Management’s Discussion and Analysis Dollar amounts are in thousands of Canadian dollars (except as noted) the following table sets out the maturity dates and average interest rates of mortgage and vendor debt, and percentage of apartment mortgages  that are CMHC insured by year of maturity: As at December 31, 2013, approximately 72% of the Company’s apartment mortgages were CMHC insured (67% of all mortgages as MHC  properties are not eligible for CMHC insurance) (December 31, 2012 – 61% and 53%). The weighted average interest rate on the CMHC insured  mortgages was 3.67% as at December 31, 2013 (December 31, 2012– 3.98%). Access to mortgage debt is essential in financing future acquisitions and in refinancing maturing debt. Management has intentionally diversified  Killam’s mortgages to avoid dependence on any one lending institution and has staggered the maturity dates of its mortgages to manage interest  rate risk. Management anticipates continued access to mortgage debt for both new acquisitions and refinancings. Access to CMHC insured  financing gives apartment owners an advantage over other asset classes as lenders are provided a government guarantee on the debt and  therefore are able to lend at more favourable rates.  The following table presents the NOI of properties that are available to Killam to refinance at debt maturity for 2014 and for 2015. With  $139.3 million in mortgages maturing in 2014, Management is evaluating opportunities to fix interest rates before maturity to lock in savings  on refinancings. Killam’s 2014 mortgage maturities are skewed toward the first half of the year and the Company has already completed  refinancings or locked in interest rates for maturing mortgages representing $34.2 million of the maturing debt at a weighted average interest  rate of 2.64%. apartments mHcs Total Year of  maturity Balance  December 31,  2013 Weighted avg int rate % % cmHc  insured Balance  December 31,  2013 Weighted avg  int rate % Balance  December 31,  2013 Weighted Avg Int.  Rate % 2014 127,719 4.50 56.4 13,666 5.63 141,385 (1) 4.61 2015 90,345 4.47 68.8 4,238 5.19 94,583 4.50 2016 108,072 4.28 50.7 3,286 5.09 111,358 4.30 2017 27,386 3.21 100.0 18,082 4.64 45,468 3.78 2018 83,158 3.66 47.7 13,462 4.34 96,620 3.76 2019 53,366 3.52 100.0 ‑ ‑ 53,366 3.52 2020 19,871 4.09 100.0 ‑ ‑ 19,871 4.09 2021 23,736 3.79 88.8 ‑ ‑ 23,736 3.79 2022 24,529 3.16 100.0 ‑ ‑ 24,529 3.16 Thereafter 95,364  3.48 100.0  ‑  ‑ 95,364 3.48 $653,546 3.98  72.0 $52,735 4.89 $706,281 4.05 (1) Includes $2.1 million related to a demand loan classified as current. 2014  Number of  Properties NOI Principal Balance  (at maturity) apartments with debt maturing in 2014 41 $18,392 $125,976 mHcs with debt maturing in 2014 7 2,254 13,278 2014 debt maturities 48 $20,646 $139,254 2015 apartments with debt maturing in 2015 34 $12,779 $82,782 mHcs with debt maturing in 2015 4 792 4,652 2015 debt maturities 38 $13,571 $87,434 54  Killam ProPerties inc | 2013