text: Total property revenue for the year ended December 31, 2013, excluding the properties held through the Company’s joint ventures, was $141.1 
  million, a 5.6% increase in revenue over the same periods in 2012. The growth was generated through revenue from acquisitions, developments 
  and increased rental rates, partially offset by increased vacancy. 
  
  Killam’s total property operating expenses increased 9.2% for 2013 compared to 2012, decreasing the operating margins by 140 bps during 
  the year. The overall decrease in the operating margin can be attributed to higher utility costs and new acquisitions and developments in the 
  lease‑up phase that were not yet stabilized during 2013. As well, 2013 had a higher percentage of apartment units versus MHC sites than 2012, 
  which operate with a slightly lower margin. 
  
  Same store property NOI reflects the 172 stabilized properties that Killam has owned for equivalent periods in 2013 and 2012. The same store 
  analysis includes 15,848 units and sites, or 89% of Killam’s portfolio. Home sales are excluded from the analysis. Same store properties realized 
  net revenue growth of 1.8% in 2013. This growth was offset by a 5.0% increase in same store expenses. The main driver of the increased 
  property expenses was higher utility costs, generating a decrease in NOI of 40 bps compared to 2012. These variances are discussed in more 
  detail in the Apartment and MHC results sections of the MD&A. 