CONSOLIDATED STATEMENTS OF CASH FLOWS YEARS ENDED DECEMBER 31  (MILLIONS) Note 2013 2012 1 Operating activities Net income  $ 3,844 $ 2,755 Other income and gains  22, 24 (1,820) (70) Share of undistributed equity accounted earnings  (307) (868) Fair value changes  (663) (1,153) Depreciation and amortization  1,455 1,263 Deferred income taxes  15 686 384 Investments in residential inventory  (378) (861) Net change in non-cash working capital balances  (539) 55 2,278 1,505 Financing activities Corporate borrowings arranged  949 852 Corporate borrowings repaid  (224) (782) Commercial paper and bank borrowings, net  (35) (321) Property-specific mortgages arranged 11,073 6,698 Property-specific mortgages repaid (10,029) (6,539) Other debt of subsidiaries arranged  6,781 5,655 Other debt of subsidiaries repaid  (6,115) (3,641) Capital securities redeemed  (343) (506) Capital provided by interests of others in consolidated funds  541 103 Capital provided from non-controlling interests  3,218 3,681 Capital repaid to non-controlling interests  (1,543) (785) Preferred equity issuances  191 737 Common shares issued  85 54 Common shares repurchased  (388) (106) Distributions to non-controlling interests  (910) (714) Distributions to shareholders (541) (469) 2,710 3,917 Investing activities Acquisitions Investment properties  (4,673) (2,123) Property, plant and equipment  (1,566) (3,544) Sustainable resources  (53) (21) Investments  (1,622) (1,585) Other financial assets  (2,745) (1,327) Cash assumed on acquisition of subsidiaries  292 323 Dispositions Investment properties  1,947 1,037 Property, plant and equipment  564 106 Sustainable resources  1,736 2 Investments  657 373 Other financial assets  1,502 2,215 Cash disposed on disposition of subsidiaries  (70) (5) Restricted cash and deposit  (10) (13) (4,041) (4,562) Cash and cash equivalents Change in cash and cash equivalents  947 860 Foreign exchange revaluation  (134) (41) Balance, beginning of year  2,850 2,031 Balance, end of year  31 $ 3,663 $ 2,850 1.  See Adoption of Accounting Standards, Financial Statement Note 2(b) 2013 ANNUAL REPORT 85