Killam ProPerties inc | 2013  93 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. 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 total debt $810,324 $744,065 total assets $1,532,431 $1,443,128 total debt as a percentage of total assets 52.9% 51.6% 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: 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. Capital Management 25. Financial Risk Management Objectives and Policies (continued) Notes to the Consolidated Financial Statements 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 The following table presents the contractual maturities of the Company’s liabilities over the next five years: 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. Dollar amounts are in thousands of Canadian dollars (except share and per share amounts)