Management’s Discussion and Analysis
Dollar amounts are in thousands of Canadian dollars (except as noted)
Mortgages and Other Loans
Below are Killam’s key debt metrics:
as at December 31,
2013  2012 % change
Weighted average years to maturity of mortgage and vendor debt (years) 3.9 3.4 14.7%
Gross mortgage, loan and vendor debt as a percentage of total assets 45.6% 45.2% 40 bps
t otal debt as a percentage of total assets 52.9% 51.6% 130 bps
Interest coverage ratio 2.08x 2.00x 4.0%
Debt service coverage ratio 1.34x 1.30x 3.1%
Weighted average interest rate of mortgage and vendor debt 4.05% 4.48% (43) bps
Weighted average interest rate of total debt 4.38% 4.84% (46) bps
The Company’s long‑term debt consists largely of fixed‑rate, long‑term mortgage financing. In certain cases the Company will also utilize VTB 
mortgages as part of an acquisition. Mortgages are secured by a first or second charge against the individual properties and the vendor financing 
is secured by a general corporate guarantee. 
As at December 31, 2013, only the construction financing loan of $14.8 million and four demand loans, totaling $3.9 million, had floating interest 
rates.  These demand loans carry an interest rate of prime plus 1.0% ‑ 2.0%. The construction financing has a floating interest rate of prime plus 
0.75%. The construction loan will be repaid in full and converted into a CMHC insured mortgage once rental targets are achieved.  
Killam’s December 31, 2013, weighted average interest rate on mortgages improved to 4.05% compared to 4.48% as at December 31, 2012, 
as a result of refinancings at lower interest rates during the year. Killam’s weighted average interest rate is expected to continue to improve 
throughout the next twelve months when $139.3 million of current mortgage balances are expected to be refinanced at lower interest rates than 
their current weighted average rate of 4.61% (20% of the portfolio). In 2015 and 2016 a combined $219 million of mortgages will also mature; 
by December 31, 2016, 49% of Killam’s current mortgages are expected to be refinanced and the weighted average years to maturity lengthened. 
Total debt as a percentage of total assets has increased 130 bps to 52.9% from December 31, 2012. Management expects to maintain the 
percentage of debt to total assets between 55% and 65%. This ratio is sensitive to changes in the fair value of investment properties, in particular 
cap‑rate changes. A 10 basis point increase in the weighted average cap‑rate at December 31, 2013, would have increased the ratio of debt as a 
percentage of total assets by 80 bps.
2013 Refinancings
During the year ended December 31, 2013, Killam refinanced the following mortgages:
Mortgage Debt Maturities Mortgage Debt on Refinancing Weighted a vg. t erm net Proceeds
apartments  $66,741 4.58% $96,725 3.03% 7.1 years $29,984
mHcs   10,685 6.24%  13,875 4.34% 5.0 years 3,190
 $77,426 4.81% $110,600 3.20% 6.9 years $33,174
The Company also placed $76.0 million in new financing on unencumbered properties acquired and developments completed during the year 
ended December 31, 2013, at a weighted average interest rate of 3.44%.
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