{"id":16808,"date":"2016-02-17T04:30:00","date_gmt":"2016-02-17T09:30:00","guid":{"rendered":"https:\/\/www.choicereit.ca\/news-release\/choice-properties-real-estate-investment-trust-annonce-une-augmentation-de-74-des-fonds-provenant-de-lexploitation1-par-part-diluee-pour-le-quatrieme-trimestre-2015\/"},"modified":"2016-02-17T04:30:00","modified_gmt":"2016-02-17T09:30:00","slug":"choice-properties-real-estate-investment-trust-annonce-une-augmentation-de-74-des-fonds-provenant-de-lexploitation1-par-part-diluee-pour-le-quatrieme-trimestre-2015","status":"publish","type":"news-release","link":"https:\/\/www.choicereit.ca\/fr\/news-release\/choice-properties-real-estate-investment-trust-annonce-une-augmentation-de-74-des-fonds-provenant-de-lexploitation1-par-part-diluee-pour-le-quatrieme-trimestre-2015\/","title":{"rendered":"Choice Properties Real Estate Investment Trust annonce une augmentation de 7,4 % des fonds provenant de l&#8217;exploitation(1) par part dilu\u00e9e pour le quatri\u00e8me trimestre 2015"},"content":{"rendered":"<p><span class=\"xn-location\">TORONTO<\/span>, <span class=\"xn-chron\">Feb. 17, 2016<\/span> \/CNW\/ \u2013 Choice Properties Real Estate Investment Trust (\u00ab\u00a0Choice Properties\u00a0\u00bb or the \u00ab\u00a0Trust\u00a0\u00bb) (TSX: CHP.UN) today announced its consolidated financial results for the fourth quarter ended December 31, 2015. The Trust\u2019s Annual Report will be available in the Investor Relations section of the Trust\u2019s website at <a href=\"http:\/\/www.choicereit.ca\/\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">www.choicereit.ca<\/a>, filed with SEDAR and available at <a href=\"http:\/\/www.sedar.com\/\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">www.sedar.com<\/a>.  <\/p>\n<p><b>Quarter Highlights:<\/b><\/p>\n<ul type=\"disc\">\n<li>Reported Funds from Operations (\u00ab\u00a0FFO\u00a0\u00bb)<sup>(1)<\/sup> per unit diluted of <span class=\"xn-money\">$0.247<\/span>, an increase of <span class=\"xn-money\">$0.017<\/span> or 7.4% compared with <span class=\"xn-money\">$0.230<\/span> in the fourth quarter of 2014; <\/li>\n<li>Reported rental revenue of <span class=\"xn-money\">$191.0 million<\/span>, an increase of <span class=\"xn-money\">$15.8 million<\/span> or 9.0% compared with <span class=\"xn-money\">$175.2 million<\/span> in the fourth quarter of 2014; <\/li>\n<li>Acquired four properties including opportunity to develop 30,000 square feet of new gross leasable area (\u00ab\u00a0GLA\u00a0\u00bb) of which 15,000 square feet is contractually scheduled for development in the near-term; <\/li>\n<li>Developed 89,000 square feet of GLA creating 22 new retail spaces during the fourth quarter of 2015; <\/li>\n<li>Improved ancillary occupancy, and increased same property, same GLA, net operating income (\u00ab\u00a0NOI\u00a0\u00bb) by 2.0% to <span class=\"xn-money\">$122.2 million<\/span> from <span class=\"xn-money\">$119.8 million<\/span> in the fourth quarter of 2014; and <\/li>\n<li>Improved occupancy rate of 98.6% compared to 98.1% as at <span class=\"xn-chron\">December 31, 2014<\/span>.<\/li>\n<\/ul>\n<p><\/p>\n<p><b>Annual Highlights:<\/b><\/p>\n<ul type=\"disc\">\n<li>Added 47 properties to the portfolio including two parcels of land for future development; <\/li>\n<li>Developed 124,000 square feet of GLA creating 29 new retail spaces during 2015; <\/li>\n<li>Launched the West Block project at Lake Shore Boulevard and <span class=\"xn-person\">Bathurst Street<\/span> in <span class=\"xn-location\">Toronto<\/span> to redevelop the property as an urban multi-use site in a joint venture partnership with Wittington Properties Limited (\u00ab\u00a0Wittington\u00a0\u00bb), the parent company of George Weston Limited; <\/li>\n<li>Completed internalization of development, leasing, property management and support functions; and <\/li>\n<li>Announced a 3.1% increase in monthly distribut ions effective as of <span class=\"xn-chron\">January 29, 2016<\/span> and payable on <span class=\"xn-chron\">February 16, 2016<\/span>.<\/li>\n<\/ul>\n<p><\/p>\n<p>\u00ab\u00a0I am pleased to announce that we closed fiscal 2015 with another solid quarter. Our financial results reflect our productivity and the execution of our long-term growth strategy,\u00a0\u00bb said John Morrison, President and Chief Executive Officer. \u00ab\u00a0Throughout the year, we put our plan in action by growing our portfolio through accretive acquisitions, constructing new retail across the country and completing our internalization of operational and support functions, including the expansion of our team from 21 to over 100 employees.\u00a0\u00bb<\/p>\n<p>\u00ab\u00a0Our steadily increasing cash flows and prudent capital management have enabled us to increase our distributions,\u00a0\u00bb continued Mr. Morrison. \u00ab\u00a0We remain focused on the execution of our plan to deliver results, add value, create opportunities for future growth and continue to provide our Unitholders with growing monthly distributions.\u00a0\u00bb<\/p>\n<div>\n<table id=\"convertedTableb141\" border=\"0\" cellspacing=\"0\" cellpadding=\"0\" class=\"prngen1\">\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(1)<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">See \u00ab\u00a0Non-GAAP Financial Measures\u00a0\u00bb beginning on page 5.<\/span><\/p>\n<\/td>\n<\/tr>\n<\/table>\n<\/div>\n<p><\/p>\n<p><b>Financial and Operational Summary<\/b><\/p>\n<div>\n<table border=\"0\" cellspacing=\"0\" cellpadding=\"0\" class=\"prngen1\">\n<tr>\n<td rowspan=\"3\" nowrap class=\"prnsbbs prntal prnsblb0 prnpl6 prnpr6 prnvab prnsbtb0 prnrbrb0\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><\/span>For the three months ended December 31<br>($ thousands except where otherwise indicated)<br>(unaudited)<\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen6\"><\/td>\n<td colspan=\"5\" nowrap class=\"prngen6\"><\/td>\n<\/tr>\n<tr>\n<td nowrap class=\"prngen6\"><\/td>\n<td colspan=\"2\" nowrap class=\"prngen7\"><\/td>\n<td class=\"prngen6\"><\/td>\n<td class=\"prngen6\"><\/td>\n<td class=\"prngen6\"><\/td>\n<\/tr>\n<tr>\n<td nowrap class=\"prngen7\"><\/td>\n<td nowrap class=\"prngen7\"><\/td>\n<td nowrap class=\"prngen7\"><span class=\"prnews_span\"><span class=\"prnews_span\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>2015<\/b><\/span><\/span><\/p>\n<p><\/p><\/span><\/span><\/td>\n<td class=\"prngen7\"><\/td>\n<td nowrap class=\"prngen7\"><\/td>\n<td nowrap class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">2014<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Number of properties<\/span><\/p>\n<\/td>\n<td class=\"prngen6\"><\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>519<\/b><\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen6\"><\/td>\n<td class=\"prngen6\"><\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">472<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Gross Leasable Area (\u00ab\u00a0GLA\u00a0\u00bb) (in millions of square feet)<\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen6\"><\/td>\n<td colspan=\"2\" nowrap class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>41.6<\/b><\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen6\"><\/td>\n<td nowrap class=\"prngen6\"><\/td>\n<td nowrap class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">38.9<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Occupancy<\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen6\"><\/td>\n<td colspan=\"2\" nowrap class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>98.6%<\/b><\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen6\"><\/td>\n<td nowrap class=\"prngen6\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">98.1%<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Rental revenue<\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen6\"><\/td>\n<td nowrap class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>191,057<\/b><\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen6\"><\/td>\n<td nowrap class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">$<\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">175,246<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Net Operating Income (\u00ab\u00a0NOI\u00a0\u00bb)<sup>(i)<\/sup><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen6\"><\/td>\n<td nowrap class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>132,133<\/b><\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen6\"><\/td>\n<td nowrap class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">$<\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">123,175<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Net Income<sup>(ii)<\/sup><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen6\"><\/td>\n<td nowrap class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>40,401<\/b><\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen6\"><\/td>\n<td nowrap class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">$<\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">87,017<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Net Income per unit diluted<sup>(ii)<\/sup><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen7\"><\/td>\n<td nowrap class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>0.099<\/b><\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen7\"><\/td>\n<td nowrap class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">$<\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">0.221<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Funds from Operations (\u00ab\u00a0FFO\u00a0\u00bb)<sup>(i)<\/sup> per unit diluted<sup>(iii)<\/sup><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen6\"><\/td>\n<td nowrap class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>0.247<\/b><\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen6\"><\/td>\n<td nowrap class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">$<\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">0.230<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Adjusted Funds from Operations (\u00ab\u00a0AFFO\u00a0\u00bb)<sup>(i)<\/sup> per unit diluted<\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen6\"><\/td>\n<td nowrap class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>0.201<\/b><\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen6\"><\/td>\n<td nowrap class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">$<\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">0.188<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Adjusted Funds from Operations<sup>(i)<\/sup> payout ratio<\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen6\"><\/td>\n<td colspan=\"2\" nowrap class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>80.8%<\/b><\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen6\"><\/td>\n<td colspan=\"2\" nowrap class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">86.4%<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Distribution declared per unit<\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen7\"><\/td>\n<td nowrap class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>0.162501<\/b><\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen7\"><\/td>\n<td nowrap class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">$<\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">0.162501<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Total assets (in millions)<\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen6\"><\/td>\n<td nowrap class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>8,906<\/b><\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen6\"><\/td>\n<td nowrap class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">$<\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">8,192<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Debt to total assets<sup>(iv)<\/sup><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen6\"><\/td>\n<td colspan=\"2\" nowrap class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>44.5%<\/b><\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen6\"><\/td>\n<td colspan=\"2\" nowrap class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">44.0%<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Debt service coverage<sup>(iv)<\/sup><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen7\"><\/td>\n<td colspan=\"2\" nowrap class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>3.6x<\/b><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen7\"><\/td>\n<td class=\"prngen7\"><\/td>\n<td nowrap class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">3.5x<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\"><\/td>\n<td class=\"prngen6\"><\/td>\n<td colspan=\"2\" class=\"prngen7\"><\/td>\n<td class=\"prngen6\"><\/td>\n<td class=\"prngen6\"><\/td>\n<td class=\"prngen6\"><\/td>\n<\/tr>\n<\/table>\n<\/div>\n<p><\/p>\n<div>\n<table id=\"convertedTableb141\" border=\"0\" cellspacing=\"0\" cellpadding=\"0\" class=\"prngen1\">\n<tr>\n<td class=\"prngen10\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(i)<\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">See \u00ab\u00a0Non-GAAP Financial Measures\u00a0\u00bb beginning on page 5.<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen10\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(ii)<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Net income included a negative adjustment of $95,418 and $51,063 for the fair value of Exchangeable Units and a positive adjustment of  $87,902 and $97,452 for the fair value of investment properties for the three months ended December 31, 2015 and December 31, 2014, respectively.  Net income before adjustments to fair value was $47,917 and $40,628 for the three months ended December 31, 2015 and December 31, 2014, respectively.<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen10\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(iii)<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">FFO<sup>(1)<\/sup> per unit diluted, for the three months ended December 31, 2014, was calculated using FFO<sup>(1)<\/sup> (excluding other adjustments). See Section 17, \u00ab\u00a0Non-GAAP Financial Measures\u00a0\u00bb, of the MD&amp;A for details.<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen10\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(iv)<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">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><\/p>\n<p><b>Financial Results for the Quarter:<\/b><\/p>\n<ul type=\"disc\">\n<li><b>Net Operating Income<\/b><sup>(1)<\/sup><b> \u2013 <\/b>Fourth quarter NOI<sup>(1)<\/sup> of <span class=\"xn-money\">$132.1 million<\/span> represented an increase of <span class=\"xn-money\">$9.0 million<\/span>, or 7.3%, over the fourth quarter of 2014 primarily driven by acquisitions completed in 2015 and the fourth quarter of 2014. These acquisitions contributed a total of <span class=\"xn-money\">$6.4 million<\/span> to NOI<sup>(1)<\/sup>. NOI<sup>(1)<\/sup> for Same Properties<sup>(1)<\/sup>, same GLA of <span class=\"xn-money\">$122.2 million<\/span> increased by <span class=\"xn-money\">$2.4 million<\/span> or 2.0% from <span class=\"xn-money\">$119.8 million<\/span> in the fourth quarter of 2014. This improvement was primarily due to an increase of <span class=\"xn-money\">$1.6 million<\/span> in base rent and net recoveries, which was driven by improvements in ancillary occupancy, higher average rents per square foot on new ancillary leases and rent steps in Loblaw leases, and <span class=\"xn-money\">$0.9 million<\/span> due to capital expenditure recoveries and interest, partially offset by <span class=\"xn-money\">$0.1 million<\/span> in non-recoverable operating expenses. <\/li>\n<li><b>Net Income before Adjustments to Fair Value <\/b><sup>(1)<\/sup> \u2013 Fourth quarter net income before adjustments to fair value of <span class=\"xn-money\">$47.9 million<\/span> compared with a net income before adjustments to fair value of <span class=\"xn-money\">$40.6 million<\/span> reported in the fourth quarter of 2014. <\/li>\n<li><b>Funds from Operations<\/b><sup>(1)<\/sup><b> \u2013<\/b> Fourth quarter FFO<sup>(1)<\/sup> was <span class=\"xn-money\">$100.5 million<\/span> or <span class=\"xn-money\">$0.247<\/span> per unit diluted, compared with <span class=\"xn-money\">$90.9 million<\/span> or <span class=\"xn-money\">$0.230<\/span> per unit diluted in the fourth quarter of 2014. The year-over-year improvement in FFO<sup>(1)<\/sup> of <span class=\"xn-money\">$0.017<\/span> per unit diluted was primarily driven by NOI<sup>(1)<\/sup> from acquisitions. <\/li>\n<li><b>Adjusted Funds from Operations<\/b><sup>(1) <\/sup><b>\u2013<\/b> Fourth quarter AFFO<sup>(1)<\/sup> was <span class=\"xn-money\">$82.0 million<\/span> or <span class=\"xn-money\">$0.201<\/span> per unit diluted, compared with <span class=\"xn-money\">$74.1 million<\/span> or <span class=\"xn-money\">$0.188<\/span> per unit diluted in the fourth quarter of 2014. Similar to FFO<sup>(1)<\/sup>, the improvement in AFFO<sup>(1)<\/sup> was primarily driven by NOI<sup>(1)<\/sup> from acquisitions partially offset by higher capital expenditures. <\/li>\n<li><b>Distribution<\/b> \u2013 Distributions declared per unit during the quarter totaled <span class=\"xn-money\">$0.162501<\/span>, for an AFFO<sup>(1)<\/sup> payout ratio of 80.8% (2014 \u2013 <span class=\"xn-money\">$0.162501<\/span> and 86.4%). In <span class=\"xn-chron\">November 2015<\/span>, Choice Properties announced an increase in the annual distribution by 3.1% to <span class=\"xn-money\">$0.67<\/span> per unit. The increase was effective for Unitholders of record <span class=\"xn-chron\">January 29, 2016<\/span>.<\/li>\n<\/ul>\n<p><\/p>\n<div>\n<table id=\"convertedTable18c2\" border=\"0\" cellspacing=\"0\" cellpadding=\"0\" class=\"prngen1\">\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(1)<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">See \u00ab\u00a0Non-GAAP Financial Measures\u00a0\u00bb beginning on page 5.<\/span><\/p>\n<\/td>\n<\/tr>\n<\/table>\n<\/div>\n<p><\/p>\n<p><b>Operational Results for the Quarter:<\/b><\/p>\n<ul type=\"disc\">\n<li><b>Accretive Acquisitions \u2013 <\/b>On <span class=\"xn-chron\">November 17, 2015<\/span>, Choice Properties acquired four retail properties in <span class=\"xn-location\">Ontario<\/span> from Loblaw Companies Limited (\u00ab\u00a0Loblaw\u00a0\u00bb) for an aggregate purchase price of approximately <span class=\"xn-money\">$45.6 million<\/span>, excluding acquisition costs and a mark-to-market adjustment on the Exchangeable Units issued as partial consideration on the closing date of the acquisition. The acquired portfolio includes approximately 30,000 square feet of development potential in <span class=\"xn-location\">Ottawa, Ontario<\/span> of which 15,000 square feet will be developed as a Shoppers Drug Mart store in the near-term. Upon completion of the Shoppers Drug Mart development in <span class=\"xn-location\">Ottawa, Ontario<\/span>, the implied capitalization rate of the acquired portfolio is expected to be 5.85%. <\/li>\n<li><b>Retail Development \u2013 <\/b>During the fourth quarter of 2015, Choice Properties completed the intensification of five properties: <span class=\"xn-location\">Ancaster<\/span>, <span class=\"xn-location\">Vaughan<\/span> and <span class=\"xn-location\">Lindsay, Ontario<\/span>; <span class=\"xn-location\">Edmonton, Alberta<\/span>; and <span class=\"xn-location\">Val Belair, Quebec<\/span>. These intensification added approximately 17,000 square feet for a Shoppers Drug Mart store in <span class=\"xn-location\">Edmonton, Alberta<\/span>, 8,000 square feet of ancillary space and 6,000 square feet of Loblaw expansions. Year-to-date, Choice Properties completed intensification projects of 43,000 square feet with a weighted average yield of approximately 9%, and an additional 81,000 square feet towards projects scheduled for completion in 2016, adding approximately 64,000 square feet of ancillary space and a 17,000 square foot Shoppers Drug Mart store in <span class=\"xn-location\">Regina, Saskatchewan<\/span>. <\/li>\n<li><b>Development Pipeline \u2013<\/b> The GLA expected to be completed in 2016 includes approximately 400,000 square feet of new GLA for a Loblaw food store in <span class=\"xn-location\">Surrey<\/span>, British Columbia; a Loblaw food store and a Shoppers Drug Mart store in  <span class=\"xn-location\">Barrie, Ontario<\/span>; and a warehouse expansion in <span class=\"xn-location\">Boucherville, Quebec<\/span>. <\/li>\n<li><b>Leasing Profile \u2013 <\/b>During the fourth quarter of 2015, Choice Properties entered into leases for approximately 235,000 square feet of GLA with an average lease term of 9.3 years, including renewals of approximately 42,000 square feet, retaining 42.8% of expiring leases in the quarter and increasing base rent by 11.3% on those renewals. <\/li>\n<li><b>Occupancy \u2013 <\/b>At <span class=\"xn-chron\">December 31, 2015<\/span>, the Trust\u2019s portfolio occupancy rate was 98.6%, compared to 98.1% at <span class=\"xn-chron\">December 31, 2014<\/span>. <\/li>\n<\/ul>\n<p><\/p>\n<p><b>Capital Structure:<\/b> <\/p>\n<ul type=\"disc\">\n<li><b>Capacity to Invest for Further Growth \u2013 <\/b>As at <span class=\"xn-chron\">December 31, 2015<\/span>, the Trust\u2019s debt service coverage ratio<sup>(2)<\/sup> was 3.6 times. With stable cash flow from operations and access to several funding options; including a <span class=\"xn-money\">$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<\/ul>\n<p><\/p>\n<p><b>Outlook<\/b><\/p>\n<p>Choice Properties believes it is well-positioned to execute on its growth opportunities. The Trust has a sizable asset base that is geographically diverse across <span class=\"xn-location\">Canada<\/span>; long-term leases and a strategic alliance with Loblaw; and an accessible development pipeline. As such, Choice Properties expects to leverage stable and reliable cash flows from an anchor tenant with a strong covenant and the potential to create value through development. Combined with its solid balance sheet and investment grade credit ratings, Choice Properties expects to continue to meet its ongoing obligations, provide its Unitholders with monthly distributions and have the capacity to invest in future growth. <\/p>\n<p>The vast majority of Choice Properties\u2019 sites are anchored by Loblaw, <span class=\"xn-location\">Canada\u2019s<\/span> leading food and drug retailer. The Trust\u2019s leasing strategy is to attract tenants that complement Loblaw\u2019s food and drug offerings and that are well suited to consumers\u2019 weekly shopping patterns. With a tenant base that offers products and services considered to be essential, Choice Properties believes its portfolio of properties is less sensitive to the cyclical nature of discretionary retailing and the broader economy. This is underscored by continued demand and interest for Choice Properties\u2019 retail space in <span class=\"xn-location\">Western Canada<\/span>, including <span class=\"xn-location\">Alberta<\/span> where the economic conditions have been the most impacted by the downturn in the resource sector. The Trust remains focused on properties that are well-positioned to respond to changing consumers\u2019 preferences and plans to continue to attract and retain tenants at its existing sites and to develop new space for tenants. <\/p>\n<p>The Canadian economy has been in a protracted low interest rate environment. In the event of rising interest rates, the long term, fixed-rate nature of Choice Properties\u2019 debt instruments should temper the negative impact of higher interest rates.  Given the present relatively low interest rate environment, the Trust believes that capitalization rates will remain range-bound particularly for quality retail real estate which is currently scarce in supply.  <\/p>\n<div>\n<table id=\"convertedTable0ed4\" border=\"0\" cellspacing=\"0\" cellpadding=\"0\" class=\"prngen1\">\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(1)<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">See \u00ab\u00a0Non-GAAP Financial Measures\u00a0\u00bb beginning on page 5.<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(2)<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">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><\/p>\n<p><b>Forward-Looking Statements<\/b><\/p>\n<p>This press release contains forward-looking statements about Choice Properties\u2019 objectives, outlook, 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&amp;A of Choice Properties\u2019 2015 Annual Report. 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<p>Forward-looking statements reflect Choice Properties\u2019 current estimates, beliefs and assumptions, which are based on management\u2019s perception of historic trends, current conditions, outlook 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<p>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 section 12, \u00ab\u00a0Enterprise Risks and Risk Management\u00a0\u00bb, in the MD&amp;A of Choice Properties\u2019 2015 Annual Report. Such risks and uncertainties include:<\/p>\n<ul type=\"disc\">\n<li>changes in economic conditions, including changes in interest rates, and the rate of inflation or deflation; <\/li>\n<li>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 properties held by Loblaw); and (iv) the Strategic Alliance Agreement between Choice Properties and Loblaw; <\/li>\n<li>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<li>failure to manage its growth effectively in accordance with its growth strategy or acquire assets on an accretive basis; <\/li>\n<li>changes in timing to obtain municipal approvals, development costs, and tenant leasing and occupancy of properties under development, redevelopment, or intensification; <\/li>\n<li>changes in Choice Properties\u2019 capital expenditure and fixed cost requirements; <\/li>\n<li>the inability of Choice Properties Limited Partnership to make distributions or other payments or advances; <\/li>\n<li>the inability of Choice Properties to obtain financing; <\/li>\n<li>changes in Choice Properties\u2019 degree of financial leverage; <\/li>\n<li>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 <i>Income Tax Act (<span class=\"xn-location\">Canada<\/span>)<\/i>; and <\/li>\n<li>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><\/p>\n<p>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 2015 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<p><b>Non-GAAP Financial Measures<\/b><\/p>\n<p>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<p>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<p>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<p><b>Same Properties <\/b> Properties that were owned throughout both the current and comparative periods are grouped as same properties for comparative calculations.<\/p>\n<p><b>Net Operating Income  <\/b>NOI is defined as rental revenue, excluding straight-line rent, from investment properties less property operating costs. NOI is a key performance indicator as it evaluates the operating performance 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<p><b>Net Income (Loss) before Adjustments<\/b> <b>to<\/b> <b>Fair Value <\/b>Net Income (or net loss) as calculated under GAAP excluding adjustments to fair value of Exchangeable Units and investment properties.<\/p>\n<p><b>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 <span class=\"xn-chron\">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>\n<p>An 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 adjustments to fair value. 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<p><b>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<p><b>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<p>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<p><b>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<p><b>Choice Properties Real Estate Investment Trust<br><\/b><b>Calculation of Non-GAAP Financial Measures<\/b><\/p>\n<div>\n<table border=\"0\" cellspacing=\"0\" cellpadding=\"0\" class=\"prngen1\">\n<tr>\n<td rowspan=\"2\" nowrap class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">For the periods ended December 31<br>(in thousands of Canadian dollars, except per unit amounts)<\/span><\/p>\n<p class=\"prnews_p\"><span class=\"prnews_span\">(unaudited)<\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen6\"><\/td>\n<td colspan=\"5\" nowrap class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Three Months<\/b><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen6\"><\/td>\n<td colspan=\"5\" nowrap class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Year End<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap class=\"prngen7\"><\/td>\n<td colspan=\"2\" nowrap class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>2015<\/b><\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen7\"><\/td>\n<td colspan=\"2\" nowrap class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">2014<\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen7\"><\/td>\n<td colspan=\"2\" nowrap class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>2015<\/b><\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen7\"><\/td>\n<td colspan=\"2\" nowrap class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">2014<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Rental revenue<\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen6\"><\/td>\n<td nowrap class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>191,057<\/b><\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen6\"><\/td>\n<td nowrap class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">$<\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">175,246<\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen6\"><\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>743,100<\/b><\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen6\"><\/td>\n<td nowrap class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">$<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">682,923<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Reverse \u2013 Straight-line rental revenue<\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen6\"><\/td>\n<td colspan=\"2\" nowrap class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>(9,121)<\/b><\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen6\"><\/td>\n<td colspan=\"2\" nowrap class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(8,783)<\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen6\"><\/td>\n<td colspan=\"2\" nowrap class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>(36,656)<\/b><\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen6\"><\/td>\n<td colspan=\"2\" nowrap class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(34,634)<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Property operating costs<\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen7\"><\/td>\n<td colspan=\"2\" nowrap class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>(49,803)<\/b><\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen7\"><\/td>\n<td colspan=\"2\" nowrap class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(43,288)<\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen7\"><\/td>\n<td colspan=\"2\" nowrap class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>(192,179)<\/b><\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen7\"><\/td>\n<td colspan=\"2\" nowrap class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(172,550)<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap class=\"prngen12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Net Operating Income<sup>(1)<\/sup><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen13\"><\/td>\n<td nowrap class=\"prngen13\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen13\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>132,133<\/b><\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen13\"><\/td>\n<td nowrap class=\"prngen13\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">$<\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen13\"><span class=\"prnews_span\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">123,175<\/span><\/span><\/p>\n<p><\/p><\/span><\/td>\n<td nowrap class=\"prngen13\"><\/td>\n<td nowrap class=\"prngen13\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>514,265<\/b><\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen13\"><\/td>\n<td nowrap class=\"prngen13\"><span class=\"prnews_span\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/span><\/p>\n<p><\/p><\/span><\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">475,739<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Net Income (Loss)<\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen6\"><\/td>\n<td nowrap class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>40,401<\/b><\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen6\"><\/td>\n<td nowrap class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">$<\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen6\"><span class=\"prnews_span\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">87,017<\/span><\/span><\/p>\n<p><\/p><\/span><\/td>\n<td nowrap class=\"prngen6\"><\/td>\n<td nowrap class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>(155,276)<\/b><\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen6\"><\/td>\n<td nowrap class=\"prngen6\"><span class=\"prnews_span\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/span><\/p>\n<p><\/p><\/span><\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">199,614<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Adjustments to fair value of Exchangeable Units<\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen6\"><\/td>\n<td colspan=\"2\" nowrap class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>95,418<\/b><\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen6\"><\/td>\n<td colspan=\"2\" nowrap class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">51,063<\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen6\"><\/td>\n<td colspan=\"2\" nowrap class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>410,518<\/b><\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen6\"><\/td>\n<td colspan=\"2\" nowrap class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(12,143)<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Adjustments to fair value of investment properties<\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen6\"><\/td>\n<td colspan=\"2\" nowrap class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>(87,902)<\/b><\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen6\"><\/td>\n<td colspan=\"2\" nowrap class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(97,452)<\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen6\"><\/td>\n<td colspan=\"2\" nowrap class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>(71,981)<\/b><\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen6\"><\/td>\n<td colspan=\"2\" nowrap class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(81,931)<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Adjustments to fair value of unit-based compensation<\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen6\"><\/td>\n<td colspan=\"2\" nowrap class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>379<\/b><\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen6\"><\/td>\n<td colspan=\"2\" nowrap class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(41)<\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen6\"><\/td>\n<td colspan=\"2\" nowrap class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>888<\/b><\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen6\"><\/td>\n<td colspan=\"2\" nowrap class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(591)<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Loss on disposal of investment properties<\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen6\"><\/td>\n<td colspan=\"2\" nowrap class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>\u2014<\/b><\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen6\"><\/td>\n<td colspan=\"2\" nowrap class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">\u2014<\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen6\"><\/td>\n<td colspan=\"2\" nowrap class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>\u2014<\/b><\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen6\"><\/td>\n<td colspan=\"2\" nowrap class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">450<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Distributions on Exchangeable Units<\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen6\"><\/td>\n<td colspan=\"2\" nowrap class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>51,461<\/b><\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen6\"><\/td>\n<td colspan=\"2\" nowrap class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">49,730<\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen6\"><\/td>\n<td colspan=\"2\" nowrap class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>202,804<\/b><\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen6\"><\/td>\n<td colspan=\"2\" nowrap class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">191,267<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Amortization of tenant improvement allowances<\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen6\"><\/td>\n<td colspan=\"2\" nowrap class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>101<\/b><\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen6\"><\/td>\n<td colspan=\"2\" nowrap class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">2<\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen6\"><\/td>\n<td colspan=\"2\" nowrap class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>251<\/b><\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen6\"><\/td>\n<td colspan=\"2\" nowrap class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">456<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Internal expenses for leasing<sup>(2)<\/sup><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen7\"><\/td>\n<td colspan=\"2\" nowrap class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>666<\/b><\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen7\"><\/td>\n<td colspan=\"2\" nowrap class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">366<\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen7\"><\/td>\n<td colspan=\"2\" nowrap class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>1,771<\/b><\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen7\"><\/td>\n<td colspan=\"2\" nowrap class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">366<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Funds from Operations<sup>(1)<\/sup><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen6\"><\/td>\n<td nowrap class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>100,524<\/b><\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen6\"><\/td>\n<td nowrap class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">$<\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen6\"><span class=\"prnews_span\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">90,685<\/span><\/span><\/p>\n<p><\/p><\/span><\/td>\n<td nowrap class=\"prngen6\"><\/td>\n<td nowrap class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>388,975<\/b><\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen6\"><\/td>\n<td nowrap class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">$<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">297,488<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Reverse: Finance charge<sup>(3)<\/sup><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen6\"><\/td>\n<td colspan=\"2\" nowrap class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>\u2014<\/b><\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen6\"><\/td>\n<td colspan=\"2\" nowrap class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">\u2014<\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen6\"><\/td>\n<td colspan=\"2\" nowrap class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>\u2014<\/b><\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen6\"><\/td>\n<td colspan=\"2\" nowrap class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">48,911<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Reverse: Internalization costs<sup>(3)<\/sup><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen7\"><\/td>\n<td colspan=\"2\" nowrap class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>\u2014<\/b><\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen7\"><\/td>\n<td colspan=\"2\" nowrap class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">196<\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen7\"><\/td>\n<td colspan=\"2\" nowrap class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>\u2014<\/b><\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen7\"><\/td>\n<td colspan=\"2\" nowrap class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">2,568<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap class=\"prngen12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Funds from Operations<sup>(1)(3) <\/sup>excluding other adjustments<\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen13\"><\/td>\n<td nowrap class=\"prngen13\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen13\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>100,524<\/b><\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen13\"><\/td>\n<td nowrap class=\"prngen13\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">$<\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen13\"><span class=\"prnews_span\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">90,881<\/span><\/span><\/p>\n<p><\/p><\/span><\/td>\n<td nowrap class=\"prngen13\"><\/td>\n<td nowrap class=\"prngen13\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>388,975<\/b><\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen13\"><\/td>\n<td nowrap class=\"prngen13\"><span class=\"prnews_span\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">$<\/span><\/span><\/p>\n<p><\/p><\/span><\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">348,967<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Funds from Operations<sup>(1)<\/sup><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen6\"><\/td>\n<td nowrap class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>100,524<\/b><\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen6\"><\/td>\n<td nowrap class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">$<\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen6\"><span class=\"prnews_span\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">90,685<\/span><\/span><\/p>\n<p><\/p><\/span><\/td>\n<td nowrap class=\"prngen6\"><\/td>\n<td nowrap class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>388,975<\/b><\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen6\"><\/td>\n<td nowrap class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">$<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">297,488<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Internalization costs<\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen6\"><\/td>\n<td colspan=\"2\" nowrap class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>\u2014<\/b><\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen6\"><\/td>\n<td colspan=\"2\" nowrap class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">196<\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen6\"><\/td>\n<td colspan=\"2\" nowrap class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>\u2014<\/b><\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen6\"><\/td>\n<td colspan=\"2\" nowrap class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">2,568<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Straight-line rental revenue<\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen6\"><\/td>\n<td colspan=\"2\" nowrap class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>(9,121)<\/b><\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen6\"><\/td>\n<td colspan=\"2\" nowrap class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(8,783)<\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen6\"><\/td>\n<td colspan=\"2\" nowrap class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>(36,656)<\/b><\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen6\"><\/td>\n<td colspan=\"2\" nowrap class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(34,634)<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Effective interest rate amortization of finance charges<\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen6\"><\/td>\n<td colspan=\"2\" nowrap class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>(314)<\/b><\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen6\"><\/td>\n<td colspan=\"2\" nowrap class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(375<\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen6\"><\/td>\n<td colspan=\"2\" nowrap class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>(1,227)<\/b><\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen6\"><\/td>\n<td colspan=\"2\" nowrap class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">50,018<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Unit-based compensation expense<\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen6\"><\/td>\n<td colspan=\"2\" nowrap class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>643<\/b><\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen6\"><\/td>\n<td colspan=\"2\" nowrap class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">439<\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen6\"><\/td>\n<td colspan=\"2\" nowrap class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>2,139<\/b><\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen6\"><\/td>\n<td colspan=\"2\" nowrap class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">2,104<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Property capital expenditures \u2013 incurred<\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen6\"><\/td>\n<td colspan=\"2\" nowrap class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>(24,653)<\/b><\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen6\"><\/td>\n<td colspan=\"2\" nowrap class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(11,247)<\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen6\"><\/td>\n<td colspan=\"2\" nowrap class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>(32,466)<\/b><\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen6\"><\/td>\n<td colspan=\"2\" nowrap class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(29,523)<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Property and leasing capital expenditures \u2013 normalized<sup>(4)<\/sup><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen6\"><\/td>\n<td colspan=\"2\" nowrap class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>18,692<\/b><\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen6\"><\/td>\n<td colspan=\"2\" nowrap class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">3,670<\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen6\"><\/td>\n<td colspan=\"2\" nowrap class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>\u2014<\/b><\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen6\"><\/td>\n<td colspan=\"2\" nowrap class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">\u2014<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Leasing capital expenditures \u2013 incurred<\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen7\"><\/td>\n<td colspan=\"2\" nowrap class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>(3,784)<\/b><\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen7\"><\/td>\n<td colspan=\"2\" nowrap class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(489)<\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen7\"><\/td>\n<td colspan=\"2\" nowrap class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>(7,884)<\/b><\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen7\"><\/td>\n<td colspan=\"2\" nowrap class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(2,785)<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap class=\"prngen12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Adjusted Funds from Operations<sup>(1)<\/sup><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen13\"><\/td>\n<td nowrap class=\"prngen13\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen13\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>81,987<\/b><\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen13\"><\/td>\n<td nowrap class=\"prngen13\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">$<\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen13\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">74,096<\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen13\"><\/td>\n<td nowrap class=\"prngen13\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>312,881<\/b><\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen13\"><\/td>\n<td nowrap class=\"prngen13\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">$<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">285,236<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">FFO<sup>(1)(5)<\/sup> per unit \u2013 diluted<\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen6\"><\/td>\n<td nowrap class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>0.247<\/b><\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen6\"><\/td>\n<td nowrap class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">$<\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen6\"><span class=\"prnews_span\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">0.230<\/span><\/span><\/p>\n<p><\/p><\/span><\/td>\n<td nowrap class=\"prngen6\"><\/td>\n<td nowrap class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>0.966<\/b><\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen6\"><\/td>\n<td nowrap class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">$<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">0.912<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">AFFO<sup>(1)<\/sup> per unit \u2013 diluted<\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen6\"><\/td>\n<td nowrap class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>0.201<\/b><\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen6\"><\/td>\n<td nowrap class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">$<\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">0.188<\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen6\"><\/td>\n<td nowrap class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>0.777<\/b><\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen6\"><\/td>\n<td nowrap class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">$<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">0.745<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">AFFO<sup>(1)<\/sup> payout ratio<\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen6\"><\/td>\n<td colspan=\"2\" nowrap class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>80.8%<\/b><\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen6\"><\/td>\n<td nowrap class=\"prngen6\"><\/td>\n<td nowrap class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">86.4%<\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen6\"><\/td>\n<td nowrap class=\"prngen6\"><\/td>\n<td nowrap class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>83.7%<\/b><\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen6\"><\/td>\n<td class=\"prngen6\"><\/td>\n<td nowrap class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">87.2%<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Distribution declared per unit<\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen6\"><\/td>\n<td nowrap class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>0.162501<\/b><\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen6\"><\/td>\n<td nowrap class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">$<\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen6\"><span class=\"prnews_span\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">0.162501<\/span><\/span><\/p>\n<p><\/p><\/span><\/td>\n<td nowrap class=\"prngen6\"><\/td>\n<td nowrap class=\"prngen6\"><span class=\"prnews_span\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/span><\/p>\n<p><\/p><\/span><\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>0.650004<\/b><\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen6\"><\/td>\n<td nowrap class=\"prngen6\"><span class=\"prnews_span\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">$<\/span><\/span><\/p>\n<p><\/p><\/span><\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">0.650004<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Weighted average Units outstanding \u2013 basic<\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen6\"><\/td>\n<td colspan=\"2\" nowrap class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>406,594,295<\/b><\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen6\"><\/td>\n<td colspan=\"2\" nowrap class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">394,237,610<\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen6\"><\/td>\n<td colspan=\"2\" nowrap class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>402,090,617<\/b><\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen6\"><\/td>\n<td colspan=\"2\" nowrap class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">382,344,615<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Weighted average Units outstanding \u2013 diluted<\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen6\"><\/td>\n<td colspan=\"2\" nowrap class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>407,098,288<\/b><\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen6\"><\/td>\n<td colspan=\"2\" nowrap class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">394,578,356<\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen6\"><\/td>\n<td colspan=\"2\" nowrap class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>402,582,183<\/b><\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen6\"><\/td>\n<td colspan=\"2\" nowrap class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">382,636,320<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap class=\"prngen12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Number of Units outstanding, end of quarter<\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen13\"><\/td>\n<td colspan=\"2\" nowrap class=\"prngen13\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>408,063,609<\/b><\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen13\"><\/td>\n<td colspan=\"2\" nowrap class=\"prngen13\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">395,287,115<\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen13\"><\/td>\n<td colspan=\"2\" nowrap class=\"prngen13\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>408,063,609<\/b><\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen13\"><\/td>\n<td colspan=\"2\" nowrap class=\"prngen13\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">395,287,115<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prnsbtb0 prnsblb0 prnpl6 prnpr10 prnvab prnsbtb0 prnrbrb0\"><\/td>\n<td class=\"prngen6\"><\/td>\n<td colspan=\"2\" class=\"prngen7\"><\/td>\n<td class=\"prngen6\"><\/td>\n<td colspan=\"2\" class=\"prngen6\"><\/td>\n<td class=\"prngen6\"><\/td>\n<td colspan=\"2\" class=\"prngen7\"><\/td>\n<td class=\"prngen6\"><\/td>\n<td colspan=\"2\" class=\"prngen6\"><\/td>\n<\/tr>\n<\/table>\n<\/div>\n<p><\/p>\n<div>\n<table id=\"convertedTableb3f3\" border=\"0\" cellspacing=\"0\" cellpadding=\"0\" class=\"prngen1\">\n<tr>\n<td class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(1)<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">See \u00ab\u00a0Non-GAAP Financial Measures\u00a0\u00bb beginning on page 5. <\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(2)<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Internal expenses for leasing, primarily salaries, of $666 and $1,771 were incurred in the three months and year ended December 31, 2015 respectively, and were eligible to be added back to FFO<sup>(1)<\/sup> based on the revision to the definition of FFO<sup>(1)<\/sup>, in the Real Property Association of Canada White Paper published in April 2014 that provided for an adjustment to incremental leasing expenses for the cost of salaried staff. This adjustment to FFO<sup>(1)<\/sup> made results more comparable between real estate entities that expensed their internal leasing departments and those that capitalized the expenses. Choice Properties internalized its leasing function on October 1, 2014. Therefore, there were only three months of internal expenses for leasing for the year ended December 31, 2014 compared to the full year for the year ended December 31, 2015.<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(3)<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">For the three months and year ended December 31, 2014, internalization costs of $196 and $2,568, respectively, were added back to net income (loss) to calculate FFO<sup>(1)<\/sup> (excluding other adjustments). Also, for the year ended December 31, 2014, non-cash finance charges of $48,911 were added back to net income (loss) to calculate FFO<sup>(1)<\/sup> (excluding other adjustments). The non-cash finance charges were the result of accelerated amortization of net debt discounts due to replacement of notes issued to Loblaw in connection with the IPO.<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(4)<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Seasonality impacts the timing of capital expenditures. The AFFO<sup>(1)<\/sup> calculations for the three months ended December 31, 2015 and December 31, 2014 were adjusted for this factor to make the quarters more comparable.<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(5)<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">The FFO<sup>(1)<\/sup> per unit diluted amounts and payout ratio for the three months and year ended December 31, 2014 were calculated using FFO<sup>(1)<\/sup> (excluding other adjustments). FFO<sup>(1)<\/sup> per unit diluted amounts, before adjustments, were $0.230 and $0.777, respectively, and the payout ratios were 70.7% and 83.7%, respectively.<\/span><\/p>\n<\/td>\n<\/tr>\n<\/table>\n<\/div>\n<p><\/p>\n<p><b>Selected Financial Information<\/b><\/p>\n<p>The following includes quarterly financial information prepared by management in accordance with IFRS and based on the Trust\u2019s 2015 Annual Report. This financial information does not contain all disclosures required by IFRS, and accordingly should be read in conjunction with the Trust\u2019s 2015 Annual Report, which is available in the Investor Relations section of the Trust\u2019s website at <a href=\"http:\/\/www.choicereit.ca\" rel=\"nofollow\">www.choicereit.ca<\/a>.<\/p>\n<p><b>Choice Properties Real Estate Investment Trust<br><\/b><b>Consolidated Balance Sheets<\/b><\/p>\n<div>\n<table border=\"0\" cellspacing=\"0\" cellpadding=\"0\" class=\"prngen1\">\n<tr>\n<td colspan=\"3\" class=\"prngen4\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td colspan=\"2\" class=\"prngen9\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td colspan=\"2\" class=\"prngen3\"><\/td>\n<\/tr>\n<tr>\n<td rowspan=\"2\" colspan=\"3\" class=\"prngen8\">\n<p class=\"prnews_p\">\n<\/p><p class=\"prnews_p\"><span class=\"prnews_span\">(in thousands of Canadian dollars)<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>As at<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">As at<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\"><\/td>\n<td colspan=\"2\" class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>December 31, 2015<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen9\"><\/td>\n<td colspan=\"2\" class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">December 31, 2014<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Assets<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td colspan=\"2\" class=\"prngen3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td colspan=\"2\" class=\"prngen3\"><\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Non-current Assets<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td colspan=\"2\" class=\"prngen3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td colspan=\"2\" class=\"prngen3\"><\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen3\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Investment properties<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>8,561,000<\/b><\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">$<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">7,905,978<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen3\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Equity accounted investments<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>9,350<\/b><\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">6,230<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen3\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Accounts receivable and other assets<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>9,874<\/b><\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">10,057<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen9\"><\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Notes receivable<\/span><\/p>\n<\/td>\n<td class=\"prngen9\"><\/td>\n<td colspan=\"2\" class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>2,179<\/b><\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen9\"><\/td>\n<td class=\"prngen9\"><\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">22,539<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen9\"><\/td>\n<td class=\"prngen9\"><\/td>\n<td class=\"prngen9\"><\/td>\n<td colspan=\"2\" class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>8,582,403<\/b><\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen9\"><\/td>\n<td class=\"prngen9\"><\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">7,944,804<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Current Assets<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td colspan=\"5\" class=\"prngen3\"><\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen3\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Accounts receivable and other assets<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>6,240<\/b><\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">9,473<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen3\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Notes receivable<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>272,892<\/b><\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">236,829<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen9\"><\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Cash and cash equivalents<\/span><\/p>\n<\/td>\n<td class=\"prngen9\"><\/td>\n<td colspan=\"2\" class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>44,354<\/b><\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen9\"><\/td>\n<td class=\"prngen9\"><\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">1,332<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen9\"><\/td>\n<td class=\"prngen9\"><\/td>\n<td class=\"prngen9\"><\/td>\n<td colspan=\"2\" class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>323,486<\/b><\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen9\"><\/td>\n<td class=\"prngen9\"><\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">247,634<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" class=\"prngen12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Total Assets<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>8,905,889<\/b><\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">$<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">8,192,438<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" class=\"prngen3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td colspan=\"2\" class=\"prngen3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Liabilities and Unitholders\u2019 Equity<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td colspan=\"2\" class=\"prngen3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Non-current Liabilities<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td colspan=\"2\" class=\"prngen3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen3\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Long term debt and Class C LP Units<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>3,579,202<\/b><\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">$<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">3,435,628<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen3\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Credit facility<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>\u2014<\/b><\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">120,187<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen3\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Exchangeable Units<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>3,741,895<\/b><\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">3,207,216<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen9\"><\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Trade payables and other liabilities<\/span><\/p>\n<\/td>\n<td class=\"prngen9\"><\/td>\n<td colspan=\"2\" class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>1,354<\/b><\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen9\"><\/td>\n<td class=\"prngen9\"><\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">1,020<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen9\"><\/td>\n<td class=\"prngen9\"><\/td>\n<td class=\"prngen9\"><\/td>\n<td colspan=\"2\" class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>7,322,451<\/b><\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen9\"><\/td>\n<td class=\"prngen9\"><\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">6,764,051<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Current Liabilities<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td colspan=\"2\" class=\"prngen3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen3\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Long term debt due within one year<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>302,188<\/b><\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">993<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen9\"><\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Trade payables and other liabilities<\/span><\/p>\n<\/td>\n<td class=\"prngen9\"><\/td>\n<td colspan=\"2\" class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>438,177<\/b><\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen9\"><\/td>\n<td class=\"prngen9\"><\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">388,997<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen9\"><\/td>\n<td class=\"prngen9\"><\/td>\n<td class=\"prngen9\"><\/td>\n<td colspan=\"2\" class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>740,365<\/b><\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen9\"><\/td>\n<td class=\"prngen9\"><\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">389,990<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Total Liabilities<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>8,062,816<\/b><\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">7,154,041<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" class=\"prngen3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td colspan=\"2\" class=\"prngen3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Equity<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td colspan=\"2\" class=\"prngen3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen3\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Unitholders\u2019 equity<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>835,317<\/b><\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">1,030,701<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen9\"><\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Non-controlling interests<\/span><\/p>\n<\/td>\n<td class=\"prngen9\"><\/td>\n<td colspan=\"2\" class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>7,756<\/b><\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen9\"><\/td>\n<td class=\"prngen9\"><\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">7,696<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Total Equity<\/span><\/p>\n<\/td>\n<td class=\"prngen9\"><\/td>\n<td colspan=\"2\" class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>843,073<\/b><\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen9\"><\/td>\n<td class=\"prngen9\"><\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">1,038,397<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" class=\"prngen12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Total Liabilities and Equity<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>8,905,889<\/b><\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">$<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">8,192,438<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" class=\"prngen4\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen9\"><\/td>\n<td class=\"prngen9\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<\/tr>\n<\/table>\n<\/div>\n\n<p><b>Choice Properties Real Estate Investment Trust<br><\/b><b>Consolidated Statements of Income (Loss) and Comprehensive Income (Loss)<\/b><\/p>\n<div>\n<table border=\"0\" cellspacing=\"0\" cellpadding=\"0\" class=\"prngen1\">\n<tr>\n<td colspan=\"2\" nowrap class=\"prngen17\"><\/td>\n<td colspan=\"5\" nowrap class=\"prngen18\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(unaudited)<\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen17\"><\/td>\n<td colspan=\"5\" nowrap class=\"prngen18\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(audited)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen19\"><\/td>\n<td colspan=\"2\" class=\"prnsbbs prnsblb0 prnpl6 prnpr8 prnvab prnsbtb0 prnrbrb0\"><\/td>\n<td class=\"prngen17\"><\/td>\n<td colspan=\"2\" class=\"prngen19\"><\/td>\n<td class=\"prngen17\"><\/td>\n<td colspan=\"2\" class=\"prngen21\"><\/td>\n<td class=\"prngen17\"><\/td>\n<td colspan=\"2\" class=\"prngen17\"><\/td>\n<\/tr>\n<tr>\n<td rowspan=\"2\" colspan=\"2\" nowrap class=\"prngen8\">\n<p class=\"prnews_p\">\n<\/p><p class=\"prnews_p\"><span class=\"prnews_span\">(in thousands of Canadian dollars)<\/span><\/p>\n<\/td>\n<td colspan=\"2\" nowrap class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Three months ended<\/b><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen17\"><\/td>\n<td colspan=\"2\" nowrap class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Three months ended<\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen17\"><\/td>\n<td colspan=\"2\" nowrap class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Year ended<\/b><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen17\"><\/td>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Year ended<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" nowrap class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>December 31, 2015<\/b><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen21\"><\/td>\n<td colspan=\"2\" nowrap class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">December 31, 2014<\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen21\"><\/td>\n<td colspan=\"2\" nowrap class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>December 31, 2015<\/b><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen21\"><\/td>\n<td colspan=\"4\" nowrap class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>December 31, 2014<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" nowrap class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Net Property Income<\/b><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen17\"><\/td>\n<td nowrap class=\"prngen17\"><\/td>\n<td nowrap class=\"prngen17\"><\/td>\n<td nowrap class=\"prngen17\"><\/td>\n<td nowrap class=\"prngen17\"><\/td>\n<td nowrap class=\"prngen17\"><\/td>\n<td nowrap class=\"prngen17\"><\/td>\n<td nowrap class=\"prngen17\"><\/td>\n<td nowrap class=\"prngen17\"><\/td>\n<td colspan=\"2\" nowrap class=\"prngen17\"><\/td>\n<\/tr>\n<tr>\n<td nowrap class=\"prngen17\"><\/td>\n<td nowrap class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Rental revenue from investment properties<\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen17\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen17\"><span class=\"prnews_span\"><span class=\"prnews_span\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>191,057<\/b><\/span><\/span><\/p>\n<p><\/p><\/span><\/span><\/td>\n<td nowrap class=\"prngen17\"><\/td>\n<td nowrap class=\"prngen17\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">$<\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen17\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">175,246<\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen17\"><\/td>\n<td nowrap class=\"prngen17\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen17\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>743,100<\/b><\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen17\"><\/td>\n<td nowrap class=\"prngen17\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">$<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen17\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">682,923<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap class=\"prngen21\"><\/td>\n<td nowrap class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Property operating costs<\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen21\"><\/td>\n<td nowrap class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>(49,803)<\/b><\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen21\"><\/td>\n<td colspan=\"2\" nowrap class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(43,288)<\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen21\"><\/td>\n<td nowrap class=\"prngen21\"><\/td>\n<td nowrap class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>(192,179)<\/b><\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen21\"><\/td>\n<td colspan=\"2\" class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(172,550)<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" nowrap class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Net Property Income<\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen17\"><\/td>\n<td nowrap class=\"prngen17\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>141,254<\/b><\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen17\"><\/td>\n<td colspan=\"2\" nowrap class=\"prngen17\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">131,958<\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen17\"><\/td>\n<td nowrap class=\"prngen17\"><\/td>\n<td nowrap class=\"prngen17\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>550,921<\/b><\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen17\"><\/td>\n<td colspan=\"2\" class=\"prngen17\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">510,373<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" nowrap class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Other Expenses<\/b><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen17\"><\/td>\n<td nowrap class=\"prngen17\"><\/td>\n<td nowrap class=\"prngen17\"><\/td>\n<td colspan=\"2\" nowrap class=\"prngen17\"><\/td>\n<td nowrap class=\"prngen17\"><\/td>\n<td nowrap class=\"prngen17\"><\/td>\n<td nowrap class=\"prngen17\"><\/td>\n<td nowrap class=\"prngen17\"><\/td>\n<td colspan=\"2\" class=\"prngen17\"><\/td>\n<\/tr>\n<tr>\n<td nowrap class=\"prngen17\"><\/td>\n<td nowrap class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">General and administrative expenses<\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen17\"><\/td>\n<td nowrap class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>(5,148)<\/b><\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen17\"><\/td>\n<td colspan=\"2\" nowrap class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(6,213)<\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen17\"><\/td>\n<td nowrap class=\"prngen17\"><\/td>\n<td nowrap class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>(21,765)<\/b><\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen17\"><\/td>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(23,315)<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap class=\"prngen17\"><\/td>\n<td nowrap class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Amortization of other assets<\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen17\"><\/td>\n<td nowrap class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>(279)<\/b><\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen17\"><\/td>\n<td colspan=\"2\" nowrap class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(87)<\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen17\"><\/td>\n<td nowrap class=\"prngen17\"><\/td>\n<td nowrap class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>(844)<\/b><\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen17\"><\/td>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(414)<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap class=\"prngen17\"><\/td>\n<td nowrap class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Net interest expense and other financing charges<\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen17\"><\/td>\n<td nowrap class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>(87,910)<\/b><\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen17\"><\/td>\n<td colspan=\"2\" nowrap class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(85,030)<\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen17\"><\/td>\n<td nowrap class=\"prngen17\"><\/td>\n<td nowrap class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>(345,051)<\/b><\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen17\"><\/td>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(380,654)<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap class=\"prngen17\"><\/td>\n<td nowrap class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Adjustment to fair value of Exchangeable Units<sup>(1)<\/sup><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen17\"><\/td>\n<td nowrap class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>(95,418)<\/b><\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen17\"><\/td>\n<td colspan=\"2\" nowrap class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(51,063)<\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen17\"><\/td>\n<td nowrap class=\"prngen17\"><\/td>\n<td nowrap class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>(410,518)<\/b><\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen17\"><\/td>\n<td colspan=\"2\" class=\"prngen17\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">12,143<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap class=\"prngen17\"><\/td>\n<td nowrap class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Adjustment to fair value of investment properties<\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen17\"><\/td>\n<td nowrap class=\"prngen17\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>87,902<\/b><\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen17\"><\/td>\n<td colspan=\"2\" nowrap class=\"prngen17\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">97,452<\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen17\"><\/td>\n<td nowrap class=\"prngen17\"><\/td>\n<td nowrap class=\"prngen17\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>71,981<\/b><\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen17\"><\/td>\n<td colspan=\"2\" class=\"prngen17\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">81,931<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap class=\"prngen21\"><\/td>\n<td nowrap class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Loss on disposal of investment properties<\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen21\"><\/td>\n<td nowrap class=\"prngen21\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>\u2014<\/b><\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen21\"><\/td>\n<td colspan=\"2\" nowrap class=\"prngen21\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">\u2014<\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen21\"><\/td>\n<td nowrap class=\"prngen21\"><\/td>\n<td nowrap class=\"prngen21\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>\u2014<\/b><\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen21\"><\/td>\n<td colspan=\"2\" class=\"prngen9\"><span class=\"prnews_span\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(450)<\/span><\/span><\/p>\n<p><\/p><\/span><\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" nowrap class=\"prngen12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Net Income (Loss) and Comprehensive Income (Loss)<\/b><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen22\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen22\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>40,401<\/b><\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen22\"><\/td>\n<td nowrap class=\"prngen22\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">$<\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen22\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">87,017<\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen22\"><\/td>\n<td nowrap class=\"prngen22\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen16\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>(155,276)<\/b><\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen22\"><\/td>\n<td nowrap class=\"prngen22\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">$<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen22\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">199,614<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen19\"><\/td>\n<td class=\"prngen21\"><\/td>\n<td class=\"prngen21\"><\/td>\n<td class=\"prngen17\"><\/td>\n<td class=\"prngen17\"><\/td>\n<td class=\"prngen17\"><\/td>\n<td class=\"prngen17\"><\/td>\n<td class=\"prngen21\"><\/td>\n<td class=\"prngen21\"><\/td>\n<td class=\"prngen17\"><\/td>\n<td class=\"prngen17\"><\/td>\n<td class=\"prngen17\"><\/td>\n<\/tr>\n<\/table>\n<\/div>\n<p><\/p>\n<div>\n<table id=\"convertedTablecbc8\" border=\"0\" cellspacing=\"0\" cellpadding=\"0\" class=\"prngen1\">\n<tr>\n<td class=\"prngen10\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(1)<\/span><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">The Class B LP Units of The Trust\u2019s subsidiary, Choice Properties Limited Partnership, are exchangeable into Trust Units at the option of the holder. Loblaw holds all of the Exchangeable Units. These Exchangeable Units are considered puttable instruments and are required to be classified as financial liabilities at fair value through profit or loss. The distributions paid on the Exchangeable Units are accounted for as interest expense. <\/span><\/p>\n<\/td>\n<\/tr>\n<\/table>\n<\/div>\n\n<p><b>Choice Properties Real Estate Investment Trust<br><\/b><b>Consolidated Statements of Cash Flows<\/b><\/p>\n<div>\n<table border=\"0\" cellspacing=\"0\" cellpadding=\"0\" class=\"prntblns\">\n<tr>\n<td colspan=\"6\" class=\"prngen23\"><\/td>\n<td colspan=\"5\" class=\"prngen24\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(unaudited)<\/span><\/p>\n<\/td>\n<td class=\"prngen25\"><\/td>\n<td colspan=\"5\" class=\"prngen24\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(audited)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"6\" class=\"prngen23\"><\/td>\n<td colspan=\"2\" class=\"prnsbbs prntac prnsbl1 prnpl6 prnpr8 prnvab prnsbt1 prnsbr1\"><\/td>\n<td class=\"prngen25\"><\/td>\n<td colspan=\"2\" class=\"prngen27\"><\/td>\n<td class=\"prngen25\"><\/td>\n<td colspan=\"2\" class=\"prnsbbs prnsbl1 prnpl6 prnpr8 prnvab prnsbt1 prnsbr1\"><\/td>\n<td class=\"prngen25\"><\/td>\n<td colspan=\"2\" class=\"prngen27\"><\/td>\n<\/tr>\n<tr>\n<td colspan=\"6\" nowrap class=\"prngen23\"><\/td>\n<td colspan=\"2\" nowrap class=\"prngen24\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Three months ended<\/b><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td colspan=\"2\" nowrap class=\"prngen24\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Three months ended<\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td colspan=\"2\" nowrap class=\"prngen29\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Year ended<\/b><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td colspan=\"2\" nowrap class=\"prngen24\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Year ended<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"6\" nowrap class=\"prngen30\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(in thousands of Canadian dollars)<\/span><\/p>\n<\/td>\n<td colspan=\"2\" nowrap class=\"prngen31\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>December 31, 2015<\/b><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen32\"><\/td>\n<td colspan=\"2\" nowrap class=\"prngen31\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">December 31, 2014<\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen32\"><\/td>\n<td colspan=\"2\" nowrap class=\"prngen31\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>December 31, 2015<\/b><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen32\"><\/td>\n<td colspan=\"2\" nowrap class=\"prngen31\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">December 31, 2014<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"6\" nowrap class=\"prngen33\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Operating Activities<\/b><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<\/tr>\n<tr>\n<td colspan=\"4\" nowrap class=\"prngen25\"><\/td>\n<td colspan=\"2\" nowrap class=\"prngen34\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Net income (loss)<\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen25\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen25\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>40,401<\/b><\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen25\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">$<\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen25\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">87,017<\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen25\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen29\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>(155,276)<\/b><\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen25\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">$<\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen25\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">199,614<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"4\" nowrap class=\"prngen25\"><\/td>\n<td colspan=\"2\" nowrap class=\"prngen34\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Amortization of straight-line rental revenue<\/span><\/p>\n<\/td>\n<td colspan=\"2\" nowrap class=\"prngen29\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>(9,121)<\/b><\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen29\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(8,783)<\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen29\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>(36,656)<\/b><\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen29\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(34,634)<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"4\" nowrap class=\"prngen25\"><\/td>\n<td colspan=\"2\" nowrap class=\"prngen34\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Amortization of tenant improvement allowances<\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen25\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>101<\/b><\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen25\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">2<\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen25\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>251<\/b><\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen25\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">456<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"4\" nowrap class=\"prngen25\"><\/td>\n<td colspan=\"2\" nowrap class=\"prngen34\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Amortization of other assets<\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen25\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>279<\/b><\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen25\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">87<\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen25\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>844<\/b><\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen25\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">414<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"4\" nowrap class=\"prngen25\"><\/td>\n<td colspan=\"2\" nowrap class=\"prngen34\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Net interest expense and other financing charges<\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen25\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>87,910<\/b><\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen25\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">85,030<\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen25\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>345,051<\/b><\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen25\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">380,654<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"4\" nowrap class=\"prngen25\"><\/td>\n<td colspan=\"2\" nowrap class=\"prngen34\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Value of unit-based compensation granted<\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen25\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>1,022<\/b><\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen25\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">398<\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen25\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>3,027<\/b><\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen25\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">1,513<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"4\" nowrap class=\"prngen25\"><\/td>\n<td colspan=\"2\" nowrap class=\"prngen34\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Adjustment to fair value of Exchangeable Units<\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen25\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>95,418<\/b><\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen25\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">51,063<\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen25\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>410,518<\/b><\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen29\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(12,143)<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"4\" nowrap class=\"prngen25\"><\/td>\n<td colspan=\"2\" nowrap class=\"prngen34\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Adjustment to fair value of investment properties<\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen29\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>(87,902)<\/b><\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen29\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(97,452)<\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen29\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>(71,981)<\/b><\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen29\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(81,931)<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"4\" nowrap class=\"prngen25\"><\/td>\n<td colspan=\"2\" nowrap class=\"prngen34\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Loss on disposal of investment property<\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen25\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>\u2014<\/b><\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen25\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">\u2014<\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen25\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>\u2014<\/b><\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen25\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">450<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"4\" nowrap class=\"prngen25\"><\/td>\n<td colspan=\"2\" nowrap class=\"prngen34\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Leasing capital expenditures<\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen29\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>(3,784)<\/b><\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen29\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(489)<\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen29\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>(7,884)<\/b><\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen29\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(2,785)<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"4\" nowrap class=\"prngen25\"><\/td>\n<td colspan=\"2\" nowrap class=\"prngen34\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Interest received<\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen25\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>20<\/b><\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen25\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">32<\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen25\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>99<\/b><\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen25\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">393<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"4\" nowrap class=\"prngen32\"><\/td>\n<td colspan=\"2\" nowrap class=\"prngen30\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Net change in non-cash working capital<\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen32\"><\/td>\n<td nowrap class=\"prngen32\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>48,050<\/b><\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen32\"><\/td>\n<td nowrap class=\"prngen32\"><\/td>\n<td nowrap class=\"prngen32\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">83,751<\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen32\"><\/td>\n<td nowrap class=\"prngen32\"><\/td>\n<td nowrap class=\"prngen32\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>32,649<\/b><\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen32\"><\/td>\n<td nowrap class=\"prngen32\"><\/td>\n<td nowrap class=\"prngen32\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">24,367<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"6\" nowrap class=\"prngen35\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Cash Flows from Operating Activities<\/b><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen32\"><\/td>\n<td nowrap class=\"prngen32\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>172,394<\/b><\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen32\"><\/td>\n<td nowrap class=\"prngen32\"><\/td>\n<td nowrap class=\"prngen32\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">200,656<\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen32\"><\/td>\n<td nowrap class=\"prngen32\"><\/td>\n<td nowrap class=\"prngen32\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>520,642<\/b><\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen32\"><\/td>\n<td nowrap class=\"prngen32\"><\/td>\n<td nowrap class=\"prngen32\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">476,368<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"6\" nowrap class=\"prngen33\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Investing Activities<\/b><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<\/tr>\n<tr>\n<td colspan=\"4\" nowrap class=\"prngen25\"><\/td>\n<td colspan=\"2\" nowrap class=\"prngen34\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Acquisitions of investment properties<\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen29\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>(31,003)<\/b><\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen29\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(123,971)<\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen29\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>(247,404)<\/b><\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen29\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(220,526)<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"4\" nowrap class=\"prngen25\"><\/td>\n<td colspan=\"2\" nowrap class=\"prngen34\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Additions to investment properties<\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen29\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>(81,953)<\/b><\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen29\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(20,146)<\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen29\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>(161,987)<\/b><\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen29\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(55,636)<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"4\" nowrap class=\"prngen25\"><\/td>\n<td colspan=\"2\" nowrap class=\"prngen34\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Additions to fixtures and equipment<\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen25\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>49<\/b><\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen29\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(1,600)<\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen29\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>(480)<\/b><\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen29\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(4,323)<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"4\" nowrap class=\"prngen25\"><\/td>\n<td colspan=\"2\" nowrap class=\"prngen34\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Notes receivable issued to third-party<\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen25\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>\u2014<\/b><\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen29\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(23,000)<\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen29\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>(1,565)<\/b><\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen29\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(23,000)<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"4\" nowrap class=\"prngen25\"><\/td>\n<td colspan=\"2\" nowrap class=\"prngen34\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Equity investment<\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen29\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>(1,000)<\/b><\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen29\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(6,230)<\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen29\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>(3,120)<\/b><\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen29\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(6,230)<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"4\" nowrap class=\"prngen32\"><\/td>\n<td colspan=\"2\" nowrap class=\"prngen30\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Proceeds of disposition<\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen32\"><\/td>\n<td nowrap class=\"prngen32\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>\u2014<\/b><\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen32\"><\/td>\n<td nowrap class=\"prngen32\"><\/td>\n<td nowrap class=\"prngen32\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">\u2014<\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen32\"><\/td>\n<td nowrap class=\"prngen32\"><\/td>\n<td nowrap class=\"prngen32\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>\u2014<\/b><\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen32\"><\/td>\n<td nowrap class=\"prngen32\"><\/td>\n<td nowrap class=\"prngen32\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">13,030<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"6\" nowrap class=\"prngen35\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Cash Flows used in Investing Activities<\/b><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen32\"><\/td>\n<td nowrap class=\"prngen36\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>(113,907)<\/b><\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen32\"><\/td>\n<td nowrap class=\"prngen32\"><\/td>\n<td nowrap class=\"prngen36\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(174,947)<\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen32\"><\/td>\n<td nowrap class=\"prngen32\"><\/td>\n<td nowrap class=\"prngen36\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>(414,556)<\/b><\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen32\"><\/td>\n<td nowrap class=\"prngen32\"><\/td>\n<td nowrap class=\"prngen36\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(296,685)<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"6\" nowrap class=\"prngen33\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Financing Activities<\/b><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<\/tr>\n<tr>\n<td colspan=\"4\" nowrap class=\"prngen25\"><\/td>\n<td colspan=\"2\" nowrap class=\"prngen34\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Long term debt<\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<\/tr>\n<tr>\n<td colspan=\"4\" nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen34\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Issued \u2013 Senior unsecured debentures, net of debt placement costs<\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen25\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>198,628<\/b><\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen25\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">\u2014<\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen25\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>447,038<\/b><\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen25\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">447,540<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"4\" nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen34\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Retired \u2013 Transferor Notes<\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen25\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>\u2014<\/b><\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen25\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">\u2014<\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen25\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>\u2014<\/b><\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen29\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(440,000)<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"4\" nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen34\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Principal repayments \u2013 Mortgage<\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen29\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>(291)<\/b><\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen29\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(246)<\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen29\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>(1,040)<\/b><\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen29\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(246)<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"4\" nowrap class=\"prngen25\"><\/td>\n<td colspan=\"2\" nowrap class=\"prngen34\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Credit facility<\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<\/tr>\n<tr>\n<td colspan=\"4\" nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen34\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Net advancements (repayments)<\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen29\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>(133,000)<\/b><\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen25\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">44,651<\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen29\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>(122,000)<\/b><\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen25\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">122,000<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"4\" nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen34\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Debt placement costs<\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen25\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>\u2014<\/b><\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen29\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(15)<\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen29\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>(292)<\/b><\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen29\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(315)<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"4\" nowrap class=\"prngen25\"><\/td>\n<td colspan=\"2\" nowrap class=\"prngen34\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Notes receivable<\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<\/tr>\n<tr>\n<td colspan=\"4\" nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen34\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Issued to related party<\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen29\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>(62,953)<\/b><\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen29\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(60,714)<\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen29\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>(248,463)<\/b><\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen29\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(236,328)<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"4\" nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen34\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Repaid by related party<\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen25\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>\u2014<\/b><\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen25\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">\u2014<\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen25\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>236,328<\/b><\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen25\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">92,057<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"4\" nowrap class=\"prngen25\"><\/td>\n<td colspan=\"2\" nowrap class=\"prngen34\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Cash received on exercise of options<\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen25\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>\u2014<\/b><\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen25\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">1,188<\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen25\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>321<\/b><\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen25\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">1,188<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"4\" nowrap class=\"prngen25\"><\/td>\n<td colspan=\"2\" nowrap class=\"prngen34\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Interest paid<\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen29\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>(13,713)<\/b><\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen29\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(14,809)<\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen29\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>(144,528)<\/b><\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen29\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(108,413)<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"4\" nowrap class=\"prngen25\"><\/td>\n<td colspan=\"2\" nowrap class=\"prngen34\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Distributions paid on Exchangeable Units<\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen25\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>\u2014<\/b><\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen25\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">\u2014<\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen29\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>(190,078)<\/b><\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen29\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(73,219)<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"4\" nowrap class=\"prngen25\"><\/td>\n<td colspan=\"2\" nowrap class=\"prngen34\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Distributions paid to Unitholders<\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen29\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>(10,418)<\/b><\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen29\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(10,390)<\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen29\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>(40,410)<\/b><\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen29\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(41,716)<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"4\" nowrap class=\"prngen32\"><\/td>\n<td colspan=\"2\" nowrap class=\"prngen30\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Contribution from non-controlling interest<\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen32\"><\/td>\n<td nowrap class=\"prngen32\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>\u2014<\/b><\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen32\"><\/td>\n<td nowrap class=\"prngen32\"><\/td>\n<td nowrap class=\"prngen32\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">7,696<\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen32\"><\/td>\n<td nowrap class=\"prngen32\"><\/td>\n<td nowrap class=\"prngen32\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>60<\/b><\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen32\"><\/td>\n<td nowrap class=\"prngen32\"><\/td>\n<td nowrap class=\"prngen32\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">7,696<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"6\" nowrap class=\"prngen35\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Cash Flows used in Financing Activities<\/b><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen32\"><\/td>\n<td nowrap class=\"prngen36\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>(21,747)<\/b><\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen32\"><\/td>\n<td nowrap class=\"prngen32\"><\/td>\n<td nowrap class=\"prngen36\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(32,639)<\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen32\"><\/td>\n<td nowrap class=\"prngen32\"><\/td>\n<td nowrap class=\"prngen36\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>(63,064)<\/b><\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen32\"><\/td>\n<td nowrap class=\"prngen32\"><\/td>\n<td nowrap class=\"prngen36\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(229,756)<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"6\" nowrap class=\"prngen34\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Change in cash and cash equivalents<\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen25\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>36,740<\/b><\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen29\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(6,930)<\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen25\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>43,022<\/b><\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen25\"><\/td>\n<td nowrap class=\"prngen29\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(50,073)<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"6\" nowrap class=\"prngen30\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Cash and cash equivalents, beginning of year<\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen32\"><\/td>\n<td nowrap class=\"prngen32\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>7,614<\/b><\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen32\"><\/td>\n<td nowrap class=\"prngen32\"><\/td>\n<td nowrap class=\"prngen32\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">8,262<\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen32\"><\/td>\n<td nowrap class=\"prngen32\"><\/td>\n<td nowrap class=\"prngen32\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>1,332<\/b><\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen32\"><\/td>\n<td nowrap class=\"prngen32\"><\/td>\n<td nowrap class=\"prngen32\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">51,405<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"6\" nowrap class=\"prnsbbd prnsbl1 prnpl6 prnpr6 prnvab prnsbt1 prnsbr1\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Cash and Cash Equivalents, end of year<\/b><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen38\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen38\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>44,354<\/b><\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen38\"><\/td>\n<td nowrap class=\"prngen38\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">$<\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen38\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">1,332<\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen38\"><\/td>\n<td nowrap class=\"prngen38\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen38\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\"><b>44,354<\/b><\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen38\"><\/td>\n<td nowrap class=\"prngen38\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">$<\/span><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen38\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">1,332<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"6\" class=\"prnsbtb0 prnsbl1 prnpl6 prnpr8 prnvab prnsbt1 prnsbr1\"><\/td>\n<td class=\"prngen32\"><\/td>\n<td class=\"prngen32\"><\/td>\n<td class=\"prngen40\"><\/td>\n<td class=\"prngen40\"><\/td>\n<td class=\"prngen40\"><\/td>\n<td class=\"prngen40\"><\/td>\n<td class=\"prngen32\"><\/td>\n<td class=\"prngen32\"><\/td>\n<td class=\"prngen40\"><\/td>\n<td class=\"prngen40\"><\/td>\n<td class=\"prngen40\"><\/td>\n<\/tr>\n<\/table>\n<\/div>\n<p><\/p>\n<p><b>Management Discussion and Analysis and Financial Statements and Notes<\/b><\/p>\n<p>Information appearing in this news release is a consolidated select summary of results. This news release should be read in conjunction with Choice Properties\u2019 Annual Report to Unitholders, which includes the consolidated financial statements and MD&amp;A for the Trust and is available at <a href=\"http:\/\/www.choicereit.ca\/\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">www.choicereit.ca<\/a> and on SEDAR at <a href=\"http:\/\/www.sedar.com\/\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">www.sedar.com<\/a>.<\/p>\n<p><b>Conference Call and Webcast<\/b><\/p>\n<p>Senior management will host a conference call to discuss the results on <span class=\"xn-chron\">February 18, 2016<\/span> at <span class=\"xn-chron\">10:00AM (ET)<\/span>. To access via teleconference, please dial (647) 427-7450. A playback will be made available two hours after the event at (416) 849-0833, access code: 18882180. To access the conference call via webcast, a link is available at <a href=\"http:\/\/www.choicereit.ca\/\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">www.choicereit.ca<\/a> in the \u00ab\u00a0Events and Webcasts\u00a0\u00bb section under \u00ab\u00a0News and Events\u00a0\u00bb.<\/p>\n<p><b>About Choice Properties Real Estate Investment Trust<\/b><\/p>\n<p>Choice Properties Real Estate Investment Trust is an owner, manager and developer of well-located commercial real estate across <span class=\"xn-location\">Canada<\/span>. Choice Properties\u2019 portfolio spans approximately 41.6 million square feet of gross leasable area and consists of 519 properties primarily focused on supermarket and drug store anchored shopping centres and stand-alone supermarkets and drug stores. Choice Properties\u2019 strategy is to create value by enhancing and optimizing its portfolio through accretive acquisitions, strategic development and active property management. Choice Properties\u2019 principal tenant and largest Unitholder is Loblaw Companies Limited, <span class=\"xn-location\">Canada\u2019s<\/span> largest retailer. Choice Properties\u2019 strong alliance with Loblaw positions it well for future growth. For more information, visit Choice Properties\u2019 website at <a href=\"http:\/\/www.choicereit.ca\/\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">www.choicereit.ca<\/a> and Choice Properties\u2019 issuer profile at <a href=\"http:\/\/www.sedar.com\/\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">www.sedar.com<\/a>.<\/p>\n<p>SOURCE  Choice Properties Real Estate Investment Trust<\/p>\n<p><img decoding=\"async\" alt=\"Rt\" src=\"http:\/\/rt.newswire.ca\/rt.gif?NewsItemId=C8939&amp;Transmission_Id=201602171730CANADANWCANADAPR_C8939&amp;DateId=20160217\" style=\"border:0px; width:1px; height:1px;\"><\/p>\n","protected":false},"template":"","class_list":["post-16808","news-release","type-news-release","status-publish","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.4 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Choice Properties Real Estate Investment Trust annonce une augmentation de 7,4 % des fonds provenant de l&#8217;exploitation(1) par part dilu\u00e9e pour le quatri\u00e8me trimestre 2015 - Propri\u00e9t\u00e9s DeChoix<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.choicereit.ca\/news-release\/choice-properties-real-estate-investment-trust-reports-a-7-4-increase-in-ffo1-per-unit-diluted-for-the-fourth-quarter-2015\/\" \/>\n<meta property=\"og:locale\" content=\"fr_FR\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Choice Properties Real Estate Investment Trust annonce une augmentation de 7,4 % des fonds provenant de l&#8217;exploitation(1) par part dilu\u00e9e pour le quatri\u00e8me trimestre 2015\" \/>\n<meta property=\"og:description\" content=\"TORONTO, Feb. 17, 2016 \/CNW\/ \u2013 Choice Properties Real Estate Investment Trust (\u00ab\u00a0Choice Properties\u00a0\u00bb or the \u00ab\u00a0Trust\u00a0\u00bb) (TSX: CHP.UN) today announced its consolidated financial results for the fourth quarter ended December 31, 2015. The Trust\u2019s Annual Report will be available in the Investor Relations section of the Trust\u2019s website at www.choicereit.ca, filed with SEDAR and [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.choicereit.ca\/news-release\/choice-properties-real-estate-investment-trust-reports-a-7-4-increase-in-ffo1-per-unit-diluted-for-the-fourth-quarter-2015\/\" \/>\n<meta property=\"og:site_name\" content=\"Propri\u00e9t\u00e9s DeChoix\" \/>\n<meta property=\"og:image\" content=\"http:\/\/rt.newswire.ca\/rt.gif?NewsItemId=C8939&amp;Transmission_Id=201602171730CANADANWCANADAPR_C8939&amp;DateId=20160217\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Dur\u00e9e de lecture estim\u00e9e\" \/>\n\t<meta name=\"twitter:data1\" content=\"21 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.choicereit.ca\\\/news-release\\\/choice-properties-real-estate-investment-trust-reports-a-7-4-increase-in-ffo1-per-unit-diluted-for-the-fourth-quarter-2015\\\/\",\"url\":\"https:\\\/\\\/www.choicereit.ca\\\/news-release\\\/choice-properties-real-estate-investment-trust-reports-a-7-4-increase-in-ffo1-per-unit-diluted-for-the-fourth-quarter-2015\\\/\",\"name\":\"Choice Properties Real Estate Investment Trust annonce une augmentation de 7,4 % des fonds provenant de l&#8217;exploitation(1) par part dilu\u00e9e pour le quatri\u00e8me trimestre 2015 - Propri\u00e9t\u00e9s DeChoix\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.choicereit.ca\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/www.choicereit.ca\\\/news-release\\\/choice-properties-real-estate-investment-trust-reports-a-7-4-increase-in-ffo1-per-unit-diluted-for-the-fourth-quarter-2015\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/www.choicereit.ca\\\/news-release\\\/choice-properties-real-estate-investment-trust-reports-a-7-4-increase-in-ffo1-per-unit-diluted-for-the-fourth-quarter-2015\\\/#primaryimage\"},\"thumbnailUrl\":\"http:\\\/\\\/rt.newswire.ca\\\/rt.gif?NewsItemId=C8939&amp;Transmission_Id=201602171730CANADANWCANADAPR_C8939&amp;DateId=20160217\",\"datePublished\":\"2016-02-17T09:30:00+00:00\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.choicereit.ca\\\/news-release\\\/choice-properties-real-estate-investment-trust-reports-a-7-4-increase-in-ffo1-per-unit-diluted-for-the-fourth-quarter-2015\\\/#breadcrumb\"},\"inLanguage\":\"fr-FR\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.choicereit.ca\\\/news-release\\\/choice-properties-real-estate-investment-trust-reports-a-7-4-increase-in-ffo1-per-unit-diluted-for-the-fourth-quarter-2015\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"fr-FR\",\"@id\":\"https:\\\/\\\/www.choicereit.ca\\\/news-release\\\/choice-properties-real-estate-investment-trust-reports-a-7-4-increase-in-ffo1-per-unit-diluted-for-the-fourth-quarter-2015\\\/#primaryimage\",\"url\":\"http:\\\/\\\/rt.newswire.ca\\\/rt.gif?NewsItemId=C8939&amp;Transmission_Id=201602171730CANADANWCANADAPR_C8939&amp;DateId=20160217\",\"contentUrl\":\"http:\\\/\\\/rt.newswire.ca\\\/rt.gif?NewsItemId=C8939&amp;Transmission_Id=201602171730CANADANWCANADAPR_C8939&amp;DateId=20160217\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.choicereit.ca\\\/news-release\\\/choice-properties-real-estate-investment-trust-reports-a-7-4-increase-in-ffo1-per-unit-diluted-for-the-fourth-quarter-2015\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.choicereit.ca\\\/fr\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"News Releases\",\"item\":\"https:\\\/\\\/www.choicereit.ca\\\/news-release\\\/\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"Choice Properties Real Estate Investment Trust annonce une augmentation de 7,4 % des fonds provenant de l&#8217;exploitation(1) par part dilu\u00e9e pour le quatri\u00e8me trimestre 2015\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.choicereit.ca\\\/#website\",\"url\":\"https:\\\/\\\/www.choicereit.ca\\\/\",\"name\":\"Choice Properties\",\"description\":\"\",\"publisher\":{\"@id\":\"https:\\\/\\\/www.choicereit.ca\\\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/www.choicereit.ca\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"fr-FR\"},{\"@type\":\"Organization\",\"@id\":\"https:\\\/\\\/www.choicereit.ca\\\/#organization\",\"name\":\"Choice Properties\",\"url\":\"https:\\\/\\\/www.choicereit.ca\\\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"fr-FR\",\"@id\":\"https:\\\/\\\/www.choicereit.ca\\\/#\\\/schema\\\/logo\\\/image\\\/\",\"url\":\"https:\\\/\\\/www.choicereit.ca\\\/wp-content\\\/uploads\\\/2026\\\/04\\\/logo-alt.svg\",\"contentUrl\":\"https:\\\/\\\/www.choicereit.ca\\\/wp-content\\\/uploads\\\/2026\\\/04\\\/logo-alt.svg\",\"width\":1,\"height\":1,\"caption\":\"Choice Properties\"},\"image\":{\"@id\":\"https:\\\/\\\/www.choicereit.ca\\\/#\\\/schema\\\/logo\\\/image\\\/\"},\"sameAs\":[\"https:\\\/\\\/www.instagram.com\\\/choicereit\\\/?hl=en\"]}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Choice Properties Real Estate Investment Trust annonce une augmentation de 7,4 % des fonds provenant de l&#8217;exploitation(1) par part dilu\u00e9e pour le quatri\u00e8me trimestre 2015 - Propri\u00e9t\u00e9s DeChoix","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.choicereit.ca\/news-release\/choice-properties-real-estate-investment-trust-reports-a-7-4-increase-in-ffo1-per-unit-diluted-for-the-fourth-quarter-2015\/","og_locale":"fr_FR","og_type":"article","og_title":"Choice Properties Real Estate Investment Trust annonce une augmentation de 7,4 % des fonds provenant de l&#8217;exploitation(1) par part dilu\u00e9e pour le quatri\u00e8me trimestre 2015","og_description":"TORONTO, Feb. 17, 2016 \/CNW\/ \u2013 Choice Properties Real Estate Investment Trust (\u00ab\u00a0Choice Properties\u00a0\u00bb or the \u00ab\u00a0Trust\u00a0\u00bb) (TSX: CHP.UN) today announced its consolidated financial results for the fourth quarter ended December 31, 2015. The Trust\u2019s Annual Report will be available in the Investor Relations section of the Trust\u2019s website at www.choicereit.ca, filed with SEDAR and [&hellip;]","og_url":"https:\/\/www.choicereit.ca\/news-release\/choice-properties-real-estate-investment-trust-reports-a-7-4-increase-in-ffo1-per-unit-diluted-for-the-fourth-quarter-2015\/","og_site_name":"Propri\u00e9t\u00e9s DeChoix","og_image":[{"url":"http:\/\/rt.newswire.ca\/rt.gif?NewsItemId=C8939&amp;Transmission_Id=201602171730CANADANWCANADAPR_C8939&amp;DateId=20160217","type":"","width":"","height":""}],"twitter_card":"summary_large_image","twitter_misc":{"Dur\u00e9e de lecture estim\u00e9e":"21 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.choicereit.ca\/news-release\/choice-properties-real-estate-investment-trust-reports-a-7-4-increase-in-ffo1-per-unit-diluted-for-the-fourth-quarter-2015\/","url":"https:\/\/www.choicereit.ca\/news-release\/choice-properties-real-estate-investment-trust-reports-a-7-4-increase-in-ffo1-per-unit-diluted-for-the-fourth-quarter-2015\/","name":"Choice Properties Real Estate Investment Trust annonce une augmentation de 7,4 % des fonds provenant de l&#8217;exploitation(1) par part dilu\u00e9e pour le quatri\u00e8me trimestre 2015 - Propri\u00e9t\u00e9s DeChoix","isPartOf":{"@id":"https:\/\/www.choicereit.ca\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.choicereit.ca\/news-release\/choice-properties-real-estate-investment-trust-reports-a-7-4-increase-in-ffo1-per-unit-diluted-for-the-fourth-quarter-2015\/#primaryimage"},"image":{"@id":"https:\/\/www.choicereit.ca\/news-release\/choice-properties-real-estate-investment-trust-reports-a-7-4-increase-in-ffo1-per-unit-diluted-for-the-fourth-quarter-2015\/#primaryimage"},"thumbnailUrl":"http:\/\/rt.newswire.ca\/rt.gif?NewsItemId=C8939&amp;Transmission_Id=201602171730CANADANWCANADAPR_C8939&amp;DateId=20160217","datePublished":"2016-02-17T09:30:00+00:00","breadcrumb":{"@id":"https:\/\/www.choicereit.ca\/news-release\/choice-properties-real-estate-investment-trust-reports-a-7-4-increase-in-ffo1-per-unit-diluted-for-the-fourth-quarter-2015\/#breadcrumb"},"inLanguage":"fr-FR","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.choicereit.ca\/news-release\/choice-properties-real-estate-investment-trust-reports-a-7-4-increase-in-ffo1-per-unit-diluted-for-the-fourth-quarter-2015\/"]}]},{"@type":"ImageObject","inLanguage":"fr-FR","@id":"https:\/\/www.choicereit.ca\/news-release\/choice-properties-real-estate-investment-trust-reports-a-7-4-increase-in-ffo1-per-unit-diluted-for-the-fourth-quarter-2015\/#primaryimage","url":"http:\/\/rt.newswire.ca\/rt.gif?NewsItemId=C8939&amp;Transmission_Id=201602171730CANADANWCANADAPR_C8939&amp;DateId=20160217","contentUrl":"http:\/\/rt.newswire.ca\/rt.gif?NewsItemId=C8939&amp;Transmission_Id=201602171730CANADANWCANADAPR_C8939&amp;DateId=20160217"},{"@type":"BreadcrumbList","@id":"https:\/\/www.choicereit.ca\/news-release\/choice-properties-real-estate-investment-trust-reports-a-7-4-increase-in-ffo1-per-unit-diluted-for-the-fourth-quarter-2015\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.choicereit.ca\/fr\/"},{"@type":"ListItem","position":2,"name":"News Releases","item":"https:\/\/www.choicereit.ca\/news-release\/"},{"@type":"ListItem","position":3,"name":"Choice Properties Real Estate Investment Trust annonce une augmentation de 7,4 % des fonds provenant de l&#8217;exploitation(1) par part dilu\u00e9e pour le quatri\u00e8me trimestre 2015"}]},{"@type":"WebSite","@id":"https:\/\/www.choicereit.ca\/#website","url":"https:\/\/www.choicereit.ca\/","name":"Choice Properties","description":"","publisher":{"@id":"https:\/\/www.choicereit.ca\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.choicereit.ca\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"fr-FR"},{"@type":"Organization","@id":"https:\/\/www.choicereit.ca\/#organization","name":"Choice Properties","url":"https:\/\/www.choicereit.ca\/","logo":{"@type":"ImageObject","inLanguage":"fr-FR","@id":"https:\/\/www.choicereit.ca\/#\/schema\/logo\/image\/","url":"https:\/\/www.choicereit.ca\/wp-content\/uploads\/2026\/04\/logo-alt.svg","contentUrl":"https:\/\/www.choicereit.ca\/wp-content\/uploads\/2026\/04\/logo-alt.svg","width":1,"height":1,"caption":"Choice Properties"},"image":{"@id":"https:\/\/www.choicereit.ca\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.instagram.com\/choicereit\/?hl=en"]}]}},"_links":{"self":[{"href":"https:\/\/www.choicereit.ca\/fr\/wp-json\/wp\/v2\/news-release\/16808","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.choicereit.ca\/fr\/wp-json\/wp\/v2\/news-release"}],"about":[{"href":"https:\/\/www.choicereit.ca\/fr\/wp-json\/wp\/v2\/types\/news-release"}],"wp:attachment":[{"href":"https:\/\/www.choicereit.ca\/fr\/wp-json\/wp\/v2\/media?parent=16808"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}