Notes to the Consolidated Financial Statements Dollar amounts are in thousands of Canadian dollars (except share and per share amounts) 6.  Investments in Joint Ventures The Company has the following significant interest in a joint venture, which is measured using the equity method. Through this joint venture, Killam owns: a) 25% share in a 127‑unit property located in London, Ontario; b) 25% share in a 140‑unit property located in Ottawa, Ontario; and, c) 25% share in a 199‑unit property located in Mississauga, Ontario. For the years ended December 31, 2013 2012 Balance, beginning of year $10,289 $8,420 Additions 97 19,563 share of net income 1,296 758 Distributions (213) (18,452) Balance, end of year $11,469 $10,289 As at 2013 2012 current assets $5,920 $3,293 Long‑term assets 115,425 112,245 Current liabilities (4,979) (3,891) Long‑term liabilities (70,492) (70,492) net assets 45,874 41,155 Company’s share of net assets of associate $11,469 $10,289 For the years ended December 31, 2013 2012 Property revenue $11,968 $6,708 Property operating expenses (6,696) (2,936) Net operating income 5,272 3,772 Interest and deferred financing expense (2,744) (857) Fair value gains 2,655 120 net income and comprehensive income 5,183 3,035 Company’s share of net income and comprehensive income $1,296 $758 Killam ProPerties inc | 2013 81