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real estate joint ventures (Tables) | 12 Months Ended
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Dec. 31, 2018
real estate joint ventures |
Schedule of real estate joint ventures financial information |
As at December 31 (millions) |  | 2018 |  | 2017
ASSETS |  |  |  |  |  |
Current assets |  |  |  |  |  |
Cash and temporary investments, net |  | $ | 11 |  | $ | 20
Escrowed deposits for tenant inducements and liens |  |  | 4 |  |  | 1
Other |  |  | 2 |  |  | 4
|  |  | 17 |  |  | 25
Non-current assets |  |  |  |  |  |
Property under development – Investment property |  |  | 256 |  |  | 194
Investment property |  |  | — |  |  | 221
Other |  |  | — |  |  | 35
|  | $ | 256 |  | $ | 450
|  | $ | 273 |  | $ | 475
LIABILITIES AND OWNERS’ EQUITY |  |  |  |  |  |
Current liabilities |  |  |  |  |  |
Accounts payable and accrued liabilities |  | $ | 19 |  | $ | 13
Current portion of 3.7% mortgage and senior secured 3.4% bonds |  |  | — |  |  | 5
Construction holdback liabilities |  |  | 15 |  |  | 10
|  |  | 34 |  |  | 28
Non-current liabilities |  |  |  |  |  |
Construction credit facilities |  |  | 207 |  |  | 141
3.7% mortgage due September 2024 |  |  | — |  |  | 27
Senior secured 3.4% bonds due July 2025 |  |  | — |  |  | 208
|  |  | 207 |  |  | 376
|  |  | 241 |  |  | 404
Owners’ equity |  |  |  |  |  |
TELUS 1 |  |  | 13 |  |  | 29
Other partners |  |  | 19 |  |  | 42
|  |  | 32 |  |  | 71
|  | $ | 273 |  | $ | 475
| 1 |  | The equity amounts recorded by the real estate joint venture differ from those recorded by us by the amount of the deferred gains on our real estate contributed and the valuation provision we have recorded in excess of that recorded by the real estate joint venture.
Years ended December 31 (millions) |  | 2018 |  | 2017
Revenue |  |  |  |  |  |
From investment property |  | $ | 21 |  | $ | 34
From sale of residential condominiums |  | $ | — |  | $ | 19
Other operating income |  | $ | 345 |  | $ | —
Depreciation and amortization |  | $ | 5 |  | $ | 8
Interest expense 1 |  | $ | 6 |  | $ | 8
Net income and comprehensive income 2 |  | $ | 322 |  | $ | (6)
| 1 |  | During the year ended December 31, 2018, the real estate joint ventures capitalized $8 (2017 – $3) of financing costs.
| 2 |  | As the real estate joint ventures are partnerships, no provision for income taxes of the partners is made in determining the real estate joint ventures’ net income and comprehensive income.
Schedule of joint ventures investment activity |
|  | 2018 |  | 2017
|  | Loans and |  |  |  |  |  |  |  | Loans and |  |  |  |  |  |
Years ended December 31 (millions) |  | receivables 1 |  | Equity 2 |  | Total |  | receivables 1 |  | Equity 2 |  | Total
Related to real estate joint ventures’ statements of income and other comprehensive income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Comprehensive income attributable to us 3 |  | $ | — |  | $ | 171 |  | $ | 171 |  | $ | — |  | $ | 2 |  | $ | 2
Related to real estate joint ventures’ statements of financial position |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Items not affecting currently reported cash flows |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Recognition of gain deferred on our real estate initially contributed |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1 |  |  | 1
Construction credit facilities financing costs charged by us and other (Note 7) |  |  | 3 |  |  | — |  |  | 3 |  |  | — |  |  | — |  |  | —
Cash flows in the current reporting period |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Construction credit facilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amounts advanced |  |  | 22 |  |  | — |  |  | 22 |  |  | 26 |  |  | — |  |  | 26
Financing costs paid to us |  |  | (3) |  |  | — |  |  | (3) |  |  | — |  |  | — |  |  | —
Funds repaid to us and earnings distributed |  |  | — |  |  | (181) |  |  | (181) |  |  | — |  |  | (18) |  |  | (18)
Net increase (decrease) |  |  | 22 |  |  | (10) |  |  | 12 |  |  | 26 |  |  | (15) |  |  | 11
Real estate joint ventures carrying amounts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance, beginning of period |  |  | 47 |  |  | 15 |  |  | 62 |  |  | 21 |  |  | 30 |  |  | 51
Balance, end of period |  | $ | 69 |  | $ | 5 |  | $ | 74 |  | $ | 47 |  | $ | 15 |  | $ | 62
| 1 |  | Loans and receivables are included in our Consolidated statements of financial position as Real estate joint venture advances and are comprised of advances under construction credit facilities (see (d)).
| 2 |  | We account for our interests in the real estate joint ventures using the equity method of accounting.
| 3 |  | As the real estate joint ventures are partnerships, no provision for income taxes of the partners is made in determining the real estate joint ventures’ net income and comprehensive income; a provision for income taxes is made in determining the comprehensive income attributable to us.
Schedule of construction credit facility |
As at December 31 (millions) |  | Note |  | 2018 |  | 2017
Construction credit facilities commitment – TELUS Corporation |  |  |  |  |  |  |  |
Undrawn |  | 4(c) |  | $ | 45 |  | $ | 67
Advances |  |  |  |  | 69 |  |  | 47
|  |  |  |  | 114 |  |  | 114
Construction credit facilities commitment – other |  |  |  |  | 228 |  |  | 228
|  |  |  | $ | 342 |  | $ | 342

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