text: **5.** **Investment Properties (continued)**
  
  The investment property segment defined as Other consists of one commercial property of which the Company has a 50% ownership. The 
  property has a fair value of $2.2 million (December 31, 2012 ‑ $2.1 million). 
  
  IPUC includes land held for future development, which is recorded at a fair value of $2.8 million (December 31, 2012 ‑ $5.2 million) and 
  properties under construction of $21.6 million (December 31, 2012 ‑ $52.7 million). Fair value cannot be reliably determined for properties 
  under construction as the projects are in the early stages of development and therefore IPUC is recorded at cost. 
  
  ***Sensitivity Analysis***
  
  The significant unobservable inputs used in the fair value measurements categorized within Level 3 of the fair value hierarchy include 
  cap‑rates, vacancy rates and management fee rates. Investment property valuations are most sensitive to changes in the cap‑rate. The 
  cap‑rate assumptions for the investment properties are included in the following table: 