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              [html]<thead><tr><td></td><td>2013</td><td>2012</td></tr></thead><tbody><tr><td>Balance, beginning of the year</td><td>$ 1.296.724</td><td>$ 1.246.645</td></tr><tr><td>Acquisition of properties</td><td>119.667</td><td>58.821</td></tr><tr><td>Disposition of properties</td><td>( 69.680 )</td><td>( 72.889 )</td></tr><tr><td>Transfer from IPUC</td><td>70.315</td><td>-</td></tr><tr><td>Capital expenditures</td><td>21.647</td><td>22.467</td></tr><tr><td>Fair value adjustments</td><td>13.070</td><td>41.680</td></tr><tr><td>Balance, end of year</td><td>$ 1.451.743</td><td>$ 1.296.724</td></tr></tbody>
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