For the Years Ended December 31,
Note 2013 2012
Property revenue $141,112 $133,641
Property operating expenses  (58,072) (53,197)
Net operating income  83,040 80,444
Other income
equity income [6]  1,296 758
Home sales [18]  323 469
corporate income [19]  746 962
 2,365 2,189
Other expenses
Financing costs [20]  (35,231) (34,633)
Depreciation  (589) (540)
Amortization of deferred financing costs  (1,643) (1,605)
Administration  (7,878) (8,832)
 (45,341) (45,610)
Income before fair value gains, loss on disposition and income taxes  40,064 37,023
Fair value gains [5]  13,070 37,726
Loss on disposition  (1,401) (1,286)
Income before income taxes  51,733 73,463
Current tax expense [21]  (1,451) ‑
Deferred tax expense [21]  (9,350) (19,234)
Net income and comprehensive income $40,932 $54,229
Net income and comprehensive income attributable to:
common shareholders  39,779 51,727
Non‑controlling interest  1,153 2,502
$40,932 $54,229
Net income per share attributable to common shareholders:    [22]
‑basic                        $0.74  $1.03
‑diluted                                           $0.69 $0.97
See accompanying notes to consolidated financial statements.
Consolidated Statements of Income and Comprehensive Income
In thousands of Canadian dollars (except per share amounts)
Killam ProPerties inc | 2013 67