text: **Summary of 2013 Results and Operations**
  
  **Acquisitions and Developments Drive Revenue Growth of 5.6%**
  
  Killam completed $114.2 million in property acquisitions throughout 2013 and also completed $69.6 million of development projects in the first 
  half of 2013, adding 1,025 apartment units and 65 MHC sites to the portfolio. $84.8 million of acquisitions completed throughout 2012 also 
  contributed to revenue growth in 2013. This growth was partially offset by the disposition of ten MHC properties located in New Brunswick for 
  proceeds of $69.0 million during the fourth quarter of 2013 and the disposition of twelve MHCs during 2012 for $72.9 million. The development 
  projects completed in 2013 located in Halifax and Fredericton are expected to be substantially leased by mid‑2014 and will generate additional 
  revenue growth for the company in 2014. 
  
  **Consolidated Same Store Revenue Growth of 1.8%**
  
  Killam’s same store portfolio posted a 1.8% increase in revenue growth compared to 2012, driven by an increase of 1.3% in rental rates related 
  to the apartment portfolio and a 3.7% increase in rental rates related to the MHC portfolio. These rental rate gains were partially offset by higher 
  vacancy during the first half of 2013, compared to 2012, and higher rental incentives due to increased competition in certain of the Company’s 
  core markets in Atlantic Canada as a result of increased supply. 