Management’s Discussion and Analysis
Dollar amounts are in thousands of Canadian dollars (except as noted)
Continued Geographic Expansion in Ontario
Killam acquired two buildings in Ontario during 2013 including a 102‑unit building located in Ottawa for $10.4 million as well as a newly 
constructed, 8‑storey, mixed‑use complex containing 21,242 square feet of street level retail (TD Bank, Shoppers Drug Mart and Tim Hortons) and 
179 apartment units in downtown Toronto for $40.0 million. With the completion of these two acquisitions, Killam’s future NOI generated from 
its Ontario properties is expected to increase to 15.0% from 7.5%. 
Reduced Cap‑Rate Compression in 2013
During 2013 Killam recorded $13.1 million in fair value gains related to its portfolio compared to $37.7 million in 2012. This decrease 
year‑over‑year was driven by a combination of reduced cap‑rate compression in 2013 and a slight uptick in cap‑rates of 25 bps in the Saint John 
market in the fourth quarter of 2013. The net gain in real estate valuations does not impact the Company’s FFO per share, its key measure of 
performance.
Dividend Increase
on December 23, 2013, Killam announced an increase in its annual dividend by 3.4% to $0.60 per share from $0.58 per share. the increase 
reflects Management’s expectation of earning’s growth to be generated in 2014.
Performance Compared to 2013 Key Objectives
Consolidation of Multi‑family Residential Real Estate Market
2013 t arget Complete approximately $75‑$125 million in acquisitions.
2013 Performance Killam completed $121.1 million in acquisitions in 2013 which includes $112.8 million in apartment 
acquisitions, $1.4 million for 65 MHC sites and $6.9 million in vacant land for future developments.
Increase Investment in New Properties
2013 t arget Focus on newer properties as part of the acquisition program in 2013.  Complete and lease‑up Killam’s four 
developments, and commence two new development projects. 
2013 Performance During 2013 Killam acquired 552 units which were constructed after 2001, representing 74% of the total 
units added to the portfolio during the year. The acquisitions included three buildings constructed in 2013, 
an 83‑unit luxury building in Halifax, a 48‑unit building in Moncton, and a 179‑unit building on Queen Street 
West in toronto. 
The Company also completed the construction of four development projects totaling 282 units during 
the first half of the year. These buildings were all ready for occupancy by the beginning of May 2013 with 
lease‑up periods varying by project. Bennett House and Brighton House were fully leased within three 
months of opening while the S2 and The Plaza are currently 62% and 61% leased. Both properties are 
expected to be substantially leased by mid‑2014. 
Killam commenced two new development projects during the year. Development started on a 101‑unit 
project in St. John’s in Q3‑2013 and a 122‑unit project in Cambridge broke ground in December 2013. Please 
refer to the Investment Properties Under Construction section of the MD&A on page 49 for further details on 
these projects.
26 Killam ProPerties inc | 2013