text: The Company’s long‑term debt consists largely of fixed‑rate, long‑term mortgage financing. In certain cases the Company will also utilize VTB 
  mortgages as part of an acquisition. Mortgages are secured by a first or second charge against the individual properties and the vendor financing 
  is secured by a general corporate guarantee. 
  
  As at December 31, 2013, only the construction financing loan of $14.8 million and four demand loans, totaling $3.9 million, had floating interest 
  rates. These demand loans carry an interest rate of prime plus 1.0% ‑ 2.0%. The construction financing has a floating interest rate of prime plus 
  0.75%. The construction loan will be repaid in full and converted into a CMHC insured mortgage once rental targets are achieved. 
  
  Killam’s December 31, 2013, weighted average interest rate on mortgages improved to 4.05% compared to 4.48% as at December 31, 2012, 
  as a result of refinancings at lower interest rates during the year. Killam’s weighted average interest rate is expected to continue to improve 
  throughout the next twelve months when $139.3 million of current mortgage balances are expected to be refinanced at lower interest rates than 
  their current weighted average rate of 4.61% (20% of the portfolio). In 2015 and 2016 a combined $219 million of mortgages will also mature; 
  by December 31, 2016, 49% of Killam’s current mortgages are expected to be refinanced and the weighted average years to maturity lengthened. 