Management’s Discussion and Analysis
Dollar amounts are in thousands of Canadian dollars (except as noted)
IPUC is also valued at fair value, except if such values cannot be reliably determined. In the case when a fair value cannot be reliably determined, 
such property is recorded at cost. The fair value of IPUC is determined using the capitalization of net income method.
The determination of the fair value of investment property requires the use of estimates such as future cash flows from assets and cap‑rates 
applicable to those assets. In addition, development risks (such as construction and leasing risks) are also taken into consideration when 
determining the fair value of IPUC. These estimates are based on local market conditions existing at the reporting date. In arriving at their 
estimates of market values, the external valuator uses their market knowledge and professional judgment and does not rely solely on historical 
transaction comparables. The critical estimates and assumptions underlying the valuation of investment properties and developments are set 
out in note 5.
Fair Value of Financial Instruments
Where the fair value of financial assets and financial liabilities recorded in the Notes to the Consolidated Financial Statements cannot be derived 
from active markets, they are determined using valuation techniques, including the discounted cash flow model. Inputs to these models are 
taken from observable markets where possible, but where this is not feasible a degree of judgment is required in establishing fair values. The 
judgments include considerations of inputs such as liquidity risk, credit risk and volatility. Changes in assumptions about these factors could affect 
the reported fair value of financial instruments.
Changes in Accounting Policies
The accounting policies applied during the year ended December 31, 2013, are consistent with those used in the audited consolidated financial 
statements for the year ended December 31, 2012, except for the following new and amended IFRS and International Financial Reporting 
Interpretations Committee (“IFRIC”) interpretations which were effective for periods beginning on or after July 1, 2012, and January 1, 2013:
IAS 1 ‑ Financial Statement Presentation (“IAS 1”) — Presentation of Items of Other Comprehensive Income (“OCI”)
The amendments to IAS 1 change the grouping of items presented in OCI. Items that could be reclassified (or recycled) to profit or loss at a future 
point in time (for example, upon derecognition or settlement) would be presented separately from items that will never be reclassified. The 
adoption of this standard did not have an impact on the Company’s financial position or performance.
IFRS 10 ‑ Consolidated Financial Statements (“IFRS 10”)
IFRS 10 replaces the portion of IAS 27 ‑ Consolidated and Separate Financial Statements (“IAS 27”) that addresses the accounting for consolidated 
financial statements. IFRS 10 establishes a single control model that applies to all entities including special purpose entities. The changes 
introduced by IFRS 10 require Management to exercise significant judgment to determine which entities are controlled, and therefore, are 
required to be consolidated by a parent, compared with the requirements that were in IAS 27. The adoption of this standard did not have an 
impact on the Company’s financial position or performance.
IFRS 11 ‑ Joint Arrangements (“IFRS 11”)
IFRS 11 replaces IAS 31 ‑ Interests in Joint Ventures and SIC 13 ‑ Jointly controlled Entities — Non monetary Contributions by Venturers. IFRS 
11 removes the option to account for jointly controlled entities using proportionate consolidation. Instead, joint arrangements that meet the 
definition of a joint venture must be accounted for using the equity method. Otherwise joint arrangements are classified as joint operations and