from declines in discount rates and increasing cash flows from leasing and redevelopment activity over the past eight quarters.  Equity accounted income also includes fair value changes, most of which relate to our investment in General Growth Properties’  commercial retail properties, which have benefitted from similar factors as our office portfolios. Depreciation and amortization increased in 2013 as a result of completion of capital expansion projects and new acquisitions  in our renewable energy and infrastructure operations, and increased in 2012 as a result of a higher valuation on our renewable  energy assets and acquisitions in that year. In the fourth quarter of 2012 we acquired and commenced consolidating a number of businesses within our property and  infrastructure businesses resulting in increased revenues, direct costs and interest expense.  We recognized $850 million of net income in the fourth quarter of 2013, $717 million of which was attributable to shareholders.  Net income to shareholders in the prior year comparable period was $492 million. The increase was primarily from $558 million  of carried interest earned in respect of our private funds. Our infrastructure operations benefitted from the contribution of newly  acquired assets and completed development projects coming online and our renewable energy operations saw a return to near- average water levels. These amounts were offset by lower levels of equity accounted income, primarily a decrease in GGP’s fair  value changes, and increased depreciation on higher asset values and newly acquired assets. Fourth Quarter Results 32 BROOKFIELD ASSET MANAGEMENT 