Equity accounted income from our investment in GGP decreased by $553 million between 2012 and 2013 and by $422 million  between 2011 and 2012. GGP recorded particularly large fair value gains in both 2012 and 2011 due to increases in the cash  flows generated by its portfolio of retail malls as well as increasing valuation metrics for that asset class. Our share of gains  in 2012 and 2011 were $707 million and $1,170 million, respectively. GGP’s fair value gains in 2013 were largely related to  redevelopment activities progressing ahead of plan and increases in budgeted cash flows. In connection with the recognition of  these gains, we reviewed the embedded goodwill within our investment and recorded a $249 million impairment of the goodwill  associated with GGP’s redevelopment operations. Our share of GGP’s net income excluding these items for 2013, 2012 and 2011  was $283 million, $272 million and $231 million, respectively, and increased as a result of increases in occupancy and net rents  per square foot and lower financing costs. Equity accounted income from other property operations increased by $249 million in 2013 compared to a $18 million decrease  in 2012. The increase was due to our share of higher fair value gains at in our North American office investments and our share  of net income at Rouse Properties Inc. (“Rouse Properties”). Equity accounted income from infrastructure operations declined $202 million compare to 2012. We recorded a valuation  charge of $87 million against the carrying value of our North American natural gas pipeline investment reflecting weak market  fundamentals. This was partially offset by increased earnings associated with our increased ownership percentage at our Brazilian  toll road investment. The decrease in equity accounted income between 2011 and 2012 was due to decline in the level of fair  value gains within our transmission operations. The following table presents interest expense organized by the balance sheet classification of the associated liability: The majority of our borrowings are fixed rate long-term financings. Accordingly, changes in interest rates are generally limited  to the impact of refinancing activities or changes in the level of debt as a result of acquisitions and dispositions. Interest expense from corporate borrowings decreased from 2012 as a result of lower cost and lower borrowing levels, following  the refinancing of higher coupon debt at lower rates. Interest expense increased in 2012 compared to 2011 due to higher average  levels of borrowings, as well as slightly higher exchange rates on Canadian dollar borrowings.  Interest expense on property-specific and subsidiary corporate borrowings increased over the prior year and is primarily  attributable to borrowings associated with acquisitions and capital projects in our Property, Renewable Energy and Infrastructure  operations, including the use of subsidiary revolving facilities to finance acquisitions until long-term financings are put into  place. This was partially offset by the termination of a long-dated high coupon interest rate swap which was previously included  within subsidiary borrowings and refinanced with corporate borrowings at lower rates. The increase in interest expense between  2011 and 2012 primarily relates to consolidation of our U.S. Office Fund in 2011, resulting in our recording its interest expenses  in our consolidated results, whereas previously it was presented on a net basis within equity accounted results. Interest expense includes dividends declared on our capital securities, which are treated as liabilities under IFRS even though  they are preferred shares, because they may be redeemed at the holder’s option after a specific date for a variable number of  Class A Limited Voting Shares (“Class A shares”), or when issued by a subsidiary, a variable number of the subsidiary’s shares.  We redeemed C$350 million of capital securities during the year and C$500 million in 2012, reducing the associated carrying  charges in both 2013 and 2012. As noted under “Use of Fair Value Accounting” on page 16, we utilize fair value accounting for our commercial properties,  standing timber and agricultural assets, and certain financial instruments and power sales agreements that do not qualify as  hedges. Changes in the values of these items are recorded as “fair value changes” in our consolidated statement of operations.  22 BROOKFIELD ASSET MANAGEMENT  Fair Value Changes Interest Expense Change FOR THE YEARS ENDED DECEMBER 31  (MILLIONS) 2013 2012 2011 2013 vs 2012  2012 vs 2011  Corporate borrowings  $ 204 $ 209 $ 197 $ (5) $ 12 Non-recourse borrowings Property-specific mortgages  1,837 1,808 1,724 29 84 Subsidiary borrowings  464 408 340 56 68 Capital securities  48 75 94 (27) (19) $ 2,553 $ 2,500 $ 2,355 $ 53 $ 145