Management’s Discussion and Analysis
Dollar amounts are in thousands of Canadian dollars (except as noted)
Summary of 2013 Results and Operations
Acquisitions and Developments Drive Revenue Growth of 5.6%
Killam completed $114.2 million in property acquisitions throughout 2013 and also completed $69.6 million of development projects in the first 
half of 2013, adding 1,025 apartment units and 65 MHC sites to the portfolio. $84.8 million of acquisitions completed throughout 2012 also 
contributed to revenue growth in 2013. This growth was partially offset by the disposition of ten MHC properties located in New Brunswick for 
proceeds of $69.0 million during the fourth quarter of 2013 and the disposition of twelve MHCs during 2012 for $72.9 million. The development 
projects completed in 2013 located in Halifax and Fredericton are expected to be substantially leased by mid‑2014 and will generate additional 
revenue growth for the company in 2014.
Consolidated Same Store Revenue Growth of 1.8%
Killam’s same store portfolio posted a 1.8% increase in revenue growth compared to 2012, driven by an increase of 1.3% in rental rates related 
to the apartment portfolio and a 3.7% increase in rental rates related to the MHC portfolio. These rental rate gains were partially offset by higher 
vacancy during the first half of 2013, compared to 2012, and higher rental incentives due to increased competition in certain of the Company’s 
core markets in Atlantic Canada as a result of increased supply. 
The Halifax market, which comprises approximately 50% of the Company’s same store apartments, contributed to the rental growth, posting a 
2.5% increase in residential rents. The improved top‑line growth in Halifax reflects the marketing and leasing changes implemented in 2013 and 
the quality and location of the Company’s assets in the city. Growth in Halifax offset the Charlottetown and Saint John markets, which saw flat 
revenues year‑over‑year and a decline of 2.4% in revenue, respectively. 
14% Increase in Same Store Utility Costs Due to Pressure on Natural Gas Pricing 
During the first quarter of 2013 the Company experienced high natural gas prices as a result of supply constraints and high demand from utilities 
in New England, which drove up pricing within Atlantic Canada. Unanticipated disruptions at the Sable Offshore Energy project and delays in the 
Deep Panuke Project coming on‑line created a regional supply deficit and forced distributors to purchase the commodity at higher prices from 
the day markets in the Northeastern United States. During the fourth quarter of 2013 Killam also saw a spike in pricing, specifically in the New 
Brunswick market, as colder than normal weather increased demand from utilities in Northeast New England and placed added pressure on 
day pricing in a market with a shortage of gas pipeline capacity. Pricing was more stable during the fourth quarter in Nova Scotia as the region’s 
largest supplier had previously entered into a number of fixed gas‑supply contracts for the 2013‑2014 heating season. 
Stability in Controllable Operating Costs
Excluding energy and property taxes, Killam delivered an impressively modest 0.3% increase in same store operating expenses in 2013 compared 
to 2012. Killam managed operating costs by renegotiating key contracts, including garbage and elevator contracts, and  reducing repair and 
maintenance and property administrative expenses through a company‑wide focus on minimizing discretionary spending. In addition, the 
increase in same store property tax expense was managed to 2.8% as a result of successful assessment appeals.
Interest Cost Savings on Refinancings 
During 2013 Killam successfully refinanced $66.7 million of maturing apartment mortgages at a weighted average interest rate of 3.03%, 155 
basis points (“bps”) lower than the weighted average interest rate prior to refinancing. The Company also refinanced $10.7 million of MHC