{"id":16864,"date":"2017-02-15T04:03:00","date_gmt":"2017-02-15T09:03:00","guid":{"rendered":"https:\/\/www.choicereit.ca\/news-release\/choice-properties-real-estate-investment-trust-annonce-de-solides-resultats-pour-le-quatrieme-trimestre-2016\/"},"modified":"2017-02-15T04:03:00","modified_gmt":"2017-02-15T09:03:00","slug":"choice-properties-real-estate-investment-trust-annonce-de-solides-resultats-pour-le-quatrieme-trimestre-2016","status":"publish","type":"news-release","link":"https:\/\/www.choicereit.ca\/fr\/news-release\/choice-properties-real-estate-investment-trust-annonce-de-solides-resultats-pour-le-quatrieme-trimestre-2016\/","title":{"rendered":"Choice Properties Real Estate Investment Trust annonce de solides r\u00e9sultats pour le quatri\u00e8me trimestre 2016"},"content":{"rendered":"<p><span class=\"xn-location\">TORONTO<\/span>, Feb. 15, 2017 \/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, 2016. The Trust\u2019s Annual Report to Unitholders 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 rental revenue of <span class=\"xn-money\">$197.7 million<\/span>, an increase of <span class=\"xn-money\">$6.6 million<\/span> or 3.5% compared with <span class=\"xn-money\">$191.1 million<\/span> in the fourth quarter of 2015; <\/li>\n<li>Reported net income of <span class=\"xn-money\">$255.6 million<\/span>, an increase of <span class=\"xn-money\">$215.2 million<\/span> compared with net income of <span class=\"xn-money\">$40.4 million<\/span> in the fourth quarter of 2015. The fourth quarter of 2016 included a fair value adjustment gain of <span class=\"xn-money\">$209.5 million<\/span> (2015 \u2013 net loss of <span class=\"xn-money\">$7.5 million<\/span>); <\/li>\n<li>Reported Funds from Operations (\u00ab\u00a0FFO\u00a0\u00bb)<sup>(1)<\/sup> per unit diluted of <span class=\"xn-money\">$0.251<\/span>, an increase of <span class=\"xn-money\">$0.004<\/span>, or 1.6%, compared with <span class=\"xn-money\">$0.247<\/span> in the fourth quarter of 2015; <\/li>\n<li>Acquired a portfolio of five properties from Loblaw for an aggregate purchase price of <span class=\"xn-money\">$40.9 million<\/span>. The new portfolio was immediately accretive with an estimated stabilized Net Operating Income (\u00ab\u00a0NOI\u00a0\u00bb)<sup>(1)<\/sup> of approximately <span class=\"xn-money\">$2.6 million<\/span>, representing an implied capitalization rate of 6.5%. <\/li>\n<li>Purchased two investment properties, from third-party vendors, for an aggregate purchase price of approximately <span class=\"xn-money\">$13.6 million<\/span>, adding approximately 37,000 square feet of ancillary GLA in sites adjacent to Choice Properties owned sites which are anchored by Loblaw food stores; <\/li>\n<li>Completed the construction of 232,000 square feet of Gross Leasable Area (\u00ab\u00a0GLA\u00a0\u00bb), including the construction of a 29,000 square foot Loblaw food store on newly acquired land in <span class=\"xn-location\">Edmonton, Alberta<\/span>; <\/li>\n<li>Improved ancillary occupancy and increased organic NOI<sup>(1)<\/sup> by 1.0% to <span class=\"xn-money\">$133.0 million<\/span> from <span class=\"xn-money\">$131.6 million<\/span> in the fourth quarter of 2015; and <\/li>\n<li>Entered into an additional <span class=\"xn-money\">$250 million<\/span> senior unsecured committed revolving credit facility.<\/li>\n<\/ul>\n<p><\/p>\n<p><b>Annual Highlights:<\/b><\/p>\n<ul type=\"disc\">\n<li>Reported annual rental revenue of <span class=\"xn-money\">$783.6 million<\/span>, an increase of <span class=\"xn-money\">$40.5 million<\/span> or 5.4% compared with <span class=\"xn-money\">$743.1 million<\/span> in 2015; <\/li>\n<li>Reported net loss of <span class=\"xn-money\">$223.1 million<\/span>, a change of <span class=\"xn-money\">$67.8 million<\/span> compared with a net loss of <span class=\"xn-money\">$155.3 million<\/span> in 2015. The year ended 2016 included a fair value adjustment net loss of <span class=\"xn-money\">$406.9 million<\/span> (2015 \u2013 net loss of <span class=\"xn-money\">$338.5 million<\/span>); <\/li>\n<li>Reported FFO<sup>(1)<\/sup> per unit diluted of <span class=\"xn-money\">$1.000<\/span>, an increase of <span class=\"xn-money\">$0.034<\/span>, or 3.5%, compared with <span class=\"xn-money\">$0.966<\/span> for the year ended <span class=\"xn-chron\">December 31, 2015<\/span>; <\/li>\n<li>Added 16 properties to the portfolio, including three investment properties adjacent to existing Choice Properties owned sites with future redevelopment potential; <\/li>\n<li>Constructed for tenants\u2019 possession 807,000 square feet of new GLA contributing to the completion of 21 projects spanning 763,000 square feet and generating a weighted average yield of approximately 8%; <\/li>\n<li>Improved ancillary occupancy and increased organic NOI<sup>(1)<\/sup> for the year by 1.8% to <span class=\"xn-money\">$507.7 million<\/span> from <span class=\"xn-money\">$498.8 million<\/span> in 2015; <\/li>\n<li>Issued <span class=\"xn-money\">$350 million<\/span> of senior unsecured debentures to refinance the redemption of <span class=\"xn-money\">$300 million<\/span> Series 5 Debentures, locking in attractive rates and extending Choice Properties\u2019 weighted average term to maturity of its debt instruments, and entered into an additional <span class=\"xn-money\">$250 million<\/span> senior unsecured committed revolving credit facility, lowering refinancing risk and increasing financial flexibility and liquidity; and <\/li>\n<li>Increased annual distributions from <span class=\"xn-money\">$0.65<\/span> per unit to <span class=\"xn-money\">$0.67<\/span> per unit effective as of <span class=\"xn-chron\">January 29, 2016<\/span> and further increased distributions to <span class=\"xn-money\">$0.71<\/span> per unit per annum effective as of <span class=\"xn-chron\">July 29, 2016<\/span> for a total increase of 9.2%. Distributions per unit declared in the year ended <span class=\"xn-chron\">December 31, 2016<\/span> totalled <span class=\"xn-money\">$0.69<\/span>, a <span class=\"xn-money\">$0.04<\/span> or 6.2% increase over the year ended <span class=\"xn-chron\">December 31, 2015<\/span>. <\/li>\n<\/ul>\n<p><\/p>\n<p>\u00ab\u00a02016 was another successful year for Choice Properties. With the team\u2019s focused execution, our strategy contributed to our progress, to our development and delivered improved financial and operational performance,\u00a0\u00bb said John Morrison, President and Chief Executive Officer.  \u00ab\u00a0We continued to acquire quality assets and actively manage our portfolio, and the momentum in our development program resulted in significant value creation, with new GLA completed and a strong foundation for future development. I am pleased with the progress the team delivered and the value that we created for our stakeholders.\u00a0\u00bb<\/p>\n<p><sup>(1)     See \u00ab\u00a0Non-GAAP Financial Measures\u00a0\u00bb beginning on page 5.<\/sup> <\/p>\n<p><b>Financial and Operational Summary<\/b><\/p>\n<div>\n<table border=\"0\" cellspacing=\"0\" cellpadding=\"0\" class=\"prngen1\">\n<tr>\n<td rowspan=\"3\" class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">As at or for the three months ended December 31<\/span><\/p>\n<p class=\"prnews_p\"><span class=\"prnews_span\">($ thousands except where otherwise indicated)<br>(unaudited)<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><span class=\"prnews_span\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>2016<\/b><\/span><\/p>\n<p><\/p><\/span><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">2015<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Number of properties<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>535<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">519<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\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 class=\"prngen3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>43.6<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">41.6<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Occupancy<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>98.9%<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">98.6%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Rental revenue<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>197,713<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">191,057<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Net Operating Income (\u00ab\u00a0NOI\u00a0\u00bb)<sup>(1)<\/sup><\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>139,745<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">132,133<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Net Income<sup>(i)<\/sup><\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>255,574<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">40,401<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Net Income<sup>(i)<\/sup> per unit diluted<\/span><\/p>\n<\/td>\n<td class=\"prngen8\"><\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>0.621<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">0.099<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Funds from Operations (\u00ab\u00a0FFO\u00a0\u00bb)<sup>(1)<\/sup> per unit diluted<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>0.251<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">0.247<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Adjusted Funds from Operations (\u00ab\u00a0AFFO\u00a0\u00bb)<sup>(1)<\/sup> per unit diluted<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>0.199<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">0.201<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Adjusted Funds from Operations<sup>(1)<\/sup> payout ratio \u2013 diluted<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>89.2%<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">80.8%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Distribution declared per unit<\/span><\/p>\n<\/td>\n<td class=\"prngen8\"><\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>0.1775<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">0.1625<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Total assets (in millions)<\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>9,435<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">8,906<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Debt to total assets<sup>(ii)<\/sup><\/span><\/p>\n<\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen3\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>44.5%<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">44.5%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Debt service coverage<sup>(ii)<\/sup><\/span><\/p>\n<\/td>\n<td class=\"prngen8\"><\/td>\n<td class=\"prngen8\"><\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>3.5x<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">3.6x<\/span><\/p>\n<\/td>\n<\/tr>\n<\/table>\n<\/div>\n<div>\n<table id=\"convertedTable4555\" 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=\"prngen10\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Net income included a positive adjustment of $107,800 and a negative adjustment of $95,418 for the fair value of Exchangeable Units, and positive adjustments of $101,661 and $87,902 for the fair value of investment properties, for the three months ended December 31, 2016 and December 31, 2015, respectively. Net income before adjustments to fair value<sup>(1)<\/sup> was $46,113 and $47,917 for the three months ended December 31, 2016 and December 31, 2015, respectively.<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen10\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(ii)    <\/span><\/p>\n<\/td>\n<td class=\"prngen10\">\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><b>Financial Results for the Quarter:<\/b><\/p>\n<ul type=\"disc\">\n<li><b>Rental Revenue <\/b>\u2013 Fourth quarter rental revenue totalled <span class=\"xn-money\">$197.7 million<\/span>, an increase of <span class=\"xn-money\">$6.6 million<\/span> or 3.5% compared with <span class=\"xn-money\">$191.1 million<\/span> in the fourth quarter of 2015. Properties owned throughout both comparative periods contributed <span class=\"xn-money\">$2.2 million<\/span> to the increase. <\/li>\n<li><b>Net Operating Income<\/b><sup>(1)<\/sup> \u2013 NOI<sup>(1)<\/sup>  for the fourth quarter of 2016 was <span class=\"xn-money\">$139.7 million<\/span>, an increase of <span class=\"xn-money\">$7.6 million<\/span>, or 5.8%, compared with  the fourth quarter of 2015. The increase in NOI<sup>(1)<\/sup> was primarily driven by <span class=\"xn-money\">$3.0 million<\/span> from properties acquired subsequent to the third quarter of 2015 and <span class=\"xn-money\">$3.7 million<\/span> from new developments. Excluding NOI<sup>(1)<\/sup> from developments and acquisitions subsequent to <span class=\"xn-chron\">September 30, 2015<\/span>, NOI<sup>(1)<\/sup> was <span class=\"xn-money\">$133.0 million<\/span>, <span class=\"xn-money\">$1.4 million<\/span>, or 1.0%, higher than the <span class=\"xn-money\">$131.6 million<\/span> achieved in the fourth quarter of 2015. This improvement was primarily driven by growth in capital recoveries, improvements in ancillary occupancy, and higher average rents per square foot on new ancillary leases. <\/li>\n<li><b>Net Income <\/b>\u2013 Net income for the fourth quarter of 2016 was <span class=\"xn-money\">$255.6 million<\/span> compared to net income of <span class=\"xn-money\">$40.4 million<\/span> in the fourth quarter of 2015. Adjustments to fair value measures were the primary cause of the variance between these comparative periods. <\/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<sup>(1)<\/sup> of <span class=\"xn-money\">$46.1 million<\/span> compared with <span class=\"xn-money\">$47.9 million<\/span> reported in the fourth quarter of 2015. Increases to net interest expense and other financing charges, including distributions on Exchangeable Units, offset the NOI<sup>(1)<\/sup> increases achieved. <\/li>\n<li><b>Funds from Operations<\/b><sup>(1)<\/sup> \u2013 FFO<sup>(1)<\/sup> for the fourth quarter of 2016 was <span class=\"xn-money\">$103.1 million<\/span> or <span class=\"xn-money\">$0.251<\/span> per unit diluted, compared with <span class=\"xn-money\">$100.5 million<\/span> or <span class=\"xn-money\">$0.247<\/span> per unit diluted in the fourth quarter of 2015. The year-over-year improvement in FFO<sup>(1)<\/sup> of <span class=\"xn-money\">$0.004<\/span> per unit diluted was primarily driven by growth in NOI<sup>(1) <\/sup>partially offset by higher net interest expense, excluding distributions on Exchangeable Units. <\/li>\n<li><b>Adjusted Funds from Operations<\/b><sup>(1) <\/sup>\u2013 AFFO<sup>(1)<\/sup> for the fourth quarter of 2016 was <span class=\"xn-money\">$81.8 million<\/span> or <span class=\"xn-money\">$0.199<\/span> per unit diluted, compared with <span class=\"xn-money\">$82.0 million<\/span> or <span class=\"xn-money\">$0.201<\/span> per unit diluted in the same quarter of 2015. The decline in AFFO<sup>(1)<\/sup> was driven by higher net interest expense, excluding distributions on Exchangeable Units, and an increase in capital expenditures required to maintain the rent revenue stream of the growing portfolio, partially offset by growth in NOI<sup>(1)<\/sup>.<\/li>\n<\/ul>\n<p><\/p>\n<p><sup>See \u00ab\u00a0Non-GAAP Financial Measures\u00a0\u00bb beginning on page 5.<\/sup><\/p>\n<p><b>Operational Results for the Quarter:<\/b><\/p>\n<ul type=\"disc\">\n<li><b>Accretive Acquisitions<\/b> \u2013 On <span class=\"xn-chron\">October 26, 2016<\/span>, Choice Properties acquired a portfolio of five properties from Loblaw. The aggregate purchase price of <span class=\"xn-money\">$40.9 million<\/span>, excluding acquisition costs, was settled through the issuance of 878,713 Exchangeable Units and cash. The new portfolio was immediately accretive with an estimated stabilized NOI<sup>(1)<\/sup> of approximately <span class=\"xn-money\">$2.6 million<\/span>, representing an implied capitalization rate of 6.5%. The acquired properties expanded the portfolio by 394,034 square feet and had an occupancy rate of 99.7% when acquired. The portfolio includes the potential to develop up to 344,000 square feet of incremental GLA, including the development of a new 29,000 square foot Loblaw food store on a parcel of land in <span class=\"xn-location\">Edmonton, Alberta<\/span>, which opened in <span class=\"xn-chron\">December 2016<\/span>. <\/li>\n<li>On <span class=\"xn-chron\">December 22, 2016<\/span>, Choice Properties acquired retail properties in <span class=\"xn-location\">Courtenay, British Columbia<\/span> and <span class=\"xn-location\">Beaverton, Ontario<\/span>, from third-party vendors, at a combined purchase price of <span class=\"xn-money\">$13.6 million<\/span>, excluding acquisition costs, which was settled in cash. The acquisition added 36,543 square feet of ancillary GLA in sites adjacent to existing Choice Properties owned sites which are anchored by a Loblaw food store. The acquired properties in <span class=\"xn-location\">Courtenay<\/span> and <span class=\"xn-location\">Beaverton<\/span> were immediately accretive with capitalization rates of 6.5% and 8.4%, respectively. Upon acquisition, the properties were combined with adjacent Choice Properties owned sites and re-categorized as multi-tenant properties. <\/li>\n<li><b>Development Progress \u2013 <\/b>In the fourth quarter of 2016, completed the construction of 232,000 square feet of Gross Leasable Area (\u00ab\u00a0GLA\u00a0\u00bb), including the construction of a 29,000 square foot Loblaw food store on newly acquired land in <span class=\"xn-location\">Edmonton, Alberta<\/span>. <\/li>\n<li><b>Development Pipeline \u2013<\/b> Choice Properties expects to invest a total of approximately <span class=\"xn-money\">$387.2 million<\/span> (including <span class=\"xn-money\">$95.2 million<\/span> of costs spent to date) to develop up to 1,326,000 square feet of GLA by the end of 2019. Development yields are expected to be accretive upon tenant occupancy. <\/li>\n<li><b>Leasing Activity \u2013 <\/b>In the fourth quarter of 2016, Choice Properties entered into leases for approximately 416,000 square feet of GLA with an average lease term of 9.3 years. This total included approximately 112,000 square feet of lease renewals, which represented a renewal rate of 65.4% for the quarter with an average increase over expiring base rent rates of 7.0%. <\/li>\n<li><b>Occupancy \u2013 <\/b>At <span class=\"xn-chron\">December 31, 2016<\/span>, the Trust\u2019s portfolio occupancy rate was 98.9%, compared to 98.6% as at <span class=\"xn-chron\">December 31, 2015<\/span>.<\/li>\n<\/ul>\n<p><b>Capital Structure:<\/b><\/p>\n<ul type=\"disc\">\n<li><b>Strengthened Financial Flexibility Through Debt Financing \u2013<\/b> On <span class=\"xn-chron\">December 23, 2016<\/span>, Choice Properties entered into a new bi-lateral <span class=\"xn-money\">$250,000<\/span> senior unsecured committed revolving credit facility with a lender maturing <span class=\"xn-chron\">December 21, 2018<\/span>. The credit facility bears interest at variable rates of either: Prime plus 0.25% or Bankers\u2019 Acceptance rate plus 1.25%. Subsequent to the quarter, Choice Properties redeemed, at par, $200 million of Series 6 senior unsecured debentures. <\/li>\n<li><b>Capacity to Invest for Further Growth \u2013<\/b> As at <span class=\"xn-chron\">December 31, 2016<\/span>, the Trust\u2019s debt service coverage ratio<sup>(2)<\/sup> was 3.5x times. With stable cash flows from operations and access to several funding sources; including <span class=\"xn-money\">$750 million<\/span> from two unsecured revolving credit facilities, the Trust believes it has the financial capacity to meet ongoing obligations and invest for further growth. <\/li>\n<li><b>Distributions \u2013<\/b> Distributions per unit declared during the quarter totalled <span class=\"xn-money\">$0.1775<\/span>, for an AFFO<sup>(1)<\/sup> payout ratio of 89.2% (2015 \u2013 <span class=\"xn-money\">$0.1625<\/span> and 80.8%). Distributions per unit declared in the fourth quarter of 2016 increased by 9.2% over the comparative period in 2015.<\/li>\n<\/ul>\n<p><\/p>\n<p><b>Outlook<\/b><\/p>\n<p>Choice Properties continues to drive value creation through accretive acquisitions, strategic development and active management of its portfolio of properties.  This strategy supports the Trust\u2019s goal to expand its asset base and increase monthly distributions to unitholders.<\/p>\n<p>Choice Properties is well positioned to meet its current obligations and to invest for future growth.  The Trust\u2019s competitive advantages include: 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 existing development pipeline, supported by sound financial management focused on maintaining a solid balance sheet and its investment grade credit ratings. <\/p>\n<p>In 2017, Choice Properties expects to: <\/p>\n<ul type=\"disc\">\n<li>Acquire additional properties from Loblaw and third-party vendors on an accretive basis when opportunities arise; <\/li>\n<li>Invest approximately <span class=\"xn-money\">$192.1 million<\/span> in development projects expected to be completed in 2017 and future years; <\/li>\n<li>Complete the development of approximately 337,000 square feet of GLA with an expected yield ranging from 6% to 9%; <\/li>\n<li>Maintain a total occupancy rate of approximately 98%, with the occupancy rate for ancillary GLA in the 90% range; and <\/li>\n<li>Continue to align growth in distributions with stable, growing cash flows. <\/li>\n<\/ul>\n<p><\/p>\n<div>\n<table id=\"convertedTableea46\" border=\"0\" cellspacing=\"0\" cellpadding=\"0\" class=\"prngen1\">\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(1)<\/span><\/p>\n<\/td>\n<td class=\"prngen6\">\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=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(2)<\/span><\/p>\n<\/td>\n<td class=\"prngen6\">\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><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 2016 Annual Report to Unitholders. Forward-looking statements are typically identified by words such as \u00ab\u00a0expect\u00a0\u00bb, \u00ab\u00a0anticipate\u00a0\u00bb, \u00ab\u00a0believe\u00a0\u00bb, \u00ab\u00a0foresee\u00a0\u00bb, \u00ab\u00a0could\u00a0\u00bb, \u00ab\u00a0estimate\u00a0\u00bb, \u00ab\u00a0goal\u00a0\u00bb, \u00ab\u00a0intend\u00a0\u00bb, \u00ab\u00a0plan\u00a0\u00bb, \u00ab\u00a0seek\u00a0\u00bb, \u00ab\u00a0strive\u00a0\u00bb , \u00ab\u00a0will\u00a0\u00bb, \u00ab\u00a0may\u00a0\u00bb, \u00ab\u00a0should\u00a0\u00bb and similar expressions, as they relate to Choice Properties and its management. <\/p>\n<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 2016 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; <\/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 2016 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 reports non-GAAP financial measures, including, but not limited to, Net Operating Income (\u00ab\u00a0NOI\u00a0\u00bb), Net Income before Adjustments to Fair Value, Funds from Operations (\u00ab\u00a0FFO\u00a0\u00bb), and Adjusted Funds from Operations (\u00ab\u00a0AFFO\u00a0\u00bb). 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 IFRS when analyzing 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.<\/p>\n<p>These measures do not have a standardized meaning prescribed by IFRS 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 IFRS.<\/p>\n<p>A comprehensive list of non-GAAP measures are defined and discussed in the Trust\u2019s 2016 Annual Report.<\/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 before Adjustments to Fair Value<\/b>  Net Income (or net loss) as calculated under IFRS excluding adjustments to fair value of Exchangeable Units, investment properties and investment property held in equity-accounted joint venture.<\/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>Choice Properties calculates FFO by adjusting net income (or net loss) for items that do not arise from operating activities, such as adjustments to fair value.<\/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.<\/p>\n<p>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 property capital expenditures, required for sustaining productive capacity 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>AFFO payout ratio is calculated as the distribution declared per unit divided by the AFFO per unit diluted.<\/p>\n\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 class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td colspan=\"4\" class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Three Months<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"4\" 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 class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">For the periods ended December 31<\/span><\/p>\n<p class=\"prnews_p\"><span class=\"prnews_span\">(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 class=\"prngen5\"><\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\">\n<\/p><p class=\"prnews_p\"><span class=\"prnews_span\"><b>2016<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">2015<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>2016<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">2015<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Rental revenue<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>197,713<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><span class=\"prnews_span\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">191,057<\/span><\/p>\n<p><\/p><\/span><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><span class=\"prnews_span\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>783,574<\/b><\/span><\/p>\n<p><\/p><\/span><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">743,100<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Reverse \u2013 Straight-line rental revenue<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(9,159)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(9,121)<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(36,582)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(36,656)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Property operating costs<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(48,809)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(49,803)<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(200,240)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(192,179)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Net Operating Income<sup>(1)<\/sup><\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>139,745<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><span class=\"prnews_span\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">132,133<\/span><\/p>\n<p><\/p><\/span><\/td>\n<td class=\"prngen5\"><span class=\"prnews_span\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/p>\n<p><\/p><\/span><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>546,752<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">514,265<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Net Income (Loss)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>255,574<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><span class=\"prnews_span\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">40,401<\/span><\/p>\n<p><\/p><\/span><\/td>\n<td class=\"prngen4\"><span class=\"prnews_span\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/p>\n<p><\/p><\/span><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(223,072)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(155,276)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Adjustment to fair value of Exchangeable Units<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(107,800)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">95,418<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>529,591<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">410,518<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Adjustment to fair value of investment properties<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(101,661)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(87,902)<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(109,045)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(71,981)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Adjustment to fair value of investment property held in equity <br>accounted joint venture<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>\u2014<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">\u2014<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(13,640)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">\u2014<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Net Income before Adjustments to Fair Value<sup>(1)<\/sup><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>46,113<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">47,917<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>183,834<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">183,261<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Adjustment to fair value of unit-based compensation<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(225)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">379<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>4,309<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">888<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Interest otherwise capitalized for development in equity <br>accounted joint venture<sup>(2)<\/sup><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>84<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">\u2014<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>324<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">\u2014<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Distributions on Exchangeable Units<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>56,444<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">51,461<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>218,961<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">202,804<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Amortization of tenant improvement allowances<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>207<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">101<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>572<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">251<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Internal expenses for leasing<sup>(3)<\/sup><\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>518<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">666<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>2,135<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">1,771<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Funds from Operations<sup>(1)<\/sup><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>103,141<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><span class=\"prnews_span\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">100,524<\/span><\/p>\n<p><\/p><\/span><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>410,135<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><span class=\"prnews_span\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">388,975<\/span><\/p>\n<p><\/p><\/span><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Straight-line rental revenue<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(9,159)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(9,121)<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(36,582)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(36,656)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Effective interest rate amortization of finance charges<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>521<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(314)<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>1,117<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(1,227)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Unit-based compensation expense<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>859<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">643<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>3,152<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">2,139<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Property capital expenditures \u2013 incurred<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(16,343)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(24,653)<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(42,192)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(32,466)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\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 class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>4,151<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">18,692<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>\u2014<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">\u2014<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Leasing capital expenditures \u2013 incurred<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(1,354)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(3,784)<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(5,384)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(7,884)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Adjusted Funds from Operations<sup>(1)<\/sup><\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>81,816<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><span class=\"prnews_span\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">81,987<\/span><\/p>\n<p><\/p><\/span><\/td>\n<td class=\"prngen5\"><span class=\"prnews_span\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/p>\n<p><\/p><\/span><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>330,246<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">312,881<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">FFO<sup>(1)<\/sup> per unit \u2013 diluted<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>0.251<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><span class=\"prnews_span\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">0.247<\/span><\/p>\n<p><\/p><\/span><\/td>\n<td class=\"prngen4\"><span class=\"prnews_span\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/p>\n<p><\/p><\/span><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>1.000<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><span class=\"prnews_span\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">0.966<\/span><\/p>\n<p><\/p><\/span><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">AFFO<sup>(1)<\/sup> per unit \u2013 diluted<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>0.199<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><span class=\"prnews_span\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">0.201<\/span><\/p>\n<p><\/p><\/span><\/td>\n<td class=\"prngen4\"><span class=\"prnews_span\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/p>\n<p><\/p><\/span><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>0.805<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><span class=\"prnews_span\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">0.777<\/span><\/p>\n<p><\/p><\/span><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">AFFO<sup>(1)<\/sup> payout ratio \u2013 diluted<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>89.2%<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">80.8%<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>85.7%<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">83.7%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Distribution declared per unit<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>0.1775<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><span class=\"prnews_span\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">0.1625<\/span><\/p>\n<p><\/p><\/span><\/td>\n<td class=\"prngen4\"><span class=\"prnews_span\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/p>\n<p><\/p><\/span><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>0.6900<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><span class=\"prnews_span\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">0.6500<\/span><\/p>\n<p><\/p><\/span><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Weighted average Units outstanding \u2013 basic<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>410,104,744<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">407,210,616<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>409,023,586<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">402,090,617<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Weighted average Units outstanding \u2013 diluted<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>411,272,728<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">407,774,742<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>410,034,555<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">402,582,183<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Number of Units outstanding, end of period<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>410,557,333<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">408,063,609<\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>410,557,333<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen5\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">408,063,609<\/span><\/p>\n<\/td>\n<\/tr>\n<\/table>\n<\/div>\n<div>\n<table id=\"convertedTable64ee\" border=\"0\" cellspacing=\"0\" cellpadding=\"0\" class=\"prngen1\">\n<tr>\n<td class=\"prngen10\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(1)<\/span><\/p>\n<\/td>\n<td class=\"prngen10\">\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\">(2)<\/span><\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Interest expensed in the Trust, relating to qualifying development projects underway in the equity accounted joint venture, was eligible to be added back to FFO<sup>(1)<\/sup> in accordance with the Real Property Association of Canada White Paper on Funds from Operations for IFRS issued in April 2014.<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen10\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(3)<\/span><\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Internal expenses for leasing, primarily salaries, were eligible to be added back to FFO<sup>(1)<\/sup>, based on 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.<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen10\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(4)<\/span><\/p>\n<\/td>\n<td class=\"prngen10\">\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, 2016 and December 31, 2015 were adjusted for this factor to make the quarters more comparable.<\/span><\/p>\n<\/td>\n<\/tr>\n<\/table>\n<\/div>\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 2016 Annual Report to Unitholders. This financial information does not contain all disclosures required by IFRS, and accordingly should be read in conjunction with the Trust\u2019s 2016 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 rowspan=\"2\" colspan=\"2\" class=\"prngen2\">\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 rowspan=\"2\" class=\"prngen2\"><\/td>\n<td colspan=\"2\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>As at<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">As at<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>December 31, 2016<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">December 31, 2015<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Assets<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen7\"><\/td>\n<td colspan=\"2\" class=\"prngen7\"><\/td>\n<td colspan=\"2\" class=\"prngen7\"><\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Non-current Assets<\/span><\/p>\n<\/td>\n<td class=\"prngen7\"><\/td>\n<td class=\"prngen7\"><\/td>\n<td class=\"prngen7\"><\/td>\n<td class=\"prngen7\"><\/td>\n<td class=\"prngen7\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen7\"><\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Investment properties<\/span><\/p>\n<\/td>\n<td class=\"prngen7\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen7\"><span class=\"prnews_span\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>9,098,000<\/b><\/span><\/p>\n<p><\/p><\/span><\/td>\n<td class=\"prngen7\"><span class=\"prnews_span\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/p>\n<p><\/p><\/span><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">8,561,000<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen7\"><\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Equ<\/span>ity accounted joint venture<\/p>\n<\/td>\n<td class=\"prngen12\"><\/td>\n<td class=\"prngen7\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>19,070<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen7\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">9,350<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen7\"><\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Accounts receivable and other assets<\/span><\/p>\n<\/td>\n<td class=\"prngen12\"><\/td>\n<td class=\"prngen7\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>5,888<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen7\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">9,874<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\"><\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Notes receivable<\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen9\"><\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>2,360<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen9\"><\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">2,179<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\"><\/td>\n<td class=\"prngen2\"><\/td>\n<td class=\"prngen9\"><\/td>\n<td class=\"prngen9\"><\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>9,125,318<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen9\"><\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">8,582,403<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Current Assets<\/span><\/p>\n<\/td>\n<td class=\"prngen7\"><\/td>\n<td class=\"prngen7\"><\/td>\n<td class=\"prngen7\"><\/td>\n<td class=\"prngen7\"><\/td>\n<td class=\"prngen7\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen7\"><\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Accounts receivable and other assets<\/span><\/p>\n<\/td>\n<td class=\"prngen12\"><\/td>\n<td class=\"prngen7\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>14,882<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen7\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">6,240<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen7\"><\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Notes receivable<\/span><\/p>\n<\/td>\n<td class=\"prngen12\"><\/td>\n<td class=\"prngen7\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>290,009<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen7\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">272,892<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\"><\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Cash and cash equivalents<\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen9\"><\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>5,113<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen9\"><\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">44,354<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\"><\/td>\n<td class=\"prngen2\"><\/td>\n<td class=\"prngen9\"><\/td>\n<td class=\"prngen9\"><\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>310,004<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen9\"><\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">323,486<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Total Assets<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen9\"><\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>9,435,322<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen9\"><span class=\"prnews_span\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/p>\n<p><\/p><\/span><\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">8,905,889<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen7\"><\/td>\n<td class=\"prngen7\"><\/td>\n<td class=\"prngen7\"><\/td>\n<td class=\"prngen7\"><\/td>\n<td class=\"prngen7\"><\/td>\n<td class=\"prngen7\"><\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Liabilities and Unitholders\u2019 Equity<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen7\"><\/td>\n<td class=\"prngen7\"><\/td>\n<td class=\"prngen7\"><\/td>\n<td class=\"prngen7\"><\/td>\n<td class=\"prngen7\"><\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Non-current Liabilities<\/span><\/p>\n<\/td>\n<td class=\"prngen7\"><\/td>\n<td class=\"prngen7\"><\/td>\n<td class=\"prngen7\"><\/td>\n<td class=\"prngen7\"><\/td>\n<td class=\"prngen7\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen7\"><\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Long term debt and Class C LP Units<\/span><\/p>\n<\/td>\n<td class=\"prngen7\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>3,726,991<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen7\"><span class=\"prnews_span\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/p>\n<p><\/p><\/span><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">3,579,202<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen7\"><\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Credit facilities<\/span><\/p>\n<\/td>\n<td class=\"prngen12\"><\/td>\n<td class=\"prngen7\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>172,000<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen7\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">\u2014<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen7\"><\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Exchangeable Units<\/span><\/p>\n<\/td>\n<td class=\"prngen12\"><\/td>\n<td class=\"prngen7\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>4,283,304<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen7\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">3,741,895<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\"><\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Trade payables and other liabilities<\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen9\"><\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>1,397<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen9\"><\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">1,354<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\"><\/td>\n<td class=\"prngen2\"><\/td>\n<td class=\"prngen9\"><\/td>\n<td class=\"prngen9\"><\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>8,183,692<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen9\"><\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">7,322,451<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Current Liabilities<\/span><\/p>\n<\/td>\n<td class=\"prngen7\"><\/td>\n<td class=\"prngen7\"><\/td>\n<td class=\"prngen7\"><\/td>\n<td class=\"prngen7\"><\/td>\n<td class=\"prngen7\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen7\"><\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Long term debt and Class C LP Units<\/span><\/p>\n<\/td>\n<td class=\"prngen12\"><\/td>\n<td class=\"prngen7\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>201,723<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen7\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">302,188<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\"><\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Trade payables and other liabilities<\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen9\"><\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>472,762<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen9\"><\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">438,177<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\"><\/td>\n<td class=\"prngen2\"><\/td>\n<td class=\"prngen9\"><\/td>\n<td class=\"prngen9\"><\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>674,485<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen9\"><\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">740,365<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Total Liabilities<\/span><\/p>\n<\/td>\n<td class=\"prngen7\"><\/td>\n<td class=\"prngen7\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>8,858,177<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen7\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">8,062,816<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen7\"><\/td>\n<td class=\"prngen7\"><\/td>\n<td class=\"prngen7\"><\/td>\n<td class=\"prngen7\"><\/td>\n<td class=\"prngen7\"><\/td>\n<td class=\"prngen7\"><\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Equity<\/span><\/p>\n<\/td>\n<td class=\"prngen7\"><\/td>\n<td class=\"prngen7\"><\/td>\n<td class=\"prngen7\"><\/td>\n<td class=\"prngen7\"><\/td>\n<td class=\"prngen7\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen7\"><\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Unitholders\u2019 equity<\/span><\/p>\n<\/td>\n<td class=\"prngen12\"><\/td>\n<td class=\"prngen7\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>569,374<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen7\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">835,317<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\"><\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Non-controlling interests<\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen9\"><\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>7,771<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen9\"><\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">7,756<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Total Equity<\/span><\/p>\n<\/td>\n<td class=\"prngen7\"><\/td>\n<td class=\"prngen7\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>577,145<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen7\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">843,073<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Total Liabilities and Equity<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen9\"><\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>9,435,322<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen9\"><span class=\"prnews_span\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/p>\n<p><\/p><\/span><\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">8,905,889<\/span><\/p>\n<\/td>\n<\/tr>\n<\/table>\n<\/div>\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\" class=\"prngen14\"><\/td>\n<td colspan=\"4\" class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(unaudited)<\/span><\/p>\n<\/td>\n<td colspan=\"4\" class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(audited)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td rowspan=\"2\" colspan=\"2\" class=\"prngen13\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(in thousands of Canadian dollars)<\/span><\/p>\n<\/td>\n<td colspan=\"2\" nowrap class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Three months <br>ended<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen7\"><span class=\"prnews_span\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Three months <br>ended<\/span><\/p>\n<p><\/p><\/span><\/td>\n<td colspan=\"2\" class=\"prngen7\">\n<p class=\"prnews_p\"><\/p><span class=\"prnews_span\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b><span class=\"prnews_span\"><b>Year ended<\/b><\/span><\/b><\/span><\/p>\n<p><\/p><\/span><\/td>\n<td colspan=\"2\" class=\"prngen7\">\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=\"prngen13\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><\/span> <\/p>\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>December 31, 2016<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" nowrap class=\"prngen13\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">December 31, 2015<\/span><\/p>\n<\/td>\n<td colspan=\"2\" nowrap class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>December 31, 2016<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" nowrap class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">December 31, 2015<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Net Property Income<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen14\"><\/td>\n<td class=\"prngen14\"><\/td>\n<td class=\"prngen14\"><\/td>\n<td class=\"prngen14\"><\/td>\n<td class=\"prngen14\"><\/td>\n<td class=\"prngen14\"><\/td>\n<td class=\"prngen14\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen14\"><\/td>\n<td nowrap class=\"prngen12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Rental revenue from investment properties<\/span><\/p>\n<\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\"><\/p>\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>197,713<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen14\"><span class=\"prnews_span\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/p>\n<p><\/p><\/span><\/td>\n<td class=\"prngen14\"><span class=\"prnews_span\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>191,057<\/b><\/span><\/p>\n<p><\/p><\/span><\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>783,574<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen14\"><span class=\"prnews_span\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">743,100<\/span><\/p>\n<p><\/p><\/span><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen15\"><\/td>\n<td nowrap class=\"prngen13\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Property operating costs<\/span><\/p>\n<\/td>\n<td class=\"prngen15\"><\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(48,809)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen15\"><\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(49,803)<\/span><\/p>\n<\/td>\n<td class=\"prngen15\"><\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(200,240)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen15\"><\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(192,179)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Net Property Income<\/span><\/p>\n<\/td>\n<td class=\"prngen14\"><\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>148,904<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen14\"><\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">141,254<\/span><\/p>\n<\/td>\n<td class=\"prngen14\"><\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>583,334<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen14\"><\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">550,921<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Other Expenses<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen14\"><\/td>\n<td class=\"prngen14\"><\/td>\n<td class=\"prngen14\"><\/td>\n<td class=\"prngen14\"><\/td>\n<td class=\"prngen14\"><\/td>\n<td class=\"prngen14\"><\/td>\n<td class=\"prngen14\"><\/td>\n<td class=\"prngen14\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen14\"><\/td>\n<td class=\"prngen12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">General and administrative expenses<\/span><\/p>\n<\/td>\n<td class=\"prngen14\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(6,196)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen14\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(5,148)<\/span><\/p>\n<\/td>\n<td class=\"prngen14\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(28,117)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen14\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(21,765)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen14\"><\/td>\n<td class=\"prngen12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Amortization of other assets<\/span><\/p>\n<\/td>\n<td class=\"prngen14\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(233)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen14\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(279)<\/span><\/p>\n<\/td>\n<td class=\"prngen14\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(930)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen14\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(844)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen14\"><\/td>\n<td class=\"prngen12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Net interest expense and other financing charges<\/span><\/p>\n<\/td>\n<td class=\"prngen14\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(96,442)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen14\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(87,910)<\/span><\/p>\n<\/td>\n<td class=\"prngen14\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(370,533)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen14\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(345,051)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen14\"><\/td>\n<td class=\"prngen12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Share of income from joint venture<\/span><\/p>\n<\/td>\n<td class=\"prngen14\"><\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>80<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen14\"><\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">\u2014<\/span><\/p>\n<\/td>\n<td class=\"prngen14\"><\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>13,720<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen14\"><\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">\u2014<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen14\"><\/td>\n<td class=\"prngen12\">\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 class=\"prngen14\"><\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>107,800<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen14\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(95,418)<\/span><\/p>\n<\/td>\n<td class=\"prngen14\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(529,591)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen14\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(410,518)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen15\"><\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Adjustment to fair value of investment properties<\/span><\/p>\n<\/td>\n<td class=\"prngen15\"><\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\"><\/p>\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>101,661<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen15\"><\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">87,902<\/span><\/p>\n<\/td>\n<td class=\"prngen15\"><\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>109,045<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen15\"><\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">71,981<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" nowrap class=\"prngen13\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Net Income (Loss) and Comprehensive Income (Loss)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>255,574<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">40,401<\/span><\/p>\n<\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(223,072)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen9\"><span class=\"prnews_span\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(155,276)<\/span><\/p>\n<p><\/p><\/span><\/td>\n<\/tr>\n<\/table>\n<\/div>\n<div>\n<table id=\"convertedTable77f2\" border=\"0\" cellspacing=\"0\" cellpadding=\"0\" class=\"prngen1\">\n<tr>\n<td class=\"prngen10\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(1)<\/span><\/p>\n<\/td>\n<td class=\"prngen10\">\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<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=\"prngen1\">\n<tr>\n<td colspan=\"3\" class=\"prngen14\"><\/td>\n<td colspan=\"4\" class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(unaudited)<\/span><\/p>\n<\/td>\n<td colspan=\"4\" class=\"prngen11\"><span class=\"prnews_span\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(audited)<\/span><\/p>\n<p><\/p><\/span><\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" class=\"prngen13\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><span class=\"prnews_span\">(in thousands of Canadian dollars)<\/span><\/span><\/p>\n<\/td>\n<td colspan=\"2\" nowrap class=\"prngen9\">\n<p class=\"prnews_p\">\n<\/p><p class=\"prnews_p\"><span class=\"prnews_span\"><b>Three months ended<\/b><\/span><\/p>\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>December 31, 2016<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" nowrap class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Three months ended<\/span><\/p>\n<p class=\"prnews_p\"><span class=\"prnews_span\">December 31, 2015<\/span><\/p>\n<\/td>\n<td colspan=\"2\" nowrap class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Year ended<\/b><\/span><\/p>\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>December 31, 2016<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" nowrap class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Year ended<\/span><\/p>\n<p class=\"prnews_p\"><span class=\"prnews_span\">December 31, 2015<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" class=\"prngen12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Operating Activities<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen14\"><\/td>\n<td class=\"prngen14\"><\/td>\n<td class=\"prngen14\"><\/td>\n<td class=\"prngen14\"><\/td>\n<td class=\"prngen14\"><\/td>\n<td class=\"prngen14\"><\/td>\n<td class=\"prngen14\"><\/td>\n<td class=\"prngen14\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen16\"><\/td>\n<td colspan=\"2\" nowrap class=\"prngen17\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Net income (loss)<\/span><\/p>\n<\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>255,574<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">40,401<\/span><\/p>\n<\/td>\n<td class=\"prngen14\"><span class=\"prnews_span\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/p>\n<p><\/p><\/span><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(223,072)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(155,276)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen16\"><\/td>\n<td colspan=\"2\" nowrap class=\"prngen17\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Straight-line rental revenue<\/span><\/p>\n<\/td>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen18\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(9,159)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen14\"><\/td>\n<td class=\"prngen7\"><span class=\"prnews_span\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(9,121)<\/b><\/span><\/p>\n<p><\/p><\/span><\/td>\n<td class=\"prngen14\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(36,582)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen14\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(36,656)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen16\"><\/td>\n<td colspan=\"2\" nowrap class=\"prngen17\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Amortization of tenant improvement allowances<\/span><\/p>\n<\/td>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>207<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen14\"><\/td>\n<td class=\"prngen14\"><span class=\"prnews_span\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>101<\/b><\/span><\/p>\n<p><\/p><\/span><\/td>\n<td class=\"prngen14\"><\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>572<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen14\"><\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">251<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen16\"><\/td>\n<td colspan=\"2\" nowrap class=\"prngen17\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Amortization of other assets<\/span><\/p>\n<\/td>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>233<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen14\"><\/td>\n<td class=\"prngen14\"><span class=\"prnews_span\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>279<\/b><\/span><\/p>\n<p><\/p><\/span><\/td>\n<td class=\"prngen14\"><\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>930<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen14\"><\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">844<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen16\"><\/td>\n<td colspan=\"2\" nowrap class=\"prngen17\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Net interest expense and other financing charges<\/span><\/p>\n<\/td>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>96,442<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen14\"><\/td>\n<td class=\"prngen14\"><span class=\"prnews_span\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>87,910<\/b><\/span><\/p>\n<p><\/p><\/span><\/td>\n<td class=\"prngen14\"><\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>370,533<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen14\"><\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">345,051<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen16\"><\/td>\n<td colspan=\"2\" nowrap class=\"prngen17\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Value of unit-based compensation granted<\/span><\/p>\n<\/td>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>634<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen14\"><\/td>\n<td class=\"prngen14\"><span class=\"prnews_span\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>1,022<\/b><\/span><\/p>\n<p><\/p><\/span><\/td>\n<td class=\"prngen14\"><\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>7,461<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen14\"><\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">3,027<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen16\"><\/td>\n<td colspan=\"2\" nowrap class=\"prngen17\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Share of income from joint venture<\/span><\/p>\n<\/td>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen18\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(80)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen14\"><\/td>\n<td class=\"prngen14\"><span class=\"prnews_span\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>\u2014<\/b><\/span><\/p>\n<p><\/p><\/span><\/td>\n<td class=\"prngen14\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(13,720)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen14\"><\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">\u2014<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen16\"><\/td>\n<td colspan=\"2\" nowrap class=\"prngen17\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Adjustment to fair value of Exchangeable Units<\/span><\/p>\n<\/td>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen18\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(107,800)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen14\"><\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">95,418<\/span><\/p>\n<\/td>\n<td class=\"prngen14\"><\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>529,591<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen14\"><\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">410,518<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen16\"><\/td>\n<td colspan=\"2\" nowrap class=\"prngen17\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Adjustment to fair value of investment properties<\/span><\/p>\n<\/td>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen18\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(101,661)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen14\"><\/td>\n<td class=\"prngen7\"><span class=\"prnews_span\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(87,902)<\/b><\/span><\/p>\n<p><\/p><\/span><\/td>\n<td class=\"prngen14\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(109,045)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen14\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(71,981)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen16\"><\/td>\n<td colspan=\"2\" nowrap class=\"prngen17\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Interest received<\/span><\/p>\n<\/td>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>13<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen14\"><\/td>\n<td class=\"prngen14\"><span class=\"prnews_span\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>20<\/b><\/span><\/p>\n<p><\/p><\/span><\/td>\n<td class=\"prngen14\"><\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>102<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen14\"><\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">99<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen19\"><\/td>\n<td colspan=\"2\" nowrap class=\"prngen20\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Net change in non-cash working capital<\/span><\/p>\n<\/td>\n<td class=\"prngen19\"><\/td>\n<td class=\"prngen19\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>99,497<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen15\"><\/td>\n<td class=\"prngen15\"><span class=\"prnews_span\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>48,050<\/b><\/span><\/p>\n<p><\/p><\/span><\/td>\n<td class=\"prngen15\"><\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>3,852<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen15\"><\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">32,649<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" class=\"prngen13\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Cash Flows from Operating Activities<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen15\"><\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>233,900<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen15\"><\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">176,178<\/span><\/p>\n<\/td>\n<td class=\"prngen15\"><\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>530,622<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen15\"><\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">528,526<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" class=\"prngen12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Investing Activities<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen14\"><\/td>\n<td class=\"prngen14\"><\/td>\n<td class=\"prngen14\"><\/td>\n<td class=\"prngen14\"><\/td>\n<td class=\"prngen14\"><\/td>\n<td class=\"prngen14\"><\/td>\n<td class=\"prngen14\"><\/td>\n<td class=\"prngen14\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen16\"><\/td>\n<td colspan=\"2\" nowrap class=\"prngen17\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Acquisitions of investment properties<\/span><\/p>\n<\/td>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen18\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(43,873)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen14\"><\/td>\n<td class=\"prngen7\"><span class=\"prnews_span\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(31,003)<\/b><\/span><\/p>\n<p><\/p><\/span><\/td>\n<td class=\"prngen14\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(183,688)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen14\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(247,404)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen16\"><\/td>\n<td colspan=\"2\" nowrap class=\"prngen17\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Additions to investment properties<\/span><\/p>\n<\/td>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen18\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(62,522)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen14\"><\/td>\n<td class=\"prngen7\"><span class=\"prnews_span\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(85,737)<\/b><\/span><\/p>\n<p><\/p><\/span><\/td>\n<td class=\"prngen14\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(193,120)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen14\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(169,871)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen16\"><\/td>\n<td colspan=\"2\" nowrap class=\"prngen17\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Additions to fixtures and equipment<\/span><\/p>\n<\/td>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen18\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(46)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen14\"><\/td>\n<td class=\"prngen14\"><span class=\"prnews_span\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>49<\/b><\/span><\/p>\n<p><\/p><\/span><\/td>\n<td class=\"prngen14\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(384)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen14\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(480)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen16\"><\/td>\n<td colspan=\"2\" nowrap class=\"prngen17\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Notes receivable issued to third-party<\/span><\/p>\n<\/td>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>\u2014<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen14\"><\/td>\n<td class=\"prngen14\"><span class=\"prnews_span\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>\u2014<\/b><\/span><\/p>\n<p><\/p><\/span><\/td>\n<td class=\"prngen14\"><\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>\u2014<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen14\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(1,565)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen19\"><\/td>\n<td colspan=\"2\" nowrap class=\"prngen20\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Equity investment distribution (contribution)<\/span><\/p>\n<\/td>\n<td class=\"prngen19\"><\/td>\n<td class=\"prngen19\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>\u2014<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen15\"><\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(1,000)<\/span><\/p>\n<\/td>\n<td class=\"prngen15\"><\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>4,000<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen15\"><\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(3,120)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" class=\"prngen13\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Cash Flows used in Investing Activities<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen15\"><\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(106,441)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen15\"><\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(117,691)<\/span><\/p>\n<\/td>\n<td class=\"prngen15\"><\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(373,192)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen15\"><\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(422,440)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" class=\"prngen12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Financing Activities<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen14\"><\/td>\n<td class=\"prngen14\"><\/td>\n<td class=\"prngen14\"><\/td>\n<td class=\"prngen14\"><\/td>\n<td class=\"prngen14\"><\/td>\n<td class=\"prngen14\"><\/td>\n<td class=\"prngen14\"><\/td>\n<td class=\"prngen14\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen16\"><\/td>\n<td colspan=\"2\" nowrap class=\"prngen17\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Long term debt<\/span><\/p>\n<\/td>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen14\"><\/td>\n<td class=\"prngen14\"><\/td>\n<td class=\"prngen14\"><\/td>\n<td class=\"prngen14\"><\/td>\n<td class=\"prngen14\"><\/td>\n<td class=\"prngen14\"><\/td>\n<td class=\"prngen14\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen16\"><\/td>\n<td nowrap class=\"prngen17\">\n<p class=\"prnmr30\"><span class=\"prnews_span\">Issued \u2013 Senior unsecured debentures, net of debt <br>placement costs<\/span><\/p>\n<\/td>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(140)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen14\"><\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">198,628<\/span><\/p>\n<\/td>\n<td class=\"prngen14\"><\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>347,714<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen14\"><\/td>\n<td class=\"prngen14\"><span class=\"prnews_span\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">447,038<\/span><\/p>\n<p><\/p><\/span><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen16\"><\/td>\n<td nowrap class=\"prngen17\">\n<p class=\"prnmr30\"><span class=\"prnews_span\">Principal repayments \u2013 Senior unsecured <br>debentures<\/span><\/p>\n<\/td>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>\u2014<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen14\"><\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">\u2014<\/span><\/p>\n<\/td>\n<td class=\"prngen14\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(300,000)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen14\"><\/td>\n<td class=\"prngen14\"><span class=\"prnews_span\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">\u2014<\/span><\/p>\n<p><\/p><\/span><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen17\">\n<p class=\"prnmr30\"><span class=\"prnews_span\">Principal repayments \u2013 Mortgage<\/span><\/p>\n<\/td>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(311)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen14\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(291)<\/span><\/p>\n<\/td>\n<td class=\"prngen14\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(1,212)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen14\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(1,040)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen16\"><\/td>\n<td colspan=\"2\" class=\"prnsbtb0 prntal prnsblb0 prnpl10 prnpr6 prnvab prnsbtb0 prnrbrb0\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Gain on settlement of bond forward contracts<\/span><\/p>\n<\/td>\n<td class=\"prngen14\"><\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>\u2014<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen14\"><\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">\u2014<\/span><\/p>\n<\/td>\n<td class=\"prngen14\"><\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>2,682<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen14\"><\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">\u2014<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen16\"><\/td>\n<td colspan=\"2\" class=\"prngen17\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Credit facilities<\/span><\/p>\n<\/td>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen14\"><\/td>\n<td class=\"prngen14\"><\/td>\n<td class=\"prngen14\"><\/td>\n<td class=\"prngen14\"><\/td>\n<td class=\"prngen14\"><\/td>\n<td class=\"prngen14\"><\/td>\n<td class=\"prngen14\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen17\">\n<p class=\"prnmr30\"><span class=\"prnews_span\">Net advancements (repayments)<\/span><\/p>\n<\/td>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(31,000)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen14\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(133,000)<\/span><\/p>\n<\/td>\n<td class=\"prngen14\"><\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>172,000<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen14\"><\/td>\n<td class=\"prngen7\"><span class=\"prnews_span\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(122,000)<\/span><\/p>\n<p><\/p><\/span><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen17\">\n<p class=\"prnmr30\"><span class=\"prnews_span\">Debt placement costs<\/span><\/p>\n<\/td>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>\u2014<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen14\"><\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">\u2014<\/span><\/p>\n<\/td>\n<td class=\"prngen14\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(275)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen14\"><\/td>\n<td class=\"prngen7\"><span class=\"prnews_span\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(292)<\/span><\/p>\n<p><\/p><\/span><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen16\"><\/td>\n<td colspan=\"2\" class=\"prngen17\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Notes receivable<\/span><\/p>\n<\/td>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen14\"><\/td>\n<td class=\"prngen14\"><\/td>\n<td class=\"prngen14\"><\/td>\n<td class=\"prngen14\"><\/td>\n<td class=\"prngen14\"><\/td>\n<td class=\"prngen14\"><\/td>\n<td class=\"prngen14\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen17\">\n<p class=\"prnmr30\"><span class=\"prnews_span\">Issued to related party<\/span><\/p>\n<\/td>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(67,954)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen14\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(62,953)<\/span><\/p>\n<\/td>\n<td class=\"prngen14\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(263,574)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen14\"><\/td>\n<td class=\"prngen7\"><span class=\"prnews_span\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(248,463)<\/span><\/p>\n<p><\/p><\/span><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen17\">\n<p class=\"prnmr30\"><span class=\"prnews_span\">Repaid by related party<\/span><\/p>\n<\/td>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>\u2014<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen14\"><\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">\u2014<\/span><\/p>\n<\/td>\n<td class=\"prngen14\"><\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>248,463<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen14\"><\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">236,328<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen16\"><\/td>\n<td colspan=\"2\" class=\"prngen17\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Cash received on exercise of options<\/span><\/p>\n<\/td>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>\u2014<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen14\"><\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">\u2014<\/span><\/p>\n<\/td>\n<td class=\"prngen14\"><\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>732<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen14\"><\/td>\n<td class=\"prngen14\"><span class=\"prnews_span\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">321<\/span><\/p>\n<p><\/p><\/span><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen16\"><\/td>\n<td colspan=\"2\" class=\"prngen17\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Cash paid on vesting of restricted units<\/span><\/p>\n<\/td>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>\u2014<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen14\"><\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">\u2014<\/span><\/p>\n<\/td>\n<td class=\"prngen14\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(1,493)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen14\"><\/td>\n<td class=\"prngen14\"><span class=\"prnews_span\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">\u2014<\/span><\/p>\n<p><\/p><\/span><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen16\"><\/td>\n<td colspan=\"2\" class=\"prngen17\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Interest paid<\/span><\/p>\n<\/td>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(13,893)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen14\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(13,713)<\/span><\/p>\n<\/td>\n<td class=\"prngen14\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(156,297)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen14\"><\/td>\n<td class=\"prngen7\"><span class=\"prnews_span\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(144,528)<\/span><\/p>\n<p><\/p><\/span><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen16\"><\/td>\n<td colspan=\"2\" class=\"prngen17\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Distributions paid on Exchangeable Units<\/span><\/p>\n<\/td>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>\u2014<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen14\"><\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">\u2014<\/span><\/p>\n<\/td>\n<td class=\"prngen14\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(202,204)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen14\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(190,078)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen16\"><\/td>\n<td colspan=\"2\" class=\"prngen17\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Distributions paid to Unitholders<\/span><\/p>\n<\/td>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(10,847)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen14\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(10,418)<\/span><\/p>\n<\/td>\n<td class=\"prngen14\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(43,222)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen14\"><\/td>\n<td class=\"prngen7\"><span class=\"prnews_span\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(40,410)<\/span><\/p>\n<p><\/p><\/span><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen19\"><\/td>\n<td colspan=\"2\" class=\"prngen20\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Contribution from non-controlling interest<\/span><\/p>\n<\/td>\n<td class=\"prngen19\"><\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>15<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen15\"><\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">\u2014<\/span><\/p>\n<\/td>\n<td class=\"prngen15\"><\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>15<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen15\"><\/td>\n<td class=\"prngen15\"><span class=\"prnews_span\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">60<\/span><\/p>\n<p><\/p><\/span><\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" class=\"prngen13\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Cash Flows used in Financing Activities<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen15\"><\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(124,130)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen15\"><\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(21,747)<\/span><\/p>\n<\/td>\n<td class=\"prngen15\"><\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(196,671)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen15\"><\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(63,064)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" class=\"prngen12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Change in cash and cash equivalents<\/span><\/p>\n<\/td>\n<td class=\"prngen14\"><\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>3,329<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen14\"><\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">36,740<\/span><\/p>\n<\/td>\n<td class=\"prngen14\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(39,241)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen14\"><\/td>\n<td class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">43,022<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" class=\"prngen13\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Cash and cash equivalents, beginning of year<\/span><\/p>\n<\/td>\n<td class=\"prngen15\"><\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>1,784<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen15\"><\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">7,614<\/span><\/p>\n<\/td>\n<td class=\"prngen15\"><\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>44,354<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen15\"><\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">1,332<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" class=\"prngen13\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Cash and Cash Equivalents, end of year<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>5,113<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">44,354<\/span><\/p>\n<\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen15\"><span class=\"prnews_span\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>5,113<\/b><\/span><\/p>\n<p><\/p><\/span><\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">44,354<\/span><\/p>\n<\/td>\n<\/tr>\n<\/table>\n<\/div>\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 2016 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 16, 2017<\/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: 48533502. 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 retail and other commercial real estate across <span class=\"xn-location\">Canada<\/span>. Choice Properties\u2019 portfolio spans approximately 43.6 million square feet of gross leasable area and consists of 535 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=\"https:\/\/rt.newswire.ca\/rt.gif?NewsItemId=C5272&amp;Transmission_Id=201702151703CANADANWCANADAPR_C5272&amp;DateId=20170215\" style=\"border:0px; width:1px; height:1px;\"><\/p>\n","protected":false},"template":"","class_list":["post-16864","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 de solides r\u00e9sultats pour le quatri\u00e8me trimestre 2016 - 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-solid-results-for-the-fourth-quarter-of-2016\/\" \/>\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 de solides r\u00e9sultats pour le quatri\u00e8me trimestre 2016\" \/>\n<meta property=\"og:description\" content=\"TORONTO, Feb. 15, 2017 \/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, 2016. The Trust\u2019s Annual Report to Unitholders will be available in the Investor Relations section of the Trust\u2019s website at www.choicereit.ca, filed with [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.choicereit.ca\/news-release\/choice-properties-real-estate-investment-trust-reports-solid-results-for-the-fourth-quarter-of-2016\/\" \/>\n<meta property=\"og:site_name\" content=\"Propri\u00e9t\u00e9s DeChoix\" \/>\n<meta property=\"og:image\" content=\"https:\/\/rt.newswire.ca\/rt.gif?NewsItemId=C5272&amp;Transmission_Id=201702151703CANADANWCANADAPR_C5272&amp;DateId=20170215\" \/>\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-solid-results-for-the-fourth-quarter-of-2016\\\/\",\"url\":\"https:\\\/\\\/www.choicereit.ca\\\/news-release\\\/choice-properties-real-estate-investment-trust-reports-solid-results-for-the-fourth-quarter-of-2016\\\/\",\"name\":\"Choice Properties Real Estate Investment Trust annonce de solides r\u00e9sultats pour le quatri\u00e8me trimestre 2016 - 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