2013 performance summary Objective 2013 Target 2013 Performance Consolidation of  the Multi-family  Residential Real Estate  Market To complete $75 million  to $125 million in  acquisitions. Target achieved. $121 million in acquisitions  completed in 2013, including $113 million in  apartment acquisitions, $7 million for three  parcels of land for future development and $1  million for an MHC acquisition. Increase Investment in  New Properties Acquire new properties  as part of the acquisition  program in 2013.  Target achieved. During 2013, 74% of the total  units added to the portfolio were constructed  after 2001. These acquisitions included three  buildings constructed in 2013, a 179-unit  building on Queen Street West in Toronto, an  83-unit luxury building in Halifax, and a 48-unit  building in Moncton. Complete and lease- up Killam's four  developments and  commence two new  development projects. Target partially achieved. The Company  completed the construction of four  development projects totaling 282 units during  the first half of 2013. Two of the properties,  Bennett House and Brighton House, were  fully leased within three months of opening,  while S2 and The Plaza are expected to be  substantially leased by the middle of 2014.  Killam began two new developments during  the second half of the year, a 101-unit building  in St. John’s, Newfoundland, and a 122-unit  building in Cambridge, Ontario.  Geographic  Diversification 2013 acquisition  program to include  investments in Ontario. Target achieved. Killam acquired $55 million in  Ontario real estate in 2013, representing 45%  of its acquisition program in the year. Assets  acquired included a 102-unit property in  Ottawa, a newly built, 179-unit, mixed-used  property in downtown Toronto and a 5.2 acre  parcel of land for development in Cambridge,  Ontario.  Growth in Same Store  Net Operating Income (NOI) Same store NOI growth  of 2% to 4% in 2013. Target not achieved. Despite generating 1.8%  growth in same store revenue, high natural gas  prices in Atlantic Canada caused total same  store utility and fuel expenses to increase 13.8%  during the year, which resulted in a decrease in  same store NOI of 0.4% for the year.  richmond Hill, london, ontario