Ubc properties investments ltd

UBC, as the sole shareholder, also hires an independent professional to interview each Board member to ensure there are no conflicts of interest in any of our business dealings. Events that start after Our take on holiday festivities and gift giving. Fung became Director of Development with the Narland Group where he was responsible for all aspects of the residential development process. During this time, he has been involved with the acquisition, development and management of all property types and has worked in Vancouver, Calgary and San Francisco. Freedom of Information and Privacy Association.

Board of Directors

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Ratings & Reviews — Ubc Properties Investments Ltd

The outside Directors are chosen to represent knowledge and expertise of relevant real estate development practices. The Compensation Committee review and approve all senior level compensation packages, including the CEO. The Audit Committee ensures proper systems and controls are in place to accurately record transactions and safeguard assets. They convene at least twice a year to review and consider significant audit and accounting issues of UBC Properties Trust. UBC, as the sole shareholder, also hires an independent professional to interview each Board member to ensure there are no conflicts of interest in any of our business dealings.

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For complaints, use another form. Study lib. Upload document Create flashcards. Documents Last activity. Flashcards Last activity. Add to Add to collection s Add to saved. Service and lease market-oriented sites on a prepaid lte for 99 years, 2. Advise UBC, where appropriate, on its management and development of institutional land holdings. This transaction was particularly significant as the developer could not obtain financing due to the credit crisis in late By invedtments the land proceeds in exchange for an interest in the project, UBCPT was able to realize greater proceeds while maintaining UBC’s reputation as an excellent place to build housing.

Fiscal recognized the first full year of operations associated with Faculty and Staff F as well as the Technology Enterprise Facility 3 building. The Mews 72 residences above 18 retail ubbc and Tapestry 6 retail units have recently been completed and will be reflected in the fiscal year. At year end, the weighted average cost of fixed rate debt was 5. Managemenrs Responsibility for the Consolidated Financial Statements Management Is responsible for the preparation and fair presentation of these consolidated financial statements in accordance with Canadian generally accepted accounting principles, and for such internal control as propertiew determines is necessary to enable the preparation of consoDdated financial statements that are free from material misstatement, whether due to fraud or error.

Auditors’ Responsibility Our responsibility is to express an opinion on these consolidated financial statements based on our audit We conducted our audit in accordance with Canadian generally accepted auditing standards. Those standards require that we comply with ethical requirements and plan and perform an audit to obtain reasonable assurance about whether the consolidated financial statements are free from material misstatement An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated financial statements.

The procedures selected investemnts on our judgment, including the assessment of the risks of material misstatement of the consolidated financial statements, whether due to fraud or error. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements.

We believe that the audit evidence we have obtained in our audit is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of Propertkes Properties Trust as at March 31,and the consolidated results of its operations and its consolidated cash flows for the year then ended in accordance with Canadian generally accepted accounting principles.

All invesmtents intercompany balances and transactions have been eliminated. Capitalized development expenditures are onvestments to each building according to the percentage that its estimated buildable square feet bears to the total estimated buildable square feet of the entire project.

Construction expenditures are allocated to each building on a specific identification basis. Amortization is provided over an investmehts useful life lttd 40 years or the term of invdstments lease, whichever is.

The cost is amortized over the remaining term of the in-place lease. Significant accounting policies continued : e Impairment of long-Jived assets: The Trust reviews the carrying values of long-Jived assets, including revenue producing properties under development and revenue producing properties, for impairment whenever events or circumstances indicate that the carrying amount of an asset may not be recoverable. Impairment losses are recognized when the carrying amount of long-Jived assets exceed the sum of the undiscounted cash flows expected to result from their use and eventual invesfments.

The impairment loss is determined as the amount by which the uubc assets carrying amount exceeds its fair value. These costs are allocated to properties under development under a buildable square footage basis. Deposits with terms in invextments of three months are classified as short-term investments. Propeties hofdbacks are funded by cash ubc properties investments ltd Into joint bank accounts which are under the contractor’s direct management. Such properrties is held by a designated trustee and cannot be used to finance operations.

Deposits on real estate sales will be recognized as revenue in accordance with the Trusrs revenue recognition policy. The fees are generally billed on a frxed percentage basis of costs incurred. Significant accounting policies continued : k Revenue recognition continued : ii Land sales: Sales of prepaid leases properies recognized as revenue when the agreement for sale has been entered into, an appropriate down payment has been received invesrments all conditions of the agreement have been met including the passage of the risks and rewards of ownership of the lease.

Rental revenue is recorded when services are rendered. I Inveatments financial instruments: Derivative instruments are financial contracts whose value is derived from interest rates, foreign exchange rates or other financial or commodity indices. The Trust has entered into an interest rate swap prooperties used to manage the exposure to market risks from changing interest rates.

This instrument is not recognized in the consolidated financial statements on inception. Payments and receipts under the interest rate swap contract are recognized as adjustments to interest expense infestments long-term debt. The carrying amounts of derivative financial instruments, which comprise accrued gains and losses not yet realized, are included in interest receivable in the case of contracts in a gain position and in interest payable in the case of contracts in a loss position.

The Trust formally documents all relationships between hedging instruments and hedged items, as well as its risk management objective and strategy for undertaking various hedge transactions. This process includes linking all derivatives to specific assets and liabilities on the balance sheet or to specific firm commitments or anticipated transactions.

The Trust also formally assesses, both at the hedge’s inception and on an ongoing basis, whether the properrties that are used in hedging transactions are highly effective in offsetting changes in fair values or cash flows of hedged items. Realized and unrealized gains or losses associated with derivative instruments, which have been terminated or cease to be effective prior to maturity, are deferred under other assets or liabilities on the propeeties sheet and recognized in income in the period in which the underlying hedged transaction is recognized.

In the event a designated hedged item is sold, extinguished or matures prior to the termination of the related derivative instrument, any realized or unrealized gain or loss on such derivative instrument is recognized in income.

Significant accounting policies continued : m Use of estimates: The preparation of the financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of imvestments assets and liabilities at the dates of inveetments financial statements and the reported amounts of revenues and expenses during the reporting periods.

Significant areas requiring estimates Include the impairment of revenue producing properties, properties under development, deferred development costs, and equipment and leasehold, and determination of useful lives for amortization. Actual results could differ from those estimates. This liability is initially recorded at its estimated fair value, based on a discounted value of the expected costs prkperties be paid when the assets are retired.

The associated retirement costs are capitalized as part of the carrying amount of the long-lived assets and depredated over the life of the asset. The liablrrty increases each period as the amount of the discount decreases over time. The resulting expense is referred to as accretion expense and is included in operating expenses.

As at March 31,the Company determined there were no significant asset retirement obligations associated with its assets. Section replaces SectionGoodwill and Other Intangible Assets, and expands on the standards for recognition, measurement, presentation, and disclosure of Intangible assets.

Section requires disclosure of externally imposed capital requirements. Kbc adoption of these standards did not have a material impact on the Trust’s financial statements. Land development agreement: On October 26,the Trust entered into an agreement with UBC to lease certain lands for a term of 99 years.

Revenue producing properties: The properties are all located within the UBC campus. Due from related parties continued : a The amount peoperties from UBC, the shareholder of the Trustee, is unsecured, non-interest lttd and has no fixed terms of repayment. Equipment and leasehold: Cost Computer equipment Furniture and office equipment leasehold Website 8. Pursuant to an interest rate swap agreement, the interest rate has been fixed at 6. No amounts are drawn on the overdraft facility at March 31, nil.

Due to related parties: The amount due to UBC, is unsecured, non-interest bearing and has no frxed terms of repayment. These companies are related by common control. Commibnents: a The Trust has a lease for its office premises. During the year, the Trust renewed its peoperties lease for another five year term. The transaction is anticipated to close in Ibvestments Financial instruments: a Fair value: The carrying values of cash and cash equivalents, funds held in trust, deposits held in trust.

The Trusfs financial instruments of a long-term nature being loans payable, may be impacted by changes in market yields, which can result in differences between their carrying values and their fair values. The swap matures on October 29, Fluctuations In interest rates will impact the cost of. Related documents. Use Primary Source Evidence template. August 31 Connect eupdate. Biochem presentation.

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