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              [html]<thead><tr><td></td><td>2013</td><td>2012</td></tr></thead><tbody><tr><td>Balance, beginning of year</td><td>$ 57.941</td><td>$ 11.574</td></tr><tr><td>Capital expenditures</td><td>28.356</td><td>47.284</td></tr><tr><td>Interest capitalized</td><td>1.097</td><td>1.063</td></tr><tr><td>Land acquisitions</td><td>7.294</td><td>-</td></tr><tr><td>Transfers to investment properties</td><td>( 70.315 )</td><td>-</td></tr><tr><td>Fair value gains ( losses )</td><td>-</td><td>_ ( 1.980 )</td></tr><tr><td>Balance, end of year</td><td>$ 24.373</td><td>$ 57.941</td></tr></tbody>
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