Management’s Discussion and Analysis
Dollar amounts are in thousands of Canadian dollars (except as noted)
Part VII
Quarterly Results & Discussion of Q4 Operations
Summary of Quarterly Results
An eight quarter trend highlighting key operating results is shown below:
2013 2012
Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1
Property revenue $36,262  $37,095 $34,506 $33,249 $33,360 $33,894 $33,679  $32,631 
Operating expenses 14,863 13,845 14,281 15,083 13,801 12,452 13,161 13,781
Net operating income 21,399 23,250 20,225 18,166 19,559 21,442 20,518 18,850
Operating margin % 59.0% 62.7% 58.6% 54.6% 58.6% 63.3% 60.9% 57.8%
Home sale income 66 44 154 59 101 93 231 44
e quity & other income (loss) 165 484 1,031 362 527 439 508 322
net (loss) income applicable 
to common shareholders 
 
(4,543)
 
12,117
 
23,238 8,967 10,425 12,662 18,558 10,082
Per share (basic) (0.10) 0.22 0.43 0.17 0.20 0.26 0.37 0.20
FF o 9,812 11,668 9,478 7,812 8,732 10,721 9,179 7,463
FF o/share (basic) 0.18 0.22 0.18 0.15 0.17 0.21 0.19 0.15
Q4 ‑ Consolidated Statements of Income
In thousands (except per share amounts)
For the three months ended December 31,
2013        2012    
Property revenue $36,262 $33,360
Property operating expenses  (14,863)  (13,801)
Home sales  66  101
e quity income  138  240
other income  27  287
 21,630  20,187
Financing costs  (9,061)  (8,315)
Depreciation  (149)  (199)
Amortization of deferred financing costs  (431)  (366)
Administration  (2,185)  (2,361)
 (11,826)  (11,241)
Income before fair value gains (losses), gain (loss) on 
disposition and income taxes
 9,804  8,946
Fair value (losses) gains  (13,827)  10,057
(Loss) gain on disposition  (1,572)  24
Income before income tax expense  (5,595)  19,027
Income tax expense  1,410  (7,357)
Net (loss) income $(4,185) $11,670
Net income attributable to:
common shareholders $(4,543) $10,425
Non‑controlling interest  358  1,245
$(4,185) $11,670
Killam ProPerties inc | 2013 57