text: ***Apartment Property Revenue***
  
  total apartment property revenue for the year ended December 31, 2013, was $121.3 million, a 9.8% increase over 2012. this growth was 
  attributable to acquisitions, the completion of four development projects during the year and growth in rental rates. 
  
  Same store apartment net revenue increased 1.6% for the year ended December 31, 2013. Despite lower occupancy in the first half of the year, 
  Killam achieved increased rental rates of 1.3%. Killam realized higher vacancy throughout 2013 compared to 2012 in its stabilized portfolio, but 
  succeeded in achieving higher occupancy than 2012 for each of the last four months of 2013. 
  
  Based on current rents, an annualized 100 bps change in apartment vacancy rates would impact the annualized rental revenue by $1.3 million. 