why some of the interest paid by Morguard is expensed on the income statement and some of the interest is capitalized on the balance sheet? What percentage of total interest incurred was capitalized? the criteria for capitalizing interest expense?

As at December 31 Note 2018 2017 ASSETS Non-current assets Real estate properties $9,645,596 $8,655,651 Hotel properties 666,078 669,026 Equity-accounted and other fund investments 281,464 280,853 Other assets 285,103 246,440 10,878,241 9,851,970 Current assets Mortgages and loans receivable 10 1,686 27,257 Amounts receivable 76,879 77,227 Prepaid expenses and other 15,551 21,082 Cash 110,401 134,450 204,517 260,016 $11,082,758 $10, 111,986 LIABILITIES AND EQUITY Non-current liabilities Mortgages payable 11 $3,573, 185 $3,440,069 Unsecured debentures 12 597,697 398, 152 Convertible debentures 13 225,936 147,701 Morguard Residential REIT Units 14 417,481 365,438 Deferred income tax liabilities 24 717,943 646,884 6,532,242 4,998,244 Current liabilities Mortgages payable 11 789,516 615,959 Unsecured debentures 12 134,755 Convertible debentures 13 2.063 88,674 Construction financing payable 15 36,476 Loans payable 23 60.309 Accounts payable and accrued liabilities 16 244,670 253,859 Bank indebtedness 17 225,160 49,650 1,321,718 1,179,373 Total liabilities 6,853,960 6,177,617 EQUITY Shareholders' equity 3,431,366 3,082,673 Non-controlling interest 797,432 851,696 Total equity 4,228,798 3,934,369 $11,082,758 $10, 111,986STATEMENTS OF INCOME In thousands of Canadian dollars, except per common share amounts For the years ended December 31 Note 2018 2017 Revenue from real estate properties 19 $841,497 $790,535 Revenue from hotel properties 19 237,938 237,116 Land rent arbitration settlement 28 17,250 Property operating expenses Property operating costs (184,986) (174,440) Utilities (57,160) (52,986) Realty taxes (126,076) (110,644) Hotel operating expenses (180,488) (175,714) Net operating income 547.975 513,867 OTHER REVENUE Management and advisory fees 19 62,096 71,786 Interest and other income 10,947 8,907 Sales of product and land 5,400 5,430 78,443 86,123 EXPENSES Interest 20 210,464 191,965 Property management and corporate 92,665 82,862 Cost of sales of product and land 3,698 3,524 Amortization of hotel properties 6 25,342 26,640 Amortization of capital assets and other 6,518 4,228 Provision for impairment 6 29,668 24,590 368,355 333,809 OTHER INCOME (EXPENSE) Fair value gain, net 21 167,235 139,898 Equity loss from investments (22,654) (10,227) Other income 22 13,424 3,885 158,005 133,556