The Company operates in two rental segments of the multi‑family residential industry: apartments and MHCs, all located in Canada. The  accounting policies of these segments are the same as those described in the summary of significant accounting policies. The segments are  analyzed based on net operating income before interest, amortization and administration costs. The operating results, assets and liabilities,  and capital expenditures of the segments are as follows: 23. Segmented Information Notes to the Consolidated Financial Statements Dollar amounts are in thousands of Canadian dollars (except share and per share amounts) As at and for the year ended December 31, 2013 Apartments MHCs Other Total Property revenue $121,305 $19,253 $554 $141,112 Property operating expenses (50,435) (7,336) (301) (58,072) Net operating income $70,870 $11,917 $253 $83,040 Home sales, equity income & corporate income ‑ ‑ 2,365 2,365 Financing costs (24,837) (4,116) (6,278) (35,231) Depreciation and amortization (942) (254) (1,036) (2,232) Administration (1,457) (362) (6,059) (7,878) Income before fair value gains, loss on disposition and  income taxes $43,634 $7,185 $(10,755) $40,064 total assets $1,386,826 134,760 10,845 $1,532,431 Total liabilities $676,072 53,326 198,973 $928,371 Capital expenditures $18,100 $3,505 $42 $21,647 as at and for the year ended December 31, 2012 apartments mHcs other  total Property revenue $110,463 $22,653 $525 $133,641 Property operating expenses (44,888) (8,421) 112 (53,197) Net operating income $65,575 $14,232 $637 $80,444 Home sales, equity income & corporate income ‑ ‑ 2,189 2,189 Financing costs (22,954) (5,035) (6,644) (34,633) Depreciation and amortization (846) (559) (740) (2,145) Administration (1,710) (461) (6,661) (8,832) Income before fair value gains, loss on disposition and  income taxes $40,065 $8,177 $(11,219) $37,023 total assets $1,244,087 $188,834 $10,207 $1,443,128 Total liabilities $585,050 $84,148 $185,494 $854,692 Capital expenditures $19,039 $3,345 $83 $22,467 90 Killam ProPerties inc | 2013