\n| \n Net Operating Income (\u00ab\u00a0NOI\u00a0\u00bb)(1)<\/sup><\/span><\/p>\n<\/td>\n| <\/td>\n | \n $<\/b><\/span><\/span><\/p>\n<\/td>\n | \n 125,285<\/b><\/span><\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n $<\/span><\/span><\/p>\n<\/td>\n | \n 115,332<\/span><\/span><\/p>\n<\/td>\n | <\/td>\n<\/tr>\n | \n| \n Net Loss<\/span><\/p>\n<\/td>\n | <\/td>\n | \n $<\/b><\/span><\/span><\/p>\n<\/td>\n | \n (211,050)<\/b><\/span><\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n $<\/span><\/span><\/p>\n<\/td>\n | \n (8,171)<\/span><\/span><\/p>\n<\/td>\n | <\/td>\n<\/tr>\n | \n| \n Net Loss per unit diluted<\/span><\/p>\n<\/td>\n | <\/td>\n | \n $<\/b><\/span><\/span><\/p>\n<\/td>\n | \n (0.533)<\/b><\/span><\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n $<\/span><\/span><\/p>\n<\/td>\n | \n (0.022)<\/span><\/span><\/p>\n<\/td>\n | <\/td>\n<\/tr>\n | \n| \n Funds from Operations (\u00ab\u00a0FFO\u00a0\u00bb)(1)<\/sup> per unit diluted(2)<\/sup><\/span><\/p>\n<\/td>\n| <\/td>\n | \n $<\/b><\/span><\/span><\/p>\n<\/td>\n | \n 0.238<\/b><\/span><\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n $<\/span><\/span><\/p>\n<\/td>\n | \n 0.224<\/span><\/span><\/p>\n<\/td>\n | <\/td>\n<\/tr>\n | \n| \n Adjusted Funds from Operations (\u00ab\u00a0AFFO\u00a0\u00bb)(1)<\/sup> per unit diluted<\/span><\/p>\n<\/td>\n| <\/td>\n | \n $<\/b><\/span><\/span><\/p>\n<\/td>\n | \n 0.191<\/b><\/span><\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n $<\/span><\/span><\/p>\n<\/td>\n | \n 0.185<\/span><\/span><\/p>\n<\/td>\n | <\/td>\n<\/tr>\n | \n| \n Adjusted Funds from Operations(1)<\/sup> payout ratio<\/span><\/p>\n<\/td>\n| <\/td>\n | <\/td>\n | \n 85.1%<\/b><\/span><\/span><\/p>\n<\/p><\/span><\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n 87.8%<\/span><\/span><\/p>\n<\/p><\/span><\/td>\n | <\/td>\n<\/tr>\n | \n| \n Distribution declared per unit<\/span><\/p>\n<\/td>\n | <\/td>\n | \n $<\/b><\/span><\/span><\/p>\n<\/td>\n | \n 0.162501<\/b><\/span><\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n $<\/span><\/span><\/p>\n<\/td>\n | \n 0.162501<\/span><\/span><\/p>\n<\/td>\n | <\/td>\n<\/tr>\n | \n| \n Total assets (in millions)<\/span><\/p>\n<\/td>\n | <\/td>\n | \n $<\/b><\/span><\/span><\/p>\n<\/td>\n | \n 8,159<\/b><\/span><\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n $<\/span><\/span><\/p>\n<\/td>\n | \n 7,407<\/span><\/span><\/p>\n<\/td>\n | <\/td>\n<\/tr>\n | \n| \n Debt to total assets(3)<\/sup><\/span><\/p>\n<\/td>\n| <\/td>\n | <\/td>\n | \n 45.8%<\/b><\/span><\/span><\/p>\n<\/p><\/span><\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n 46.9%<\/span><\/span><\/p>\n<\/p><\/span><\/td>\n | <\/td>\n<\/tr>\n | \n| \n Debt service coverage(3)<\/sup><\/span><\/p>\n<\/td>\n| <\/td>\n | \n 3.5x<\/b><\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | \n 3.5x<\/span><\/p>\n<\/td>\n | <\/td>\n<\/tr>\n | \n| <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n<\/tr>\n | \n| <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n<\/tr>\n<\/table>\n<\/div>\n <\/p>\n \n \n\n| \n (1)<\/span><\/span><\/p>\n<\/td>\n | \n See \u00ab\u00a0Non-GAAP Financial Measures\u00a0\u00bb beginning on page 5.<\/span><\/p>\n<\/td>\n<\/tr>\n\n| \n (2)<\/span><\/span><\/p>\n<\/td>\n | \n For the three months ended March 31, 2014, a non-cash finance gain of $3,342 was deducted from net loss to calculate FFO(1)<\/sup> (excluding other adjustments). The gain was the result of accelerated amortization of debt premiums due to early repayment of notes issued to Loblaw Companies Limited (\u00ab\u00a0Loblaw\u00a0\u00bb) in connection with the IPO. FFO(1)<\/sup> per unit on a diluted basis, before adjusting for other adjustments, was $0.233.<\/span><\/p>\n<\/td>\n<\/tr>\n\n| \n (3)<\/span><\/span><\/p>\n<\/td>\n | \n Debt ratios include Class C LP Units but exclude Exchangeable Units. The ratios are non-GAAP financial measures calculated based on the trust indentures, as supplemented.<\/span><\/p>\n<\/td>\n<\/tr>\n<\/table>\n<\/div>\n<\/p>\n Financial Highlights for the Quarter:<\/b><\/p>\n\n- Net Operating Income<\/b>(1)<\/sup> \u2013 <\/b>First quarter NOI(1)<\/sup> of $125.3 million<\/span> represented an increase of $10.0 million<\/span>, or 8.6%, over the first quarter of 2014. The positive variance was driven primarily by acquisitions, which contributed $7.7 million<\/span> to NOI(1)<\/sup>. Based on a portfolio of properties that were owned throughout the current and comparative periods, Same Properties NOI(1) <\/sup>of $117.5 million<\/span> increased by $2.5 million<\/span> or 2.2% over the first quarter of 2014. This improvement was driven by an increase of $1.4 million<\/span> in base rent and net recoveries that included $0.5 million<\/span> in rental revenue generated from the development of new GLA, and $0.8 million<\/span> in revenue from the recovery of capital expenditures and interest. <\/li>\n
- Adjusted Net Income<\/b> \u2013 First quarter adjusted net income was $43.8 million<\/span>, excluding the charge of $254.8 million<\/span> (2014 \u2013 $48.4 million<\/span>) as a result of fair value adjustment on Exchangeable Units and investment properties, an increase of $3.6 million<\/span> or 8.8% over adjusted net income of $40.2 million<\/span> in the first quarter of 2014. This increase was primarily due to NOI(1)<\/sup> from acquisitions, which was partially offset by higher financing charges of $6.1 million<\/span>. Including the fair value adjustments, first quarter net loss was $211.0 million<\/span>. <\/li>\n
- Funds from Operations<\/b>(1)<\/sup> \u2013<\/b> First quarter FFO(1)<\/sup> was $94.3 million<\/span> or $0.238<\/span> per unit, compared with $83.4 million<\/span> or $0.224<\/span> per unit in the first quarter of 2014, excluding a non-cash finance gain of 3.3 million. The year-over-year improvement in FFO(1)<\/sup>, of $0.014<\/span> per unit, was primarily driven by NOI(1)<\/sup> from acquisitions. <\/li>\n
- Adjusted Funds from Operations<\/b>(1) <\/sup>\u2013<\/b> First quarter AFFO(1)<\/sup> was $75.5 million<\/span> or $0.191<\/span> per unit, compared to $68.7 million<\/span> or $0.185<\/span> per unit in the first quarter of 2014. Similar to FFO(1)<\/sup>, the improvement in AFFO(1)<\/sup> was primarily driven by NOI(1)<\/sup> from acquisitions, partially offset by higher capital expenditures and financing charges. <\/li>\n
- Distribution<\/b> \u2013 Distribution declared per unit during the quarter totaled $0.162501<\/span>, for an AFFO(1)<\/sup> payout ratio of 85.1% (2014 \u2013 87.8%).<\/li>\n<\/ul>\n
<\/p>\n Operational Highlights for the Quarter:<\/b><\/p>\n\n- Accretive Acquisitions<\/b>\n
\n- As previously announced, Choice Properties completed the acquisition of two income producing properties, a warehouse of approximately 920,000 square feet in Pickering, Ontario<\/span> for a purchase price of $81.2 million<\/span>, excluding acquisition costs and a shopping centre of approximately 55,000 square feet in Porters Lake, Nova Scotia<\/span> for a purchase price of $5.2 million<\/span>, excluding acquisition costs. The acquisitions were immediately accretive with year-one capitalization rates of 6.50% and 9.50% and estimated stabilized NOI of $5.3 million<\/span> and $0.5 million<\/span>, respectively. The shopping centre is currently 86% occupied by 20 tenants and anchored by a 47,000 square foot stand-alone grocery store on an adjacent property owned by Choice Properties; upon acquisition the two sites were combined and re-categorized as a multi-tenant property.<\/li>\n<\/ul>\n<\/li>\n
- Land for Retail Development<\/b>\n
\n- As previously announced, Choice Properties acquired land for development in the first quarter of 2015, a 16-acre parcel in Barrie, Ontario<\/span> from Loblaw for a purchase price of approximately $9.6 million<\/span>, excluding acquisition costs and a nine-acre parcel in a 50% co-ownership for a purchase price of approximately $3.9 million<\/span>, excluding acquisition costs. Choice Properties intends to develop a retail centre at the Barrie<\/span> property in conjunction with an adjacent 21-acre parcel of land as part of co-development arrangements, and develop the Kanata<\/span> property for future retail. <\/li>\n<\/ul>\n<\/li>\n
- Leasing Profile \u2013 <\/b>During the first quarter of 2015, Choice Properties entered into leases or offers to lease for 234,689 square feet of GLA with an average lease term of 4.6 years, including renewals of 33,924 square feet with an average increase in base rent of 8.9%. <\/li>\n
- Occupancy \u2013 <\/b>At March 31, 2015<\/span>, the Trust\u2019s portfolio occupancy rate was 98.3%, compared to 98.1% at December 31, 2014<\/span>.<\/li>\n<\/ul>\n
<\/p>\n Capital Structure:<\/b><\/p>\n\n- Capacity to Invest for Further Growth \u2013 <\/b>As at March 31, 2015<\/span>, the Trust\u2019s debt service coverage ratio(2)<\/sup> was 3.5 times. With stable cash flow from operations and access to a $500 million<\/span> unsecured revolving credit facility, the Trust believes it has the financial capacity to meet ongoing obligations and invest for further growth. <\/li>\n
- Strengthened Financial Flexibility Through Debt Financing \u2013<\/b> As previously announced Choice Properties issued $250 million<\/span> of Series E senior unsecured debentures with a coupon rate of 2.297% that mature on September 14, 2020<\/span>. This financing served to reduce Choice Properties\u2019 overall weighted average interest rate while maintaining the weighted average term to maturity of its debt instruments. The net proceeds of the offering were used by the Trust to repay existing indebtedness and for general business purposes.<\/li>\n<\/ul>\n
<\/p>\n \n \n\n| \n (1)<\/span><\/span><\/p>\n<\/td>\n | \n See \u00ab\u00a0Non-GAAP Financial Measures\u00a0\u00bb beginning on page 5.<\/span><\/p>\n<\/td>\n<\/tr>\n\n| <\/td>\n | <\/td>\n<\/tr>\n | \n| \n (2)<\/span><\/span><\/p>\n<\/td>\n | \n Debt ratios include Class C LP Units but exclude Exchangeable Units. The ratios are non-GAAP financial measures calculated based on the trust indentures, as supplemented.<\/span><\/p>\n<\/td>\n<\/tr>\n<\/table>\n<\/div>\n<\/p>\n Outlook<\/b><\/p>\n While the Canadian economy presents uncertainty given volatility in commodity pricing, in particular, oil and gas prices, as well as the Canadian dollar exchange rate and interest rates, Choice Properties believes that the fundamentals of the retail real estate market remain stable. Even though the Canadian retail landscape continues to be ever evolving, underscored by recent notable exits and anticipated new entrants of retailers, Choice Properties\u2019 grocery anchored real estate focus and its stable and reliable cash flows from long-term leases position it well to execute on potential opportunities to drive growth. With consistent cash flow from operations and a strong balance sheet, Choice Properties expects to meet its ongoing obligations, including providing its Unitholders with monthly distributions and to invest in growth. For the balance of the 2015 fiscal year, Choice Properties intends to continue focusing on: <\/p>\n \n- Acquiring accretive assets that meet its investment criteria and that are strategically aligned with its current portfolio; <\/li>\n
- Leveraging the excess density within its portfolio for at-grade intensification; <\/li>\n
- Accelerating greenfield and mixed-used development programs; and <\/li>\n
- Enhancing internally managed operations to strengthen relationships with tenants and to optimize cash flows and profitability within its portfolio. <\/li>\n<\/ul>\n
<\/p>\n Forward-Looking Statements<\/b><\/p>\n This press release contains forward-looking statements about Choice Properties\u2019 objectives, plans, goals, aspirations, strategies, financial condition, results of operations, cash flows, performance, prospects and opportunities. Specific statements with respect to anticipated future results can be found in various sections of this press release and in the MD&A of Choice Properties\u2019 First Quarter 2015 Report to Unitholders. Forward-looking statements are typically identified by words such as \u00ab\u00a0expect\u00a0\u00bb, \u00ab\u00a0anticipate\u00a0\u00bb, \u00ab\u00a0believe\u00a0\u00bb, \u00ab\u00a0foresee\u00a0\u00bb, \u00ab\u00a0could\u00a0\u00bb, \u00ab\u00a0estimate\u00a0\u00bb, \u00ab\u00a0goal\u00a0\u00bb, \u00ab\u00a0intend\u00a0\u00bb, \u00ab\u00a0plan\u00a0\u00bb, \u00ab\u00a0seek\u00a0\u00bb, \u00ab\u00a0strive\u00a0\u00bb , \u00ab\u00a0will\u00a0\u00bb, \u00ab\u00a0may\u00a0\u00bb, \u00ab\u00a0should\u00a0\u00bb and similar expressions, as they relate to Choice Properties and its management.<\/p>\n Forward-looking statements reflect Choice Properties\u2019 current estimates, beliefs and assumptions, which are based on management\u2019s perception of historic trends, current conditions and expected future developments, as well as other factors it believes are appropriate in the circumstances. Choice Properties\u2019 expectation of operating and financial performance is based on certain assumptions, including assumptions about future growth potential, prospects and opportunities, industry trends, future levels of indebtedness, current tax laws, current economic conditions and no new competition in the market that leads to reduced revenues and profitability. Management\u2019s estimates, beliefs and assumptions are inherently subject to significant business, economic, competitive and other uncertainties and contingencies regarding future events and as such, are subject to change. Choice Properties can give no assurance that such estimates, beliefs and assumptions will prove to be correct.<\/p>\n Numerous risks and uncertainties could cause Choice Properties\u2019 actual results to differ materially from those expressed, implied or projected in the forward-looking statements, including, those described in the \u00ab\u00a0Enterprise Risks and Risk Management\u00a0\u00bb section of Choice Properties\u2019 2014 Annual Report. Such risks and uncertainties include:<\/p>\n \n- changes in economic conditions, including changes in interest rates, and the rate of inflation or deflation; <\/li>\n
- the inability of Choice Properties to maintain and leverage its relationship with Loblaw, including in respect of: (i) Loblaw\u2019s retained interest in Choice Properties; (ii) the services to be provided to Choice Properties (whether directly or indirectly) by Loblaw; (iii) expected transactions to be entered into between Loblaw and Choice Properties (including Choice Properties\u2019 acquisition of certain interests in properties held by Loblaw); and (iv) the Strategic Alliance Agreement between Choice Properties and Loblaw; <\/li>\n
- changes in Loblaw\u2019s business, activities or circumstances which may impact Choice Properties, including Loblaw\u2019s inability to make rent payments or perform its obligations under its leases; <\/li>\n
- failure to manage its growth effectively in accordance with its growth strategy or acquire assets on an accretive basis; <\/li>\n
- changes in timing to obtain municipal approvals, development costs, and tenant leasing and occupancy of properties under development or intensification; <\/li>\n
- changes in Choice Properties\u2019 capital expenditure and fixed cost requirements; <\/li>\n
- the inability of the Choice Properties Limited Partnership to make distributions or other payments or advances; <\/li>\n
- the inability of Choice Properties to obtain financing; <\/li>\n
- changes in Choice Properties\u2019 degree of financial leverage; <\/li>\n
- changes in laws or regulatory regimes, which may affect Choice Properties, including changes in the tax treatment of the Trust and its distributions to Unitholders or the inability of the Trust to continue to qualify as a \u00ab\u00a0mutual fund trust\u00a0\u00bb and as a \u00ab\u00a0real estate investment trust\u00a0\u00bb, as such terms are defined in the Income Tax Act<\/i> (Canada<\/span>); and <\/li>\n
- changes in Choice Properties\u2019 competitiveness in the real estate market or the unavailability of desirable commercial real estate assets.<\/li>\n<\/ul>\n
<\/p>\n This is not an exhaustive list of the factors that may affect Choice Properties\u2019 forward-looking statements. Other risks and uncertainties not presently known to Choice Properties could also cause actual results or events to differ materially from those expressed in its forward-looking statements. Additional risks and uncertainties are discussed in Choice Properties\u2019 materials filed with the Canadian securities regulatory authorities from time to time, including the Trust\u2019s 2014 Annual Information Form. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect Choice Properties\u2019 expectations only as of the date of this press release. Except as required by applicable law, Choice Properties does not undertake to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.<\/p>\n Non-GAAP Financial Measures<\/b><\/p>\n Choice Properties uses the following non-GAAP financial measures: NOI, FFO, and AFFO. The Trust believes these non-GAAP financial measures provide useful information to both management and investors in measuring the financial performance and financial condition of the Trust for the reasons outlined below.<\/p>\n Management uses these and other non-GAAP financial measures to exclude the impact of certain expenses and income that must be recognized under GAAP when analyzing underlying operating performance, as the excluded items are not necessarily reflective of Choice Properties\u2019 underlying operating performance or impact the comparability of financial performance between periods. From time to time, the Trust may exclude additional items if it believes doing so would result in a more effective analysis of underlying operating performance. The exclusion of certain items does not imply that they are non-recurring.<\/p>\n These measures do not have a standardized meaning prescribed by GAAP and therefore they may not be comparable to similarly titled measures presented by other publicly traded REITs, and should not be construed as an alternative to other financial measures determined in accordance with GAAP.<\/p>\n Same Properties <\/b> Properties that were owned throughout both the current and comparative periods are grouped as same properties for comparative calculations.<\/p>\n Net Operating Income <\/b>NOI is defined as cash rental revenue from investment properties less property operating costs. NOI is a key performance indicator as it evaluates the results of the portfolio and represents a measure over which management has control. It is also a key input in determining the fair value of the portfolio. The Trust\u2019s method of calculating NOI may differ from other issuers\u2019 methods and, accordingly, may not be comparable to NOI reported by other issuers.<\/p>\n Funds from Operations <\/b>FFO is not a term defined under IFRS and may not be comparable to similar measures used by other real estate entities. Except as otherwise noted, Choice Properties calculates its FFO in accordance with the Real Property Association of Canada White Paper on Funds from Operations for IFRS issued in April 2014<\/span>. The purpose of the White Paper was to provide reporting issuers and investors with greater guidance on the definition of FFO and to help promote more consistent disclosure from reporting issuers.<\/p>\nAn advantage of the FFO measure is improved comparability between Canadian and foreign real estate investment trusts. FFO adds back to net income (or net loss) items that do not arise from operating activities, such as fair value adjustments. FFO, however, still includes non-cash revenues related to accounting for straight-line rent and makes no deduction for the recurring capital expenditures necessary to sustain the existing earnings stream.<\/p>\n Funds from Operations Payout Ratio <\/b>FFO payout ratio is calculated as the distribution declared per unit divided by the FFO per unit diluted.<\/p>\n Adjusted Funds from Operations <\/b>AFFO is a supplemental measure of operating performance widely used in the real estate industry. Choice Properties views AFFO as an alternative measure of cash generated from operations and considers AFFO generated as one of its inputs in determining the appropriate level of distribution to Unitholders. Choice Properties calculates AFFO by adjusting FFO for non-cash income and expense items such as amortization of straight-line rents and finance charges. AFFO includes a reduction for capital expenditures for maintaining productive capacity required for sustaining property infrastructure and revenue from real estate properties and direct leasing costs. Property capital expenditures do not occur evenly over the fiscal year. The property capital expenditures in the AFFO calculation are adjusted to reflect an average annual spending level.<\/p>\n There is currently no standard industry-defined measure of AFFO. As such, Choice Properties\u2019 method of calculating AFFO may differ from that of other real estate entities and, accordingly, may not be comparable to such amounts reported by other issuers.<\/p>\n Adjusted Funds from Operations Payout Ratio <\/b>AFFO payout ratio is calculated as the distribution declared per unit divided by the AFFO per unit diluted.<\/p>\n Choice Properties Real Estate Investment Trust
<\/b>Calculation of Non-GAAP Financial Measures<\/b><\/p>\n\n \n\n| <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n | <\/td>\n<\/tr>\n | \n| \n For the three months ended March 31 <\/span><\/p>\n(in thousands of Canadian dollars, except per unit amounts)<\/span><\/p>\n(unaudited)<\/span><\/p>\n<\/td>\n | <\/td>\n | \n 2015<\/b><\/span><\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | \n 2014<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n\n| \n Rental revenue<\/span><\/p>\n<\/td>\n | <\/td>\n | \n $<\/b><\/span><\/span><\/p>\n<\/td>\n | \n 181,674<\/b><\/span><\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | \n $<\/span><\/span><\/p>\n<\/td>\n | \n 167,045<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n\n| \n Reverse \u2013 Straight-line rental revenue<\/span><\/p>\n<\/td>\n | <\/td>\n | \n (8,819)<\/b><\/span><\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | \n (8,562)<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n\n| \n Property operating costs<\/span><\/p>\n<\/td>\n | <\/td>\n | \n (47,570)<\/b><\/span><\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | \n (43,151)<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n\n| \n Net Operating Income(1)<\/sup><\/span><\/p>\n<\/td>\n| <\/td>\n | \n $<\/b><\/span><\/span><\/p>\n<\/td>\n | \n 125,285<\/b><\/span><\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | \n $<\/span><\/span><\/p>\n<\/td>\n | \n 115,332<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n\n| \n Net Loss<\/span><\/p>\n<\/td>\n | <\/td>\n | \n $<\/b><\/span><\/span><\/p>\n<\/td>\n | \n (211,050)<\/b><\/span><\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | \n $<\/span><\/span><\/p>\n<\/td>\n | \n (8,171)<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n\n| \n Fair value adjustments on Exchangeable Units<\/span><\/p>\n<\/td>\n | <\/td>\n | \n 254,203<\/b><\/span><\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | \n 48,293<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n\n| \n Fair value adjustments on investment properties<\/span><\/p>\n<\/td>\n | <\/td>\n | \n 612<\/b><\/span><\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | \n 110<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n\n| \n Fair value adjustments on unit-based compensation<\/span><\/p>\n<\/td>\n | <\/td>\n | \n 341<\/b><\/span><\/span><\/p>\n<\/td>\n | <\/td>\n | <\/td>\n | \n (88)<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n\n| \n Distributions on Exchangeable Units<\/span><\/p>\n<\/td>\n | <\/td>\n | \n
| | | | | | | | | | | | | | | | | | | | | | |