Killam Apartment REIT (KMP-UN) Investor presentation summary

Portfolio overview

• 17,963 apartment units and 5,805 manufactured home community (MHC) sites, with a commercial portfolio of 0.98 million SF and a market cap of $2.3B as of May 2026.

• Portfolio average age is 29 years, with 35% of NOI from properties developed in the last 10 years.

• Geographic diversification: 32% of NOI from Nova Scotia, 27% Ontario, 21% New Brunswick, and 20% from other provinces.

Strategic focus and growth

• Earnings growth driven by disciplined acquisitions, high-quality developments, and capital recycling, with $375M in dispositions over 3 years.

• Long-term strategy includes increasing earnings from existing assets, expanding geographically, and developing in core markets.

• Targeting nearly 50% of units outside Atlantic Canada within 5 years through development and divestment.

Financial performance

• Q1-2026 property revenue rose 3.9% to $96.7M; same property NOI growth was 4.0% for apartments and 3.9% consolidated.

• FFO per unit for Q1-2026 was $0.28, with an AFFO payout ratio of 68%, a 200-bps improvement year-over-year.

• 48 consecutive quarters of positive NOI growth; 2025 revenues reached $383M, with a 3.5% FFO CAGR since 2021.