Management’s Discussion and Analysis Dollar amounts are in thousands of Canadian dollars (except as noted) The following table summarizes Killam’s apartment portfolio by market as at and for the year ended December 31, 2013: Portfolio Summary Apartment Properties Manufactured Home Communities Portfolio The following table summarizes Killam’s MHC investment by province as at and for the year ended December 31, 2013: Units (1) Number of  Properties % of Apartment NOI  and Equity Income Nova Scotia Halifax (2) 4,970 54 47.1% sydney 139 2 1.2% 5,109 56 48.3% New Brunswick moncton 1,593 30 9.8% Fredericton 1,394 20 9.9% saint John 1,143 13 5.6% miramichi 96 1 0.7% 4,226 64 26.0% Ontario (3) Ottawa 492 6 2.7% london 264 2 2.8% cambridge 225 2 3.4% toronto 378 2 1.5% 1,359 12 10.4% Newfoundland and Labrador st. John’s 813 11 7.3% Grand Falls 148 2 1.1% 961 13 8.4% Prince Edward Island Charlottetown 906 17 6.6% summerside 86 2 0.3% 992 19 6.9% Total 12,647  164 100.0% (1) Unit count includes properties held through Killam’s partnerships and joint ventures. (2) Killam owns a 47% interest in and manages Garden Park Apartments, a 246‑unit building located in Halifax, NS. Killam’s 47% ownership interest represents 116 of the 246 units related to this property.  (3) Killam owns three buildings located in Ontario through a joint venture, with Killam having a 25% ownership interest and managing the properties. Killam’s 25% ownership interest represents 118 of the 472 units related to these properties. Sites Number of  Communities % of MHC NOI Nova Scotia 2,626 16 34.3% new Brunswick 224 1 34.2% ontario 2,144 16 29.3% newfoundland and labrador 170 2 2.2% Total  5,164 35  100.0% 30  Killam ProPerties inc | 2013