Table of Contents
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Front Cover
Well Defined Strategy
Best in Class Properties
Sustainable Cash Flow
Financial Highlights
Operating Highlights
Message from the President & CEO
Management’s Discussion and Analysis
Table of Contents
Introduction
Forward-looking Statement Advisory
Business Overview and Strategy
Outlook and Current Business Environment
Corporate Responsibility and Sustainability
Summary Consolidated Information and Highlights
Business and Operations Review
Real Estate Investments
Investment Properties — Shopping Centres
2016 Acquisitions
2015 Acquisitions
2016 Dispositions
2015 Dispositions
Impact of Acquisitions and Dispositions
Capital Expenditures
Valuation of Investment Properties
Properties Under Development
Main and Main Developments
Leasing and Occupancy
Top Forty Tenants
Lease Maturity Profile
Loans, Mortgages and Other Real Estate Assets
Results of Operations
Net Income
Reconciliation of Consolidated Statements of Income, as presented, to the Company’s Proportionate Interest
Net Operating Income
Interest and Other Income
Interest Expense
Corporate Expenses
Other Gains (Losses) and (Expenses)
Income Taxes
Non-IFRS Supplemental Financial Measures
Capital Structure and Liquidity
Total Capital Employed
Credit Ratings
Consolidated Debt and Principal Maturity Profile
Mortgages
Credit Facilities
Senior Unsecured Debentures
Convertible Debentures
Shareholders’ Equity
Liquidity
Cash Flows
Contractual Obligations
Contingencies
Dividends
Summary of Financial Results of Long-term Debt Guarantors
Related Party Transactions
Subsequent Events
Quarterly Financial Information
Critical Accounting Estimates
Future Accounting Policy Changes
Controls and Procedures
Risks and Uncertainties
Consolidated Financial Statements
Table of Contents
Management's Responsibility
Independent Auditor's Report
Consolidated Balance Sheets
Consolidated Statements of Income
Consolidated Statements of Comprehensive Income
Consolidated Statements of Changes in Equity
Consolidated Statements of Cash Flows
Notes to the Consolidated Financial Statements
1. Description of the Company
2. Significant Accounting Policies
3. Adoption of New and Amended IFRS Pronouncements
4. Investment Properties
5. Loans, Mortgages and Other Real Estate Assets
6. Amounts Receivable
7. Other Assets
8. Capital Management
9. Mortgages and Credit Facilities
10. Senior Unsecured Debentures
11. Convertible Debentures
12. Accounts Payable and Other Liabilities
13. Shareholders' Equity
14. Net Operating Income
15. Interest and Other Income
16. Interest Expense
17. Corporate Expenses
18. Other Gains (Losses) and (Expenses)
19. Income Taxes
20. Per Share Calculations
21. Risk Management
22. Fair Value Measurement
23. Investment in Joint Ventures
24. Subsidiary with Non-controlling Interest
25. Co-ownership Interests
26. Supplemental Other Comprehensive Income (Loss) Information
27. Supplemental Cash Flow Information
28. Commitments and Contingencies
29. Related Party Transactions
30. Subsequent Events
Shareholder Information
Back Cover