I think the shares outstanding for Choice Properties REIT (CHP.UN:CN) is too low. P123 shows 278 million shares outstanding (SharesCur, SharesQ, SharesFDQ). This is the number of trust units issued. However, there are also 390 million exchangeable units which are “economically equivalent” to the trust units. Shouldn’t the number of shares be 668 million? I’m not sure if S&P is supposed to adjust for this type of situation or not.
The information is on page 91 and 92 of the 2018 Third-Quarter Report which can be found at:
http://www.choicereit.ca/English/investor-relations/financial-reporting/default.aspx