text: Mortgage and loan interest expense, as a percentage of NOI, has decreased year‑over‑year as the Company refinances and acquires new debt at 
  lower interest rates. in 2013, Killam placed $76 million of new debt on acquisitions and completed developments, including 10‑year and 5‑year 
  term mortgages at an average interest rate of 3.44%. During 2013 the average interest rate on refinanced debt related to the Company’s existing 
  properties decreased from 4.58% to 3.03% for apartments and 6.24% to 4.34% for MHCs. 
  
  Killam manages interest rate risk by entering into fixed‑rate mortgages and staggering the maturity dates. An annualized 100 bps change in the 
  interest rate on Killam’s mortgage and vendor debt at December 31, 2013, would affect financing costs by approximately $7.1 million per year. 
  However, only $139.3 million of Killam’s mortgage and vendor debt matures in the next twelve months and that same interest rate change would 
  impact Killam by only $1.4 million per year. The Company’s credit facility and operating facility are discussed on pages 35‑36 of the MD&A. 