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increase in 2010 as compared to 2009 are due to increased stock-based compensation expense and costs associated with the upcoming implementation of IFRS and the specified investment flow-through (“SIFT”) restructuring. 

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The REIT is generally subject to tax in Canada under the Tax Act with respect to its taxable income each year, except to the extent such taxable income is paid or made payable to unitholders and deducted by the REIT for tax purposes. 

During the second quarter of 2010, the REIT completed the necessary restructuring to qualify for the SIFT Exemption (as defined herein) under the SIFT rules commencing January 1, 2011. See the “Tax Risk” section for further discussion. Accordingly, the net future income tax liability has been reversed into earnings. This impact on earnings was $nil for the three months ended December 31, 2010 and $123.3 million for the year ended December 31, 2010. 

## Net Earnings (Loss) from Discontinued Operations 

When the REIT decides to sell an asset that no longer fits its investment strategy and re-distribute the proceeds towards more attractive opportunities or when a tenant exercises an option under the terms of its lease to purchase a property, or when the REIT initiates the sale of an asset, the net property operating income, any gain or loss as a result of the sale and the attributable portion of non-controlling interest for those properties are presented on the combined statement of earnings in net earnings from discontinued operations as summarized below: 

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During the three months ended December 31, 2010, the REIT sold no income properties (Q4 2009 - one) for gross proceeds of $nil (Q4 2009 - $140.0 million). For the year ended December 31, 2010, the REIT sold two income properties (December 31, 2009 - seven) for gross proceeds of $23.3 million (December 31, 2009 - $216.6 million). The net earnings from discontinued operations include the results from these properties. The REIT currently has no properties held for sale. 

## Dispositions from January 1, 2010 to December 31, 2010 

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