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ChoiceProperties CHOICE PROPERTIES REAL ESTATE INVESTMENT TRUST REPORTS RESULTS FOR THE THREE MONTHS ENDED MARCH 31 , 2021 Toronto , Ontario April 29 , 2021 / CNW / - Choice Properties Real Estate Investment Trust ( " Choice Properties ” or the “ Trust ” ) ( TSX : CHP.UN ) today announced its consolidated financial results for the three months ended March 31 , 2021. The 2021 First Quarter Report to Unitholders is available in the Investors section of the Trust's website at www.choicereit.ca , and has been filed on SEDAR at www.sedar.com . " We are pleased to report a strong start to 2021 with stable and expected financial and operational results for the first quarter , as our portfolio of high - quality real estate assets continued to produce solid earnings and rent collections , " said Rael Diamond , President and Chief Executive Officer of the Trust . " In addition , we advanced a key development initiative and completed an important acquisition in the quarter . We announced a new partnership with The Daniels Corporation to revitalize and redevelop our Golden Mile Shopping Centre in Toronto and we acquired approximately 300 acres of future industrial development land in the Greater Toronto Area , providing us an opportunity to significantly increase our existing industrial footprint . " Summary of GAAP Basis Financial Results ( $ thousands except where otherwise indicated ) ( unaudited ) 1 . Net income ( loss ) Net income ( loss ) per unit diluted Rental revenue Fair value gain ( loss ) on Exchangeable Units ( 1 ) Fair value gains ( losses ) excluding Exchangeable Units ( 2 ) Cash flows from operating activities Weighted average Units outstanding - diluted 2 . Three Months March 31 , 2021 $ ( 62,198 ) $ ( 0.086 ) March 31 , 2020 332,742 0.475 Change $ ( 394,940 ) ( 0.561 ) 326,539 324,911 1,628 ( 217,683 ) 386,062 ( 603,745 ) 59,220 ( 135,665 ) 194,885 148,632 104,147 44,485 722,930,485 700,625,695 22,304,790 Exchangeable Units are recorded at their fair value based on the market trading price of the Trust Units , which results in a negative impact to the financial results when the Trust Unit price rises and a positive impact when the Trust Unit price declines . Fair value gains ( losses ) excluding Exchangeable Units includes adjustments to fair value of investment properties and unit - based compensation . Quarterly Results Choice Properties had a net loss of $ 62.2 million for the first quarter of 2021 as compared to net income of $ 332.7 million in the first quarter of 2020. The decrease was mainly due to an unfavourable change of $ 603.7 million in the adjustment to the fair value on the Exchangeable Units , partially offset by a $ 209.1 million favourable change in the fair value of investment properties , including properties held within equity accounted joint ventures . For the quarter , bad debt expense was $ 1.6 million on a GAAP basis ( $ 1.9 million on a proportionate share basis ) as compared to bad debt expense of $ 0.9 million on a GAAP and proportionate share basis in the first quarter of 2020 . The Trust has continued to support its tenants that have been negatively impacted by the pandemic by providing rent relief through rent deferrals and other arrangements . During the three months ended March 31 , 2021 , the Trust recorded a bad debt expense of $ 1.9 million on a proportionate share basis that reflects the support provided to tenants as well as the increased collectability risk for certain tenants with amounts past due . 1