text: Killam estimates that $450 per unit of the capital spending relates to maintenance capital, and the remainder relates to value enhancing 
  upgrades. Maintenance capital varies with market conditions and relates to investments that are not expected to lead to an increase in NOI, 
  or increased efficiency, of a building; however, it is expected to extend the life of a building. Examples of maintenance capital include roof 
  and structural repairs and are in addition to regular repairs and maintenance costs that are expensed to NOI. Value enhancing upgrades are 
  investments in the properties that are expected to result in higher rents and/or increased efficiencies. This includes unit and common area 
  upgrades and energy investments, such as natural gas conversions. 