text: The effective weighted average cap‑rate used to value the apartment properties decreased 14 bps to 5.88% from December 31, 2012, resulting 
  in an increased valuation for Killam’s investment properties early in 2013. Apartment cap‑rates stabilized in most regions during the second half 
  of the year. Slight increases in cap‑rates in the Saint John market were realized in late 2013, reflecting the city’s softening economy. 
  
  The effective weighted average cap‑rate used to value the MHCs decreased 18 bps to 6.86% from December 31, 2012, resulting in increased 
  valuations for 2013. See further discussion on cap‑rates in the “Investment Properties” section of the MD&A. 
  
  **Other Expenses**
  
  **Financing Costs**
  
  For the years ended December 31, 