Management’s Discussion and Analysis
Dollar amounts are in thousands of Canadian dollars (except as noted)
Financial and Operational Highlights
The following table presents a summary of Killam’s financial and operating performance for the year ended December 31, 2013 and 2012:
Results of Operations 
2013 2012 change
Property revenue $141,112 $133,641 5.6%
noi $83,040 $80,444 3.2%
Income before fair value gains, loss on disposition and income taxes $40,064 $37,023 8.2%
Fair value gains $13,070 $37,726 (65.4)%
net income applicable to common shareholders $39,779 $51,727 (23.1)%
e arnings per share (basic) $0.74 $1.03 (28.2)%
FF o $38,770 $36,096 7.4%
FF o per share (basic) $0.72 $0.72 ‑%
FF o per share (diluted) $0.71 $0.71 ‑%
aFF o per share $0.60 $0.60 ‑%
Weighted average shares outstanding (basic) 54,143 50,227 7.8%
Same Store Results 
2013 2012 change
same store revenue $121,530 $119,390 1.8%
Same store expenses (50,404) (47,994) 5.0%
same store noi $71,126 $71,396 (0.4)%
Balance Sheet 
               2013   2012 change
Investment properties $1,476,116 $1,354,665 9.0%
t otal assets $1,532,431 $1,443,128 6.2%
Total liabilities $928,371 $854,692 8.6%
t otal equity $604,060 $588,436 2.7%
Ratios
2013 2012  change
t otal debt to total assets 52.9% 51.6% 130 bps
Weighted average mortgage interest rate 4.05% 4.48% (43) bps
Weighted average years to debt maturity 3.9 3.4 0.5 years
interest coverage 2.08x 2.00x 4.0%
Debt service coverage 1.34x 1.30x 3.1%
24 Killam ProPerties inc | 2013