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FAIR VALUE AND RISK MANAGEMENT (Tables)
 12 Months Ended
Dec. 31, 2023
Disclosure of detailed information about financial instruments [abstract]  
Schedule of measurement of financial assets and liabilities
The following table provides the measurement basis of financial assets and liabilities as at December 31, 2023 and December 31, 2022:

As at December 31,
20232022
Carrying
Value		Fair ValueCarrying
Value		Fair Value
Financial assets
Other assets$283 
(1)
$283 $291 
(1)
$291 
Derivatives109,242 
(2)
109,242151,855 151,855 
Loan receivable— — 69,186 69,186 
Accounts receivable12,166 12,166 12,176 12,176 
Prepaid expenses and other650 
(3)
650 — — 
Cash and cash equivalents116,134 116,134 135,081 135,081 
$238,475 $238,475 $368,589 $368,589 
Financial liabilities
Unsecured debentures, net$1,892,236 $1,768,920 $1,893,186 
(5)
$1,672,290 
Unsecured term loans, net1,173,746 
(4)
1,173,746 1,090,451 1,090,451 
Secured debt— — 51,373 51,373 
Derivatives8,429 8,429 13,467 
(6)
13,467 
Accounts payable and accrued liabilities94,336 94,336 114,775 
(7)
114,775 
Distributions payable17,415 17,415 16,991 16,991 
$3,186,162 $3,062,846 $3,180,243 $2,959,347 
(1)    Long-term receivables included in other assets (note 6).
(2)    Balance includes current and non-current portions of derivative assets (note 8(c)).
(3)    As at December 31, 2023, foreign exchange collars of $0.7 million included in prepaid expenses and other.
(4)    Balance includes current and non-current portions of unsecured term loans, net (note 8(b)).
(5)    Balance included current and non-current portions of unsecured debentures, net (note 8(b)).
(6)    Balance included current and non-current portions of derivative liabilities (note 8(c)).
(7)    As at December 31, 2022, foreign exchange collars of $2.4 million included in accounts payable and accrued liabilities.
Schedule of assets and liabilities measured or disclosed at fair value on a recurring and non-recurring basis and the level within the fair value hierarchy in which the fair value measurements fall
The following tables represent information related to the Trust’s assets and liabilities measured or disclosed at fair value on a recurring and non-recurring basis and the level within the fair value hierarchy in which the fair value measurements fall.
As at December 31, 2023
Level 1Level 2Level 3
ASSETS AND LIABILITIES MEASURED OR DISCLOSED AT FAIR VALUE
Assets measured at fair value
Investment properties (note 4)
$— $— $8,808,139 
Derivatives (note 8)
— 109,242 — 
Foreign exchange collars included in prepaid expenses and other— 650 — 
Liabilities measured or disclosed at fair value
Unsecured debentures, net (note 8)
1,768,920 — — 
Unsecured term loans, net (note 8)
— 1,173,746 — 
Derivatives (note 8)
— 8,429 — 
Net (liabilities) assets measured or disclosed at fair value
$(1,768,920)$(1,072,283)$8,808,139 

As at December 31, 2022
Level 1Level 2Level 3
ASSETS AND LIABILITIES MEASURED OR DISCLOSED AT FAIR VALUE
Assets measured at fair value
Investment properties (note 4)
$— $— $8,839,571 
Assets held for sale (note 5)
— — 41,182 
Derivatives (note 8)
— 151,855 — 
Loan receivable (note 7)
— 69,186 — 
Liabilities measured or disclosed at fair value
Unsecured debentures, net (note 8)
1,672,290 — — 
Unsecured term loans, net (note 8)
— 1,090,451 — 
Secured debt (note 9)
— 51,373 — 
Foreign exchange collars included in accounts payable and accrued liabilities— 2,426 — 
Derivatives (note 8)
— 13,467 — 
Net (liabilities) assets measured or disclosed at fair value
$(1,672,290)$(936,676)$8,880,753 
Schedule of contractual maturities of financial liabilities
The estimated contractual maturities of the Trust’s financial liabilities are summarized below:

Payments due by year
As at December 31, 2023
Total20242025202620272028Thereafter
Unsecured debentures$1,900,000 $— $— $500,000 $500,000 $900,000 
Unsecured term loans 1,174,685 244,283 528,180 402,222 — — 
Derivatives8,429 — — 2,105 — 3,067 3,257 
Interest payments(1):
Unsecured debentures, net of derivatives222,152 44,891 44,891 44,891 37,528 30,165 19,786 
Unsecured term loans, net of derivatives72,003 35,951 29,274 6,778 — — — 
Accounts payable and accrued liabilities94,336 91,390 1,570 1,376 — — — 
Distributions payable17,415 17,415 — — — — — 
$3,489,020 $433,930 $603,915 $457,372 $537,528 $533,232 $923,043 
(1)    Represents aggregated interest expense expected to be paid over the term of the debt, on an undiscounted basis, based on actual current interest rates and average foreign exchange rates.