Killam Apartment REIT (KMP-UN) Investor presentation summary

Portfolio overview

• 17,853 apartment units and 5,805 manufactured home community sites, with a market cap of $1.9B as of March 2026 and an average portfolio age of 29 years.

• Geographic diversification with 40% of NOI earned outside Atlantic Canada; Nova Scotia, Ontario, and New Brunswick are the largest contributors.

• 35% of NOI comes from properties developed in the last 10 years, reflecting a focus on newer, high-quality assets.

Financial performance and growth

• Achieved 6.1% same property NOI growth in 2025, with FFO per unit rising to $1.23 and AFFO per unit to $1.04.

• Property revenue reached $383.4M in 2025, up 5.1% from 2024; net income was $29.4M, impacted by fair value adjustments.

• 47 consecutive quarters of positive NOI growth, with a 4.6% CAGR in investment property value since 2021.

Strategic initiatives and capital allocation

• Ongoing capital recycling program with $375M in strategic dispositions over three years; $148.3M in non-core asset sales in 2025.

• Proceeds from dispositions reinvested in developments, acquisitions, and energy efficiency projects.

• 2026 targets include selling $100–$150M in non-core assets, completing two developments, and investing at least $6M in energy initiatives.