text: **PART II**
  
  **Business Overview**
  
  Killam Properties Inc., based in Halifax, Nova Scotia, is one of Canada’s largest residential landlords, owning, operating, managing and developing 
  multi‑family residential and Manufactured Home Community (“MHC”) properties. Killam’s 164 apartment properties are located in Atlantic 
  Canada’s six largest urban centres and in Ontario. The Company’s 35 MHCs are located in Ontario and Atlantic Canada. The value of Killam’s 
  real estate assets at December 31, 2013, was $1.5 billion. Killam is focused on growing its portfolio, maximizing the value of its properties and 
  increasing FFo per share. 
  
  Killam was founded in 2000, based on the recognition of an opportunity to create value through the consolidation of apartments in Atlantic 
  Canada and MHCs across Canada. Killam’s first apartment was purchased in 2002 and its first MHC was purchased in 2003. From 2002 to 2009, 
  Killam’s apartment portfolio grew through the acquisition of properties in Atlantic Canada’s six largest cities, namely Halifax, Moncton, Saint 
  John, Fredericton, St. John’s and Charlottetown. Killam is now Atlantic Canada’s largest residential landlord, with a 14.2% market share of the 
  multi‑family rental units in these core markets. Killam entered the Ontario apartment market in 2010, and today owns twelve properties in the 
  province, including assets in Toronto, Ottawa, London and Cambridge. Killam plans to expand its presence in Ontario with additional acquisitions 
  and developments. The apartment business is Killam’s largest business segment, accounting for 86% of the Company’s NOI from property 
  operations and equity income in 2013. At December 31, 2013, Killam’s apartment portfolio consisted of 12,647 units. 