Management’s Discussion and Analysis
Dollar amounts are in thousands of Canadian dollars (except as noted)
Future Contractual Debt Obligations
At December 31, 2013, the timing of the Company’s future contractual debt obligations are as follows:
Year mortgage and loans 
Payable
Construction 
Financing
Convertible 
Debentures
December 31  
t otal
2014 $153,589 $14,775 $‑ $168,364
2015 107,321 ‑ ‑ 107,321
2016 111,803 ‑ ‑ 111,803
2017 55,214 ‑ 57,500 112,714
2018 71,132 ‑ 46,000 117,132
Thereafter 210,302 ‑ ‑ 210,302
$709,361 $14,775 $103,500 $827,636
Debentures
The Company’s $57.5 million convertible unsecured subordinated debentures mature November 30, 2017, bear interest at 5.65% and are 
convertible, at the holders’ option, to common shares at a price of $13.40.  The Debentures are redeemable at the option of the Company after 
november 30, 2013, and on or before n ovember 30, 2015, provided that the current market price of the common shares of the company on 
the date on which the notice of redemption is given is not less than 125% of the conversion price.  After November 30, 2015, the debentures are 
redeemable at face value.  Upon maturity or redemption, the Company may elect to repay all or any portion of the debentures outstanding by 
issuing the number of common shares obtained by dividing the aggregate of the principal amount of the debentures that have matured or are 
being redeemed by 95% of the weighted average market price of the common shares for the preceding 20 days (ending 5 days preceding the 
fixed date for redemption or maturing).
The Company’s $46.0 million convertible unsecured subordinated debentures mature June 30, 2018, bear interest at 5.45% and are convertible, 
at the holders’ option, to common shares at a price of $14.60.  The Debentures are redeemable at the option of the Company after June 30, 
2014, and on or before June 30, 2016, provided that the current market price of the common shares of the company on the date on which the 
notice of redemption is given is not less than 125% of the conversion price.  After June 30, 2016, the debentures are redeemable at face value.  
Upon maturity or redemption, the Company may elect to repay all or any portion of the debentures outstanding by issuing the number of 
common shares obtained by dividing the aggregate of the principal amount of the debentures that have matured or are being redeemed by 95% 
of the weighted average market price of the common shares for the preceding 20 days (ending 5 days preceding the fixed date for redemption or 
maturing).
The Company’s $10.0 million of unsecured subordinated debentures expired, and were repaid, on January 4, 2013, and consisted of three 
tranches of $2.5 million, $2.5 million, and $5.0 million, bearing interest at 5.92%, 6.06% and 6.33%, respectively. Related warrants associated 
with the subordinated debentures also expired on January 4, 2013.
Construction Loans
At December 31, 2013, the Company had access to a floating rate non‑revolving demand construction loan for the purpose of financing the 
development of The Plaza and payments are made monthly on an interest‑only basis. The construction loan has an interest rate of prime plus 
0.75%. The construction loan will be repaid in full and converted into a CMHC insured mortgage once rental targets have been achieved.  As at 
December 31, 2013, $14.8 million was drawn at an interest rate of 3.75% (December 31, 2012 ‑ $14.1 million).
Credit Facility
The Company has a credit facility with a major financial institution, which consists of a $2.0 million revolving demand facility that can be used for 
the Company’s acquisition program and general business purposes.  The interest rate on the debt is prime plus 125 bps on prime rate advances 
or 225 bps over Banker’s acceptances (Bas).  Killam has the right to choose between prime rate advances and B as based on available rates and