Management’s Discussion and Analysis
Dollar amounts are in thousands of Canadian dollars (except as noted)
PART II
Business Overview
Killam Properties Inc., based in Halifax, Nova Scotia, is one of Canada’s largest residential landlords, owning, operating, managing and developing 
multi‑family residential and Manufactured Home Community (“MHC”) properties. Killam’s 164 apartment properties are located in Atlantic 
Canada’s six largest urban centres and in Ontario. The Company’s 35 MHCs are located in Ontario and Atlantic Canada. The value of Killam’s 
real estate assets at December 31, 2013, was $1.5 billion. Killam is focused on growing its portfolio, maximizing the value of its properties and 
increasing FF o per share.
Killam was founded in 2000, based on the recognition of an opportunity to create value through the consolidation of apartments in Atlantic 
Canada and MHCs across Canada.  Killam’s first apartment was purchased in 2002 and its first MHC was purchased in 2003. From 2002 to 2009, 
Killam’s apartment portfolio grew through the acquisition of properties in Atlantic Canada’s six largest cities, namely Halifax, Moncton, Saint 
John, Fredericton, St. John’s and Charlottetown. Killam is now Atlantic Canada’s largest residential landlord, with a 14.2% market share of the 
multi‑family rental units in these core markets. Killam entered the Ontario apartment market in 2010, and today owns twelve properties in the 
province, including assets in Toronto, Ottawa, London and Cambridge. Killam plans to expand its presence in Ontario with additional acquisitions 
and developments. The apartment business is Killam’s largest business segment, accounting for 86% of the Company’s NOI from property 
operations and equity income in 2013. At December 31, 2013, Killam’s apartment portfolio consisted of 12,647 units.
Killam complements its acquisition program with the construction of apartment buildings. During 2013, Killam completed the development 
of four projects totalling 282 units and commenced two additional projects in the second half of the year. Management does not expect 
developments to exceed 5% of the total asset base in any given year.
In addition, the Company owns MHCs, also known as land‑lease communities or trailer parks. Killam owns the land and infrastructure supporting 
each community and leases the lots to tenants, who own their own homes and pay Killam a monthly site rent.  Killam owns 35 communities 
which accounted for 14% of Killam’s NOI in 2013. During the year Killam sold ten MHC properties located in New Brunswick, allowing the 
Company to crystallize the value of the properties at attractive cap‑rates and use the funds to continue to grow the apartment portfolio.
Key Performance Indicators (KPIs)
Management measures Killam’s performance based on the following KPIs: 
1. FFO per Share – A standard measure of earnings for real estate entities. Management is focused on growing FFO per share on an annual 
basis. 
2. Rental Increases – Management expects to achieve increases in average rental rates on an annual basis and measures the average rental 
increases achieved. 
3. Occupancy – Management is focused on maximizing occupancy levels while also managing the impact of higher rents. This measure 
considers units rented as a percentage of total stabilized units at a point in time. 
4. Same Store NOI Growth – This measure considers the Company’s ability to increase the NOI at properties that it has owned for equivalent 
periods year‑over‑year, removing the impact of acquisitions, dispositions, developments and other non same store operating adjustments. 
5. Weighted a verage cost of Debt – Killam monitors the weighted average cost of its mortgage debt and total debt.
6. Debt to t otal assets – Killam measures its debt levels as a percentage of total assets and works to ensure that the debt to total assets 
remains at a range of 55% to 65%.