Management’s Discussion and Analysis
Dollar amounts are in thousands of Canadian dollars (except as noted)
Geographic 
Diversification
2013 t arget 2013 acquisition program to include investments in Ontario.
   2013 Performance During 2013 Killam acquired Kristin Way, a 102‑unit building located in Ottawa, and 1033 Queen Street West 
in Toronto. These acquisitions increased Killam’s total unit count in Ontario to 1,359 units, representing 
11% of the total apartment portfolio. Killam has continued to expand its operating platform in Ontario by 
adding property managers, dedicated leasing representatives and administrative staff to manage the growing 
portfolio.
Growth in Same Store 
Net Operating Income 
2013 t arget Same Store NOI growth of 0% to 1% (adjusted from 2% to 4% following Q2 2013).
 2013  Performance consolidated same store noi decreased by 0.4% for the year ended December 31, 2013. this decrease was 
driven by an increase in natural gas prices in Atlantic Canada during the peak heating season in the first 
quarter as well as another spike in pricing in new Brunswick in December 2013. this resulted in a 14.6% 
increase in utility and fuel expenses compared to 2012 within the apartment portfolio. An increase in net 
property revenues, as well the management of other property operating expenses at levels consistent with 
2012, helped to offset the impact of higher utility costs.
2014 Targets
Consolidation of Multi‑family Residential Real Estate Market 
and Increase Investment New Properties
Complete a minimum of $75 million in acquisitions and continue to 
develop two current projects on schedule and within 5% of budget.
Geographic Diversification Killam’s 2014 acquisition program is to include over 50% of 
acquisitions outside of Atlantic Canada, with a focus on Ontario.
Growth in Same Store Net Operating Income same store noi growth of 0% to 2%.
Killam ProPerties inc | 2013 27