text: As with the apartment portfolio, the timing of capital spending changes based on requirements at each community. Killam expects to invest $1 
  million to $2 million during 2014 on capital improvements across the MHC portfolio. 
  
  **Liquidity and Capital Resources**
  
  The Company’s sources of capital are cash generated from operating activities, credit facilities, mortgage financing and refinancing, and equity 
  and debt issuances. The Company’s primary use of capital includes property acquisitions and developments, major property improvements, 
  recurring property maintenance, debt principal and interest payments, and payment of dividends. The Company anticipates meeting all current 
  and future obligations with current cash and cash equivalents, cash flow generated from operations and conventional mortgage refinancing and 
  that the Company will be able to obtain financing on reasonable terms. 
  
  Killam’s ability to grow through acquisitions and development will be dependent on the ability to access mortgage debt, construction financing 
  and to raise equity in the capital markets. Killam had cash on hand of $27.7 million at December 31, 2013, primarily as a result of the net 
  proceeds of $42.6 million related to the sale of the ten MHC properties in the fourth quarter of 2013. Killam utilized part of the sale proceeds 
  to retire a $10 million vendor take‑back (“VTB”) loan and acquire additional properties, and expects to redeploy the remaining funds during the 
  first quarter of 2014. Based on 60% debt on acquisitions, the Company expects to complete an additional $60 million in accretive apartment 
  acquisitions. The Company also has $139.3 million in debt maturing during 2014 and expects to generate approximately $50 million in surplus 
  cash to be used for its 2014 capital program and to fund additional acquisitions throughout the year. 