Notes to the Consolidated Financial Statements
Dollar amounts are in thousands of Canadian dollars (except share and per share amounts)
25.  Financial Risk Management Objectives and Policies (continued)
During the year ended December 31, 2013, the Company refinanced $66.7 million of maturing apartment mortgages with new mortgages 
totaling $96.7 million for net proceeds of $30.0 million. As well, during the year ended December 31, 2013, the Company refinanced $10.7 
million of maturing mHc mortgages for net proceeds of $3.2 million.
The following table presents the contractual maturities of the Company’s liabilities over the next five years:
Year
mortgage and loans 
payable
Construction 
loans
Convertible 
debentures Total
2014 $153,589 $14,775 $‑ $168,364
2015 107,321 ‑ ‑ 107,321
2016 111,803 ‑ ‑ 111,803
2017 55,214 ‑ 57,500 112,714
2018 71,132 ‑ 46,000 117,132
Thereafter 210,302 ‑ ‑ 210,302
$709,361 $14,775 $103,500 $827,636
25.   (Continued)
Capital Management
The primary objective of the Company’s capital management is to ensure that it maintains a healthy capital ratio in order to support its 
business and maximize shareholder value.  The Company manages its capital structure and makes adjustments to it in light of changes in 
economic conditions.  To maintain or adjust the capital structure, the Company may adjust the dividend payment to shareholders, issue 
new shares, issue debt securities or adjust mortgage financing on properties.
The Company monitors capital using a total debt to total assets ratio.  The Company’s strategy is to maintain its total debt to total assets 
ratio between 55‑65%.  The calculation of the total debt to total assets is summarized as follows:
As at
December 31,
2013
December 31,
2012
Mortgages, loans payables and construction loans $713,905 $639,143
Convertible debentures 96,419 94,924
subordinated debentures ‑ 9,998
t otal debt $810,324 $744,065
t otal assets $1,532,431 $1,443,128
t otal debt as a percentage of total assets 52.9% 51.6%
The above calculation is sensitive to changes in the fair value of investment properties, in particular, cap‑rate changes.  A 10 basis point 
increase in weighted average cap‑rate as at December 31, 2013, would increase the debt as a percentage of assets by 80 basis points.
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