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## 19 First Capital Inc. Transaction continued 

## 20 Joint Ventures 

## 21 Property Management Fees 

Company required Gazit to provide additional cash of $5 million in return for the issuance of an additional $5.73 million of 7.25% convertible debentures based on a price of $84.34 per $100 principal amount plus accrued interest. 

The consideration paid and received on the acquisition was as follows: 

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The Company was a participant in 14 joint ventures that own land, shopping centres, and shopping centres under development as at December 31, 2003. The Company’s participation in these joint ventures ranges from 50% to 80%. 

The following amounts are included in the consolidated financial statements and represent the Company’s proportionate interest in the financial accounts of the joint ventures: 

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The Company is contingently liable for certain of the obligations of the partnership ventures and all of the net assets of the partnership ventures are available for the purpose of satisfying such obligations and guarantees (see note 22 (a)). 

Centrecorp Management Services Limited (the “Property Manager”) is responsible for all property management functions, including property administration, maintenance and leasing. 

In December 2001, the Company formed a joint venture with the Property Manager to provide property management, operations, leasing and project management services in respect of shopping centre properties located in the province of Québec. During 2003, the Company earned $0.2 million (2002 – $0.1 million) in income from its 50% interest in the joint venture. 

