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real estate joint ventures and investments in associates (Tables) | 6 Months Ended
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Jun. 30, 2026
real estate joint ventures and investments in associates |
Schedule of real estate joint ventures financial information | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | June 30, | ​ | December 31,
As at (millions) | ​ ​ ​ | 2026 | ​ ​ ​ | 2025
ASSETS | ​ | ​ | ​ | ​ | ​ | ​
Current assets | ​ | ​ | ​ | ​ | ​ | ​
Cash and temporary investments, net | ​ | $ | 7 |  | $ | 6
Other | ​ |  | 2 |  | ​ | 2
​ | ​ |  | 9 |  | ​ | 8
Non-current assets | ​ | ​ | ​ | ​ | ​ | ​
Investment property under development | ​ | ​ | 512 | ​ | ​ | 466
Promissory notes 1 | ​ | ​ | 432 | ​ | ​ | 411
​ | ​ | ​ | 944 | ​ | ​ | 877
​ | ​ | $ | 953 |  | $ | 885
LIABILITIES AND OWNERS’ EQUITY | ​ | ​ | ​ | ​ | ​ | ​
Current liabilities | ​ | ​ | ​ | ​ | ​ | ​
Accounts payable and accrued liabilities | ​ | $ | 5 |  | $ | 5
Non-current liabilities | ​ | ​ | ​ | ​ | ​ | ​
Long-term debt | ​ | ​ | 29 |  | ​ | 21
Liabilities | ​ | ​ | 34 | ​ | ​ | 26
Owners’ equity | ​ | ​ | ​ | ​ | ​ | ​
TELUS 2 | ​ |  | 460 |  | ​ | 430
Other partners 1 | ​ |  | 459 |  | ​ | 429
​ | ​ |  | 919 |  | ​ | 859
​ | ​ | $ | 953 |  | $ | 885
​
1 | Other partners’ equity is gross of $432 (December 31, 2025 – $411) promissory notes issued to the joint ventures by the arm’s-length parties in the real estate redevelopment projects in British Columbia; in the event of dissolution or other wind-up of the partnerships, the other partner’s equity will first be reduced by any amounts of the promissory notes 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.
​
2 | 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 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ ​ ​ | Three months | ​ | Six months
Periods ended June 30 (millions)1 | ​ ​ ​ | 2026 | ​ ​ ​ | 2025 | ​ ​ ​ | 2026 | ​ ​ ​ | 2025
Balance, beginning of period |  | $ | 242 | ​ | $ | 189 | ​ | $ | 237 |  | $ | 178
Valuation provision reversal | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 3
Related to real estate joint ventures' statements of financial position | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Items not affecting currently reported cash flows | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Our real estate contributed | ​ | ​ | 19 | ​ | ​ | — | ​ | ​ | 35 | ​ | ​ | 17
Deferred gains on our remaining interests in our real estate contributed | ​ | ​ | (9) | ​ | ​ | — | ​ | ​ | (14) | ​ | ​ | (8)
Cash flows in the current reporting period | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Funds we advanced or contributed | ​ | ​ | 1 | ​ | ​ | — | ​ | ​ | 1 | ​ | ​ | —
Funds repaid to us and earnings distributed | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (6) | ​ | ​ | (1)
Balance, end of period | ​ | $ | 253 | ​ | $ | 189 | ​ | $ | 253 | ​ | $ | 189
​
1 | 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).
Schedule of associate financial information | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | June 30, | ​ | June 30, | ​ | December 31, | ​
As at, or for the periods ended, ($ in millions) | ​ ​ ​ | 2026 | ​ ​ ​ | 2025 | ​ ​ ​ | 2025 |
Statement of financial position 1 |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ | ​
Current assets | ​ | $ | 116 | ​ | ​ | ​ | ​ | $ | 82 | ​
Non-current assets | ​ | $ | 394 | ​ | ​ | ​ | ​ | $ | 411 | ​
Current liabilities | ​ | $ | 46 | ​ | ​ | ​ | ​ | $ | 74 | ​
Non-current liabilities | ​ | $ | 56 | ​ | ​ | ​ | ​ | $ | 31 | ​
Net assets | ​ | $ | 408 | ​ | ​ | ​ | ​ | $ | 388 | ​
Statement of income and other comprehensive income 1 | ​ |  | ​ |  | ​ | ​ | ​ |  | ​ | ​
THREE-MONTH | ​ |  | ​ |  | ​ | ​ | ​ |  | ​ | ​
Revenue and other income | ​ | $ | 58 | ​ | $ | 41 | ​ |  | ​ | ​
Net income (loss) | ​ | $ | (6) | ​ | $ | (2) | ​ |  | ​ | ​
Comprehensive income (loss) | ​ | $ | 3 | ​ | $ | (4) | ​ | ​ | ​ | ​
SIX-MONTH | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​
Revenue and other income | ​ | $ | 99 | ​ | $ | 85 | ​ |  | ​ | ​
Net income (loss) | ​ | $ | (4) | ​ | $ | (13) | ​ |  | ​ | ​
Comprehensive income (loss) | ​ | $ | (2) | ​ | $ | (15) | ​ | ​ | ​ | ​
Reconciliation of statement of financial position summarized financial information to carrying amounts | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​
Net assets (above) | ​ | $ | 408 | ​ | ​ | ​ | ​ | $ | 388 | ​
Our interest | ​ |  | 41.9 | % | ​ | ​ | ​ |  | 43.4 | %
Our interest in net assets (our carrying amounts) | ​ | $ | 171 | ​ | ​ | ​ | ​ | $ | 169 | ​
​
1 | As required by IFRS Accounting Standards, this summarized financial information is not just our share of these amounts.

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