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              [html]<thead><tr><tdcolspan="4">For the Years Ended December 31,</td></tr></thead><tbody><tr><td></td><td></td><td>2013</td><td>2012</td></tr><tr><tdcolspan="4">OPERATING ACTIVITIES</td></tr><tr><td>Net income</td><td></td><td>$ 40.932</td><td>$ 54.229</td></tr><tr><tdcolspan="4">Add ( deduct ) items not affecting cash</td></tr><tr><td>Fair value gains</td><td>[ 5 ]</td><td>( 13.070 )</td><td>( 37.726 )</td></tr><tr><td>Depreciation and amortization</td><td></td><td>2.233</td><td>2.145</td></tr><tr><td>Non - cash compensation expense</td><td></td><td>385</td><td>579</td></tr><tr><td>Equity income</td><td></td><td>( 1.296 )</td><td>( 758 )</td></tr><tr><td>Deferred income taxes</td><td></td><td>9.350</td><td>19.234</td></tr><tr><td>Loss on disposition</td><td></td><td>1.101</td><td>1.029</td></tr><tr><td>Financing costs</td><td>[ 20 ]</td><td>35.231</td><td>34.633</td></tr><tr><td>Interest paid</td><td>[ 24 ]</td><td>( 35.156 )</td><td>( 34.883 )</td></tr><tr><td>Net change in non - cash operating activities</td><td>[ 24 ]</td><td>( 630 )</td><td>7.545</td></tr><tr><td>Cash provided by operating activities</td><td></td><td>$ 39.080</td><td>$ 46.027</td></tr><tr><tdcolspan="4">FINANCING ACTIVITIES</td></tr><tr><td>Increase in deferred financing</td><td></td><td>( 3.425 )</td><td>( 1.260 )</td></tr><tr><td>Proceeds on issuance of common shares</td><td></td><td>869</td><td>46.486</td></tr><tr><td>Repayment of subordinated debentures</td><td></td><td>( 10.000 )</td><td>–</td></tr><tr><td>Mortgage financing</td><td></td><td>190.152</td><td>56.291</td></tr><tr><td>Mortgages repaid on maturity</td><td></td><td>( 70.015 )</td><td>( 27.237 )</td></tr><tr><td>Mortgage principal repayments</td><td></td><td>( 30.043 )</td><td>( 18.829 )</td></tr><tr><td>Proceeds from construction loans</td><td></td><td>21.223</td><td>14.062</td></tr><tr><td>Construction loans repaid on maturity</td><td></td><td>( 20.511 )</td><td>–</td></tr><tr><td>Distributions paid to non - controlling interest</td><td></td><td>( 918 )</td><td>( 909 )</td></tr><tr><td>Dividends</td><td></td><td>( 28.094 )</td><td>( 24.726 )</td></tr><tr><td>Cash provided by financing activities</td><td></td><td>$ 49.238</td><td>$ 43.878</td></tr><tr><tdcolspan="4">INVESTING ACTIVITIES</td></tr><tr><td>Decrease in restricted cash</td><td></td><td>3.160</td><td>( 65 )</td></tr><tr><td>Acquisition of non - controlling interest</td><td></td><td>-</td><td>( 17 )</td></tr><tr><td>Investments in joint ventures</td><td></td><td>116</td><td>( 1.112 )</td></tr><tr><td>Net proceeds on sale of investment properties</td><td></td><td>43.122</td><td>34.326</td></tr><tr><td>Acquisition and development of investment properties, net of debt assumed</td><td></td><td>( 141.154 )</td><td>( 86.426 )</td></tr><tr><td>< underline > Capital expenditures </ underline ></td><td></td><td>( 22.610 )</td><td>( 23.233 )</td></tr><tr><td>Cash used in investing activities</td><td></td><td>$( 117.366 )</td><td>$( 76.527 )</td></tr><tr><td>Net ( decrease ) increase in cash</td><td></td><td>( 29.048 )</td><td>13.378</td></tr><tr><td>Cash, beginning of the year</td><td></td><td>56.726</td><td>43.348</td></tr><tr><td>Cash, end of year</td><td></td><td>$ 27.678</td><td>$ 56.726</td></tr></tbody>
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