We expect to increase the cash flows from our office and retail property activities through continued leasing activity as described  above. In particular, we are operating below our normal office occupancy level in the United States, which provides the  opportunity to expand cash flows through higher occupancy. Most of our markets have favourable outlooks, which we expect  will also lead to strong growth in lease rates.  Transaction activity is picking up across our global office markets and we are considering a number of different opportunities  to acquire single assets, development sites and portfolios at attractive returns. In our continued effort to enhance returns through  capital reallocation, we are also looking to divest of whole or partial interests in a number of mature assets to capitalize on  existing market conditions. Given the small amount of new office development that occurred over the last decade and the near total development halt during  the global financial crisis, we see an opportunity to advance our development inventory in the near term in response to demand  we are seeing in our major markets. We are currently focused on five development projects totalling approximately eight million  square feet. This pipeline could add more than $6.2 billion in assets and we are actively advancing planning and entitlements  and seeking tenants for these sites. In addition, we continue to reposition and redevelop existing retail properties, in particular, a  number of our shopping centres in the United States. We hold our renewable energy operations primarily through a 65% fully diluted interest in Brookfield Renewable Energy  Partners. BREP is listed on both the NYSE and TSX and had a market capitalization of $6.9 billion at December 31, 2013. BREP  operates renewable power facilities and owns them both directly as well as through joint ventures and institutional infrastructure  funds that we manage.  We arrange for the sale of power generated by BREP through our energy marketing business (“Brookfield Energy Marketing”  or “BEMI”). We purchase a portion of BREP’s power pursuant to long-term contracts at pre-determined prices, providing  a stable revenue profile for unitholders of BREP and providing us with continued participation in future increases (or decreases)  in power prices. The following table disaggregates segment FFO and segment equity into the amounts attributable to our ownership of BREP, the  operations of BEMI and realized disposition gains to facilitate analysis: FFO for the year was $447 million compared to $313 million in the prior year and included $176 million of realized disposition  gains (2012 – $214 million). Our share of BREP’s FFO increased by $154 million, or 65%, reflecting a return to normalized  levels of generation following a particularly dry year in 2012 and the contribution from newly acquired and commissioned  assets. We completed a secondary offering of BREP in the first quarter of 2013 which generated proceeds of $233 million and  recognized a $176 million realized disposition gain. Realized disposition gains in the prior year included a $214 million gain on  a previous sale of BREP units. We own one of the world’s largest publicly traded, pure-play renewable power portfolios with 5,849 megawatts (“MW”) of  installed capacity and long-term average annual generation of 21,836 gigawatt hours (“GWh”). Our portfolio includes 193  hydroelectric generating stations on 69 river systems and 11 wind facilities, diversified across 12 power markets in the United  States, Canada and Brazil. We also have an approximate 1,700 MW development pipeline spread across all of our operating  jurisdictions.  2013 ANNUAL REPORT 43 Brookfield Renewable Energy Partners RENEWABLE ENERGY Overview 1.  Brookfield’s interest in BREP consists of 129.7 redemption-exchange units, 40.0 Class A LP units and 2.7 million general partnership units; together representing an  economic interest of 65% of BREP AS AT AND FOR THE YEARS ENDED DECEMBER 31  (MILLIONS) Funds from Operations Common Equity  by Segment 2013 2012 2013 2012 Brookfield Renewable Energy Partners 1 $ 390 $ 236 $ 3,534 $ 4,272 Brookfield Energy Marketing  (119) (137) 894 704 Realized disposition gains  176 214 — — $ 447 $ 313 $ 4,428 $ 4,976