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Killam Apartment REIT (KMP-UN) investor relations material
Killam Apartment REIT Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Achieved 5.5% same property NOI growth and 3.0% FFO per unit increase year-over-year for Q3-2025, with property revenue up 5.0% to $98.5M and AFFO per unit up 3.6%.
Net income for Q3-2025 was $41.9 million, down from $62.7 million in Q3-2024, mainly due to a fair value loss on investment properties.
Year-to-date same property NOI growth was 6.6%, with a full-year 2025 target of approximately 6.0%.
Asset dispositions totaled $147.6 million year-to-date, meeting the upper end of the $100–$150 million capital recycling target.
Development projects remain on track, with The Carrick reaching 80% leasing and two additional projects scheduled for 2026 completion.
Financial highlights
FFO per unit (diluted) was $0.34, up 3.0% from Q3-2024; AFFO per unit (diluted) was $0.29, up 3.6%.
Same property NOI growth by segment: Apartment 5.5%, MHC 7.5%, Commercial 3.2% for Q3-2025.
Combined weighted average rental increase was 4.7%, with a 9.2% lift on turned units and 3.4% on renewals.
AFFO payout ratio improved to 69% (down from 72% in Q3-2024).
Debt as a percentage of total assets was 40.5% at September 30, 2025.
Outlook and guidance
NOI growth for 2025 projected at approximately 6%, with similar steady growth expected into 2026.
Management anticipates continued FFO per unit growth from new developments and acquisitions.
Expects to break ground on at least one new development in Q4-2025.
Leasing spreads expected to remain stable or trend slightly lower, with incentives rising seasonally but remaining targeted.
Turnover rate expected to end 2025 at 22%, up from 18% in 2024, and may continue to rise next year.
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