Choice Properties Real Estate Investment Trust is Canada's largest publicly traded REIT, operating as an owner, manager, and developer of commercial and residential real estate across the country. The REIT was established in 2013 through a spinoff from Loblaw Companies, Canada's largest food retailer, which transferred over 400 properties valued at $7 billion in an initial public offering that raised $400 million. The portfolio centers on grocery-anchored retail properties, with Loblaw serving as the anchor tenant and contributing 58% of the REIT's rental revenue as of December 2025. George Weston Limited, Loblaw's parent company, maintains a controlling interest of approximately 63% in Choice Properties. In May 2018, Choice expanded through the $6 billion acquisition of Canadian Real Estate Investment Trust, forming Canada's largest diversified REIT and broadening into industrial and office properties. The portfolio has since evolved to focus on three core asset classes: retail (predominantly necessity-based, grocery-anchored properties), industrial (flexible distribution assets in key markets), and mixed-use residential (transit-oriented communities in urban centers). As of Q2 2026, Choice Properties portfolio totals roughly 69 million square feet of gross leasable area valued at $18 billion. The REIT maintains an industry-leading balance sheet with a 7x adjusted debt-to-EBITDA ratio and 98% portfolio occupancy. In April 2026, Choice announced a partnership with KingSett Capital to acquire First Capital REIT in a $9 billion transaction, with Choice acquiring approximately $5 billion in necessity-based retail assets expected to generate $235 million in annual NOI. The REIT focuses on capital preservation, stable cash flow generation, and long-term value creation, supported by strategic development initiatives and its relationship with Loblaw.