Financial highlights

For the year ended December 31 (in billions of dollars)

2017

2016

Real estate income

3.2

3.1

Earnings before interest, taxes, depreciation and amortization (EBITDA)

1.4

1.4

Current return

0.7

0.7

Acquisitions and contributions

6.4

4.3

Development projects / Fixed assets

1.6

1.5

Dispositions and distributions

4.4

5.8

FAIR VALUE

Real estate assets

48.7

45.6

Real estate investments

11.6

10.1

Third-party debt

22.6

21.4

Shareholders’ equity

36.7

34.0

RATIO

Debt ratio

46%

45%

* 44% after the impact of the injection of $1 billion in capital in January 2018

RETURNS

As at December 31

2013

2014

2015

2016

2017

CAGR*
(2013-2017)

15.2%

10.0%

13.1%

10.3%

8.1%

11.3%

* Compound annual growth rate

Breakdown by geography

As at December 31, 2017 (as per fair value)

9%Growth markets

14%Europe

45%United States

32%Canada

Breakdown by sector

As at December 31, 2017 (as per fair value)

3%Industrial/logistics

4%Hotels and other

27%Shopping centres

28%Office

19%Residential

8%Investment funds

11%Shares and financing