Notes to the Consolidated Financial Statements
Dollar amounts are in thousands of Canadian dollars (except share and per share amounts)
3. Significant Accounting Judgments, Estimates and Assumptions (continued)
Taxes
The Company is subject to income and capital gains taxes in numerous jurisdictions. Significant judgment is required to determine the total 
provision for current and deferred taxes.  There are many transactions and calculations for which the ultimate tax determination and timing 
of payment is uncertain. The Company recognizes liabilities for current taxes based on estimates of whether additional taxes will be due. 
Where the final tax outcome of these matters is different from the amounts that were initially recorded, such differences will impact the 
income and deferred tax provisions in the period in which the determination is made. Deferred tax assets and liabilities are recognized on a 
net basis to the extent they are relating to the same fiscal entity and fall due in approximately the same period.
Consolidation and joint arrangements
The Company has determined that it controls and consolidates the subsidiaries where it owns a majority of the shares. The Company is 
part 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 property 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 value. 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 
normalized net operating income (“NOI”) by property, using property specific quarterly capitalization rates (“cap‑rates”), provided by an 
independent qualified valuation professional.
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