Rentals Under Operating Leases

12 Months Ended

Dec. 31, 2012

Leases of Lessee Disclosure [Text Block]

RENTALS UNDER OPERATING LEASES

We receive rental income from operating leases. The minimum future rentals from consolidated properties, including those listed as held for sale, based on operating leases in place at December 31, 2012 are as follows:



Year	Amount (1)
2013	$	61,220
2014	40,268
2015	33,469
2016	28,565
2017	19,500
Thereafter	56,541
Total	$	239,563


(1)	Amounts included related to Railway Street Corporate Centre have been converted from Canadian dollars to U.S. dollars using the appropriate exchange rate as of December 31, 2012.

Minimum future rentals do not include amounts payable by certain tenants based upon a percentage of their gross sales or as reimbursement of property operating expenses. During the year ended December 31, 2012, 2011 and 2010, no individual tenant accounted for greater than 10% of minimum base rents. The majority of the decrease in rents from 2013 future rents to 2014 is related to our apartment properties which usually have a one year lease life.

- Definition

The entire disclosure for lessee entity's leasing arrangements including, but not limited to, all of the following: (a.) The basis on which contingent rental payments are determined, (b.) The existence and terms of renewal or purchase options and escalation clauses, (c.) Restrictions imposed by lease agreements, such as those concerning dividends, additional debt, and further leasing.

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