{"id":16898,"date":"2017-11-07T04:00:00","date_gmt":"2017-11-07T09:00:00","guid":{"rendered":"https:\/\/www.choicereit.ca\/news-release\/choice-properties-real-estate-investment-trust-fait-etat-dune-croissance-continue-pour-le-troisieme-trimestre-de-2017\/"},"modified":"2017-11-07T04:00:00","modified_gmt":"2017-11-07T09:00:00","slug":"choice-properties-real-estate-investment-trust-fait-etat-dune-croissance-continue-pour-le-troisieme-trimestre-de-2017","status":"publish","type":"news-release","link":"https:\/\/www.choicereit.ca\/fr\/news-release\/choice-properties-real-estate-investment-trust-fait-etat-dune-croissance-continue-pour-le-troisieme-trimestre-de-2017\/","title":{"rendered":"Choice Properties Real Estate Investment Trust fait \u00e9tat d&#8217;une croissance continue pour le troisi\u00e8me trimestre de 2017"},"content":{"rendered":"<p><span class=\"xn-location\">TORONTO<\/span>, Nov. 7, 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 condensed consolidated financial results for the third quarter ended September 30, 2017.  The Trust\u2019s Quarterly Report will be available in the Investor Relations section of the Trust\u2019s website at <a target=\"_blank\" href=\"http:\/\/www.choicereit.ca\/\" rel=\"nofollow noopener noreferrer\">www.choicereit.ca<\/a>, filed with SEDAR and available at <a target=\"_blank\" href=\"http:\/\/www.sedar.com\/\" 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\">$206.8 million<\/span>, an increase of <span class=\"xn-money\">$10.5 million<\/span> or 5.3% compared with <span class=\"xn-money\">$196.3 million<\/span> in the third quarter of 2016;<\/li>\n<li>Reported net income of <span class=\"xn-money\">$303.1 million<\/span>, an increase of <span class=\"xn-money\">$89.4 million<\/span> compared with a net income of <span class=\"xn-money\">$213.7 million<\/span> in the third quarter of 2016. The third quarter of 2017 included a net fair value adjustment gain of <span class=\"xn-money\">$252.5 million<\/span> (2016 \u2013 net gain of <span class=\"xn-money\">$168.4 million<\/span>);<\/li>\n<li>Reported Funds from Operations (\u00ab\u00a0FFO\u00a0\u00bb)<sup>(1)<\/sup> per unit diluted of <span class=\"xn-money\">$0.263<\/span>, an increase of <span class=\"xn-money\">$0.015<\/span>, or 6.0%, compared with <span class=\"xn-money\">$0.248<\/span> in the third quarter of 2016;<\/li>\n<li>Acquired investment properties (retail and land), from third-party vendors for a combined purchase price of <span class=\"xn-money\">$27.9 million<\/span>. The retail properties added approximately 65,000 square feet of gross leasable area (\u00ab\u00a0GLA\u00a0\u00bb), at a weighted average capitalization rate of 6.9%;<\/li>\n<li>Constructed 66,000 square feet of GLA for 2017 projects, delivering 26 new ancillary retail units thus completing the targeted GLA of 347,000 square feet for 2017; and<\/li>\n<li>Maintained ancillary occupancy and increased organic Net Operating Income (\u00ab\u00a0NOI\u00a0\u00bb)<sup>(1)<\/sup> for the quarter by 3.6% to <span class=\"xn-money\">$140.6 million<\/span> from <span class=\"xn-money\">$135.7 million<\/span> in 2016.<\/li>\n<\/ul>\n<p><\/p>\n<p>\u00ab\u00a0Choice Properties\u2019 steadfast focus on the execution of its strategic plan continued to deliver positive operational and financial results in the third quarter of 2017,\u00a0\u00bb said John Morrison, President and Chief Executive Officer.  \u00ab\u00a0Our investments during the quarter resulted in successful acquisitions, completion of new gross leasable area for our tenants, and maintained the quality of our portfolio as well as its high occupancy rate. Supported by a solid base with predictable cash flows, we remain confident in our capacity to further unlock the value creation potential in our portfolio as we continue our intensification program and build momentum for our mixed-use redevelopment projects.\u00a0\u00bb<\/p>\n<div>\n<table id=\"convertedTableacd0\" border=\"0\" cellspacing=\"0\" cellpadding=\"0\" class=\"prngen1\">\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(1)<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">See \u00ab\u00a0Non-GAAP Financial Measures\u00a0\u00bb beginning on page 5. <\/span><\/p>\n<\/td>\n<\/tr>\n<\/table>\n<\/div>\n<p><b>Financial and Operational Summary<\/b><\/p>\n<div>\n<table border=\"0\" cellspacing=\"0\" cellpadding=\"0\" class=\"prngen1\">\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">As at or for the three months ended September 30<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">($ thousands except where otherwise indicated)<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(unaudited)<\/span><\/p>\n<\/td>\n<td class=\"prngen6\"><\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>2017<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">2016<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Number of properties<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>540<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">530<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\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=\"prngen4\"><\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>43.8<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">42.9<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Occupancy<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td colspan=\"2\" class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>98.9%<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">98.8%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Rental revenue<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>206,750<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">196,275<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\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=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>145,422<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">137,835<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Net Income<sup>(i)<\/sup><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>303,095<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">213,718<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Net Income<sup>(i)<\/sup> per unit diluted<\/span><\/p>\n<\/td>\n<td class=\"prngen6\"><\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>0.733<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">0.521<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\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=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>0.263<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">0.248<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Adjusted Cash Flow from Operations (\u00ab\u00a0ACFO\u00a0\u00bb)<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>$<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>81,940<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">88,369<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Adjusted Cash Flow from Operations<sup>(1)<\/sup> payout ratio<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td colspan=\"2\" class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>92.9%<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">82.2%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Distribution declared per unit<\/span><\/p>\n<\/td>\n<td class=\"prngen6\"><\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/p>\n<\/td>\n<td nowrap class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>0.1850<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">0.1775<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Total assets (in millions)<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>9,702<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">9,156<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Debt to total assets<sup>(ii)<\/sup><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td colspan=\"2\" class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>44.6%<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">45.9%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Debt service coverage<sup>(ii)<\/sup><\/span><\/p>\n<\/td>\n<td class=\"prngen6\"><\/td>\n<td colspan=\"2\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>3.6x<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">3.6x<\/span><\/p>\n<\/td>\n<\/tr>\n<\/table>\n<\/div>\n<p><\/p>\n<div>\n<table id=\"convertedTablec4ec\" border=\"0\" cellspacing=\"0\" cellpadding=\"0\" class=\"prngen1\">\n<tr>\n<td nowrap class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(i)   <\/span><\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Net income included positive adjustments of $174,894 and $123,673 for the fair value of Exchangeable Units, and positive adjustments of $77,604 and $44,757 for the fair value of investment properties for the three months ended September 30, 2017 and September 30, 2016, respectively. Net income before adjustments to fair value<sup>(1)<\/sup> was $50,597 and $45,288 for the three months ended September 30, 2017 and September 30, 2016, respectively.<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(ii)  <\/span><\/p>\n<\/td>\n<td class=\"prngen8\">\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 Third quarter rental revenue totalled <span class=\"xn-money\">$206.8 million<\/span>, an increase of <span class=\"xn-money\">$10.5 million<\/span> or 5.3% compared with <span class=\"xn-money\">$196.3 million<\/span> in the third quarter of 2016. Properties owned throughout both comparative periods contributed <span class=\"xn-money\">$8.3 million<\/span> to the increase.<\/li>\n<li><b>Net Operating Income<\/b><sup>(1)<\/sup> \u2013 NOI<sup>(1) <\/sup>for the third quarter of 2017 was <span class=\"xn-money\">$145.4 million<\/span>, an increase of <span class=\"xn-money\">$7.6 million<\/span>, or 5.5%, compared with the third quarter of 2016, including an increase in NOI<sup>(1)<\/sup> of <span class=\"xn-money\">$1.5 million<\/span> from properties acquired subsequent to <span class=\"xn-chron\">June 30, 2016<\/span> and <span class=\"xn-money\">$1.2 million<\/span> from new developments. Excluding NOI<sup>(1)<\/sup> from acquisitions and developments, NOI<sup>(1)<\/sup> was <span class=\"xn-money\">$140.6 million<\/span>, <span class=\"xn-money\">$4.9 million<\/span>, or 3.6%, higher than the <span class=\"xn-money\">$135.7 million<\/span> achieved in the third quarter of 2016. This improvement was primarily driven by rent steps in Loblaw leases and higher average rents per square foot on ancillary leases.<\/li>\n<li><b>Net Income <\/b>\u2013 Net income for the third quarter of 2017 was <span class=\"xn-money\">$303.1 million<\/span> compared to a net income of <span class=\"xn-money\">$213.7 million<\/span> in the third quarter of 2016. 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 Third quarter net income before adjustments to fair value<sup>(1)<\/sup> of <span class=\"xn-money\">$50.6 million<\/span> compared with <span class=\"xn-money\">$45.3 million<\/span> reported in the third quarter of 2016. The increase was driven by an increase of net property income, partially offset by an increase to net interest expense and other financing charges, including distributions on Exchangeable Units.<\/li>\n<li><b>Funds from Operations<\/b><sup>(1)<\/sup> \u2013 FFO<sup>(1)<\/sup> for the third quarter of 2017 was <span class=\"xn-money\">$108.9 million<\/span> or <span class=\"xn-money\">$0.263<\/span> per unit diluted, compared with <span class=\"xn-money\">$101.9 million<\/span> or <span class=\"xn-money\">$0.248<\/span> per unit diluted in the third quarter of 2016. The year-over-year improvement in FFO<sup>(1)<\/sup> of <span class=\"xn-money\">$0.015<\/span> per unit diluted was primarily driven by growth in net property income partially offset by higher net interest expense, excluding distributions on Exchangeable Units.<\/li>\n<li><b>Adjusted Cash Flow from Operations<sup>(<\/sup><\/b><sup>1)<\/sup> \u2013 ACFO<sup>(1)<\/sup> for the third quarter of 2017 was <span class=\"xn-money\">$81.9 million<\/span>, representing an excess of <span class=\"xn-money\">$5.8 million<\/span> over distributions paid during the quarter, which is a decrease of <span class=\"xn-money\">$10.0 million<\/span> compared to an excess of <span class=\"xn-money\">$15.8 million<\/span> in the third quarter of 2016. The year-over-year decrease in ACFO<sup>(1)<\/sup> is indicative of fluctuations in the timing of cash flows from operating working capital.<\/li>\n<li><b>Distributions<\/b> \u2013 Distributions per unit declared during the quarter totalled <span class=\"xn-money\">$0.1850<\/span>, for an ACFO<sup>(1)<\/sup> payout ratio of 92.9% (2016 \u2013 <span class=\"xn-money\">$0.1775<\/span> and 82.2%, respectively). <\/li>\n<\/ul>\n<p><\/p>\n<div>\n<table id=\"convertedTableb0fd\" border=\"0\" cellspacing=\"0\" cellpadding=\"0\" class=\"prngen1\">\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(1)<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">See \u00ab\u00a0Non-GAAP Financial Measures\u00a0\u00bb beginning on page 5. <\/span><\/p>\n<\/td>\n<\/tr>\n<\/table>\n<\/div>\n<p><b>Operational Results for the Quarter:<\/b><\/p>\n<ul type=\"disc\">\n<li><b>Acquisitions<\/b> \u2013 In the third quarter of 2017, Choice Properties completed six acquisitions, from third-party vendors, for a combined purchase price of <span class=\"xn-money\">$27.9 million<\/span>. These properties included two retail properties located in <span class=\"xn-location\">St-Raymond, Quebec<\/span> and <span class=\"xn-location\">Uxbridge, Ontario<\/span>, adding approximately 65,000 square feet of GLA, anchored by approximately 49,000 square feet of Loblaw leases, at an accretive weighted average capitalization rate of 6.9%. The remaining four properties were parcels of land acquired for development, two of which are located in <span class=\"xn-location\">Toronto, Ontario<\/span> and one each in <span class=\"xn-location\">Ancienne Lorette, Quebec<\/span> and <span class=\"xn-location\">Spruce Grove, Alberta<\/span>.<\/li>\n<li><b>Development Progress \u2013 <\/b>In the third quarter of 2017, Choice Properties constructed 66,000 square feet towards its 2017 projects, delivering 26 new retail spaces for third-party tenants, primarily at greenfield sites in <span class=\"xn-location\">Surrey, British Columbia<\/span> and <span class=\"xn-location\">Barrie, Ontario<\/span> as well as an intensification site in <span class=\"xn-location\">St. Albert, Alberta<\/span>, thus completing the targeted GLA of 347,000 square feet for 2017.<\/li>\n<li><b>Leasing Activity \u2013 <\/b>In the third quarter of 2017, Choice Properties entered into leases for approximately 193,000 square feet of GLA with an average lease term of 9.0 years. This total included approximately 68,000 square feet of lease renewals, with an average increase over expiring base rent rates of 11.7%, and approximately 61,000 square feet for new developments at an average base rent per square foot of <span class=\"xn-money\">$30.74<\/span>.<\/li>\n<li><b>Occupancy \u2013 <\/b>At <span class=\"xn-chron\">September 30, 2017<\/span>, the Trust\u2019s portfolio occupancy rate was 98.9%, compared to 98.8% as at <span class=\"xn-chron\">September 30, 2016<\/span>.<\/li>\n<\/ul>\n<p><\/p>\n<p><b>Capital Structure:<\/b><\/p>\n<ul type=\"disc\">\n<li><b>Capacity to Invest for Further Growth \u2013<\/b> As at <span class=\"xn-chron\">September 30, 2017<\/span>, the Trust\u2019s debt service coverage ratio<sup>(2)<\/sup> was 3.6 times. With stable cash flows from operations and access to several funding sources, including from our senior unsecured committed revolving credit facilities, the Trust believes it has the financial capacity to meet ongoing obligations and invest for further growth.<\/li>\n<\/ul>\n<p><\/p>\n<p><b>Outlook<\/b><\/p>\n<p>Choice Properties 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.  With these key differentiators, Choice Properties believes that it is well positioned to achieve its strategic goals despite an increasingly competitive landscape, underscored by ever changing square footage requirements in the retail industry.<\/p>\n<p>For 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\">$155 million<\/span> in development projects, including mixed-use projects, completed in 2017 and future years; and<\/li>\n<li>Maintain a total occupancy rate of approximately 98%, with the occupancy rate for ancillary GLA in the 90% range. <\/li>\n<\/ul>\n<p><\/p>\n<div>\n<table id=\"convertedTablef4ec\" border=\"0\" cellspacing=\"0\" cellpadding=\"0\" class=\"prngen1\">\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(1)<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">See \u00ab\u00a0Non-GAAP Financial Measures\u00a0\u00bb beginning on page 5.<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(2)<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">\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, opportunities, and legal and regulatory matters. 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 Third Quarter 2017 Report. Forward-looking statements are typically identified by words such as \u00ab\u00a0expect\u00a0\u00bb, \u00ab\u00a0anticipate\u00a0\u00bb, \u00ab\u00a0believe\u00a0\u00bb, \u00ab\u00a0foresee\u00a0\u00bb, \u00ab\u00a0could\u00a0\u00bb, \u00ab\u00a0estimate\u00a0\u00bb, \u00ab\u00a0goal\u00a0\u00bb, \u00ab\u00a0intend\u00a0\u00bb, \u00ab\u00a0plan\u00a0\u00bb, \u00ab\u00a0seek\u00a0\u00bb, \u00ab\u00a0strive\u00a0\u00bb, \u00ab\u00a0will\u00a0\u00bb, \u00ab\u00a0may\u00a0\u00bb, \u00ab\u00a0should\u00a0\u00bb and similar expressions, as they relate to Choice Properties and its management. <\/p>\n<p>Forward-looking statements reflect Choice Properties\u2019 current estimates, beliefs and assumptions, which are based on management\u2019s perception of historic trends, current conditions, outlook and expected future developments, as well as other factors it believes are appropriate in the circumstances. Choice Properties\u2019 expectation of operating and financial performance is based on certain assumptions, including assumptions about future growth potential, prospects and opportunities, industry trends, future levels of indebtedness, tax laws, economic conditions and competition. 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 Cash Flow from Operations (\u00ab\u00a0ACFO\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 <span class=\"xn-location\">Canada\u2019s<\/span> <i>White Paper on Funds from Operations &amp; Adjusted Funds from Operations for IFRS<\/i> issued in <span class=\"xn-chron\">February 2017<\/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>Funds from Operations Payout Ratio<\/b>  FFO Payout ratio is calculated as the distributions declared per unit, divided by the FFO per unit diluted.<\/p>\n<p><b>Adjusted Cash Flow from Operations  <\/b>ACFO 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 ACFO in accordance with the Real Property Association of <span class=\"xn-location\">Canada\u2019s<\/span><i> White Paper on Adjusted Cashflow from Operations (ACFO) for IFRS<\/i> issued in <span class=\"xn-chron\">February 2017<\/span>. The purpose of the White Paper was to provide reporting issuers and investors with greater guidance on the definitions of ACFO and to help promote more consistent disclosure from reporting issuers.<\/p>\n<p>Choice Properties considers ACFO an input to determining the appropriate level of distributions to Unitholders as it adjusts cash flows from operations for other sustainable economic cash flows.<\/p>\n<p><b>Adjusted Cash Flow from Operations Payout Ratio  <\/b>ACFO Payout ratio is calculated as the total distributions declared, divided by the ACFO.<\/p>\n<p><b>Choice Properties Real Estate Investment Trust<br><\/b><b>Calculation of Non-GAAP Financial Measures<\/b><\/p>\n<div>\n<table border=\"0\" cellspacing=\"0\" cellpadding=\"0\" class=\"prngen1\">\n<tr>\n<td class=\"prngen4\"><\/td>\n<td colspan=\"4\" class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Three Months<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"4\" class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Nine Months<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">For the periods ended September 30<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(in thousands of Canadian dollars, except per unit amounts)<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(unaudited)<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>2017<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">2016<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>2017<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">2016<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Rental revenue<\/b><\/span><\/p>\n<\/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>206,750<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">196,275<\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>618,809<\/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\">585,861<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Reverse \u2013 Straight-line rental revenue<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(8,030)<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(8,695)<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(26,648)<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(27,423)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Property operating costs<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(53,298)<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(49,745)<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(160,303)<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(151,431)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Net Operating Income<sup>(1)<\/sup><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>145,422<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">137,835<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>431,858<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">407,007<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">NOI<sup>(1)<\/sup> from newly acquired properties<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(1,658)<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(170)<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(9,786)<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(2,950)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">NOI<sup>(1)<\/sup> from new developments<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(3,159)<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(1,979)<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(11,240)<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(3,254)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen10\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">NOI<sup>(1)<\/sup> for Same Properties, with same GLA<\/span><\/p>\n<\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>140,605<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">135,686<\/span><\/p>\n<\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>410,832<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">400,803<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Net Income (Loss)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>303,095<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">213,718<\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>368,812<\/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\">(478,646)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Adjustment to fair value of Exchangeable Units<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(174,894)<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(123,673)<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(57,238)<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">637,391<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Adjustment to fair value of investment properties<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(77,604)<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(44,757)<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(162,758)<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(7,384)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Adjustment to fair value of investment property held <\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">in equity accounted joint venture<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>\u2014<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">\u2014<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>1,250<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(13,640)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\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 colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>50,597<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">45,288<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>150,066<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">137,721<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Adjustment to fair value of unit-based compensation<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(1,391)<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(489)<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>201<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">4,534<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Interest otherwise capitalized for development in <\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">equity accounted joint venture<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>112<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">82<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>304<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">240<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Distributions on Exchangeable Units<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>58,828<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">56,287<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>173,304<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">162,517<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Amortization of tenant improvement allowances<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>228<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">165<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>590<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">365<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Internal expenses for leasing<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>522<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">546<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>1,627<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">1,617<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen10\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Funds from Operations<sup>(1)<\/sup><\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>108,896<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">101,879<\/span><\/p>\n<\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>326,092<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">306,994<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">FFO<sup>(1)<\/sup> per unit \u2013 diluted<\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>0.263<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">0.248<\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>0.790<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">0.749<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">FFO<sup>(1)<\/sup> payout ratio \u2013 diluted<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>70.2%<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">71.5%<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>69.0%<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">68.4%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Distribution declared per unit<\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>0.1850<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">0.1775<\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>0.5450<\/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\">0.5125<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen10\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Weighted average Units outstanding \u2013 diluted<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>413,445,869<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">410,254,616<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>412,871,899<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">409,618,643<\/span><\/p>\n<\/td>\n<\/tr>\n<\/table>\n<\/div>\n<p><\/p>\n<div>\n<table id=\"convertedTabled365\" border=\"0\" cellspacing=\"0\" cellpadding=\"0\" class=\"prngen1\">\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(1)<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">See \u00ab\u00a0Non-GAAP Financial Measures\u00a0\u00bb beginning on page 5. <\/span><\/p>\n<\/td>\n<\/tr>\n<\/table>\n<\/div>\n<div>\n<table border=\"0\" cellspacing=\"0\" cellpadding=\"0\" class=\"prngen1\">\n<tr>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td colspan=\"4\" class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Three Months<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"4\" class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b><span class=\"prnews_span\"><b>Ni<\/b><\/span>ne Months<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">For the periods ended September 30<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">($ thousands)<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(unaudited)<\/span><\/p>\n<\/td>\n<td class=\"prngen6\"><\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>2017<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">2016<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>2017<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">2016<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Cash flows from operating activities<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>164,042<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">158,275<\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>309,537<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">296,855<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Interest paid<\/span><\/p>\n<\/td>\n<td class=\"prngen6\"><\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(45,564)<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(43,520)<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(150,500)<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(142,404)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Cash flows from operating activities less interest paid<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>118,478<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">114,755<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>159,037<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">154,451<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Add (deduct) impact of the following:<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Net interest expense and other financing charges <\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">in excess of interest paid<sup>(1)<\/sup><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(54,119)<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(52,775)<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(143,929)<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(133,410)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Distributions on Exchangeable Units included in <\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">net interest expense and other financing charges<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>58,828<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">56,287<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>173,304<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">162,517<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Gain on settlement of bond forward contracts<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>\u2014<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">\u2014<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>\u2014<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(2,682)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Interest income in excess of interest received<sup>(1)<\/sup><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>44<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">557<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>334<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">1,634<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Interest otherwise capitalized for development in <\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">equity accounted joint venture<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>112<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">82<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>304<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">240<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Share of interest income from joint venture<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>66<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">\u2014<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>185<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">\u2014<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Portion of internal expenses for leasing relating <\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">to development activity<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>261<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">273<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>814<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">809<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen3\">\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 colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(22,320)<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(24,074)<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(24,301)<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(25,849)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Property capital expenditures \u2013 normalized<sup>(2)<\/sup><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>11,070<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">14,074<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(9,449)<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(4,151)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Leasing capital expenditures \u2013 incurred<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(1,077)<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(2,395)<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(3,443)<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(4,030)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Adjustment for changes in non-cash working capital <\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">items which are not indicative of sustainable <\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">operating cash flows<sup>(3)<\/sup><\/span><\/p>\n<\/td>\n<td class=\"prngen6\"><\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(29,403)<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(18,415)<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>107,698<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">97,254<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen10\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Adjusted Cash Flow from Operations<sup>(4)<\/sup><\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen11\"><\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>81,940<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">88,369<\/span><\/p>\n<\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>260,554<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">246,783<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Total distributions declared<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>76,163<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">72,617<\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>224,140<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">209,472<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen10\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>ACFO<sup>(4)<\/sup> payout ratio<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen11\"><\/td>\n<td colspan=\"2\" class=\"prngen13\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>92.9%<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen13\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">82.2%<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen13\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>86.0%<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen13\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">84.9%<\/span><\/p>\n<\/td>\n<\/tr>\n<\/table>\n<\/div>\n<div>\n<table id=\"convertedTable4435\" border=\"0\" cellspacing=\"0\" cellpadding=\"0\" class=\"prngen1\">\n<tr>\n<td class=\"prngen14\"><\/td>\n<td class=\"prngen14\"><\/td>\n<\/tr>\n<tr>\n<td nowrap class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(1)<\/span><\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">The timing of the recognition of interest expense and income differs from the payment and collection. The ACFO calculations for the three and nine months ended September 30, 2017 and September 30, 2016 were adjusted for this factor to make the quarters more comparable.<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(2)<\/span><\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Seasonality impacts the timing of capital expenditures.  The ACFO calculations for the three and nine months ended September 30, 2017 and September 30, 2016 were adjusted for this factor to make the quarters more comparable based on the annual anticipated spend of approximately $1.00 per square foot.<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(3)<\/span><\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">ACFO is adjusted each quarter for fluctuations in non-cash working capital due to the timing of transactions for realty taxes prepaid or payable, and prepaid insurance. The payments for these operating expenses tend to have quarterly, seasonal fluctuations that even out on an annual basis. Also, variability in non-cash working capital was created, in the first quarter of 2017, when rental payments for January 2017, of $57,135, plus the related sales taxes payable, of $6,334, were received in advance from Loblaw.  ACFO is also adjusted each quarter to remove fluctuations in non-cash working capital due to capital expenditure accruals, which are not related to sustainable operating activities.<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(4)<\/span><\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">See \u00ab\u00a0Non-GAAP Financial Measures\u00a0\u00bb beginning on page 5. <\/span><\/p>\n<\/td>\n<\/tr>\n<\/table>\n<\/div>\n<p><b>Selected Financial Information<br><\/b>The following includes quarterly financial information prepared by management in accordance with IFRS and based on the Trust\u2019s Third Quarter 2017 Report. 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 target=\"_blank\" href=\"http:\/\/www.choicereit.ca\/\" rel=\"nofollow noopener noreferrer\">www.choicereit.ca<\/a>.<\/p>\n<p><b>Choice Properties Real Estate Investment Trust<br><\/b><b>Condensed Consolidated Balance Sheets<\/b><\/p>\n<div>\n<table border=\"0\" cellspacing=\"0\" cellpadding=\"0\" class=\"prngen1\">\n<tr>\n<td colspan=\"2\" class=\"prngen12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(unaudited)<\/span><\/p>\n<\/td>\n<td class=\"prngen2\"><\/td>\n<td class=\"prngen2\"><\/td>\n<td colspan=\"2\" nowrap class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>As at<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">As at<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(in thousands of Canadian dollars)<\/span><\/p>\n<\/td>\n<td class=\"prngen2\"><\/td>\n<td class=\"prngen2\"><\/td>\n<td colspan=\"2\" class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>September 30, 2017<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">December 31, 2016<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prnsbtb0 prntal prnsblb0 prnpl6 prnpr6 prnvab prnsbts prnrbrb0\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Assets<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen16\"><\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Non-current Assets<\/span><\/p>\n<\/td>\n<td class=\"prngen2\"><\/td>\n<td class=\"prngen2\"><\/td>\n<td class=\"prngen2\"><\/td>\n<td class=\"prngen2\"><\/td>\n<td class=\"prngen2\"><\/td>\n<td class=\"prngen2\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Investment properties<\/span><\/p>\n<\/td>\n<td class=\"prngen2\"><\/td>\n<td class=\"prngen2\"><\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>9,400,000<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">9,098,000<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Equity accounted joint venture<\/span><\/p>\n<\/td>\n<td class=\"prngen2\"><\/td>\n<td class=\"prngen2\"><\/td>\n<td colspan=\"2\" class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>21,965<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">19,070<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Accounts receivable and other assets<\/span><\/p>\n<\/td>\n<td class=\"prngen2\"><\/td>\n<td class=\"prngen2\"><\/td>\n<td colspan=\"2\" class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>5,313<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">5,888<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen7\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Notes receivable<\/span><\/p>\n<\/td>\n<td class=\"prngen7\"><\/td>\n<td class=\"prngen7\"><\/td>\n<td colspan=\"2\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>2,505<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">2,360<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen7\"><\/td>\n<td class=\"prngen7\"><\/td>\n<td class=\"prngen7\"><\/td>\n<td class=\"prngen7\"><\/td>\n<td colspan=\"2\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>9,429,783<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">9,125,318<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Current Assets<\/span><\/p>\n<\/td>\n<td class=\"prngen2\"><\/td>\n<td class=\"prngen2\"><\/td>\n<td colspan=\"2\" class=\"prngen2\"><\/td>\n<td colspan=\"2\" class=\"prngen2\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Accounts receivable and other assets<\/span><\/p>\n<\/td>\n<td class=\"prngen2\"><\/td>\n<td class=\"prngen2\"><\/td>\n<td colspan=\"2\" class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>38,402<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">14,882<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Notes receivable<\/span><\/p>\n<\/td>\n<td class=\"prngen2\"><\/td>\n<td class=\"prngen2\"><\/td>\n<td colspan=\"2\" class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>233,821<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">290,009<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen7\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Cash and cash equivalents<\/span><\/p>\n<\/td>\n<td class=\"prngen7\"><\/td>\n<td class=\"prngen7\"><\/td>\n<td colspan=\"2\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>\u2014<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">5,113<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen7\"><\/td>\n<td class=\"prngen7\"><\/td>\n<td class=\"prngen7\"><\/td>\n<td class=\"prngen7\"><\/td>\n<td colspan=\"2\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>272,223<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">310,004<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen10\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Total Assets<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>9,702,006<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">9,435,322<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen2\"><\/td>\n<td class=\"prngen2\"><\/td>\n<td class=\"prngen2\"><\/td>\n<td class=\"prngen2\"><\/td>\n<td class=\"prngen2\"><\/td>\n<td class=\"prngen2\"><\/td>\n<td class=\"prngen2\"><\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Liabilities and Unitholders\u2019 Equity<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen2\"><\/td>\n<td class=\"prngen2\"><\/td>\n<td class=\"prngen2\"><\/td>\n<td class=\"prngen2\"><\/td>\n<td class=\"prngen2\"><\/td>\n<td class=\"prngen2\"><\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Non-current Liabilities<\/span><\/p>\n<\/td>\n<td class=\"prngen2\"><\/td>\n<td class=\"prngen2\"><\/td>\n<td class=\"prngen2\"><\/td>\n<td class=\"prngen2\"><\/td>\n<td class=\"prngen2\"><\/td>\n<td class=\"prngen2\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Long term debt and Class C LP Units<\/span><\/p>\n<\/td>\n<td class=\"prngen2\"><\/td>\n<td class=\"prngen2\"><\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>3,329,759<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">3,726,991<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Credit facilities<\/span><\/p>\n<\/td>\n<td class=\"prngen2\"><\/td>\n<td class=\"prngen2\"><\/td>\n<td colspan=\"2\" class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>520,000<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">172,000<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Exchangeable Units<\/span><\/p>\n<\/td>\n<td class=\"prngen2\"><\/td>\n<td class=\"prngen2\"><\/td>\n<td colspan=\"2\" class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>4,226,066<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">4,283,304<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen7\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Trade payables and other liabilities<\/span><\/p>\n<\/td>\n<td class=\"prngen7\"><\/td>\n<td class=\"prngen7\"><\/td>\n<td colspan=\"2\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>2,320<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">1,397<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen7\"><\/td>\n<td class=\"prngen7\"><\/td>\n<td class=\"prngen7\"><\/td>\n<td class=\"prngen7\"><\/td>\n<td colspan=\"2\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>8,078,145<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">8,183,692<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Current Liabilities<\/span><\/p>\n<\/td>\n<td class=\"prngen2\"><\/td>\n<td class=\"prngen2\"><\/td>\n<td colspan=\"2\" class=\"prngen2\"><\/td>\n<td colspan=\"2\" class=\"prngen2\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Bank indebtedness<\/span><\/p>\n<\/td>\n<td class=\"prngen2\"><\/td>\n<td class=\"prngen2\"><\/td>\n<td colspan=\"2\" class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>269<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">\u2014<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Long term debt and Class C LP Units<\/span><\/p>\n<\/td>\n<td class=\"prngen2\"><\/td>\n<td class=\"prngen2\"><\/td>\n<td colspan=\"2\" class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>399,974<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">201,723<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen7\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Trade payables and other liabilities<\/span><\/p>\n<\/td>\n<td class=\"prngen7\"><\/td>\n<td class=\"prngen7\"><\/td>\n<td colspan=\"2\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>311,590<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">472,762<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen7\"><\/td>\n<td class=\"prngen7\"><\/td>\n<td class=\"prngen7\"><\/td>\n<td class=\"prngen7\"><\/td>\n<td colspan=\"2\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>711,833<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">674,485<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Total Liabilities<\/span><\/p>\n<\/td>\n<td class=\"prngen2\"><\/td>\n<td class=\"prngen2\"><\/td>\n<td colspan=\"2\" class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>8,789,978<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">8,858,177<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen2\"><\/td>\n<td class=\"prngen2\"><\/td>\n<td class=\"prngen2\"><\/td>\n<td colspan=\"2\" class=\"prngen2\"><\/td>\n<td colspan=\"2\" class=\"prngen2\"><\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen12\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Equity<\/span><\/p>\n<\/td>\n<td class=\"prngen2\"><\/td>\n<td class=\"prngen2\"><\/td>\n<td colspan=\"2\" class=\"prngen2\"><\/td>\n<td colspan=\"2\" class=\"prngen2\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Unitholders\u2019 equity<\/span><\/p>\n<\/td>\n<td class=\"prngen2\"><\/td>\n<td class=\"prngen2\"><\/td>\n<td colspan=\"2\" class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>904,257<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">569,374<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen7\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Non-controlling interests<\/span><\/p>\n<\/td>\n<td class=\"prngen7\"><\/td>\n<td class=\"prngen7\"><\/td>\n<td colspan=\"2\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>7,771<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">7,771<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen5\">\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 colspan=\"2\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>912,028<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">577,145<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen10\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Total Liabilities and Equity<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>9,702,006<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">9,435,322<\/span><\/p>\n<\/td>\n<\/tr>\n<\/table>\n<\/div>\n<p><b>Choice Properties Real Estate Investment Trust<br><\/b><b>Condensed 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=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(unaudited)<\/span><\/p>\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<p class=\"prnews_p\"><span class=\"prnews_span\"><b>September 30,<br>2017<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen17\"><\/td>\n<td colspan=\"2\" nowrap class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Three months<br>ended<\/span><\/p>\n<p class=\"prnews_p\"><span class=\"prnews_span\">September 30,<br>2016<\/span><\/p>\n<\/td>\n<td class=\"prngen17\"><\/td>\n<td colspan=\"2\" nowrap class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Nine months<br>ended<\/b><\/span><\/p>\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>September 30,<br>2017<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen18\"><\/td>\n<td colspan=\"2\" nowrap class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Nine months<br>ended<\/span><\/p>\n<p class=\"prnews_p\"><span class=\"prnews_span\">September 30,<br>2016<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Net Property Income<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen19\"><\/td>\n<td class=\"prngen19\"><\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen19\"><\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen19\"><\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen19\"><\/td>\n<td class=\"prngen20\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen19\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Rental revenue from investment properties<\/span><\/p>\n<\/td>\n<td class=\"prngen19\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>206,750<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen19\"><\/td>\n<td class=\"prngen19\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">196,275<\/span><\/p>\n<\/td>\n<td class=\"prngen19\"><\/td>\n<td class=\"prngen19\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>618,809<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen19\"><\/td>\n<td class=\"prngen19\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">585,861<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen17\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Property operating costs<\/span><\/p>\n<\/td>\n<td class=\"prngen17\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(53,298)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen17\"><\/td>\n<td class=\"prngen17\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(49,745)<\/span><\/p>\n<\/td>\n<td class=\"prngen17\"><\/td>\n<td class=\"prngen17\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(160,303)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen17\"><\/td>\n<td class=\"prngen17\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(151,431)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen19\"><\/td>\n<td class=\"prngen19\"><\/td>\n<td class=\"prngen19\"><\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>153,452<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen19\"><\/td>\n<td class=\"prngen19\"><\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">146,530<\/span><\/p>\n<\/td>\n<td class=\"prngen19\"><\/td>\n<td class=\"prngen19\"><\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>458,506<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen19\"><\/td>\n<td class=\"prngen19\"><\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">434,430<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" nowrap class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Other Income and Expenses<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen19\"><\/td>\n<td class=\"prngen19\"><\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen19\"><\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen19\"><\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen19\"><\/td>\n<td class=\"prngen20\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen19\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">General and administrative expenses<\/span><\/p>\n<\/td>\n<td class=\"prngen19\"><\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(4,332)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen19\"><\/td>\n<td class=\"prngen19\"><\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(5,436)<\/span><\/p>\n<\/td>\n<td class=\"prngen19\"><\/td>\n<td class=\"prngen19\"><\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(16,585)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen19\"><\/td>\n<td class=\"prngen19\"><\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(22,470)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen19\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Property management and other administration fees charged to related party<\/span><\/p>\n<\/td>\n<td class=\"prngen19\"><\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>669<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen19\"><\/td>\n<td class=\"prngen19\"><\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">150<\/span><\/p>\n<\/td>\n<td class=\"prngen19\"><\/td>\n<td class=\"prngen19\"><\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>1,003<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen19\"><\/td>\n<td class=\"prngen19\"><\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">549<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen19\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Amortization of other assets<\/span><\/p>\n<\/td>\n<td class=\"prngen19\"><\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(233)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen19\"><\/td>\n<td class=\"prngen19\"><\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(231)<\/span><\/p>\n<\/td>\n<td class=\"prngen19\"><\/td>\n<td class=\"prngen19\"><\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(699)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen19\"><\/td>\n<td class=\"prngen19\"><\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(697)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen19\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Net interest expense and other financing charges<\/span><\/p>\n<\/td>\n<td class=\"prngen19\"><\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(99,683)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen19\"><\/td>\n<td class=\"prngen19\"><\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(96,295)<\/span><\/p>\n<\/td>\n<td class=\"prngen19\"><\/td>\n<td class=\"prngen19\"><\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(294,429)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen19\"><\/td>\n<td class=\"prngen19\"><\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(275,814)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen19\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Interest Income<\/span><\/p>\n<\/td>\n<td class=\"prngen19\"><\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>658<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen19\"><\/td>\n<td class=\"prngen19\"><\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">570<\/span><\/p>\n<\/td>\n<td class=\"prngen19\"><\/td>\n<td class=\"prngen19\"><\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>2,085<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen19\"><\/td>\n<td class=\"prngen19\"><\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">1,723<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen19\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Share of income (loss) from joint venture<\/span><\/p>\n<\/td>\n<td class=\"prngen19\"><\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>66<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen19\"><\/td>\n<td class=\"prngen19\"><\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">\u2014<\/span><\/p>\n<\/td>\n<td class=\"prngen19\"><\/td>\n<td class=\"prngen19\"><\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(1,065)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen19\"><\/td>\n<td class=\"prngen19\"><\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">13,640<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen19\"><\/td>\n<td class=\"prngen3\">\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=\"prngen19\"><\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>174,894<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen19\"><\/td>\n<td class=\"prngen19\"><\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">123,673<\/span><\/p>\n<\/td>\n<td class=\"prngen19\"><\/td>\n<td class=\"prngen19\"><\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>57,238<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen19\"><\/td>\n<td class=\"prngen19\"><\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(637,391)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen17\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Adjustment to fair value of investment properties<\/span><\/p>\n<\/td>\n<td class=\"prngen17\"><\/td>\n<td class=\"prngen18\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>77,604<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen17\"><\/td>\n<td class=\"prngen17\"><\/td>\n<td class=\"prngen18\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">44,757<\/span><\/p>\n<\/td>\n<td class=\"prngen17\"><\/td>\n<td class=\"prngen17\"><\/td>\n<td class=\"prngen18\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>162,758<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen17\"><\/td>\n<td class=\"prngen17\"><\/td>\n<td class=\"prngen18\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">7,384<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen19\"><\/td>\n<td class=\"prngen19\"><\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen19\"><\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen19\"><\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen19\"><\/td>\n<td class=\"prngen20\"><\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen10\">\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=\"prngen21\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen22\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>303,095<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen22\"><\/td>\n<td class=\"prngen21\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen22\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">213,718<\/span><\/p>\n<\/td>\n<td class=\"prngen22\"><\/td>\n<td class=\"prngen21\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen22\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>368,812<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen22\"><\/td>\n<td class=\"prngen21\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(478,646)<\/span><\/p>\n<\/td>\n<\/tr>\n<\/table>\n<\/div>\n<div>\n<table id=\"convertedTablece53\" border=\"0\" cellspacing=\"0\" cellpadding=\"0\" class=\"prngen1\">\n<tr>\n<td class=\"prngen14\"><\/td>\n<td class=\"prngen19\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(1)<\/span><\/p>\n<\/td>\n<td class=\"prngen3\">\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>Condensed 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=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><\/span><\/p>\n<p class=\"prnews_p\"><span class=\"prnews_span\">(unaudited)<\/span><\/p>\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<p class=\"prnews_p\"><span class=\"prnews_span\"><b>September 30,<br>2017<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen18\"><\/td>\n<td colspan=\"2\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Three months<br>ended<\/span><\/p>\n<p class=\"prnews_p\"><span class=\"prnews_span\">September 30,<br>2016<\/span> <\/p>\n<\/td>\n<td class=\"prngen18\"><\/td>\n<td colspan=\"2\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b><span class=\"prnews_span\"><b>Nine months<br>ended<\/b><\/span><\/b><\/span><\/p>\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>September 30,<br>2017<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen18\"><\/td>\n<td colspan=\"3\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Nine months<br>ended<\/span><\/p>\n<p class=\"prnews_p\"><span class=\"prnews_span\">September 30,<br>2016<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"13\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b><span class=\"prnews_span\"><b>Operating Activities<\/b><\/span><\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen20\"><\/td>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Net income (loss)<\/span><\/p>\n<\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>303,095<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">213,718<\/span><\/p>\n<\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>368,812<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(478,646)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen20\"><\/td>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Straight-line rental revenue<\/span><\/p>\n<\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(8,030)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(8,695)<\/span><\/p>\n<\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(26,648)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(27,423)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen20\"><\/td>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Amortization of tenant improvement allowances<\/span><\/p>\n<\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>228<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">165<\/span><\/p>\n<\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>590<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">365<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen20\"><\/td>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Amortization of other assets<\/span><\/p>\n<\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>233<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">231<\/span><\/p>\n<\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>699<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">697<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen20\"><\/td>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Net interest expense and other financing charges<\/span><\/p>\n<\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>99,683<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">96,295<\/span><\/p>\n<\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>294,429<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">275,814<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen20\"><\/td>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Interest income<\/span><\/p>\n<\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(658)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(570)<\/span><\/p>\n<\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(2,085)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(1,723)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen20\"><\/td>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Value of unit-based compensation granted<\/span><\/p>\n<\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(525)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">171<\/span><\/p>\n<\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>2,834<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">6,827<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen20\"><\/td>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Share of loss (income) from joint venture<\/span><\/p>\n<\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(66)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">\u2014<\/span><\/p>\n<\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>1,065<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(13,640)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen20\"><\/td>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Adjustment to fair value of Exchangeable Units<\/span><\/p>\n<\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(174,894)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(123,673)<\/span><\/p>\n<\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(57,238)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">637,391<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen20\"><\/td>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Adjustment to fair value of investment properties<\/span><\/p>\n<\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(77,604)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(44,757)<\/span><\/p>\n<\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(162,758)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(7,384)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen20\"><\/td>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Interest received<\/span><\/p>\n<\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>614<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">13<\/span><\/p>\n<\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>1,751<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">89<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen18\"><\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Net change in non-cash working capital<\/span><\/p>\n<\/td>\n<td class=\"prngen18\"><\/td>\n<td class=\"prngen18\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>21,966<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen18\"><\/td>\n<td class=\"prngen18\"><\/td>\n<td class=\"prngen18\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">25,377<\/span><\/p>\n<\/td>\n<td class=\"prngen18\"><\/td>\n<td class=\"prngen18\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(111,914)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen18\"><\/td>\n<td class=\"prngen18\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(95,512)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Cash Flows from Operating Activities<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen18\"><\/td>\n<td class=\"prngen18\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>164,042<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen18\"><\/td>\n<td class=\"prngen18\"><\/td>\n<td class=\"prngen18\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">158,275<\/span><\/p>\n<\/td>\n<td class=\"prngen18\"><\/td>\n<td class=\"prngen18\"><\/td>\n<td class=\"prngen18\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>309,537<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen18\"><\/td>\n<td class=\"prngen18\"><\/td>\n<td class=\"prngen18\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">296,855<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Investing Activities<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen20\"><\/td>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Acquisitions of investment properties<\/span><\/p>\n<\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(28,941)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(19,920)<\/span><\/p>\n<\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(47,216)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(139,815)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen20\"><\/td>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Additions to investment properties<\/span><\/p>\n<\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(51,632)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(74,203)<\/span><\/p>\n<\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(98,858)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(130,598)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen20\"><\/td>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Additions to fixtures and equipment<\/span><\/p>\n<\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(38)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">\u2014<\/span><\/p>\n<\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(146)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(338)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen20\"><\/td>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Equity investment contribution<\/span><\/p>\n<\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(2,200)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">4,000<\/span><\/p>\n<\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(3,960)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">4,000<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen18\"><\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Proceeds of disposition<\/span><\/p>\n<\/td>\n<td class=\"prngen18\"><\/td>\n<td class=\"prngen18\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>34,745<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen18\"><\/td>\n<td class=\"prngen18\"><\/td>\n<td class=\"prngen18\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">\u2014<\/span><\/p>\n<\/td>\n<td class=\"prngen18\"><\/td>\n<td class=\"prngen18\"><\/td>\n<td class=\"prngen18\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>34,745<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen18\"><\/td>\n<td class=\"prngen18\"><\/td>\n<td class=\"prngen18\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">\u2014<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Cash Flows used in Investing Activities<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen18\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(48,066)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen18\"><\/td>\n<td class=\"prngen18\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(90,123)<\/span><\/p>\n<\/td>\n<td class=\"prngen18\"><\/td>\n<td class=\"prngen18\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(115,435)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen18\"><\/td>\n<td class=\"prngen18\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(266,751)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Financing Activities<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen20\"><\/td>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Long term debt<\/span><\/p>\n<\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Issued \u2013 Senior unsecured debentures, net of debt placement costs<\/span><\/p>\n<\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>\u2014<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(217)<\/span><\/p>\n<\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>\u2014<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">347,854<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Principal repayments \u2013 Senior unsecured debentures<\/span><\/p>\n<\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>\u2014<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">\u2014<\/span><\/p>\n<\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(200,000)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(300,000)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Principal repayments \u2013 Mortgage<\/span><\/p>\n<\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(327)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(306)<\/span><\/p>\n<\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(964)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(901)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Gain on settlement of bond forward contracts<\/span><\/p>\n<\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>\u2014<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">\u2014<\/span><\/p>\n<\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>\u2014<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">2,682<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen20\"><\/td>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Credit facilities<\/span><\/p>\n<\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Net advances<\/span><\/p>\n<\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>4,000<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">61,000<\/span><\/p>\n<\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>348,000<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">203,000<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Debt placement costs<\/span><\/p>\n<\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(275)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">\u2014<\/span><\/p>\n<\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(275)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(275)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen20\"><\/td>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Change in bank indebtedness<\/span><\/p>\n<\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>269<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(4,232)<\/span><\/p>\n<\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>269<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">\u2014<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen20\"><\/td>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Notes receivable<\/span><\/p>\n<\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Issued to related party<\/span><\/p>\n<\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(70,390)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(66,792)<\/span><\/p>\n<\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(207,197)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(195,620)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Repaid by related party<\/span><\/p>\n<\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>\u2014<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">\u2014<\/span><\/p>\n<\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>263,574<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">248,463<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen20\"><\/td>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Trust Unit issuance costs<\/span><\/p>\n<\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>\u2014<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">\u2014<\/span><\/p>\n<\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>\u2014<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(133)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen20\"><\/td>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Cash received on exercise of options<\/span><\/p>\n<\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>\u2014<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">136<\/span><\/p>\n<\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>25<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">732<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen20\"><\/td>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Cash paid on vesting of restricted units<\/span><\/p>\n<\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>\u2014<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(1,493)<\/span><\/p>\n<\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(1,142)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(1,493)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen20\"><\/td>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Interest paid<\/span><\/p>\n<\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(45,564)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(43,520)<\/span><\/p>\n<\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(150,500)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(142,404)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen20\"><\/td>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Distributions paid on Exchangeable Units<\/span><\/p>\n<\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>\u2014<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">\u2014<\/span><\/p>\n<\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(217,324)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(202,204)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen18\"><\/td>\n<td colspan=\"2\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Distributions paid to Unitholders<\/span><\/p>\n<\/td>\n<td class=\"prngen18\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(11,501)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen18\"><\/td>\n<td class=\"prngen18\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(10,944)<\/span><\/p>\n<\/td>\n<td class=\"prngen18\"><\/td>\n<td class=\"prngen18\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(33,681)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen18\"><\/td>\n<td class=\"prngen18\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(32,375)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Cash Flows used in Financing Activities<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen18\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(123,788)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen18\"><\/td>\n<td class=\"prngen18\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(66,368)<\/span><\/p>\n<\/td>\n<td class=\"prngen18\"><\/td>\n<td class=\"prngen18\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(199,215)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen18\"><\/td>\n<td class=\"prngen18\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(72,674)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Change in cash and cash equivalents<\/span><\/p>\n<\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(7,812)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">1,784<\/span><\/p>\n<\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(5,113)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen20\"><\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(42,570)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Cash and cash equivalents, beginning of period<\/span><\/p>\n<\/td>\n<td class=\"prngen18\"><\/td>\n<td class=\"prngen18\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>7,812<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen18\"><\/td>\n<td class=\"prngen18\"><\/td>\n<td class=\"prngen18\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">\u2014<\/span><\/p>\n<\/td>\n<td class=\"prngen18\"><\/td>\n<td class=\"prngen18\"><\/td>\n<td class=\"prngen18\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>5,113<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen18\"><\/td>\n<td class=\"prngen18\"><\/td>\n<td class=\"prngen18\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">44,354<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" class=\"prngen10\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Cash and Cash Equivalents, end of period<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen22\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen22\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>\u2014<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen22\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen22\"><\/td>\n<td class=\"prngen22\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">1,784<\/span><\/p>\n<\/td>\n<td class=\"prngen22\"><\/td>\n<td class=\"prngen22\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen22\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>\u2014<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen22\"><\/td>\n<td class=\"prngen22\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen22\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">1,784<\/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 Third Quarter 2017 Report to Unitholders, which includes the unaudited interim period condensed consolidated financial statements and MD&amp;A for the Trust and is available at <a target=\"_blank\" href=\"http:\/\/www.choicereit.ca\/\" rel=\"nofollow noopener noreferrer\">www.choicereit.ca<\/a> and on SEDAR at <a target=\"_blank\" href=\"http:\/\/www.sedar.com\/\" 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\">November 8, 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: 82419627. To access the conference call via webcast, a link is available at <a target=\"_blank\" href=\"http:\/\/www.choicereit.ca\/\" rel=\"nofollow noopener noreferrer\">www.choicereit.ca<\/a> in the \u00ab\u00a0Events and Webcast\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 43.8 million square feet of gross leasable area and consists of 540 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 target=\"_blank\" href=\"http:\/\/www.choicereit.ca\/\" rel=\"nofollow noopener noreferrer\">www.choicereit.ca<\/a> and Choice Properties\u2019 issuer profile at <a target=\"_blank\" href=\"http:\/\/www.sedar.com\/\" 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=C3406&amp;Transmission_Id=201711071700CANADANWCANADAPR_C3406&amp;DateId=20171107\" style=\"border:0px; width:1px; height:1px;\"><\/p>\n","protected":false},"template":"","class_list":["post-16898","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 fait \u00e9tat d&#8217;une croissance continue pour le troisi\u00e8me trimestre de 2017 - 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-continued-growth-for-the-third-quarter-of-2017\/\" \/>\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 fait \u00e9tat d&#8217;une croissance continue pour le troisi\u00e8me trimestre de 2017\" \/>\n<meta property=\"og:description\" content=\"TORONTO, Nov. 7, 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 condensed consolidated financial results for the third quarter ended September 30, 2017. The Trust\u2019s Quarterly Report will be available in the Investor Relations section of the Trust\u2019s website at www.choicereit.ca, filed with SEDAR [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.choicereit.ca\/news-release\/choice-properties-real-estate-investment-trust-reports-continued-growth-for-the-third-quarter-of-2017\/\" \/>\n<meta property=\"og:site_name\" content=\"Propri\u00e9t\u00e9s DeChoix\" \/>\n<meta property=\"og:image\" content=\"https:\/\/rt.newswire.ca\/rt.gif?NewsItemId=C3406&amp;Transmission_Id=201711071700CANADANWCANADAPR_C3406&amp;DateId=20171107\" \/>\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=\"20 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-continued-growth-for-the-third-quarter-of-2017\\\/\",\"url\":\"https:\\\/\\\/www.choicereit.ca\\\/news-release\\\/choice-properties-real-estate-investment-trust-reports-continued-growth-for-the-third-quarter-of-2017\\\/\",\"name\":\"Choice Properties Real Estate Investment Trust fait \u00e9tat d&#8217;une croissance continue pour le troisi\u00e8me trimestre de 2017 - 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