Enhanced training of leasing representatives in each of the New Brunswick cities has improved the leasing process for prospective tenants and 
contributed to increased leasing activity in the summer months and even stronger occupancy in Q4. As noted above, Killam’s New Brunswick 
occupancy levels were well above the market averages, with Fredericton ending the year with 96.3% occupancy, saint John ending the year at 
94.4% and moncton at 97.1%.
St. John’s, NL, remains a strong market within the Company’s apartment portfolio with occupancy between 97.0% and 99.0% during the year.  
Demand for rental units are expected to remain high in St. John’s as strong economic growth continues to attract population growth from other 
areas of the province and high home prices deter many from home ownership.  The St. John’s market leads Killam’s portfolio for same store 
rental rate growth with a 3.5% increase in average rates in 2013.
Killam experienced a rebound in occupancy levels in Charlottetown during 2013 after a sharp decline in the later part of 2012 due to new supply 
and a slowdown in the number of immigrants coming to the province as part of Pei’s Provincial n ominee Program. this has proven to be a 
shorter‑term challenge as Killam improved occupancy in Charlottetown by 400 bps at December 31, 2013, compared to December 31, 2012, 
ending the year at 95.6% occupancy.  
Ontario now represents approximately 12% of Killam’s apartment NOI and equity earnings on a go‑forward basis. Management was pleased 
to report strong improvement in occupancy levels in its Ontario portfolio in 2013. The most notable improvement was in Ottawa. Killam’s 
repositioning of a portfolio of four buildings acquired in September 2012 is complete and the Company is now realizing positive return on 
the investment with the portfolio’s occupancy at 97.5% at year‑end, up 1,100 bps from 86.5% a year earlier. Killam’s apartment occupancy in 
Ontario was 98.6% at December 31, 2013, compared to 93.1% at December 31, 2012. Average rent for the Ontario portfolio decreased 5.8% 
as at December 31, 2013, when compared to 2012 due to the addition of lower priced units in the past twelve months. Rents for same store 
properties were flat in the year as the focus was on occupancy improvement. Overall, Ontario’s same store rental revenue was up 2.3%.
Looking forward to 2014, Management expects to realize occupancy gains in the year compared to 2013 overall and to continue to outperform 
CMHC averages in its core markets. However, occupancy levels are expected to remain below the levels experienced in 2010 and 2011 due to the 
increased competitiveness in certain markets in Atlantic Canada, including Halifax. 
Killam ProPerties inc | 2013 37