2013 performance summary
Objective 2013 Target 2013 Performance
Consolidation of 
the Multi-family 
Residential Real Estate 
Market
To complete $75 million 
to $125 million in 
acquisitions.
Target achieved. $121 million in acquisitions 
completed in 2013, including $113 million in 
apartment acquisitions, $7 million for three 
parcels of land for future development and $1 
million for an MHC acquisition.
Increase Investment in 
New Properties
Acquire new properties 
as part of the acquisition 
program in 2013. 
Target achieved. During 2013, 74% of the total 
units added to the portfolio were constructed 
after 2001. These acquisitions included three 
buildings constructed in 2013, a 179-unit 
building on Queen Street West in Toronto, an 
83-unit luxury building in Halifax, and a 48-unit 
building in Moncton.
Complete and lease-
up Killam's four 
developments and 
commence two new 
development projects.
Target partially achieved. The Company 
completed the construction of four 
development projects totaling 282 units during 
the first half of 2013.  Two of the properties, 
Bennett House and Brighton House, were 
fully leased within three months of opening, 
while S2 and The Plaza are expected to be 
substantially leased by the middle of 2014. 
Killam began two new developments during 
the second half of the year, a 101-unit building 
in St. John’s, Newfoundland, and a 122-unit 
building in Cambridge, Ontario. 
Geographic 
Diversification
2013 acquisition 
program to include 
investments in Ontario.
Target achieved. Killam acquired $55 million in 
Ontario real estate in 2013, representing 45% 
of its acquisition program in the year.  Assets 
acquired included a 102-unit property  in 
Ottawa,  a newly built, 179-unit, mixed-used 
property in downtown Toronto and a 5.2 acre 
parcel of land for development in Cambridge, 
Ontario. 
Growth in Same Store 
Net Operating Income
(NOI)
Same store NOI growth 
of 2% to 4% in 2013.
Target not achieved. Despite generating 1.8% 
growth in same store revenue, high natural gas 
prices in Atlantic Canada caused total same 
store utility and fuel expenses to increase 13.8% 
during the year, which resulted in a decrease in 
same store NOI of 0.4% for the year. 
richmond Hill, london, ontario