Killam Apartment REIT
TSX:KMP.UN
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Killam Apartment REIT
Killam Apartment REIT, headquartered in Halifax, Nova Scotia, is a prominent player in the Canadian real estate market, with a keen focus on residential properties. Founded in 2000, the company has gradually expanded its reach across Canada, particularly in high-growth urban centers. As a real estate investment trust (REIT), Killam allows investors to invest in a diversified portfolio of properties while offering them the benefits of income-producing real estate. Killam's strategic focus on apartment buildings, manufactured home communities, and commercial properties has carved a distinct niche in the housing sector, catering to various demographics including young professionals, families, and retirees seeking quality living spaces.
The company's revenue model hinges on collecting rental income from its extensive portfolio of residential properties, which is further enhanced by its proactive acquisition and development strategies. Killam's properties are typically located in strong rental markets, which helps ensure a stable occupancy rate and consistent cash flow. Furthermore, the company invests significantly in property upgrades and maintenance, aiming to enhance tenant satisfaction and justify rental growth. Through this disciplined approach, Killam aims to deliver long-term value and stable distributions to its investors, all while contributing to the vibrancy and sustainability of the communities it serves.
Killam Apartment REIT, headquartered in Halifax, Nova Scotia, is a prominent player in the Canadian real estate market, with a keen focus on residential properties. Founded in 2000, the company has gradually expanded its reach across Canada, particularly in high-growth urban centers. As a real estate investment trust (REIT), Killam allows investors to invest in a diversified portfolio of properties while offering them the benefits of income-producing real estate. Killam's strategic focus on apartment buildings, manufactured home communities, and commercial properties has carved a distinct niche in the housing sector, catering to various demographics including young professionals, families, and retirees seeking quality living spaces.
The company's revenue model hinges on collecting rental income from its extensive portfolio of residential properties, which is further enhanced by its proactive acquisition and development strategies. Killam's properties are typically located in strong rental markets, which helps ensure a stable occupancy rate and consistent cash flow. Furthermore, the company invests significantly in property upgrades and maintenance, aiming to enhance tenant satisfaction and justify rental growth. Through this disciplined approach, Killam aims to deliver long-term value and stable distributions to its investors, all while contributing to the vibrancy and sustainability of the communities it serves.
FFO Growth: Killam reported FFO of $0.34 per unit for Q3 2025, a 3% increase from last year.
Revenue & NOI: Same-property NOI grew by 5.5% and same-property revenue increased 5.5%, driven by rental growth and stable occupancy.
Net Income Drop: Net income fell to $41.9 million from $62.7 million due to a fair value loss versus a gain last year.
Occupancy & Turnover: Occupancy was 97.2%, down from 97.7%. Turnover is rising and expected to reach 22% for 2025.
Expense Pressures: Operating expenses rose 4.7%, with property taxes up 6.2% and salaries driving general expenses higher.
Acquisition & Dispositions: Killam sold $110.6 million and acquired $168.8 million in apartment buildings during the quarter.
Guidance: Management expects 6% NOI growth for 2025 and steady same-property NOI growth into 2026.
Leasing Incentives: Incentives are more prevalent for higher-rent units but remain less than 1% of revenue overall.
