Management’s Discussion and Analysis
Dollar amounts are in thousands of Canadian dollars (except as noted)
the following table sets out the maturity dates and average interest rates of mortgage and vendor debt, and percentage of apartment mortgages 
that are CMHC insured by year of maturity:
                        apartments                                           mHcs                                                Total                 
Year of 
maturity
Balance 
December 31, 
2013
Weighted a vg   
int rate %
% cmHc 
insured
Balance 
December 31, 
2013
Weighted a vg 
int rate %
Balance 
December 31, 
2013
Weighted Avg Int. 
Rate %
2014 127,719    4.50  56.4 13,666       5.63 141,385 (1) 4.61
2015 90,345    4.47  68.8 4,238       5.19 94,583 4.50
2016 108,072    4.28  50.7 3,286       5.09 111,358 4.30
2017 27,386    3.21  100.0 18,082       4.64 45,468 3.78
2018 83,158    3.66  47.7 13,462       4.34 96,620 3.76
2019 53,366    3.52  100.0 ‑  ‑ 53,366 3.52
2020 19,871    4.09  100.0 ‑  ‑ 19,871 4.09
2021 23,736    3.79  88.8 ‑  ‑ 23,736 3.79
2022 24,529    3.16  100.0 ‑  ‑ 24,529 3.16
Thereafter 95,364 3.48  100.0  ‑  ‑  95,364 3.48
  $653,546   3.98 72.0 $52,735 4.89 $706,281 4.05
(1) Includes $2.1 million related to a demand loan classified as current.
As at December 31, 2013, approximately 72% of the Company’s apartment mortgages were CMHC insured (67% of all mortgages as MHC 
properties are not eligible for CMHC insurance) (December 31, 2012 – 61% and 53%).  The weighted average interest rate on the CMHC insured 
mortgages was 3.67% as at December 31, 2013 (December 31, 2012– 3.98%).
Access to mortgage debt is essential in financing future acquisitions and in refinancing maturing debt. Management has intentionally diversified 
Killam’s mortgages to avoid dependence on any one lending institution and has staggered the maturity dates of its mortgages to manage interest 
rate risk.  Management anticipates continued access to mortgage debt for both new acquisitions and refinancings. Access to CMHC insured 
financing gives apartment owners an advantage over other asset classes as lenders are provided a government guarantee on the debt and 
therefore are able to lend at more favourable rates. 
The following table presents the NOI of properties that are available to Killam to refinance at debt maturity for 2014 and for 2015. With 
$139.3 million in mortgages maturing in 2014, Management is evaluating opportunities to fix interest rates before maturity to lock in savings 
on refinancings. Killam’s 2014 mortgage maturities are skewed toward the first half of the year and the Company has already completed 
refinancings or locked in interest rates for maturing mortgages representing $34.2 million of the maturing debt at a weighted average interest 
rate of 2.64%.
2014
 Number of 
Properties NOI
Principal Balance 
(at maturity)
apartments with debt maturing in 2014  41  $18,392  $125,976
mHcs with debt maturing in 2014  7  2,254  13,278
2014 debt maturities  48  $20,646  $139,254
2015
apartments with debt maturing in 2015  34  $12,779  $82,782
mHcs with debt maturing in 2015  4  792  4,652
2015 debt maturities  38  $13,571  $87,434
54 Killam ProPerties inc | 2013