text: As highlighted in the above chart, the effective weighted average cap‑rate used to value the apartment properties decreased by 14 bps 
  year‑over‑year, generating an increased valuation for some properties. This was partially offset by a rise in cap‑rates in the Saint John market in 
  late 2013 due to the softening economy. The effective weighted average cap‑rate used to value the MHCs decreased 18 bps from December 31, 
  2012, reflecting increased valuations for most properties in the MHC portfolio. 