Management’s Discussion and Analysis
Table of Contents  
PART I
Basis of Presentation 22
Forward‑looking Information 22
Non‑IFRS Measures 22
PART II
Business Overview 23
Key Performance Indicators (KPIs) 23
Financial and Operational Highlights 24
Summary of 2013 Results and Operations 25
Performance Compared to 2013 Key Objectives 26
2014 Targets 27
2014 Outlook 28
Business Strategy 29
Portfolio Summary 30
PART III
2013 Financial Overview
consolidated results 35
apartments results 35
mHc results 40 
PART IV
Other Income
Home sales 41
equity income 41
corporate income 42
Fair Value Gains 42
Other Expenses
Financing costs 42
Depreciation Expenses 43
Amortization of Deferred Financing Costs 43
Administration Expenses 43
Loss on Disposition 44
Deferred Tax Expense 44
PART V
Funds from Operations 45
Adjusted Funds from Operations 46
PART VI
Investment Properties 47
Capital Improvements 50
Liquidity and Capital Resources 52
Mortgages and Other Loans 53
Shareholders’ Equity 56
PART VII
Quarterly Results & Q4 Operations 57
PART VIII
Risk Management 59
Significant Accounting Judgments, Estimates 
and Assumptions 60
Disclosure Controls and Internal Controls 63
Subsequent Events 63
Killam ProPerties inc | 2013 21