A sensitivity analysis of all significant assumptions is shown below: (1) If the 1% change is an increase in the noted vacancy or management fee, the impact would result in a decrease in value. Alternatively,  a decrease in the vacancy or management fee would result in an increase in value. In addition to apartment acquisitions during 2013, Killam purchased a MHC in Antigonish with 65 sites and three parcels of land for future  development. The parcel of land located in Cambridge is 5.2 acres and is zoned for a maximum height of seven stories and a density of 180 units.  The parcel of land in Moncton is 0.8 acres and the land located at 1057 Barrington Street in Halifax is 0.7 acres and was purchased under a joint  development agreement for the purpose of developing a six‑story mixed‑use building. (1) Acquired as a portfolio. (2) Purchase price on acquisition does not include transaction‑related costs. (3) Killam entered into a 50/50 joint development agreement with another company for the purchase of this land. The $1.8 million purchase price represents  Killam’s interest in the land. (4) Included in the acquisition is 21,242 square feet of commercial space. 48  Killam ProPerties inc | 2013 2013 Acquisitions ‑ Investment Properties Class of property Capitalization rate Vacancy rate (1) Management fee  rate (1) 10 basis points  increase 10 basis points  decrease 1% increase/  decrease in  vacancy 1% increase/  decrease in  management fee apartments $(22,408)  $22,947 $21,055 $22,206 mHcs $(1,659) $1,708 $1,483 $1,932 Property  Location Acquisition Date Year Built Units Purchase Price (2) apartments 1090 Kristin Way Ottawa 25‑Jan‑13 1974 102 $10,350 200 royale Blvd. Halifax 4‑Mar‑13 2012 83 18,900 46 & 54 strathmore ave moncton 28‑Mar‑13 2001 40 3,150 777 Gauvin road moncton 13‑May‑13 2013 48 8,060 36 Westridge crescent (1) Charlottetown 21‑May‑13 1985 8 256 280 shakespeare Drive (1) Stratford 21‑May‑13 2010 26 3,059 39‑66 Ducks Landing (1) Stratford 21‑May‑13 2005‑2012 138 15,385 1033 Queen Street West (4) toronto  31‑Jul‑13 2012 179 40,000 50 cameron street moncton 5‑Dec‑13 1981 81 9,700 50 roy Boates avenue summerside 6‑Dec‑13 2006 38  743 3,946  $112,806 mHc shamrock estates Antigonish 20‑Dec‑13 65 $1,350 land for developments saginaw Parkway cambridge 16‑Jan‑13 $4,000 st. George street moncton 15‑Feb‑13 1,100 1057 Barrington street (3) Halifax 13‑Sept‑13 1,810 $6,910 Total Acquisitions $121,066 Management’s Discussion and Analysis Dollar amounts are in thousands of Canadian dollars (except as noted)