Financial highlights

As at December 31 (in billions of dollars)

2018

2017

Real estate income

3.5

3.2

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

1.5

1.4

Current return

0.7

0.7

Acquisitions and contributions

7.2

6.4

Development projects / Fixed assets

2.1

1.6

Dispositions and distributions

7.3

4.4

Fair value

Real estate assets

51.2

46.8

Real estate investments

13.5

12.5

Third-party debt

24.7

21.6

Shareholders’ equity

40.7

36.7

Ratio

Debt ratio

45%

46%

Adjusted as to be presented on a comparable basis.

40% after the impact of the injection of $2.5 billion in capital on January 3, 2019.

44% after the impact of the injection of $1 billion in capital on January 3, 2018.

Returns

As at December 31

2014

2015

2016

2017

2018

CAGR*
(2014-2018)

10.0%

13.1%

10.3%

8.1%

7.8%

9.9%

Compound annual growth rate

Breakdown by geography

As at December 31, 2018 (as per fair value)

2%Other markets

8%Growth markets

13%Europe

46%United States

31%Canada

Breakdown by sector

As at December 31, 2018 (as per fair value)

15%Residential

9%Investment funds

12%Shares and financing

4%Hotels and other

11%Industrial/logistics

23%Retail

26%Office