Killam Apartment REIT (KMP-UN) AGM 2025 summary

Opening remarks and agenda

• Welcomed attendees to the 25th annual meeting, introduced trustees, and outlined meeting procedures for both in-person and virtual participants.

• Confirmed appointment of meeting secretary and scrutineer, and verified quorum with 66.36% of outstanding units represented.

Board and executive committee updates

• Election of trustees proceeded with nominations as described in the management information circular; all nominated trustees were elected to serve until the next AGM.

• Ernst & Young LLP was reappointed as auditors for the ensuing year, with remuneration to be fixed by the trustees.

Financial performance review

• 2024 saw funds from operations rise 2.4% and record-high net operating income growth of 8.4% from the same property portfolio, surpassing the 6% target.

• Same property revenue increased 6%, driven by higher rents, with occupancy at 98%.

• Operating expenses rose only 1.7% due to lower energy costs, supporting NOI growth.

• Debt as a percentage of total assets dropped to 40.4%, the lowest in operating history, compared to 55% a decade ago.

• Three new developments were completed and contributed to earnings growth.

• CAD 59 million in dispositions and CAD 90 million in capital projects were completed, focusing on long-term performance and resiliency.

• A tax-driven reorganization removed a taxable entity, increasing future cash flows and potential distributions.

• Q1 2025 results showed funds from operations per unit up 7.7% and adjusted funds from operations up 9.5%.

• Same property NOI for Q1 2025 rose 7.8%, marking the 44th consecutive quarter of positive growth.

• Debt to total assets further improved to 39.9% at the end of Q1 2025.