text: Killam spent $1,482 per unit for the year ended December 31, 2013, compared to $1,683 per unit for the year ended December 31, 2012. 
  Approximately 40% of the capital spend during the year was invested in suite renovations. The increase year‑over‑year was a result of unit 
  upgrades to improve quality and increase occupancy, increase yields on properties identified for repositioning, and support the Company’s 
  commitment to increasing unit quality to maximize rental increases. 
  
  As an example, in 2013 the Company has been actively working to reposition Brentwood Apartments, a 45‑year old, 240‑unit, property located in 
  Halifax, that was acquired in 2012. The Company identified that significant value could be created at this property by improving the quality of the 
  units and generating increased NOI through higher rents. Unit upgrades have averaged $15,000 per unit and have consisted of new appliances, 
  flooring and kitchen and bathroom upgrades. The Company has achieved a corresponding lift in rents of approximately 15% on the 53 units it has 
  completed to date. Based on a 5‑year project timeline, with 20% of the units renovated each year, the Company expects to see the return on the 
  total investment improve 145 bps from 6.25% to 7.70%. 