new developments in 2013, representing an 
investment of $70 million.  Two of the buildings 
leased-up within three months, and two are 
expected to be substantially leased by the middle 
of 2014.  The slower than expected lease-up 
at S2 in Halifax is attributable to a higher than 
normal amount of new units coming to market 
in recent years, leading to increased competition 
at the high-end of the market.  At The Plaza in 
Fredericton, a soft home sales market is leading to longer 
than expected lease-up.  We will realize the full financial 
benefit from these buildings once they are fully occupied.  
We currently have two new developments underway.  
Chelsea Place, a 101-unit, 2-building complex located in St.  
John’s, is expected to be completed in the third quarter of 
2014.  Saginaw Gardens, a 122-unit building in Cambridge, 
on land acquired in January 2013, was started in December 
2013 and will be completed in 2015.  The total investment 
in the two developments is approximately $46 million, 
representing 3% of our balance sheet.  We expect to limit our 
10 Killam ProPerties inc | 2013