text: Killam has also invested in suite renovations to reposition an Ottawa portfolio acquired in 2012. Kitchen, bathroom, flooring and appliance 
  upgrades have improved the quality of the Ottawa units, leading to a 1,100 bps increase in occupancy in the past 12 months. Excluding the 
  repositioning of the Brentwood and the Ottawa portfolio in 2013, suite renovation costs would have been $6.0 million, or a 21% increase from 
  2012. 
  
  The Company has also identified additional properties in the Atlantic region as well as Ontario for repositioning and will continue to invest in 
  upgrades where these higher yields can be achieved. One such property identified for 2014 is Shaunslieve, the 154‑unit property adjacent to S2 
  in Halifax. Killam expects to recover the renovation costs through increased rental rates. Capital spend on appliances increased in 2013 as well, 
  which was directly correlated to the increased suite renovation work. 
  
  Boiler and heating equipment costs have decreased significantly in 2013, as the Company converted twenty properties to natural gas in 2012, 
  compared to one in 2013. 
  
  The majority of the remaining capital expenditures during 2013 related to exterior building repairs, including roofing and balcony upgrades, brick 
  replacement and exterior facade upgrades. The timing of capital spending is influenced by tenant turnover, market conditions, and individual 
  property requirements, causing variability. In addition, the length of time that Killam has owned a property and the age of the property also 
  influences the capital requirements. 
  
  **Average Capital Spend Per Unit by Building Age**