Loblaw

Future SC development Choice has right to participate in future Loblaw’s SC development and

redevelopment

Site Intensification Choice has right to intensify initial 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

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Strategic Alliance Agreement

13

Growth Opportunities

Development Organic

Contractual rent increases

14 years average remaining term to maturity for Loblaw leases

1.5% average effective annual rent escalation once steady state reached 5 years post closing

Leasing

Focused marketing and merchandising for current vacancy and lease renewal

Property management

Annualized capital ~$30M

~93% recoverable or directly paid by tenants

Intensification potential

~3.6M sq. ft. of at-grade

GLA expansion potential,

including 95,000 square feet

of intensification currently

underway

Intensification payment paid

to Loblaw only upon

substantial completion

New development opportunities

In partnership with Loblaw or proven third-party

Acquisitions

Right of first offer to

acquire additional Loblaw

properties

Pipeline of ~11 million sq. ft.

of GLA

Opportunity to acquire

properties developed or

acquired by Loblaw

Third-party acquisitions

Focus on high quality supermarket anchored properties

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Capital Structure

($000’s)

Unaudited

As at

December 31, 2013

Transferor Notes $1,940,000

Debentures $600,000

Class C LP Units $925,000

Total Debt & Class C LP Units $3,465,000

Equity $3,910,168

Enterprise Value $7,375,168

Commenced DRIP

in 4th quarter

87,614,229 Trust

Units and

284,074,754 Class B

LP Units O/S 1

On Feb 6, 2014,

Choice Properties

issued $450M in

debt at a weighted

average coupon of

3.85%. Proceeds

were used to prepay

$440M in Transferor

Notes

1. Loblaw held 21,500,000 Trust Units and all of the Class B LP units. George Weston held 20,107,810 Trust Units

“BBB” Investment Grade Rating

S&P and DBRS

15

Debt Profile

Well distributed debt maturity profile with no more than

$450M maturing in one year

100% unsecured

Minimal refinancing risk (no maturities until April 2016)

Fully undrawn $500 million unsecured revolving credit

facility provides liquidity and financial flexibility

* Note: 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

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:

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Debt Covenants

1. Includes Class C LP Units

Test Incurrence /

Maintenance

Unsecured

Debentures

Q4 2013

Result

Leverage Test 1 Cons. Indebtedness to Aggregate Assets

Incurrence <= 65% 47%

Debt Service Coverage Test Consolidated EBITDA to Debt Service

Maintenance >= 1.5x 3.4x

Unencumbered Asset Value Test Unencumbered Assets to Unsecured Indebtedness

Maintenance >= 1.5x 2.8x

Secured Indebtedness Test Cons. Secured Indebtedness to Aggregate Assets

Incurrence <= 40% 0%

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Experienced 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

Ontario, Canada Trustee Yes

Audit Committee Governance,

Compensation and

Nominating Committee

Executive Vice President, Canada for

Oxford Properties Group

Daniel F. Sullivan

Ontario, Canada

Lead

Trustee Yes

Governance, Compensation

and Nominating Committee

(Chair)

Corporate Director

Paul R. Weiss

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

Kerry D. Adams

Ontario, Canada Trustee Yes

Audit Committee Governance,

Compensation and

Nominating Committee

President, K. Adams and Associates

Limited

IND

EP

EN

DE

NT

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Summary

Solid 2013 financial and operating results that are in line with plan

Acquisition and development programs have commenced

Large, diversified national commercial property portfolio

Investment grade major tenant with highly valuable brands

in a stable industry

Outstanding leasing profile

Strong balance sheet, investment grade ratings

Experienced, internal management team,

strong Board of Trustees, continuity of operational resources