Higher Interest Rates on Refinancings The maturity dates of Killam's mortgages are staggered to help mitigate interest rate risk. During 2023, Killam refinanced $252.0 million of maturing mortgages with $320.3 million of new debt at a weighted average interest rate of 4.89%, 183 bps higher than the weighted average interest rate of the maturing debt. Overall, Killam's weighted average mortgage interest rate increased 48 bps at the end of 2023 to 3.22%, compared to 2.74% at December 31, 2022. The weighted average term to maturity is 3.9 years.