{"id":16918,"date":"2018-02-14T05:00:00","date_gmt":"2018-02-14T10:00:00","guid":{"rendered":"https:\/\/www.choicereit.ca\/news-release\/choice-properties-real-estate-investment-trust-fait-etat-dune-croissance-continue-pour-le-quatrieme-trimestre-de-2017\/"},"modified":"2018-02-14T05:00:00","modified_gmt":"2018-02-14T10:00:00","slug":"choice-properties-real-estate-investment-trust-fait-etat-dune-croissance-continue-pour-le-quatrieme-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-quatrieme-trimestre-de-2017\/","title":{"rendered":"Choice Properties Real Estate Investment Trust fait \u00e9tat d&#8217;une croissance continue pour le quatri\u00e8me trimestre de 2017"},"content":{"rendered":"<p><span class=\"xn-location\">TORONTO<\/span>, <span class=\"xn-chron\">Feb. 14, 2018<\/span> \/CNW\/ \u2013 Choice Properties Real Estate Investment Trust (\u00ab\u00a0Choice Properties\u00a0\u00bb or the \u00ab\u00a0Trust\u00a0\u00bb) (TSX: CHP.UN) today announced its consolidated financial results for the fourth quarter ended December 31, 2017.  The Trust\u2019s Annual Report to Unitholders 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\">$211.0 million<\/span>, an increase of <span class=\"xn-money\">$13.3 million<\/span> or 6.7% compared with <span class=\"xn-money\">$197.7 million<\/span> in the fourth quarter of 2016;<\/li>\n<li>Reported net income of <span class=\"xn-money\">$36.5 million<\/span>, a decrease of <span class=\"xn-money\">$219.1 million<\/span> compared with net income of <span class=\"xn-money\">$255.6 million<\/span> in the fourth quarter of 2016. The fourth quarter of 2017 included a net fair value adjustment loss of <span class=\"xn-money\">$21.1 million<\/span> (2016 \u2013 net gain of <span class=\"xn-money\">$209.5 million<\/span>);<\/li>\n<li>Reported Funds from Operations (\u00ab\u00a0FFO\u00a0\u00bb)<sup>(1)<\/sup> per unit diluted of <span class=\"xn-money\">$0.282<\/span>, an increase of <span class=\"xn-money\">$0.031<\/span>, or 12.4%, compared with <span class=\"xn-money\">$0.251<\/span> in the fourth quarter of 2016;<\/li>\n<li>Acquired a portfolio of five investment properties (retail and land), from Loblaw for an aggregate purchase price of <span class=\"xn-money\">$61.7 million<\/span>. The retail properties added approximately 244,000 square feet of gross leasable area (\u00ab\u00a0GLA\u00a0\u00bb), at a weighted average capitalization rate of approximately 6.4%;<\/li>\n<li>Constructed 63,000 square feet of GLA for projects expected to be completed in 2018, delivering 19 new ancillary retail units; and<\/li>\n<li>Maintained ancillary occupancy and increased organic Net Operating Income (\u00ab\u00a0NOI\u00a0\u00bb)<sup>(1)<\/sup> for the quarter by 3.4% to <span class=\"xn-money\">$140.1 million<\/span> from <span class=\"xn-money\">$135.4 million<\/span> in 2016.<\/li>\n<\/ul>\n<p><\/p>\n<p><b>Annual Highlights:<\/b><\/p>\n<ul type=\"disc\">\n<li>Reported annual rental revenue of <span class=\"xn-money\">$829.8 million<\/span>, an increase of <span class=\"xn-money\">$46.2 million<\/span> or 5.9% compared with <span class=\"xn-money\">$783.6 million<\/span> in 2016;<\/li>\n<li>Reported net income of <span class=\"xn-money\">$405.3 million<\/span>, an increase of <span class=\"xn-money\">$628.4 million<\/span> compared with a net loss of <span class=\"xn-money\">$223.1 million<\/span> in 2016. The year ended 2017 included a net fair value adjustment gain of <span class=\"xn-money\">$197.7 million<\/span> (2016 \u2013 net loss of <span class=\"xn-money\">$406.9 million<\/span>);<\/li>\n<li>Reported Funds from Operations (\u00ab\u00a0FFO\u00a0\u00bb)<sup>(1)<\/sup> per unit diluted of <span class=\"xn-money\">$1.072<\/span>, an increase of <span class=\"xn-money\">$0.072<\/span>, or 7.2%, compared with <span class=\"xn-money\">$1.000<\/span> in 2016;<\/li>\n<li>Acquired 12 properties including three parcels of land with future development potential. The retail properties added approximately 517,000 square feet of GLA, at a weighted average capitalization rate of approximately 6.2%;<\/li>\n<li>Constructed 267,000 square feet of new GLA, that included 66,000 square feet for projects targeted for completion in 2018 and contributed to the completion of all 2017 projects, which totaled 347,000 square feet and yielded approximately 8%;<\/li>\n<li>Maintained ancillary occupancy and increased organic Net Operating Income (\u00ab\u00a0NOI\u00a0\u00bb)<sup>(1)<\/sup> for the year by 3.2% to <span class=\"xn-money\">$545.2 million<\/span> from <span class=\"xn-money\">$528.3 million<\/span> in 2016; and<\/li>\n<li>Increased annual distributions from <span class=\"xn-money\">$0.71<\/span> per unit to <span class=\"xn-money\">$0.74<\/span> per unit or 4.2% as of <span class=\"xn-chron\">May 31, 2017<\/span>. Distributions per unit in the year ended December 31, 2017 totaled <span class=\"xn-money\">$0.73<\/span>, a <span class=\"xn-money\">$0.04<\/span> or 5.8% increase over the year ended December 31, 2016.<\/li>\n<\/ul>\n<p><\/p>\n<p>\u00ab\u00a0Choice Properties had another solid quarter and delivered positive operational and financial results in the fourth quarter of 2017,\u00a0\u00bb said John Morrison, President and Chief Executive Officer.  \u00ab\u00a0Our unmatched pipeline of retail and redevelopment opportunities, combined with our ability to execute and the stability of long term leases with Loblaw, provide us the flexibility and capability to invest in the right projects at the right time. With these key competitive advantages, we continue to deliver consistent and predictable value creation for our Unitholders and we are pleased to report another year of strong performance for 2017.\u00a0\u00bb<\/p>\n<div>\n<table id=\"convertedTable0d0d\" cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prngen1\">\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">See \u00ab\u00a0Non-GAAP Financial Measures\u00a0\u00bb beginning on page 5.<\/span><\/p>\n<\/td>\n<\/tr>\n<\/table>\n<\/div>\n<p><\/p>\n<p><b>Financial and Operational Summary<\/b><\/p>\n<div>\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prngen1\">\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">As at or for the three months ended December 31 <br>($ thousands except where otherwise indicated) <\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td rowspan=\"2\" colspan=\"2\" class=\"prngen4\"><\/td>\n<\/tr>\n<tr>\n<td rowspan=\"2\" nowrap class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(unaudited)<\/span><\/p>\n<\/td>\n<td rowspan=\"2\" class=\"prngen6\"><\/td>\n<td rowspan=\"2\" nowrap class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>2017<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" nowrap class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">2016<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap 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 class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>546<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">535<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap 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 class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>44.1<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">43.6<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Occupancy<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>98.9%<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">98.9%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Rental revenue<sup>(i)<\/sup><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>211,025<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">197,713<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap 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\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>152,832<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">139,745<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Net Income<sup>(i)(ii)<\/sup><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>36,533<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">255,574<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Net Income<sup>(i)(ii)<\/sup> per unit diluted<\/span><\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>0.088<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">0.621<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap 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\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>0.282<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">0.251<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap 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\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>102,565<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">92,369<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap 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 class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>74.4%<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">78.9%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Distribution declared per unit<\/span><\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>0.1850<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/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\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>9,924<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">9,435<\/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>(iii)<\/sup><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>44.3 %<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">44.5 %<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Debt service coverage<sup>(iii)<\/sup><\/span><\/p>\n<\/td>\n<td class=\"prngen6\"><\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>3.7x<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen6\"><\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">3.5x<\/span><\/p>\n<\/td>\n<\/tr>\n<\/table>\n<\/div>\n<div>\n<table id=\"convertedTable5b57\" cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prngen1\">\n<tr>\n<td class=\"prngen9\"><\/td>\n<td class=\"prngen10\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(i) <\/span><\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">GAAP measures of rental revenue and net income, for the three months ended December 31, 2017, include $930 attributable to non-controlling interests (2016 \u2013 nil).<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(ii) <\/span><\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Net income, for the three months ended December 31, 2017, included negative fair value adjustments of $19,026 and $2,504 for Exchangeable Units and Investment Properties, respectively.  The quarter also included a positive fair value adjustment of $505 for investment property held in an equity accounted joint venture.  Net income, for the three months ended December 31, 2016, included positive fair value adjustments of $107,800 and $101,661 for Exchangeable Units and investment properties, respectively. Net income before adjustments to fair value<sup>(1)<\/sup> was $57,558 and $46,113 for the three months ended December 31, 2017 and December 31, 2016, respectively.<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(iii) <\/span><\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Debt ratios include Class C LP Units but exclude Exchangeable Units. The ratios are non-GAAP financial measures calculated based on the Trust Indentures, as supplemented.<\/span><\/p>\n<\/td>\n<\/tr>\n<\/table>\n<\/div>\n<p><b>Financial Results for the Quarter:<\/b><\/p>\n<ul type=\"disc\">\n<li><b>Rental Revenue <\/b>\u2013 Fourth quarter rental revenue totaled <span class=\"xn-money\">$211.0 million<\/span>, an increase of <span class=\"xn-money\">$13.3 million<\/span> or 6.7% compared with <span class=\"xn-money\">$197.7 million<\/span> in the fourth quarter of 2016.  Properties owned throughout both comparative periods contributed <span class=\"xn-money\">$7.7 million<\/span> to the increase. Rental revenue for the fourth quarter of 2017, included <span class=\"xn-money\">$5.6 million<\/span> of lease surrender revenue, of which <span class=\"xn-money\">$0.9 million<\/span> was attributable to non-controlling interests.<\/li>\n<li><b>Net Operating Income<\/b><sup>(1)<\/sup> \u2013 NOI<sup>(1) <\/sup>for the fourth quarter of 2017 was <span class=\"xn-money\">$152.8 million<\/span>, an increase of <span class=\"xn-money\">$13.1 million<\/span>, or 9.4%, compared with the fourth quarter of 2016, including an increase in NOI<sup>(1)<\/sup> of <span class=\"xn-money\">$4.3 million<\/span> from properties acquired subsequent to December 31, 2016 and <span class=\"xn-money\">$1.9 million<\/span> from new developments and <span class=\"xn-money\">$2.2 million<\/span> from lease surrender revenue at a property under development. Excluding NOI<sup>(1)<\/sup> from acquisitions and developments, NOI<sup>(1)<\/sup> was <span class=\"xn-money\">$140.1 million<\/span>, <span class=\"xn-money\">$4.7 million<\/span>, or 3.4%, higher than the <span class=\"xn-money\">$135.4 million<\/span> achieved in the fourth 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 fourth quarter of 2017 was <span class=\"xn-money\">$36.5 million<\/span> compared to a net income of <span class=\"xn-money\">$255.6 million<\/span> in the fourth 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 Fourth quarter net income before adjustments to fair value<sup>(1)<\/sup> of <span class=\"xn-money\">$57.6 million<\/span> compared with <span class=\"xn-money\">$46.1 million<\/span> reported in the fourth quarter of 2016.  The increase was driven by an increase of net property income, including lease surrender revenue, and an increase in interest and other revenue, including a transactional fee of <span class=\"xn-money\">$2.0 million<\/span>, 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 fourth quarter of 2017 was <span class=\"xn-money\">$116.8 million<\/span> or <span class=\"xn-money\">$0.282<\/span> per unit diluted, compared with <span class=\"xn-money\">$103.1 million<\/span> or <span class=\"xn-money\">$0.251<\/span> per unit diluted in the fourth quarter of 2016. The year-over-year improvement in FFO<sup>(1)<\/sup> of <span class=\"xn-money\">$0.031<\/span> per unit diluted was primarily driven by growth in net property income and an increase in interest and other 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 fourth quarter of 2017 was <span class=\"xn-money\">$102.6 million<\/span>, representing an excess of <span class=\"xn-money\">$26.2 million<\/span> over distributions paid during the quarter, which is an increase of <span class=\"xn-money\">$6.7 million<\/span> compared to an excess of <span class=\"xn-money\">$19.5 million<\/span> in the fourth quarter of 2016. The year-over-year increase in ACFO<sup>(1)<\/sup> is driven by growth in net property income, including lease surrender, partially offset by 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 totaled <span class=\"xn-money\">$0.1850<\/span>, for an ACFO<sup>(1)<\/sup> payout ratio of 74.4% (2016 \u2013 <span class=\"xn-money\">$0.1775<\/span> and 78.9%, respectively). <\/li>\n<\/ul>\n<p><\/p>\n<div>\n<table id=\"convertedTable48b3\" cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prngen1\">\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">See \u00ab\u00a0Non-GAAP Financial Measures\u00a0\u00bb.<\/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 fourth quarter of 2017, Choice Properties completed seven acquisitions, for a combined purchase price of <span class=\"xn-money\">$80.0 million<\/span>. Two retail properties located in <span class=\"xn-location\">Mont-Saint Hilaire<\/span>, and <span class=\"xn-location\">Marieville, Quebec<\/span>, acquired from third-party vendors, added approximately 77,000 square feet of GLA, including one Loblaw lease of approximately 20,000 square feet, at an accretive weighted average capitalization rate of 6.2%. The remaining five properties were acquired from Loblaw, including three stand-alone retail properties which added approximately 244,000 square feet and two parcels of land acquired for development. The acquisition was immediately accretive with a weighted average capitalization rate of approximately 6.4% for the retail sites.<\/li>\n<li><b>Development Progress \u2013 <\/b>In the fourth quarter of 2017, Choice Properties constructed 63,000 square feet for projects expected to be completed in 2018, delivering 19 new retail spaces for third-party tenants.<\/li>\n<li><b>Leasing Activity \u2013 <\/b>In the fourth quarter of 2017, Choice Properties entered into leases for approximately 140,000 square feet of GLA with an average lease term of 8.8 years. This total included approximately 42,000 square feet of lease renewals, with an average increase over expiring base rent rates of 12.7%, and approximately 56,000 square feet for new developments at an average base rent per square foot of <span class=\"xn-money\">$27.96<\/span>.<\/li>\n<li><b>Occupancy \u2013 <\/b>At December 31, 2017, the Trust\u2019s portfolio occupancy rate was 98.9%, the same rate as at December 31, 2016.<\/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 December 31, 2017, the Trust\u2019s debt service coverage ratio<sup>(2)<\/sup> was 3.7 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<li>As previously announced and subsequent to the fourth quarter, on <span class=\"xn-chron\">January 12, 2018<\/span>, Choice Properties issued <span class=\"xn-money\">$300 million<\/span> and <span class=\"xn-money\">$350 million<\/span> aggregate principal amount of Series I and J senior unsecured debentures due <span class=\"xn-chron\">March 21, 2022<\/span> and <span class=\"xn-chron\">January 10, 2025<\/span>, respectively. The Series I unsecured debentures bear interest at a rate of 3.010% per annum and the Series J unsecured debentures bear interest at a rate of 3.546% per annum.<\/li>\n<li>On February 12, 2018, Choice Properties completed the early retirement of Series A senior unsecured debentures at a redemption price equal to <span class=\"xn-money\">$1,007.200<\/span> per <span class=\"xn-money\">$1,000<\/span> principal amount of Series A debentures, together with accrued and unpaid interest.<\/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 within a potentially rising interest rate environment and despite an increasingly competitive landscape, underscored by ever changing square footage requirements in the retail industry.<\/p>\n<p>For 2018, 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\">$198 million<\/span> to complete developments coming online in 2018 and toward development projects, including mixed-use projects, targeted for completion in future years;<\/li>\n<li>Maintain a total occupancy rate of approximately 98%, with the occupancy rate for ancillary GLA in the 90% range; and<\/li>\n<li>Continue to align growth in distributions with stable, growing cash flows. <\/li>\n<\/ul>\n<p><\/p>\n<div>\n<table id=\"convertedTable9666\" cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prngen1\">\n<tr>\n<td class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(1)<\/span><\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">See \u00ab\u00a0Non-GAAP Financial Measures\u00a0\u00bb.<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(2)<\/span><\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">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 2017 Annual Report to Unitholders. Forward-looking statements are typically identified by words such as \u00ab\u00a0expect\u00a0\u00bb, \u00ab\u00a0anticipate\u00a0\u00bb, \u00ab\u00a0believe\u00a0\u00bb, \u00ab\u00a0foresee\u00a0\u00bb, \u00ab\u00a0could\u00a0\u00bb, \u00ab\u00a0estimate\u00a0\u00bb, \u00ab\u00a0goal\u00a0\u00bb, \u00ab\u00a0intend\u00a0\u00bb, \u00ab\u00a0plan\u00a0\u00bb, \u00ab\u00a0seek\u00a0\u00bb, \u00ab\u00a0strive\u00a0\u00bb, \u00ab\u00a0will\u00a0\u00bb, \u00ab\u00a0may\u00a0\u00bb, \u00ab\u00a0should\u00a0\u00bb and similar expressions, as they relate to Choice Properties and its management. <\/p>\n<p>Forward-looking statements reflect Choice Properties\u2019 current estimates, beliefs and assumptions, which are based on management\u2019s perception of historic trends, current conditions, outlook and expected future developments, as well as other factors it believes are appropriate in the circumstances. Choice Properties\u2019 expectation of operating and financial performance is based on certain assumptions, including assumptions about future growth potential, prospects and opportunities, industry trends, future levels of indebtedness, 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 2017 Annual Report. Such risks and uncertainties include:<\/p>\n<ul type=\"disc\">\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>failure to manage its growth effectively in accordance with its growth strategy or acquire assets on an accretive basis;<\/li>\n<li>changes in economic conditions, including changes in interest rates, and the rate of inflation;<\/li>\n<li>shifting consumer preferences toward electronic commerce may result in a decrease in demand for physical space by retail tenants;<\/li>\n<li>failure to realize benefits from investments in Choice Properties\u2019 new Information Technology (\u00ab\u00a0IT\u00a0\u00bb) systems, the inability of Choice Properties\u2019 IT infrastructure to support the requirements of Choice Properties\u2019 business;<\/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<li>failure of third-party vendors, developers, co-owners or strategic partners to provide adequate services at optimal rates, complete projects or fulfill contractual obligations;<\/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>the inability of Choice Properties to maintain and leverage its relationship with Loblaw Companies Limited (\u00ab\u00a0Loblaw\u00a0\u00bb), 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>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<\/i> <i>(<span class=\"xn-location\">Canada<\/span>);<\/i><\/li>\n<li>changes in Choice Properties\u2019 capital expenditure and fixed cost requirements; and<\/li>\n<li>changes in Choice Properties\u2019 degree of financial leverage<i>.<\/i><\/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 2017 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 2017 Annual Report.<\/p>\n<p><b>Same Properties<\/b>  Investment properties owned by the Trust during both the current and comparative periods.<\/p>\n<p><b>Same Properties with the Same GLA<\/b>  Investment properties owned by the Trust during both the current and comparative periods excluding any development activities at the properties which increased GLA.<\/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 and amounts attributable to non-controlling interests. 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<\/b><\/p>\n<p><b>Calculation of Non-GAAP Financial Measures<\/b><\/p>\n<div>\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prngen1\">\n<tr>\n<td class=\"prngen4\"><\/td>\n<td colspan=\"4\" nowrap class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Three <\/b><\/span><b>Months<\/b><\/p>\n<\/td>\n<td colspan=\"4\" nowrap class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Year <\/b><\/span><b>End<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">For the periods ended December 31  <br>(in thousands of Canadian dollars, except per unit amounts)<\/span><\/p>\n<p class=\"prnews_p\"><span class=\"prnews_span\">(unaudited)<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\">\n<\/p><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\">\n<\/p><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\"><b>2016<\/b><\/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>211,025<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">197,713<\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>829,834<\/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\">783,574<\/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 class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(8,092)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(9,159)<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(34,740)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(36,582)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Revenue attributable to non-controlling interests<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(930)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">\u2014<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(930)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">\u2014<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Property operating costs<\/span><\/p>\n<\/td>\n<td class=\"prngen6\"><\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(49,171)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen6\"><\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(48,809)<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(209,474)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen6\"><\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(200,240)<\/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 class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>152,832<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">139,745<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>584,690<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">546,752<\/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 property acquisition and disposition transactions<\/span><\/p>\n<\/td>\n<td class=\"prngen6\"><\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(4,779)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen6\"><\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(430)<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(17,112)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen6\"><\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(11,308)<\/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> Same Properties<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>148,053<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">139,315<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>567,578<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">535,444<\/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 developed GLA<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(5,780)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(3,870)<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(20,218)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(7,124)<\/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 lease surrender on property under development<\/span><\/p>\n<\/td>\n<td class=\"prngen6\"><\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(2,170)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen6\"><\/td>\n<td 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>(2,170)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen6\"><\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">\u2014<\/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> for Same Properties, with the same GLA<\/span><\/p>\n<\/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>140,103<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">135,445<\/span><\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>545,190<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">528,320<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Net Income (Loss)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>36,533<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">255,574<\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>405,345<\/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\">(223,072)<\/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 class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>19,026<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(107,800)<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(38,212)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">529,591<\/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 class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>2,504<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(101,661)<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(160,254)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(109,045)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Adjustment to fair value of investment property held in equity <\/span><\/p>\n<p class=\"prnews_p\"><span class=\"prnews_span\">accounted joint venture<\/span><\/p>\n<\/td>\n<td class=\"prngen6\"><\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(505)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen6\"><\/td>\n<td 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>745<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen6\"><\/td>\n<td 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 class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>57,558<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">46,113<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>207,624<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">183,834<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Net income attributable to non-controlling interests<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(930)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">\u2014<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(930)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">\u2014<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Adjustment to fair value of unit-based compensation<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>267<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(225)<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>468<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">4,309<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Interest otherwise capitalized for development in equity <\/span><\/p>\n<p class=\"prnews_p\"><span class=\"prnews_span\">accounted joint venture<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>138<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">84<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>442<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">324<\/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 class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>58,895<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">56,444<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>232,199<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">218,961<\/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 class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>206<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">207<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>796<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">572<\/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 class=\"prngen6\"><\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>709<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen6\"><\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">518<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>2,336<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen6\"><\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">2,135<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Funds from Operations<sup>(1)<\/sup><\/span><\/p>\n<\/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>116,843<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">103,141<\/span><\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>442,935<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">410,135<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">FFO<sup>(1)<\/sup> per unit \u2013 diluted<\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>0.282<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">0.251<\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>1.072<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">1.000<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">FFO<sup>(1)<\/sup> payout ratio \u2013 diluted<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>65.6%<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">70.8%<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>68.1%<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">69.0%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Distribution declared per unit<\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>$<\/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>0.7300<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">0.6900<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Weighted average Units outstanding \u2013 diluted<\/span><\/p>\n<\/td>\n<td class=\"prngen6\"><\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>414,285,762<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen6\"><\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">411,272,728<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>413,208,961<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen6\"><\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">410,034,555<\/span><\/p>\n<\/td>\n<\/tr>\n<\/table>\n<\/div>\n<div>\n<table id=\"convertedTablee7d8\" cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prngen1\">\n<tr>\n<td class=\"prngen3\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(1) See \u00ab\u00a0Non-GAAP Financial Measures\u00a0\u00bb.<\/span><\/p>\n<\/td>\n<\/tr>\n<\/table>\n<\/div>\n<div>\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prngen1\">\n<tr>\n<td rowspan=\"3\" colspan=\"3\" nowrap class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">For the periods ended December 31 <br>($ thousands) <br><\/span><span class=\"prnews_span\">(unaudited)<\/span><\/p>\n<\/td>\n<td colspan=\"6\" class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Three Months<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"4\" class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Year End<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<td colspan=\"4\" 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=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>2017<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"4\" 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=\"3\" 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\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>194,777<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td colspan=\"3\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">233,767<\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>504,314<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">530,622<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" 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 class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(12,737)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen6\"><\/td>\n<td colspan=\"3\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(13,893)<\/span><\/p>\n<\/td>\n<td class=\"prngen6\"><\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(163,237)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen6\"><\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(156,297)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" 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 class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>182,040<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td colspan=\"3\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">219,874<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>341,077<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">374,325<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" class=\"prngen3\">\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 class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td colspan=\"3\" class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\"><\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Net income attributable to non-controlling interests<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(930)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td colspan=\"3\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">\u2014<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(930)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>\u2014<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<td nowrap class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Net interest expense and other financing charges in <br>excess of interest paid<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>(87,660)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td colspan=\"3\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(83,135)<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(231,589)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(216,545)<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<td nowrap class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Distributions on Exchangeable Units included in net <\/span><\/p>\n<p class=\"prnews_p\"><span class=\"prnews_span\">interest expense and other financing charges<sup>(2)<\/sup><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>58,895<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td colspan=\"3\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">56,444<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>232,199<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">218,961<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" 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 class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>\u2014<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td colspan=\"3\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">\u2014<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>\u2014<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(2,682)<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Interest and other income in excess of interest <\/span><\/p>\n<p class=\"prnews_p\"><span class=\"prnews_span\">received<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>64<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td colspan=\"3\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">573<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>398<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>2,207<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<td nowrap class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Interest otherwise capitalized for development in equity <\/span><\/p>\n<p class=\"prnews_p\"><span class=\"prnews_span\">accounted joint venture<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>138<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td colspan=\"3\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">84<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>442<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>324<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Share of income from joint venture<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>69<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td colspan=\"3\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">80<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>254<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>80<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<td nowrap class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Portion of internal expenses for leasing relating to <\/span><\/p>\n<p class=\"prnews_p\"><span class=\"prnews_span\">development activity<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>354<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td colspan=\"3\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">259<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>1,168<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>1,068<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" 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 class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(20,661)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td colspan=\"3\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(16,343)<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(44,962)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(42,192)<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen4\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Property capital expenditures \u2013 normalized<sup>(3)<\/sup><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>9,449<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td colspan=\"3\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">4,151<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>\u2014<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>\u2014<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" 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 class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(973)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td colspan=\"3\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(1,354)<\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(4,416)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\"><\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(5,384)<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" nowrap class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Adjustment for changes in non-cash working capital <\/span><\/p>\n<p class=\"prnews_p\"><span class=\"prnews_span\">items which are not indicative of sustainable <\/span><\/p>\n<p class=\"prnews_p\"><span class=\"prnews_span\">operating cash flows<sup>(4)<\/sup><\/span><\/p>\n<\/td>\n<td class=\"prngen6\"><\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(38,220)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen6\"><\/td>\n<td colspan=\"3\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(88,264)<\/span><\/p>\n<\/td>\n<td class=\"prngen6\"><\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>69,478<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen6\"><\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>8,990<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Adjusted Cash Flow from Operations<sup>(5)<\/sup><\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>102,565<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"3\" class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">92,369<\/span><\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>363,119<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen6\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">339,152<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Total distributions declared<\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>76,312<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"3\" class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">72,848<\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>300,452<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">282,320<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>ACFO<sup>(5)<\/sup> payout ratio<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen6\"><\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>74.4%<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen6\"><\/td>\n<td colspan=\"3\" class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">78.9%<\/span><\/p>\n<\/td>\n<td class=\"prngen6\"><\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>82.7%<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen6\"><\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>83.2%<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<\/table>\n<\/div>\n<div>\n<table id=\"convertedTable4fd0\" cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prngen1\">\n<tr>\n<td class=\"prngen12\"><\/td>\n<td class=\"prngen13\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(1)<\/span><\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">The timing of the recognition of interest expense and income differs from the payment and collection. The ACFO calculations for the periods ended December 31, 2017 and December 31, 2016 were adjusted for this factor to make the quarters more comparable.<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen12\"><\/td>\n<td class=\"prngen13\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(2)<\/span><\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Although the add-back of distributions on Exchangeable Units is not specifically detailed in the Real Property Association of Canada\u2019s White Paper on Adjusted Cashflow from Operations (ACFO) for IFRS issued in February 2017, management includes the add-back because the distributions on the Exchangeable Units are included in the total distributions declared, which is consistent with the intent of the White Paper. Management considers the distributions on Exchangeable Units to be a financing activity, not an operating activity.<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen12\"><\/td>\n<td class=\"prngen13\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(3)<\/span><\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Seasonality impacts the timing of capital expenditures.  The ACFO calculations for the three months ended December 31, 2017 and December 31, 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 class=\"prngen12\"><\/td>\n<td class=\"prngen13\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(4)<\/span><\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">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 class=\"prngen12\"><\/td>\n<td class=\"prngen13\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen14\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(5)<\/span><\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">See \u00ab\u00a0Non-GAAP Financial Measures\u00a0\u00bb.<\/span><\/p>\n<\/td>\n<\/tr>\n<\/table>\n<\/div>\n<p><b>Selected Financial Information<\/b><\/p>\n<p>The following includes quarterly financial information prepared by management in accordance with IFRS and based on the Trust\u2019s 2017 Annual Report to Unitholders. This financial information does not contain all disclosures required by IFRS, and accordingly should be read in conjunction with the Trust\u2019s 2017 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>Consolidated Balance Sheets<\/b><\/p>\n<div>\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prngen1\">\n<tr>\n<td rowspan=\"2\" colspan=\"3\" class=\"prngen5\">\n<p class=\"prnews_p\">\n<\/p><p class=\"prnews_p\"><span class=\"prnews_span\">(in thousands of Canadian dollars)<\/span><\/p>\n<\/td>\n<td class=\"prngen7\"><\/td>\n<td colspan=\"4\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>As at<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen7\"><\/td>\n<td class=\"prngen7\"><\/td>\n<td colspan=\"5\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">As at<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\"><\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>December 31, 2017<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"4\" class=\"prngen8\"><\/td>\n<td class=\"prngen8\"><\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">December 31, 2016<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Assets<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen7\"><\/td>\n<td colspan=\"4\" class=\"prngen7\"><\/td>\n<td class=\"prngen7\"><\/td>\n<td class=\"prngen7\"><\/td>\n<td class=\"prngen7\"><\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Non-current Assets<\/span><\/p>\n<\/td>\n<td class=\"prngen7\"><\/td>\n<td colspan=\"4\" class=\"prngen7\"><\/td>\n<td class=\"prngen7\"><\/td>\n<td class=\"prngen7\"><\/td>\n<td class=\"prngen7\"><\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen7\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Investment properties<\/span><\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"4\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>9,551,000<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen7\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">9,098,000<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen7\"><\/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=\"prngen7\"><\/td>\n<td colspan=\"4\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>32,339<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen7\"><\/td>\n<td colspan=\"2\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">19,070<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen7\"><\/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=\"prngen7\"><\/td>\n<td colspan=\"4\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>5,565<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen7\"><\/td>\n<td colspan=\"2\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">5,888<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen8\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Notes receivable<\/span><\/p>\n<\/td>\n<td class=\"prngen8\"><\/td>\n<td colspan=\"4\" class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>2,556<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen8\"><\/td>\n<td colspan=\"2\" class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">2,360<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen8\"><\/td>\n<td class=\"prngen8\"><\/td>\n<td class=\"prngen8\"><\/td>\n<td colspan=\"4\" class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>9,591,460<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen8\"><\/td>\n<td colspan=\"2\" class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">9,125,318<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Current Assets<\/span><\/p>\n<\/td>\n<td class=\"prngen7\"><\/td>\n<td colspan=\"4\" class=\"prngen7\"><\/td>\n<td class=\"prngen7\"><\/td>\n<td class=\"prngen7\"><\/td>\n<td class=\"prngen7\"><\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen7\"><\/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=\"prngen7\"><\/td>\n<td colspan=\"4\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>21,419<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen7\"><\/td>\n<td colspan=\"2\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">14,882<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen7\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Notes receivable<\/span><\/p>\n<\/td>\n<td class=\"prngen7\"><\/td>\n<td colspan=\"4\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>304,225<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen7\"><\/td>\n<td colspan=\"2\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">290,009<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen8\"><\/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=\"prngen8\"><\/td>\n<td colspan=\"4\" class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>6,407<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen8\"><\/td>\n<td colspan=\"2\" class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">5,113<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen8\"><\/td>\n<td class=\"prngen8\"><\/td>\n<td class=\"prngen8\"><\/td>\n<td colspan=\"4\" class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>332,051<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen8\"><\/td>\n<td colspan=\"2\" class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">310,004<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Total Assets<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"4\" class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>9,923,511<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen8\"><\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">9,435,322<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" class=\"prngen7\"><\/td>\n<td class=\"prngen7\"><\/td>\n<td colspan=\"4\" class=\"prngen7\"><\/td>\n<td class=\"prngen7\"><\/td>\n<td class=\"prngen7\"><\/td>\n<td class=\"prngen7\"><\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Liabilities and Unitholders\u2019 Equity<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen7\"><\/td>\n<td colspan=\"4\" class=\"prngen7\"><\/td>\n<td class=\"prngen7\"><\/td>\n<td class=\"prngen7\"><\/td>\n<td class=\"prngen7\"><\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Non-current Liabilities<\/span><\/p>\n<\/td>\n<td class=\"prngen7\"><\/td>\n<td colspan=\"4\" class=\"prngen7\"><\/td>\n<td class=\"prngen7\"><\/td>\n<td class=\"prngen7\"><\/td>\n<td class=\"prngen7\"><\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen7\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Long term debt and Class C LP Units<\/span><\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"4\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>3,336,942<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen7\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">3,726,991<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen7\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Credit facilities<\/span><\/p>\n<\/td>\n<td class=\"prngen7\"><\/td>\n<td colspan=\"4\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>311,000<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen7\"><\/td>\n<td colspan=\"2\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">172,000<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen7\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Exchangeable Units<\/span><\/p>\n<\/td>\n<td class=\"prngen7\"><\/td>\n<td colspan=\"4\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>4,259,724<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen7\"><\/td>\n<td colspan=\"2\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">4,283,304<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen8\"><\/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=\"prngen8\"><\/td>\n<td colspan=\"4\" class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>2,713<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen8\"><\/td>\n<td colspan=\"2\" class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">1,397<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen8\"><\/td>\n<td class=\"prngen8\"><\/td>\n<td class=\"prngen8\"><\/td>\n<td colspan=\"4\" class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>7,910,379<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen8\"><\/td>\n<td colspan=\"2\" class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">8,183,692<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Current Liabilities<\/span><\/p>\n<\/td>\n<td class=\"prngen7\"><\/td>\n<td colspan=\"4\" class=\"prngen7\"><\/td>\n<td class=\"prngen7\"><\/td>\n<td class=\"prngen7\"><\/td>\n<td class=\"prngen7\"><\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen7\"><\/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=\"prngen7\"><\/td>\n<td colspan=\"4\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>400,088<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen7\"><\/td>\n<td colspan=\"2\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">201,723<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen7\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Credit facilities<\/span><\/p>\n<\/td>\n<td class=\"prngen7\"><\/td>\n<td colspan=\"4\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>250,000<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen7\"><\/td>\n<td colspan=\"2\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">\u2013<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen8\"><\/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=\"prngen8\"><\/td>\n<td colspan=\"4\" class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>426,063<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen8\"><\/td>\n<td colspan=\"2\" class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">472,762<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen8\"><\/td>\n<td class=\"prngen8\"><\/td>\n<td class=\"prngen8\"><\/td>\n<td colspan=\"4\" class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>1,076,151<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen8\"><\/td>\n<td colspan=\"2\" class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">674,485<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Total Liabilities<\/span><\/p>\n<\/td>\n<td class=\"prngen7\"><\/td>\n<td colspan=\"4\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>8,986,530<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen7\"><\/td>\n<td colspan=\"2\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">8,858,177<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" class=\"prngen7\"><\/td>\n<td class=\"prngen7\"><\/td>\n<td colspan=\"4\" class=\"prngen7\"><\/td>\n<td class=\"prngen7\"><\/td>\n<td class=\"prngen7\"><\/td>\n<td class=\"prngen7\"><\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Equity<\/span><\/p>\n<\/td>\n<td class=\"prngen7\"><\/td>\n<td colspan=\"4\" class=\"prngen7\"><\/td>\n<td class=\"prngen7\"><\/td>\n<td class=\"prngen7\"><\/td>\n<td class=\"prngen7\"><\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen7\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Unitholders\u2019 equity<\/span><\/p>\n<\/td>\n<td class=\"prngen7\"><\/td>\n<td colspan=\"4\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>928,280<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen7\"><\/td>\n<td colspan=\"2\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">569,374<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen8\"><\/td>\n<td class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Non-controlling interests<\/span><\/p>\n<\/td>\n<td class=\"prngen8\"><\/td>\n<td colspan=\"4\" class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>8,701<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen8\"><\/td>\n<td colspan=\"2\" class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">7,771<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Total Equity<\/span><\/p>\n<\/td>\n<td class=\"prngen8\"><\/td>\n<td colspan=\"4\" class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>936,981<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen8\"><\/td>\n<td colspan=\"2\" class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">577,145<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Total Liabilities and Equity<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"4\" class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>9,923,511<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen8\"><\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen8\">\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>Consolidated Statements of Income (Loss) and Comprehensive Income (Loss)<\/b><\/p>\n<div>\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prngen1\">\n<tr>\n<td colspan=\"2\" class=\"prngen13\"><\/td>\n<td class=\"prngen13\"><\/td>\n<td colspan=\"4\" class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(unaudited)<\/span><\/p>\n<\/td>\n<td colspan=\"5\" class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(audited)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td rowspan=\"2\" colspan=\"3\" nowrap class=\"prngen5\">\n<p class=\"prnews_p\">\n<\/p><p class=\"prnews_p\"><span class=\"prnews_span\">(in thousands of Canadian dollars)<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Three months ended<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Three months ended<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Year ended<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Year ended<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>December 31, 2017<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">December 31, 2016<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>December 31, 2017<\/b><\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">December 31, 2016<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" nowrap class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Net Property Income<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen13\"><\/td>\n<td colspan=\"4\" class=\"prngen13\"><\/td>\n<td class=\"prngen13\"><\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen13\"><\/td>\n<td nowrap class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Rental revenue from investment properties<\/span><\/p>\n<\/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\"><\/span> <\/p>\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>211,025<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n<\/p><p class=\"prnews_p\"><span class=\"prnews_span\">197,713<\/span><\/p>\n<\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>829,834<\/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\">783,574<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen15\"><\/td>\n<td nowrap class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Property operating costs<\/span><\/p>\n<\/td>\n<td class=\"prngen15\"><\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(49,171)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen15\"><\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(48,809)<\/span><\/p>\n<\/td>\n<td class=\"prngen15\"><\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(209,474)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen15\"><\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(200,240)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" class=\"prngen13\"><\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>161,854<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">148,904<\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>620,360<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">583,334<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" 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=\"prngen13\"><\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen13\"><\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen13\"><\/td>\n<td nowrap class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">General and administrative expenses<\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(6,744)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(6,387)<\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(23,329)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(28,857)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen13\"><\/td>\n<td nowrap class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Property management and other <\/span><\/p>\n<p class=\"prnews_p\"><span class=\"prnews_span\">administration fees charged to related <\/span><\/p>\n<p class=\"prnews_p\"><span class=\"prnews_span\">party<\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>267<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">191<\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>1,270<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">740<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen13\"><\/td>\n<td nowrap class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Amortization of other assets<\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(235)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(233)<\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(934)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(930)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen13\"><\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Net interest expense and other financing <\/span><\/p>\n<p class=\"prnews_p\"><span class=\"prnews_span\">c<\/span><span class=\"prnews_span\">harges<\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(100,397)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(97,028)<\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(394,826)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(372,842)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen13\"><\/td>\n<td nowrap class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Interest and other income<\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>2,744<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">586<\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>4,829<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">2,309<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen13\"><\/td>\n<td nowrap 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=\"prngen13\"><\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>574<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">80<\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(491)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">13,720<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen13\"><\/td>\n<td nowrap class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Adjustment to fair value of Exchangeable <\/span><\/p>\n<p class=\"prnews_p\"><span class=\"prnews_span\">Units<sup>(1)<\/sup><\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(19,026)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">107,800<\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>38,212<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(529,591)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen15\"><\/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=\"prngen15\"><\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(2,504)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen15\"><\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">101,661<\/span><\/p>\n<\/td>\n<td class=\"prngen15\"><\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>160,254<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen15\"><\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">109,045<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" nowrap class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Net Income (Loss) and Comprehensive<\/b><\/span><span class=\"prnews_span\"><b> <\/b><\/span><\/p>\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Income (Loss)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>36,533<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">255,574<\/span><\/p>\n<\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>405,345<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(223,072)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen13\"><\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen13\"><\/td>\n<td colspan=\"5\" class=\"prngen13\"><\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen13\"><\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" nowrap class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Net Income (Loss) and Comprehensive<\/b><\/span><span class=\"prnews_span\"><b> <\/b><\/span><\/p>\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Income (Loss) attributable to:<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen13\"><\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen13\"><\/td>\n<td nowrap class=\"prngen3\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Choice Properties\u2019 Unitholders<\/span><\/p>\n<\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>35,603<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">255,574<\/span><\/p>\n<\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>404,415<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(223,072)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen15\"><\/td>\n<td nowrap class=\"prngen5\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Non-controlling interests<\/span><\/p>\n<\/td>\n<td class=\"prngen15\"><\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>930<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen15\"><\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">\u2014<\/span><\/p>\n<\/td>\n<td class=\"prngen15\"><\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>930<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen15\"><\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">\u2014<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" class=\"prngen15\"><\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>36,533<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">255,574<\/span><\/p>\n<\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>405,345<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(223,072)<\/span><\/p>\n<\/td>\n<\/tr>\n<\/table>\n<\/div>\n<div>\n<table id=\"convertedTable2a46\" cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prngen1\">\n<tr>\n<td class=\"prngen16\"><\/td>\n<td class=\"prngen16\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(1)<\/span><\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">The Class B LP Units of the Trust\u2019s subsidiary, Choice Properties Limited Partnership, are exchangeable into Trust Units at the option of the holder. Loblaw holds all of the Exchangeable Units. These Exchangeable Units are considered puttable instruments and are required to be classified as financial liabilities at fair value through profit or loss. The distributions paid on the Exchangeable Units are accounted for as interest expense.<\/span><\/p>\n<\/td>\n<\/tr>\n<\/table>\n<\/div>\n<p><b>Choice Properties Real Estate Investment Trust<br><\/b><b>Consolidated Statements of Cash Flows<\/b><\/p>\n<div>\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prngen1\">\n<tr>\n<td colspan=\"3\" class=\"prngen13\"><\/td>\n<td colspan=\"5\" nowrap class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(unaudited)<\/span><\/p>\n<\/td>\n<td colspan=\"3\" class=\"prngen13\"><\/td>\n<td colspan=\"5\" nowrap class=\"prngen11\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(audited)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" class=\"prngen13\"><\/td>\n<td colspan=\"2\" nowrap class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Three months ended<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td colspan=\"2\" nowrap class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Three months ended<\/span><\/p>\n<\/td>\n<td colspan=\"3\" class=\"prngen13\"><\/td>\n<td colspan=\"2\" class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Year ended<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Year ended<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" class=\"prngen17\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(in thousands of Canadian dollars)<\/span><\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>December 31, 2017<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen15\"><\/td>\n<td colspan=\"2\" nowrap class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">December 31, 2016<\/span><\/p>\n<\/td>\n<td colspan=\"3\" class=\"prngen15\"><\/td>\n<td colspan=\"2\" nowrap class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>December 31, 2017<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen15\"><\/td>\n<td class=\"prngen15\"><\/td>\n<td nowrap class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">December 31, 2016<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" class=\"prngen10\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Operating Activities<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen13\"><\/td>\n<td colspan=\"3\" class=\"prngen13\"><\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen13\"><\/td>\n<td colspan=\"2\" class=\"prngen13\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen13\"><\/td>\n<td colspan=\"2\" class=\"prngen10\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Net income (loss)<\/span><\/p>\n<\/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>36,533<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">255,574<\/span><\/p>\n<\/td>\n<td colspan=\"3\" class=\"prngen13\"><\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>405,345<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(223,072)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen13\"><\/td>\n<td colspan=\"2\" class=\"prngen10\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Straight-line rental revenue<\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(8,092)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(9,159)<\/span><\/p>\n<\/td>\n<td colspan=\"3\" class=\"prngen13\"><\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(34,740)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(36,582)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen13\"><\/td>\n<td colspan=\"2\" class=\"prngen10\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Amortization of tenant improvement allowances<\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>206<\/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\">207<\/span><\/p>\n<\/td>\n<td colspan=\"3\" class=\"prngen13\"><\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>796<\/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\">572<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen13\"><\/td>\n<td colspan=\"2\" class=\"prngen10\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Amortization of other assets<\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>235<\/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\">233<\/span><\/p>\n<\/td>\n<td colspan=\"3\" class=\"prngen13\"><\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>934<\/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\">930<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen13\"><\/td>\n<td colspan=\"2\" class=\"prngen10\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Net interest expense and other financing charges<\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>100,397<\/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\">97,028<\/span><\/p>\n<\/td>\n<td colspan=\"3\" class=\"prngen13\"><\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>394,826<\/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\">372,842<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen13\"><\/td>\n<td colspan=\"2\" class=\"prngen10\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Interest and other income<\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(2,744)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(586)<\/span><\/p>\n<\/td>\n<td colspan=\"3\" class=\"prngen13\"><\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(4,829)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(2,309)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen13\"><\/td>\n<td colspan=\"2\" class=\"prngen10\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Value of unit-based compensation granted<\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>1,427<\/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\">634<\/span><\/p>\n<\/td>\n<td colspan=\"3\" class=\"prngen13\"><\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>4,261<\/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\">7,461<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen13\"><\/td>\n<td colspan=\"2\" class=\"prngen10\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Share of loss (income) from joint venture<\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(574)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(80)<\/span><\/p>\n<\/td>\n<td colspan=\"3\" class=\"prngen13\"><\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>491<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(13,720)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen13\"><\/td>\n<td colspan=\"2\" class=\"prngen10\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Adjustment to fair value of Exchangeable Units<\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>19,026<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(107,800)<\/span><\/p>\n<\/td>\n<td colspan=\"3\" class=\"prngen13\"><\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(38,212)<\/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\">529,591<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen13\"><\/td>\n<td colspan=\"2\" class=\"prngen10\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Adjustment to fair value of investment properties<\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>2,504<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(101,661)<\/span><\/p>\n<\/td>\n<td colspan=\"3\" class=\"prngen13\"><\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(160,254)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(109,045)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen13\"><\/td>\n<td colspan=\"2\" class=\"prngen10\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Interest and other income received<\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>2,680<\/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\">13<\/span><\/p>\n<\/td>\n<td colspan=\"3\" class=\"prngen13\"><\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>4,431<\/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\">102<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen15\"><\/td>\n<td colspan=\"2\" class=\"prngen17\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Net change in non-cash working capital<\/span><\/p>\n<\/td>\n<td class=\"prngen15\"><\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>43,179<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen15\"><\/td>\n<td class=\"prngen15\"><\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">99,364<\/span><\/p>\n<\/td>\n<td colspan=\"3\" class=\"prngen15\"><\/td>\n<td class=\"prngen15\"><\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(68,735)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen15\"><\/td>\n<td class=\"prngen15\"><\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">3,852<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" class=\"prngen17\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Cash Flows from Operating Activities<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen15\"><\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>194,777<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen15\"><\/td>\n<td class=\"prngen15\"><\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">233,767<\/span><\/p>\n<\/td>\n<td colspan=\"3\" class=\"prngen15\"><\/td>\n<td class=\"prngen15\"><\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>504,314<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen15\"><\/td>\n<td class=\"prngen15\"><\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">530,622<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" class=\"prngen10\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Investing Activities<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen13\"><\/td>\n<td colspan=\"3\" class=\"prngen13\"><\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen13\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen13\"><\/td>\n<td colspan=\"2\" class=\"prngen10\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Acquisitions of investment properties<\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(59,797)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(43,873)<\/span><\/p>\n<\/td>\n<td colspan=\"3\" class=\"prngen13\"><\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(107,013)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(183,688)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen13\"><\/td>\n<td colspan=\"2\" class=\"prngen10\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Additions to investment properties<\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(67,414)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(62,522)<\/span><\/p>\n<\/td>\n<td colspan=\"3\" class=\"prngen13\"><\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(166,272)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(193,120)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen13\"><\/td>\n<td colspan=\"2\" class=\"prngen10\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Additions to fixtures and equipment<\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(492)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(46)<\/span><\/p>\n<\/td>\n<td colspan=\"3\" class=\"prngen13\"><\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(638)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(384)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen13\"><\/td>\n<td colspan=\"2\" class=\"prngen10\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Equity investment distribution (contribution)<\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(9,800)<\/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\">\u2014<\/span><\/p>\n<\/td>\n<td colspan=\"3\" class=\"prngen13\"><\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(13,760)<\/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\">4,000<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen15\"><\/td>\n<td colspan=\"2\" class=\"prngen17\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Proceeds of disposition<\/span><\/p>\n<\/td>\n<td class=\"prngen15\"><\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>3,434<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen15\"><\/td>\n<td class=\"prngen15\"><\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">\u2014<\/span><\/p>\n<\/td>\n<td colspan=\"3\" class=\"prngen15\"><\/td>\n<td class=\"prngen15\"><\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>38,179<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen15\"><\/td>\n<td class=\"prngen15\"><\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">\u2014<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" class=\"prngen17\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Cash Flows used in Investing Activities<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen15\"><\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(134,069)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen15\"><\/td>\n<td class=\"prngen15\"><\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(106,441)<\/span><\/p>\n<\/td>\n<td colspan=\"3\" class=\"prngen15\"><\/td>\n<td class=\"prngen15\"><\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(249,504)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen15\"><\/td>\n<td class=\"prngen15\"><\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(373,192)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" class=\"prngen10\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Financing Activities<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen13\"><\/td>\n<td colspan=\"3\" class=\"prngen13\"><\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen13\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen13\"><\/td>\n<td colspan=\"2\" class=\"prngen10\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Long term debt<\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen13\"><\/td>\n<td colspan=\"3\" class=\"prngen13\"><\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen13\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen10\">\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=\"prngen13\"><\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>\u2014<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(140)<\/span><\/p>\n<\/td>\n<td colspan=\"3\" class=\"prngen13\"><\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>\u2014<\/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\">347,714<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Principal repayments \u2013 Senior unsecured <br>debentures<\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>\u2014<\/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\">\u2014<\/span><\/p>\n<\/td>\n<td colspan=\"3\" class=\"prngen13\"><\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(200,000)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(300,000)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Principal repayments \u2013 Mortgage<\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(244)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(311)<\/span><\/p>\n<\/td>\n<td colspan=\"3\" class=\"prngen13\"><\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(1,208)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(1,212)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Gain on settlement of bond forward contracts<\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>\u2014<\/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\">\u2014<\/span><\/p>\n<\/td>\n<td colspan=\"3\" class=\"prngen13\"><\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>\u2014<\/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\">2,682<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen13\"><\/td>\n<td colspan=\"2\" class=\"prngen10\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Credit facilities<\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen13\"><\/td>\n<td colspan=\"3\" class=\"prngen13\"><\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen13\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Net advances<\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>41,000<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(31,000)<\/span><\/p>\n<\/td>\n<td colspan=\"3\" class=\"prngen13\"><\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>389,000<\/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\">172,000<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Debt placement costs<\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>\u2014<\/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\">\u2014<\/span><\/p>\n<\/td>\n<td colspan=\"3\" class=\"prngen13\"><\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(275)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(275)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen13\"><\/td>\n<td colspan=\"2\" class=\"prngen10\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Change in bank indebtedness<\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(269)<\/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\">\u2014<\/span><\/p>\n<\/td>\n<td colspan=\"3\" class=\"prngen13\"><\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>\u2014<\/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\">\u2014<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen13\"><\/td>\n<td colspan=\"2\" class=\"prngen10\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Notes receivable<\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen13\"><\/td>\n<td colspan=\"3\" class=\"prngen13\"><\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen13\"><\/td>\n<\/tr>\n<tr>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Issued to related party<\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(70,391)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(67,954)<\/span><\/p>\n<\/td>\n<td colspan=\"3\" class=\"prngen13\"><\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(277,588)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(263,574)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Repaid by related party<\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>\u2014<\/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\">\u2014<\/span><\/p>\n<\/td>\n<td colspan=\"3\" class=\"prngen13\"><\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>263,574<\/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\">248,463<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen13\"><\/td>\n<td colspan=\"2\" class=\"prngen10\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Trust Unit issuance costs<\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>\u2014<\/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\">133<\/span><\/p>\n<\/td>\n<td colspan=\"3\" class=\"prngen13\"><\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>\u2014<\/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\">\u2014<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen13\"><\/td>\n<td colspan=\"2\" class=\"prngen10\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Cash received on exercise of options<\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>210<\/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\">\u2014<\/span><\/p>\n<\/td>\n<td colspan=\"3\" class=\"prngen13\"><\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>235<\/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\">732<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen13\"><\/td>\n<td colspan=\"2\" class=\"prngen10\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Cash paid on vesting of restricted units<\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(19)<\/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\">\u2014<\/span><\/p>\n<\/td>\n<td colspan=\"3\" class=\"prngen13\"><\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(1,161)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(1,493)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen13\"><\/td>\n<td colspan=\"2\" class=\"prngen10\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Interest paid<\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(12,737)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(13,893)<\/span><\/p>\n<\/td>\n<td colspan=\"3\" class=\"prngen13\"><\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(163,237)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(156,297)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen13\"><\/td>\n<td colspan=\"2\" class=\"prngen10\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Distributions paid on Exchangeable Units<\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>\u2014<\/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\">\u2014<\/span><\/p>\n<\/td>\n<td colspan=\"3\" class=\"prngen13\"><\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(217,324)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(202,204)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen13\"><\/td>\n<td colspan=\"2\" class=\"prngen10\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Distributions paid to Unitholders<\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(11,851)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(10,847)<\/span><\/p>\n<\/td>\n<td colspan=\"3\" class=\"prngen13\"><\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(45,532)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(43,222)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen15\"><\/td>\n<td colspan=\"2\" class=\"prngen17\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Contribution from non-controlling interests<\/span><\/p>\n<\/td>\n<td class=\"prngen15\"><\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>\u2014<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen15\"><\/td>\n<td class=\"prngen15\"><\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">15<\/span><\/p>\n<\/td>\n<td colspan=\"3\" class=\"prngen15\"><\/td>\n<td class=\"prngen15\"><\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>\u2014<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen15\"><\/td>\n<td class=\"prngen15\"><\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">15<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" class=\"prngen17\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Cash Flows used in Financing Activities<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen15\"><\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(54,301)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen15\"><\/td>\n<td class=\"prngen15\"><\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(123,997)<\/span><\/p>\n<\/td>\n<td colspan=\"3\" class=\"prngen15\"><\/td>\n<td class=\"prngen15\"><\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>(253,516)<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen15\"><\/td>\n<td class=\"prngen15\"><\/td>\n<td class=\"prngen8\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(196,671)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" class=\"prngen10\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Change in cash and cash equivalents<\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>6,407<\/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\">3,329<\/span><\/p>\n<\/td>\n<td colspan=\"3\" class=\"prngen13\"><\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>1,294<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen13\"><\/td>\n<td class=\"prngen7\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">(39,241)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" class=\"prngen17\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">Cash and cash equivalents, beginning of year<\/span><\/p>\n<\/td>\n<td class=\"prngen15\"><\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>\u2014<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen15\"><\/td>\n<td class=\"prngen15\"><\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">1,784<\/span><\/p>\n<\/td>\n<td colspan=\"3\" class=\"prngen15\"><\/td>\n<td class=\"prngen15\"><\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>5,113<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen15\"><\/td>\n<td class=\"prngen15\"><\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">44,354<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" class=\"prngen17\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Cash and Cash Equivalents, end of year<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>6,407<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen15\"><\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">5,113<\/span><\/p>\n<\/td>\n<td colspan=\"3\" class=\"prngen15\"><\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>$<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>6,407<\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen15\"><\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">$<\/span><\/p>\n<\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\"><span class=\"prnews_span\">5,113<\/span><\/p>\n<\/td>\n<\/tr>\n<\/table>\n<\/div>\n<p><b>Management Discussion and Analysis and Consolidated 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 2017 Annual Report to Unitholders, which includes the 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\">February 14, 2018<\/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: 82552274. 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 44.1 million square feet of gross leasable area and consists of 546 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=C2695&amp;Transmission_Id=201802140600CANADANWCANADAPR_C2695&amp;DateId=20180214\" style=\"border:0px; width:1px; height:1px;\"><\/p>\n","protected":false},"template":"","class_list":["post-16918","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 quatri\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-fourth-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 quatri\u00e8me trimestre de 2017\" \/>\n<meta property=\"og:description\" content=\"TORONTO, Feb. 14, 2018 \/CNW\/ \u2013 Choice Properties Real Estate Investment Trust (\u00ab\u00a0Choice Properties\u00a0\u00bb or the \u00ab\u00a0Trust\u00a0\u00bb) (TSX: CHP.UN) today announced its consolidated financial results for the fourth quarter ended December 31, 2017. The Trust\u2019s Annual Report to Unitholders will be available in the Investor Relations section of the Trust\u2019s website at www.choicereit.ca, filed with [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.choicereit.ca\/news-release\/choice-properties-real-estate-investment-trust-reports-continued-growth-for-the-fourth-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=C2695&amp;Transmission_Id=201802140600CANADANWCANADAPR_C2695&amp;DateId=20180214\" \/>\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=\"23 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-fourth-quarter-of-2017\\\/\",\"url\":\"https:\\\/\\\/www.choicereit.ca\\\/news-release\\\/choice-properties-real-estate-investment-trust-reports-continued-growth-for-the-fourth-quarter-of-2017\\\/\",\"name\":\"Choice Properties Real Estate Investment Trust fait \u00e9tat d&#8217;une croissance continue pour le quatri\u00e8me trimestre de 2017 - 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