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7 Other Assets 

8 Mortgages and Credit Facilities 

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(a) Mortgages and credit facilities, are secured by shopping centres and the Equity One common shares. 

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## Canada 

Fixed rate financing bears interest at an average fixed rate of 7.0% (2002 – 7.3%) and matures in years ranging from 2004 to 2019. Floating rate financing bears interest at floating rates determined by reference to Canadian prime lending and bankers’ acceptance rates and matures by 2005. 

## United States 

Floating rate financing bears interest at the London Inter-Bank Offering Rate (“LIBOR”) plus 150 – 220 basis points and matures in 2007. Floating rate financing of $13.0 million (US$10.0 million) has been capped at 7.0% until September 2006. Fixed rate financing is comprised of LIBOR swap agreements on a notional US$30 million (2002 – US$10 million) at an average fixed rate of 4.3% (2002 – 4.6%) plus applicable spreads and matures by 2013. 

The following table summarizes the principal repayments of mortgages and credit facilities, as at December 31, 2003. 

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(b) At December 31, 2003, the Company has $73.0 million of undrawn credit facilities, which are secured by certain shopping centres and a portion of its investment in Equity One, available for acquisitions, development, and general corporate purposes. In addition, the Company has unencumbered shopping centres with a book value of approximately $21.6 million. 

