
Killam Apartment REIT
TSX:KMP.UN

Income Statement
Earnings Waterfall
Killam Apartment REIT
Revenue
|
370.2m
CAD
|
Cost of Revenue
|
-125.7m
CAD
|
Gross Profit
|
244.5m
CAD
|
Operating Expenses
|
-28.2m
CAD
|
Operating Income
|
216.3m
CAD
|
Other Expenses
|
426.3m
CAD
|
Net Income
|
642.5m
CAD
|
Income Statement
Killam Apartment REIT
Mar-2015 | Jun-2015 | Sep-2015 | Dec-2015 | Mar-2016 | Jun-2016 | Sep-2016 | Dec-2016 | Mar-2017 | Jun-2017 | Sep-2017 | Dec-2017 | Mar-2018 | Jun-2018 | Sep-2018 | Dec-2018 | Mar-2019 | Jun-2019 | Sep-2019 | Dec-2019 | Mar-2020 | Jun-2020 | Sep-2020 | Dec-2020 | Mar-2021 | Jun-2021 | Sep-2021 | Dec-2021 | Mar-2022 | Jun-2022 | Sep-2022 | Dec-2022 | Mar-2023 | Jun-2023 | Sep-2023 | Dec-2023 | Mar-2024 | Jun-2024 | Sep-2024 | Dec-2024 | Mar-2025 | ||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Revenue | ||||||||||||||||||||||||||||||||||||||||||
Interest Expense |
37
|
38
|
39
|
39
|
39
|
39
|
37
|
36
|
35
|
34
|
33
|
33
|
33
|
34
|
35
|
40
|
44
|
45
|
48
|
44
|
45
|
46
|
45
|
46
|
46
|
46
|
47
|
49
|
50
|
52
|
55
|
59
|
62
|
64
|
65
|
66
|
69
|
72
|
75
|
77
|
77
|
|
Revenue |
153
N/A
|
158
+3%
|
163
+3%
|
168
+3%
|
170
+1%
|
172
+1%
|
174
+1%
|
175
+1%
|
177
+1%
|
179
+1%
|
183
+2%
|
187
+2%
|
193
+3%
|
200
+4%
|
207
+3%
|
216
+5%
|
224
+4%
|
229
+3%
|
237
+3%
|
242
+2%
|
248
+3%
|
254
+2%
|
258
+1%
|
262
+1%
|
266
+2%
|
271
+2%
|
281
+4%
|
291
+4%
|
301
+3%
|
312
+4%
|
321
+3%
|
329
+2%
|
336
+2%
|
342
+2%
|
346
+1%
|
348
+1%
|
351
+1%
|
355
+1%
|
359
+1%
|
365
+2%
|
370
+2%
|
|
Gross Profit | ||||||||||||||||||||||||||||||||||||||||||
Cost of Revenue |
(65)
|
(66)
|
(68)
|
(69)
|
(69)
|
(69)
|
(70)
|
(70)
|
(70)
|
(71)
|
(71)
|
(72)
|
(74)
|
(76)
|
(78)
|
(80)
|
(83)
|
(85)
|
(88)
|
(90)
|
(91)
|
(94)
|
(95)
|
(97)
|
(99)
|
(101)
|
(104)
|
(108)
|
(113)
|
(117)
|
(120)
|
(122)
|
(124)
|
(125)
|
(125)
|
(124)
|
(123)
|
(123)
|
(123)
|
(124)
|
(126)
|
|
Gross Profit |
88
N/A
|
91
+4%
|
95
+4%
|
99
+4%
|
101
+3%
|
103
+2%
|
104
+1%
|
105
+1%
|
107
+1%
|
108
+1%
|
112
+3%
|
115
+3%
|
119
+3%
|
124
+4%
|
129
+4%
|
136
+6%
|
141
+4%
|
144
+3%
|
149
+3%
|
152
+2%
|
157
+3%
|
161
+3%
|
163
+1%
|
165
+1%
|
167
+1%
|
170
+2%
|
177
+4%
|
183
+4%
|
188
+3%
|
195
+4%
|
202
+3%
|
207
+3%
|
212
+3%
|
217
+2%
|
221
+2%
|
224
+2%
|
228
+2%
|
232
+2%
|
236
+2%
|
240
+2%
|
244
+2%
|
|
Operating Income | ||||||||||||||||||||||||||||||||||||||||||
Operating Expenses |
(7)
|
(8)
|
(8)
|
(11)
|
(13)
|
(14)
|
(15)
|
(15)
|
(14)
|
(14)
|
(15)
|
(15)
|
(16)
|
(17)
|
(17)
|
(17)
|
(16)
|
(15)
|
(15)
|
(18)
|
(12)
|
(12)
|
(13)
|
(18)
|
(17)
|
(18)
|
(18)
|
(19)
|
(19)
|
(19)
|
(19)
|
(19)
|
(19)
|
(20)
|
(20)
|
(22)
|
(22)
|
(22)
|
(22)
|
(23)
|
(28)
|
|
Selling, General & Administrative |
(9)
|
(9)
|
(10)
|
(12)
|
(13)
|
(14)
|
(14)
|
(13)
|
(12)
|
(12)
|
(12)
|
(13)
|
(13)
|
(14)
|
(14)
|
(14)
|
(15)
|
(15)
|
(15)
|
(15)
|
(15)
|
(15)
|
(15)
|
(15)
|
(15)
|
(15)
|
(15)
|
(16)
|
(17)
|
(17)
|
(18)
|
(17)
|
(18)
|
(18)
|
(19)
|
(19)
|
(20)
|
(20)
|
(20)
|
(20)
|
(21)
|
|
Depreciation & Amortization |
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
|
Other Operating Expenses |
2
|
2
|
2
|
2
|
1
|
1
|
(0)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(2)
|
(2)
|
(2)
|
(0)
|
(0)
|
0
|
(2)
|
3
|
3
|
3
|
(2)
|
(2)
|
(2)
|
(2)
|
(2)
|
(2)
|
(1)
|
(1)
|
(2)
|
(1)
|
(1)
|
(1)
|
(2)
|
(1)
|
(1)
|
(1)
|
(1)
|
(6)
|
|
Operating Income |
81
N/A
|
84
+4%
|
87
+3%
|
88
+1%
|
88
+1%
|
89
+1%
|
89
0%
|
91
+2%
|
93
+2%
|
95
+2%
|
97
+3%
|
100
+3%
|
103
+3%
|
107
+4%
|
112
+4%
|
119
+6%
|
125
+5%
|
129
+3%
|
134
+4%
|
135
+0%
|
145
+7%
|
148
+3%
|
150
+1%
|
147
-2%
|
149
+2%
|
152
+2%
|
159
+5%
|
165
+3%
|
169
+3%
|
176
+4%
|
182
+3%
|
188
+3%
|
193
+3%
|
197
+2%
|
200
+2%
|
202
+1%
|
207
+2%
|
210
+2%
|
214
+2%
|
218
+2%
|
216
-1%
|
|
Pre-Tax Income | ||||||||||||||||||||||||||||||||||||||||||
Interest Income Expense |
(32)
|
(41)
|
(54)
|
(46)
|
(52)
|
(59)
|
(55)
|
(48)
|
(33)
|
(2)
|
(7)
|
23
|
78
|
75
|
85
|
88
|
33
|
85
|
103
|
186
|
187
|
109
|
94
|
9
|
3
|
133
|
138
|
163
|
192
|
109
|
51
|
(46)
|
(25)
|
22
|
93
|
101
|
148
|
143
|
137
|
181
|
134
|
|
Non-Reccuring Items |
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
5
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
(6)
|
0
|
|
Gain/Loss on Disposition of Assets |
(1)
|
(2)
|
(1)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(1)
|
(1)
|
(1)
|
0
|
(0)
|
(0)
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
(0)
|
(1)
|
(1)
|
(4)
|
(4)
|
(4)
|
(5)
|
(4)
|
(4)
|
|
Total Other Income |
0
|
0
|
0
|
0
|
2
|
1
|
1
|
1
|
(0)
|
1
|
1
|
1
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
|
Pre-Tax Income |
47
N/A
|
41
-13%
|
31
-25%
|
42
+35%
|
38
-10%
|
31
-18%
|
34
+11%
|
44
+28%
|
59
+35%
|
93
+58%
|
91
-2%
|
123
+36%
|
181
+47%
|
182
+0%
|
196
+8%
|
207
+5%
|
158
-24%
|
213
+35%
|
236
+11%
|
324
+38%
|
330
+2%
|
257
-22%
|
244
-5%
|
156
-36%
|
152
-2%
|
286
+87%
|
298
+4%
|
328
+10%
|
361
+10%
|
285
-21%
|
233
-18%
|
141
-39%
|
168
+19%
|
218
+30%
|
292
+34%
|
299
+3%
|
351
+17%
|
350
0%
|
346
-1%
|
389
+12%
|
347
-11%
|
|
Net Income | ||||||||||||||||||||||||||||||||||||||||||
Tax Provision |
(13)
|
(12)
|
(12)
|
(6)
|
36
|
38
|
41
|
28
|
(15)
|
(18)
|
(19)
|
(19)
|
(25)
|
(26)
|
(28)
|
(32)
|
(25)
|
(31)
|
(35)
|
(41)
|
(35)
|
(23)
|
(20)
|
(10)
|
(18)
|
(36)
|
(38)
|
(42)
|
(43)
|
(35)
|
(26)
|
(19)
|
(22)
|
(26)
|
(35)
|
(33)
|
(41)
|
(40)
|
(42)
|
279
|
296
|
|
Income from Continuing Operations |
35
|
29
|
19
|
36
|
74
|
69
|
75
|
71
|
44
|
75
|
72
|
105
|
156
|
156
|
169
|
175
|
133
|
181
|
201
|
284
|
295
|
234
|
224
|
146
|
135
|
250
|
259
|
286
|
318
|
250
|
207
|
123
|
146
|
192
|
257
|
266
|
310
|
310
|
304
|
668
|
643
|
|
Income to Minority Interest |
(3)
|
(2)
|
(1)
|
(1)
|
(1)
|
(4)
|
(4)
|
(4)
|
(3)
|
0
|
0
|
0
|
(0)
|
(0)
|
(0)
|
0
|
(0)
|
(0)
|
(0)
|
0
|
0
|
0
|
0
|
0
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
0
|
0
|
0
|
|
Net Income (Common) |
32
N/A
|
27
-15%
|
18
-34%
|
35
+94%
|
73
+110%
|
64
-11%
|
71
+10%
|
68
-4%
|
41
-40%
|
75
+84%
|
72
-4%
|
105
+46%
|
156
+49%
|
156
+0%
|
169
+8%
|
175
+4%
|
133
-24%
|
181
+36%
|
201
+11%
|
284
+41%
|
295
+4%
|
234
-21%
|
224
-4%
|
146
-35%
|
135
-8%
|
250
+85%
|
259
+4%
|
286
+10%
|
318
+11%
|
250
-21%
|
207
-17%
|
123
-41%
|
146
+19%
|
192
+31%
|
257
+34%
|
266
+4%
|
310
+16%
|
310
0%
|
304
-2%
|
668
+119%
|
643
-4%
|
|
EPS (Diluted) |
0.51
N/A
|
0.37
-27%
|
0.25
-32%
|
0.47
+88%
|
1.14
+143%
|
0.87
-24%
|
0.94
+8%
|
0.92
-2%
|
0.55
-40%
|
0.95
+73%
|
0.93
-2%
|
1.33
+43%
|
1.83
+38%
|
1.83
N/A
|
1.89
+3%
|
2.01
+6%
|
1.4
-30%
|
1.87
+34%
|
2.09
+12%
|
2.96
+42%
|
2.88
-3%
|
2.27
-21%
|
2.12
-7%
|
1.4
-34%
|
1.3
-7%
|
2.27
+75%
|
2.35
+4%
|
2.58
+10%
|
2.75
+7%
|
2.15
-22%
|
1.78
-17%
|
1.05
-41%
|
1.2
+14%
|
1.58
+32%
|
2.11
+34%
|
2.19
+4%
|
2.54
+16%
|
2.53
0%
|
2.48
-2%
|
5.42
+119%
|
5.2
-4%
|