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Killam Apartment REIT (KMP-UN) investor relations material
Killam Apartment REIT Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Achieved strong Q2 2025 results with FFO per unit of $0.32, up 6.7% year-over-year, and same property NOI growth of 6.7%.
AFFO per unit rose 8% to $0.27, with capital recycling funding acquisitions of newer, efficient properties.
Atlantic Canada, especially Nova Scotia and New Brunswick, led in occupancy, revenue, and NOI growth.
Strategic targets remain on track, with $127.9M in non-core asset dispositions and debt/assets at 39.6%.
Net income declined to $33.1M from $114.5M in Q2-2024, mainly due to lower fair value gains.
Financial highlights
Same property revenue increased 6% year-over-year, with NOI up 6.7%.
FFO per unit was $0.32 (up 6.7%), AFFO per unit $0.27 (up 8.0%) year-over-year.
AFFO payout ratio improved to 67%, a 300-bps improvement from Q2-2024.
Apartment same property operating margin increased to 67.1%.
Net income fell 71% year-over-year due to a sharp drop in fair value gains.
Outlook and guidance
Confident in meeting 2025 revenue growth target of 5–6% and same property NOI growth above 6%.
Expects to break ground on at least one new development in H2 2025.
Anticipate lower energy expense pressures into 2026 due to carbon tax removal and solar investments.
Medium-term rental growth expected at 3–4%, with 2026 likely above that range.
Committed to investing a minimum of $6M in energy initiatives for 2025.
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