Notes to the Consolidated Financial Statements
Dollar amounts are in thousands of Canadian dollars (except share and per share amounts)
23. Segmented Information
The Company operates in two rental segments of the multi‑family residential industry: apartments and MHCs, all located in Canada. The 
accounting policies of these segments are the same as those described in the summary of significant accounting policies.  The segments are 
analyzed based on net operating income before interest, amortization and administration costs.  The operating results, assets and liabilities, 
and capital expenditures of the segments are as follows:
As at and for the year ended December 31, 2013       Apartments       MHCs        Other       Total
Property revenue $121,305 $19,253 $554 $141,112
Property operating expenses (50,435) (7,336) (301) (58,072)
Net operating income $70,870 $11,917 $253 $83,040
Home sales, equity income & corporate income ‑ ‑ 2,365 2,365
Financing costs (24,837) (4,116) (6,278) (35,231)
Depreciation and amortization (942) (254) (1,036) (2,232)
Administration (1,457) (362) (6,059) (7,878)
Income before fair value gains, loss on disposition and 
income taxes $43,634 $7,185 $(10,755) $40,064
t otal assets $1,386,826 134,760 10,845 $1,532,431
Total liabilities $676,072 53,326 198,973 $928,371
Capital expenditures $18,100 $3,505 $42 $21,647
as at and for the year ended December 31, 2012 apartments mHcs other  t otal
Property revenue $110,463 $22,653 $525 $133,641
Property operating expenses (44,888) (8,421) 112 (53,197)
Net operating income $65,575 $14,232 $637 $80,444
Home sales, equity income & corporate income ‑ ‑ 2,189 2,189
Financing costs (22,954) (5,035) (6,644) (34,633)
Depreciation and amortization (846) (559) (740) (2,145)
Administration (1,710) (461) (6,661) (8,832)
Income before fair value gains, loss on disposition and 
income taxes $40,065 $8,177 $(11,219) $37,023
t otal assets $1,244,087 $188,834 $10,207 $1,443,128
Total liabilities $585,050 $84,148 $185,494 $854,692
Capital expenditures $19,039 $3,345 $83 $22,467
90 Killam ProPerties inc | 2013