Financial highlights


As at December 31, 2019 (in billions of dollars)

102-6 102-7 102-45

Financial highlights 2019 2018*
Real estate income
3.4
3.3
Earnings before interest, taxes, depreciation and amortization (EBITDA)
1.5
1.4
Current return
0.8
0.7
Acquisitions and contributions
4.1
7.2
Development projects / Fixed assets
2.3
2.1
Dispositions and distributions
5.2
7.3
Fair value
Real estate assets
49.5
51.2
Real estate investments
14.6
13.5
Third-party debt
22.7
24.7
Shareholders’ equity
41.9
40.7
Ratio
Debt ratio
43%**
45%***

*Adjusted as to be presented on a comparable basis.
** 41 % after the impact of the injection of $1 billion in capital on January 3, 2020.
*** 40 % after the impact of the injection of $2.5 billion in capital on January 3, 2019.

Returns as at December 31

2015 2016 2017 2018 2019 Compound annual growth rate (5 years)
13.1%
10.3%
8.1%
7.8%
-2.9%
7.2%

Breakdown by geography

As at December 31, 2019 (as per fair value)

Canada 31%

United States 42%

Europe 15%

Growth markets 9%

Other markets 3%

Breakdown by sector

As at December 31, 2019 (as per fair value)

Retail 22%

Office 23%

Residential 15%

Investment funds 10%

Shares and financing 13%

Industrial/logistics 13%

Hotels and other 4%