v3.24.2.u1

real estate joint ventures and investments in associates (Tables)

6 Months Ended

Jun. 30, 2024

real estate joint ventures and investments in associates

Schedule of real estate joint ventures financial information

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​	​	​	​	​	​	​	​	​	​	​	​	​
​		Three months					​	Six months
Periods ended June 30 (millions)		2024			2023			2024			2023
Revenue		$	6	​	$	7	​	$	13		$	13
Depreciation and amortization 1	​	$	—	​	$	2	​	$	—	​	$	4
Interest expense	​	$	2	​	$	2	​	$	5	​	$	5
Net income (loss) and comprehensive income (loss) 2	​	$	(3)	​	$	(5)	​	$	(7)	​	$	(11)

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1 Depreciation and amortization of the TELUS Sky investment property ceased upon its classification as held for sale.

2 As the real estate joint ventures are partnerships, no provision is made for income taxes in respect of the partners in determining the real estate joint ventures’ net income and comprehensive income.

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​	​	​	​	​	​	​
​	​	June 30,		​	December 31,
As at (millions)		2024			2023
ASSETS	​	​	​	​	​	​
Current assets	​	​	​	​	​	​
Cash and temporary investments, net	​	$	6		$	5
Other	​		29		​	29
​	​		35		​	34
Non-current assets	​	​	​	​	​	​
Investment property 1	​		324		​	326
Investment property under development	​	​	199	​	​	81
Promissory notes and other 2	​	​	205	​	​	90
​	​	​	728	​	​	497
​	​	$	763		$	531
LIABILITIES AND OWNERS’ EQUITY	​	​	​	​	​	​
Current liabilities	​	​	​	​	​	​
Accounts payable and accrued liabilities	​	$	6		$	8
Construction credit facilities 1	​	​	282	​	​	282
​	​	​	288	​	​	290
Owners’ equity	​	​	​	​	​	​
TELUS 2	​		224		​	108
Other partners 3	​		251		​	133
​	​		475		​	241
​	​	$	763		$	531

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1 Classified as held for sale as at June 30, 2024, and December 31, 2023.

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2 Other partners’ equity is gross of $195 (December 31, 2023 – $80) promissory notes issued to the joint ventures by the arm’s-length party in the real estate redevelopment projects in Vancouver, British Columbia; in the event of dissolution or other wind-up of the partnerships, the other partner’s equity will first be reduced by the promissory notes’ amounts outstanding when determining the equity of the joint ventures.The primary intended method of repayment of the promissory notes is through contribution of in-kind development costs, but may optionally include cash payments.

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3 The equity amounts recorded by the real estate joint ventures 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 ventures.

Schedule of joint ventures investment activity

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​	​	​	​	​	​	​
​		Loans and			​	​
(millions)		receivables 1			Equity 2
Balance as at April 1, 2023	​	$	114	​	$	(8)
Related to real estate joint ventures’ statements of income and other comprehensive income		​			​
Comprehensive income (loss) attributable to us 3	​	​	—	​	​	(1)
Related to real estate joint ventures’ statements of financial position	​			​
Items not affecting currently reported cash flows	​			​
Construction credit facilities financing costs charged by us (Note 7)	​	​	2	​		—
Cash flows in the current reporting period	​			​
Construction credit facilities	​	​	​	​	​	​
Financing costs paid to us	​	​	(2)	​		—
Funds we advanced or contributed, excluding construction credit facilities	​	​	—	​	​	1
Balance as at June 30, 2023	​	$	114	​	$	(8)
Balance as at April 1, 2024	​	$	94	​	$	96
Related to real estate joint ventures’ statements of income and other comprehensive income	​			​
Comprehensive income (loss) attributable to us 3	​		—	​		(1)
Related to real estate joint ventures’ statements of financial position	​	​	​	​	​	​
Items not affecting currently reported cash flows	​	​	​	​	​	​
Construction credit facilities financing costs charged by us (Note 7)	​	​	1	​	​	—
Our real estate contributed	​	​	—	​	​	38
Deferred gains on our remaining interests in our real estate contributed	​	​	—	​	​	(19)
Cash flows in the current reporting period	​	​	​	​	​	​
Construction credit facilities	​	​	​	​	​	​
Financing costs paid to us	​	​	(1)	​	​	—
Funds we advanced or contributed, excluding construction credit facilities	​	​	—	​	​	3
Balance as at June 30, 2024	​	$	94	​	$	117

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​	​	​	​	​	​	​
​		Loans and			​	​
(millions)		receivables 1			Equity 2
Balance as at January 1, 2023	​	$	114	​	$	(8)
Related to real estate joint ventures’ statements of income and other comprehensive income	​	​	​	​	​	​
Comprehensive income (loss) attributable to us 3	​	​	—	​	​	(2)
Related to real estate joint ventures’ statements of financial position	​			​
Items not affecting currently reported cash flows	​			​
Construction credit facilities financing costs charged by us (Note 7)	​		4	​		—
Cash flows in the current reporting period	​			​
Construction credit facilities	​		​	​	​	​
Financing costs paid to us	​		(4)	​		—
Funds we advanced or contributed, excluding construction credit facilities	​	​	—	​	​	2
Balance as at June 30, 2023	​	$	114	​	$	(8)
Balance as at January 1, 2024 4	​	$	94	​	$	50
Related to real estate joint ventures’ statements of income and other comprehensive income	​			​
Comprehensive income (loss) attributable to us 3	​		—	​		(2)
Related to real estate joint ventures’ statements of financial position	​	​	​	​	​	​
Items not affecting currently reported cash flows	​	​	​	​	​	​
Construction credit facilities financing costs charged by us (Note 7)	​	​	3	​	​	—
Our real estate contributed	​	​	—	​	​	114
Deferred gains on our remaining interests in our real estate contributed	​	​	—	​	​	(51)
Cash flows in the current reporting period	​	​	​	​	​	​
Construction credit facilities	​	​	​	​	​	​
Financing costs paid to us	​	​	(3)	​	​	—
Funds we advanced or contributed, excluding construction credit facilities	​	​	—	​	​	6
Balance as at June 30, 2024	​	$	94	​	$	117

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1 Loans and receivables are included in our Consolidated statements of financial position as Other long-term assets (see Note 20) and are comprised of advances under construction credit facilities.

2 We account for our interests in the real estate joint ventures using the equity method of accounting and such interests are included in our Consolidated statements of financial position as Other long-term assets (see Note 20). As at June 30, 2023, we had recorded equity losses in excess of our recorded equity investment in respect of one of the real estate joint ventures; such resulting balance has been included in other long-term liabilities (see Note 27).

3 As the real estate joint ventures are partnerships, no provision is made for income taxes in respect of the partners in determining the real estate joint ventures’ net income and comprehensive income.

Schedule of associate financial information

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​	​	​	​	​	​	​	​	​	​	​
Miovision Technologies Incorporated	​	​	​	​	​	​	​	​	​
​	​	June 30,		​	June 30,		​	December 31,		​
As at, or for the periods ended, ($ in millions)	​	2024		​	2023		​	2023
Statement of financial position 1		​			​			​		​
Current assets	​	$	91	​	​	​	​	$	109	​
Non-current assets	​	$	417	​	​	​	​	$	395	​
Current liabilities	​	$	32	​	​	​	​	$	40	​
Non-current liabilities	​	$	69	​	​	​	​	$	43	​
Net assets	​	$	407	​	​	​	​	$	421	​
Statement of income and other comprehensive income 1	​				​		​			​
THREE-MONTH	​				​		​			​
Revenue and other income	​	$	41	​	$	36	​			​
Net income (loss) and comprehensive income (loss)	​	$	(8)	​	$	(6)	​			​
SIX-MONTH	​			​			​			​
Revenue and other income	​	$	73	​	$	53	​			​
Net income (loss) and comprehensive income (loss)	​	$	(18)	​	$	(16)	​			​
Reconciliation of statement of financial position summary financial information to carrying amounts	​			​			​			​
Net assets (above)	​	$	407	​	​	​	​	$	421	​
Our interest	​		43.5	%	​	​	​		43.5	%
Our interest in net assets (our carrying amount)	​	$	177	​	​	​	​	$	184	​

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1 As required by IFRS-IASB, this summarized information is not just our share of these amounts.

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