real estate joint ventures and investment in associate (Tables)

12 Months Ended

Dec. 31, 2019

real estate joint ventures and investment in associate

Schedule of real estate joint ventures financial information

As at December 31 (millions)	2019		2018
ASSETS
Current assets
Cash  and temporary investments, net	$	15	$	11
Escrowed deposits		—		4
Other		18		2
		33		17
Non-current assets
Investment property under development		318		256
Other		2		—
		320		256
	$	353	$	273
LIABILITIES AND OWNERS’ EQUITY
Current liabilities
Accounts payable and accrued liabilities	$	25	$	19
Construction holdback liabilities		15		15
		40		34
Non-current liabilities
Construction credit facilities		312		207
Other		3		—
		315		207
		355		241
Owners’ equity
TELUS 1		1		13
Other partners		(3)		19
		(2)		32
	$	353	$	273

(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)	2019		2018
Revenue
From investment property	$	—	$	21
Other operating income	$	—	$	345
Depreciation and amortization	$	—	$	5
Interest expense 1	$	—	$	6
Net income (loss) and comprehensive income (loss) 2	$	(29)	$	322

(1) During the year ended December 31, 2019, the real estate joint venture capitalized $12 (2018 – $8) 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

	2019						2018
	Loans and						Loans and
Years ended December 31 (millions)	receivables 1		Equity,net 2		Total		receivables 1		Equity,net 2		Total
Related to real estate joint ventures’ statements of income and other comprehensive income
Comprehensive income (loss) attributable to us 3	$	—	$	(4)	$	(4)	$	—	$	171	$	171
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 and other (Note 7)		4		—		4		3		—		3
Cash flows in the current reporting period
Construction credit facilities
Amounts advanced		35		—		35		22		—		22
Financing costs paid to us		(4)		—		(4)		(3)		—		(3)
Funds repaid to us and earnings distributed		—		(3)		(3)		—		(181)		(181)
Net increase (decrease)		35		(7)		28		22		(10)		12
Real estate joint ventures carrying amounts
Balance, beginning of period		69		5		74		47		15		62
Balance, end of period	$	104	$	(2)	$	102	$	69	$	5	$	74

(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.

(2) We account for our interests in the real estate joint ventures using the equity method of accounting. As at December 31, 2019, 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 long-term liabilities (Note 27).

(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.

Schedule of construction credit facility

As at December 31 (millions)	Note	2019		2018
Construction credit facility commitment – TELUS Corporation
Undrawn	4(c)	$	10	$	45
Advances			104		69
			114		114
Construction credit facility commitment – other			228		228
		$	342	$	342