real estate joint ventures and investment in associate (Tables)

12 Months Ended

Dec. 31, 2021

real estate joint ventures and investment in associate

Schedule of real estate joint ventures financial information

As at December 31 (millions)	2021		2020
ASSETS
Current assets
Cash and temporary investments, net	$	11	$	11
Other		28		18
		39		29
Non-current assets
Investment property		328		332
Other		10		13
		338		345
	$	377	$	374
LIABILITIES AND OWNERS’ EQUITY
Current liabilities
Accounts payable and accrued liabilities	$	10	$	21
Construction credit facilities		—		342
		10		363
Non-current liabilities
Construction credit facilities		342		—
		342		—
		352		363
Owners’ equity
TELUS 1		9		5
Other partners		16		6
		25		11
	$	377	$	374

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)	2021		2020
Revenue	$	13	$	2
Depreciation and amortization	$	7	$	3
Interest expense 1	$	3	$	1
Net income (loss) and comprehensive income (loss) 2	$	(18)	$	(42)

1 During the year ended December 31, 2020, the real estate joint venture capitalized $4 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

Years ended December 31 (millions)	2021						2020
	Loans and						Loans and
	receivables 1		Equity 2		Total		receivables 1		Equity 2		Total
Related to real estate joint ventures’ statements of income and other comprehensive income
Comprehensive income (loss) attributable to us 3	$	—	$	(3)	$	(3)	$	—	$	(14)	$	(14)
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		—		4		4		—		4
Cash flows in the current reporting period
Construction credit facilities
Amounts advanced		—		—		—		10		—		10
Financing costs paid to us		(4)		—		(4)		(4)		—		(4)
Funds we advanced or contributed, excluding construction credit facilities		—		10		10		—		17		17
Funds repaid to us and earnings distributed		—		—		—		—		(1)		(1)
Net increase (decrease)		—		7		7		10		2		12
Real estate joint ventures carrying amounts
Balance, beginning of period		114		(11)		103		104		(2)		102
Valuation provision		—		(4)		(4)		—		(11)		(11)
Balance, end of period	$	114	$	(8)	$	106	$	114	$	(11)	$	103

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, 2021 and 2020, 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.