Management’s Discussion and Analysis
Dollar amounts are in thousands of Canadian dollars (except as noted)
A sensitivity analysis of all significant assumptions is shown below:
Class of property Capitalization rate Vacancy rate(1)
Management fee 
rate(1)
10 basis points 
increase
10 basis points 
decrease
1% increase/ 
decrease in 
vacancy
1% increase/ 
decrease in 
management fee
apartments $(22,408) $22,947 $21,055 $22,206
mHcs $(1,659) $1,708 $1,483 $1,932
(1) If the 1% change is an increase in the noted vacancy or management fee, the impact would result in a decrease in value. Alternatively,  
a decrease in the vacancy or management fee would result in an increase in value.
2013 Acquisitions ‑ Investment Properties
Property Location Acquisition Date       Year Built Units Purchase Price(2)
apartments
1090 Kristin Way Ottawa 25‑Jan‑13 1974 102 $10,350
200 r oyale Blvd. Halifax 4‑Mar‑13 2012 83 18,900
46 & 54 strathmore a ve moncton 28‑Mar‑13 2001 40 3,150
777 Gauvin r oad moncton 13‑May‑13 2013 48 8,060
36 Westridge crescent (1) Charlottetown 21‑May‑13 1985 8 256
280 shakespeare Drive (1) Stratford 21‑May‑13 2010 26 3,059
39‑66 Ducks Landing(1) Stratford 21‑May‑13 2005‑2012 138 15,385
1033 Queen Street West(4) t oronto 31‑Jul‑13 2012 179 40,000
50 cameron street moncton 5‑Dec‑13 1981 81 9,700
50 r oy Boates a venue summerside 6‑Dec‑13 2006 38 
743
3,946  
$112,806
mHc
shamrock estates Antigonish 20‑Dec‑13        65 $1,350
land for developments
saginaw Parkway cambridge 16‑Jan‑13 $4,000
st. George street moncton 15‑Feb‑13 1,100
1057 Barrington street (3) Halifax 13‑Sept‑13 1,810
$6,910
Total Acquisitions $121,066
(1) Acquired as a portfolio.
(2) Purchase price on acquisition does not include transaction‑related costs.
(3) Killam entered into a 50/50 joint development agreement with another company for the purchase of this land. The $1.8 million purchase price represents 
Killam’s interest in the land.
(4) Included in the acquisition is 21,242 square feet of commercial space.
In addition to apartment acquisitions during 2013, Killam purchased a MHC in Antigonish with 65 sites and three parcels of land for future 
development. The parcel of land located in Cambridge is 5.2 acres and is zoned for a maximum height of seven stories and a density of 180 units. 
The parcel of land in Moncton is 0.8 acres and the land located at 1057 Barrington Street in Halifax is 0.7 acres and was purchased under a joint 
development agreement for the purpose of developing a six‑story mixed‑use building.
48 Killam ProPerties inc | 2013