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              [html]<thead><tr><td></td><tdcolspan="2">Consolidated Statements of Financial Position</td><tdcolspan="2">Consolidated Statements of Income</td></tr><tr><td></td><td>2013</td><td>2012</td><td>2013</td><td>2012</td></tr></thead><tbody><tr><td>Real estate properties</td><td>$ 90.871</td><td>$ 86.980</td><td>$ 3.981</td><td>$ 22.610</td></tr><tr><td>Loss carryforwards</td><td>-</td><td>( 3.884 )</td><td>3.884</td><td>( 3.884 )</td></tr><tr><td>Convertible debentures</td><td>1.324</td><td>1.565</td><td>( 241 )</td><td>( 231 )</td></tr><tr><td>Other</td><td>1.026</td><td>( 790 )</td><td>1.726</td><td>739</td></tr><tr><td>Net deferred tax expense</td><td></td><td></td><td>$ 9.350</td><td>$ 19.234</td></tr><tr><td>Net deferred tax liabilities</td><td>$ 93.221</td><td>$ 83.871</td><td></td><td></td></tr><tr><td>Reconciliation of net deferred tax liabilities</td><td></td><td></td><td></td><td></td></tr><tr><td>Balance, beginning of year</td><td></td><td></td><td>$ 83.871</td><td>$ 65.139</td></tr><tr><td>Recognized in statement of income</td><td></td><td></td><td>9.350</td><td>19.234</td></tr><tr><td>Recognized in equity on issuance of shares</td><td></td><td></td><td>-</td><td>( 502 )</td></tr><tr><td>Balance, end of year</td><td></td><td></td><td>$ 93.221</td><td>$ 83.871</td></tr></tbody>
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