real estate joint ventures and investments in associates (Tables)

6 Months Ended

Jun. 30, 2026

real estate joint ventures and investments in associates

Schedule of real estate joint ventures financial information


		June 30,			December 31,
As at (millions)		2026			2025
ASSETS
Current assets
Cash and temporary investments, net		$	7		$	6
Other			2			2
			9			8
Non-current assets
Investment property under development			512			466
Promissory notes ¹			432			411
			944			877
		$	953		$	885
LIABILITIES AND OWNERS’ EQUITY
Current liabilities
Accounts payable and accrued liabilities		$	5		$	5
Non-current liabilities
Long-term debt			29			21
Liabilities			34			26
Owners’ equity
TELUS²			460			430
Other partners ¹			459			429
			919			859
		$	953		$	885

1

Other partners’ equity is gross of $432 (December 31, 2025 – $411) promissory notes issued to the joint ventures by the arm’s-length parties in the real estate redevelopment projects in British Columbia; in the event of dissolution or other wind-up of the partnerships, the other partner’s equity will first be reduced by any amounts of the promissory notes outstanding when determining the equity of the joint ventures. The primary intended method of repayment of the promissory notes is through contribution of in-kind development costs, but may optionally include cash payments.

2	The equity amounts recorded by the real estate joint ventures differ from those recorded by us by the amount of the deferred gains on our real estate contributed and the valuation provision we have recorded in excess of that recorded by the real estate joint ventures.

Schedule of joint ventures investment activity


		Three months						Six months
Periods ended June 30 (millions)¹		2026			2025			2026			2025
Balance, beginning of period		$	242		$	189		$	237		$	178
Valuation provision reversal			—			—			—			3
Related to real estate joint ventures' statements of financial position
Items not affecting currently reported cash flows
Our real estate contributed			19			—			35			17
Deferred gains on our remaining interests in our real estate contributed			(9)			—			(14)			(8)
Cash flows in the current reporting period
Funds we advanced or contributed			1			—			1			—
Funds repaid to us and earnings distributed			—			—			(6)			(1)
Balance, end of period		$	253		$	189		$	253		$	189

1	We account for our interests in the real estate joint ventures using the equity method of accounting and such interests are included in our Consolidated statements of financial position as Other long-term assets (see Note 20).

Schedule of associate financial information


		June 30,			June 30,			December 31,
As at, or for the periods ended, ($ in millions)		2026			2025			2025
Statement of financial position¹
Current assets		$	116					$	82
Non-current assets		$	394					$	411
Current liabilities		$	46					$	74
Non-current liabilities		$	56					$	31
Net assets		$	408					$	388
Statement of income and other comprehensive income¹
THREE-MONTH
Revenue and other income		$	58		$	41
Net income (loss)		$	(6)		$	(2)
Comprehensive income (loss)		$	3		$	(4)
SIX-MONTH
Revenue and other income		$	99		$	85
Net income (loss)		$	(4)		$	(13)
Comprehensive income (loss)		$	(2)		$	(15)
Reconciliation of statement of financial position summarized financial information to carrying amounts
Net assets (above)		$	408					$	388
Our interest			41.9	%					43.4	%
Our interest in net assets (our carrying amounts)		$	171					$	169

1	As required by IFRS Accounting Standards, this summarized financial information is not just our share of these amounts.