Management’s Discussion and Analysis
Dollar amounts are in thousands of Canadian dollars (except as noted)
PART I
Basis of Presentation
The following Management’s Discussion and Analysis (“MD&A”) has been prepared by Management and focuses on key statistics from 
the consolidated financial statements and pertains to known risks and uncertainties. To ensure that the reader is obtaining the best overall 
perspective, this MD&A should be read in conjunction with material contained in the Company’s audited consolidated financial statements for 
the years ended December 31, 2013, and 2012.  The consolidated financial statements for the years ended December 31, 2013, and 2012 have 
been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards 
Board (“IASB”). These documents, along with the Company’s 2013 Annual Information Form, are available on SEDAR at www.sedar.com.  The 
discussions in this MD&A are based on information available as at February 18, 2014.
Forward‑looking Statements
Certain statements in this MD&A constitute “forward‑looking statements”.  In some cases, forward‑looking statements can be identified by the 
use of words such as “may”, “will”, “should”, “expect”, “plan”, “anticipate”, “believe”, “estimate”, “potential”, “continue” or the negative of these 
terms or other comparable terminology, and by discussions of strategies that involve risks and uncertainties.  Readers should be aware that 
these statements are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially 
from those anticipated or implied, or those suggested by any forward looking statements, including: competition, national and regional 
economic conditions and the availability of capital to fund further investments in Killam’s business.  Further information regarding these risks, 
uncertainties and other factors may be found under the heading “Risk Management” in this MD&A and in the Company’s most recent Annual 
Information Form. Given these uncertainties, readers are cautioned not to place undue reliance on any forward‑looking statements contained, or 
incorporated by reference, in this mD&a.
By their nature, forward‑looking statements involve numerous assumptions, inherent risks and uncertainties, both general and specific, that 
contribute to the possibility that the predictions, forecasts, projections and various future events may not occur. Although Management believes 
that the expectations reflected in the forward‑looking statements are reasonable, there can be no assurance that future results, levels of activity, 
performance or achievements will occur as anticipated.  Neither Killam nor any other person assumes responsibility for the accuracy and 
completeness of any forward‑looking statements, and no one has any obligation to update or revise any forward‑looking statement, whether 
as a result of new information, future events, circumstances, or such other factors which affect this information, except as required by law. The 
forward‑looking statements in this document are provided for the limited purpose of enabling current and potential investors to evaluate an 
investment in the Company.  Readers are cautioned that such statements may not be appropriate and should not be used for any other purpose.
Non‑IFRS Measures
there are measures included in this mD&a that do not have a standardized meaning under iFrs and therefore may not be comparable to 
similarly titled measures presented by other publicly traded companies. The Company includes these measures as a means of measuring 
financial performance.
• Net operating income (“NOI”) is calculated by the Company as income from property operations. The use of NOI when referring to a 
particular segment is calculated as property revenue less property operating costs for that segment.