owner of one property in which it has a 47% interest. the company has determined that it does control this property as it operates and manages 
the property, governs the financial and operating policies, and has the power to cast the majority of the votes at meetings of the board of 
directors given the widely held distribution of the remaining ownership percentage. This property is accounted for on a consolidated basis.
the company is part owner of an investment in which it has a 25% ownership interest.  the company has determined that it does not have 
control as it holds less than a 50% ownership interest. This investment is a joint arrangement which is separately incorporated.  It is deemed 
that the joint arrangement is separate from the Company, having no direct interest in the assets and obligation of the joint arrangement. The 
Company has (after considering the structure and form of the arrangement, the terms agreed by the parties in the contractual arrangement and 
the Company’s rights and obligations arising from the arrangement) classified its interest as a joint venture under IFRS 11.  As a consequence it 
accounts for its investment in the joint venture using the equity method.
Estimates
Valuation of Investment Properties
The fair value of investment properties is partially determined by independent real estate valuation experts (the “External Valuator”) using 
recognized valuation techniques and partially by Management. The External Valuator uses the capitalization of net income method to determine 
the fair market values. In some cases, the fair values are corroborated by recent real estate transactions with similar characteristics and location 
to those of the Company’s assets. Management’s internal valuation model is also based on a capitalization of NOI by property, using property 
specific quarterly cap‑rates, provided by an independent qualified valuation professional.
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