significant premium for quality assets. 
Geographic Diversification
Geographic diversification in the apartment segment is a priority for Killam. With a 14.2% market share in its core markets in Atlantic Canada, 
Killam is the region’s largest residential landlord. The maximum market share Management foresees Killam reaching in Atlantic Canada is 
between 15%‑18%. With Atlantic Canada representing only 4.9% of the Canadian rental market, Killam’s growth opportunities increase 
significantly when considering assets outside Atlantic Canada.
With its strong operating platform, Killam can support a larger and more geographically diverse portfolio. The Company is actively building 
a portfolio in targeted Ontario markets, including Ottawa, the Greater Toronto Area, and Southwestern Ontario. An increased investment in 
Ontario, and potentially Western Canada, will increase the Company’s diversification and exposure in high growth centres in Canada. Based on 
the Company’s portfolio at year‑end, 15% of Killam’s 2014 NOI will be generated in Ontario. Management has set a long‑term target of growing 
the amount of NOI generated outside of Atlantic Canada to 50%. 
In 2013, Killam sold a portfolio of ten MHCs in New Brunswick that allowed Killam to crystallize the increased value of this portfolio at  attractive 
cap‑rates. This creates moderate short‑term dilution but it provides the Company with funds to continue its geographic diversification by 
accretively growing its apartment portfolio in Ontario.
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