text: **25. Financial Risk Management Objectives and Policies**
  
  The Company’s principal financial liabilities are comprised of mortgages, construction loans, debentures and trade payables. The main 
  purpose of these financial liabilities is to finance the Company’s investment properties and operations. The Company has various financial 
  assets such as trade receivables and cash, which arise directly from its operations. 
  
  The Company may also enter into derivative transactions, primarily natural gas and oil swap contracts, to manage the price risk arising from 
  fluctuations in these commodities. The Company did not enter into any derivative transactions in 2013 or 2012. It is, and has been, the 
  Company’s policy that no speculative trading in derivatives shall be undertaken. 
  
  The main risks arising from the Company’s financial instruments are interest rate risk, credit risk, and liquidity risk. These risks are managed 
  as follows: 
  
  **(i) Interest rate risk**
  
  The Company is exposed to interest rate risk as a result of its mortgages and loans payable, however this risk is mitigated through the 
  Company’s strategy to have the majority of its mortgages payable in fixed‑term arrangements. The Company also structures its financings 
  so as to stagger the maturities of its debt, minimizing the Company’s exposure to interest rate volatility in any one year. 