text: **23. Segmented Information**
  
  The Company operates in two rental segments of the multi‑family residential industry: apartments and MHCs, all located in Canada. The 
  accounting policies of these segments are the same as those described in the summary of significant accounting policies. The segments are 
  analyzed based on net operating income before interest, amortization and administration costs. The operating results, assets and liabilities, 
  and capital expenditures of the segments are as follows: 
  
  **As at and for the year ended December 31, 2013** **Apartments** **MHCs** **Other** **Total**
  
  Property revenue  **$121,305** **$19,253** **$554** **$141,112**
  
  Property operating expenses  **(50,435)** **(7,336)** **(301)** **(58,072)**
  
  Net operating income  **$70,870** **$11,917** **$253** **$83,040**
  
  Home sales, equity income & corporate income  ‑  **‑** **2,365** **2,365**
  
  Financing costs  **(24,837)** **(4,116)** **(6,278)** **(35,231)**
  
  Depreciation and amortization  **(942)** **(254)** **(1,036)** **(2,232)**
  
  Administration 
  Income before fair value gains, loss on disposition and 
  
  **(1,457)** **(362)** **(6,059)** **(7,878)**
  
  income taxes  **$7,185** **$(10,755)**