Page 1

FINANCIAL REVIEW CONTENTS Management's Discussion and Analysis ACCOUNTING AND CONTROL MATTERS Critical Accounting Policies 22 52 52 General and Advisories EXECUTIVE SUMMARY 2 Application of New and Revised IFRSS and Future Accounting Policies 64 3 International Financial Reporting Standards 66 Business Overview 3 Environmental , Social and Governance Overview 4 Disclosure Controls and Procedures & Internal Control over Financial Reporting 440 67 MD & A Overview 4 COVID - 19 Pandemic 4 2021 FINANCIAL OUTLOOK AND MARKET GUIDANCE Outlook 6 Declaration of Trust 9 Selected Consolidated Financial Information ༠༠ 67 67 Values , Vision and Objectives Presentation of Financial Information and Non - GAAP Measures 9 Financial Statements Investment Philosophy Performance Review of 2020 Financial Performance Summary CONSOLIDATED OPERATIONS AND EARNINGS REVIEW Overall Review = 227 11 MANAGEMENT'S REPORT 69 13 INDEPENDENT AUDITOR'S REPORT 70 13 FINANCIAL STATEMENTS 73 17 202 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 77 Segmented Operational Review Operational Sensitivities Stabilized Property Results Financing Costs Administration Depreciation Other Income and Expenses FINANCIAL CONDITION Capital Structure and Liquidity RISKS AND RISK MANAGEMENT Review of Consolidated Statements of Cash Flows 39 42 42 General Risks Specific Risks 45 Certain Tax Risks 49 Risks Associated with a Global Health Pandemic 50 Risks Associated with Disclosure Controls and Procedures & Internal Control over Financial Reporting 51 ∞ ∞ 0222222 303 22225 18 18 Supplemental Information 19 MARKET AND UNITHOLDER INFORMATION 129 23 CORPORATE INFORMATION 131 25 27 29 29 29