Our real estate portfolio is managed by The Cadillac Fairview Corporation Limited, a wholly owned subsidiary and one of North America’s largest investors, owners and managers of commercial property. Cadillac Fairview also oversees equity investments in real estate companies.

The net value of our real estate portfolio totalled $16.9 billion at year end 2010, compared to $14.2 billion at December 31, 2009.

Real estate is considered a good fit for the pension plan because it provides strong, predictable income. Cadillac Fairview maintains a well-balanced portfolio of retail and office properties designed to provide dependable cash flows.

We acquired full ownership of Cadillac Fairview in March 2000. The company and its affiliates own and manage properties across North America, including some of Canada's landmark developments, such as the Toronto-Dominion Centre, Toronto Eaton Centre, Pacific Centre in Vancouver and Chinook Centre in Calgary. The company has an active development program that includes both new construction and the redevelopment and renovation of existing properties. It also has investments in the U.K. and Brazil.

At December 31, 2010, 56% of our portfolio was held in Canadian retail properties, 25% in Canadian office properties, 7% in U.S. retail properties, and the remaining 12% in investments and other properties. See our Top 10 real estate properties.

Cadillac Fairview has adopted progressive environmental standards and looks for innovative ways to minimize its environmental impact. Learn more about its sustainable business practices in our Responsible Investing section.