Content area
Abstract
This press release may contain forward-looking statements. Forward-looking statements may contain words such as "anticipates", "believes", "could", "expects", "indicates", "plans" or other similar expressions that suggest future outcomes or events. Use of these statements reflect reasonable assumptions made on the basis of management's current beliefs with information known by management at the time of writing. Many factors could cause actual results to differ from the results discussed in forward-looking statements. Actual results may not be consistent with these forward-looking statements.
During the Quarter the Fund acquired an additional 51% of the Deerfoot Joint Venture (the "Acquisition") The Fund now owns 91% of the Deerfoot Joint Venture and controlling interest from the pre-Acquisition interest of 40%. Obtaining controlling interest in the Deerfoot Joint Venture necessitates a change in accounting and reporting methodology. Post-acquisition, the Fund reports 100% of the Deerfoot Joint Venture results. An offsetting 9% of the Deerfoot Joint Venture's results are reported as a single line on the balance sheet and income statement indicating a non-controlling interest (NCI) in equity and net operating results respectively. The acquisition was funded by a $55 million convertible debenture offering and is immediately accretive to the Fund.