complete a minimum  
of $75 million in 
acquisitions.
acquire over 50%  
of 2014 acquisitions  
outside atlantic  
canada, with a focus  
in ontario.
Grow same store  
noi by up to 2%.
continue to invest  
in development  
with two projects  
underway, managing 
projects on schedule  
and on budget.
development program to a maximum of 5% of our balance sheet per year.  We 
have three other developments projects in various planning stages, but don’t 
expect to begin construction on any additional new projects until late 2014 or 
into 2015.  
Geographic Diversification is a Priority
Geographic diversification is a priority for Killam.  Our asset base in Atlantic 
Canada is the foundation of the Company; however, with Atlantic Canada 
representing only 5% of the Canadian rental market, our growth opportunities 
increase significantly by expanding our target markets outside of this region.  
With its strong operating platform, Killam can support a larger and more 
geographically diverse portfolio.  We are actively growing a portfolio of 
apartments in Ontario in three target markets: Ottawa, the Greater Toronto 
Area, and Southwestern Ontario.  An increased investment outside Atlantic 
Canada will increase not only Killam’s growth potential, it will also expand the 
Company’s diversification and exposure to higher growth markets.  
Acquisitions in Ontario represented 45% of acquisitions in 2013. In addition 
to 1,359 apartment units in the province, we also have 2,144 manufactured 
home community sites, representing 29% of the MHC NOI last year.  Based on 
our current portfolio, 15% of Killam’s 2014 NOI will be generated in Ontario, 
compared to our longer-term goal of generating 50% of NOI outside Atlantic 
Canada.  We expect to reach this goal by focusing acquisition activity in 
Ontario, with the majority of future investment anticipated in the province over 
the next few years.  We will look for additional development opportunities in 
Ontario and we are exploring opportunities in Western Canada, attracted by 
the strong population growth trends in Alberta’s urban markets.  
I would like to thank all Killam employees for their contributions and 
commitment over the last year and our board of directors for their governance.  
Also, I would like to thank you, our shareholders, for your continued investment 
in Killam.  I invite you to attend the Company’s annual meeting on May 7, 2014 
at 2:00 pm Atlantic Time at the Halifax Marriott Harbourfront Hotel, either in 
person or via webcast.  
Yours truly,
Philip Fraser
our Goals
for 2014
Killam ProPerties inc | 2013 11