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Killam Apartment REIT
Killam Apartment REIT (KMP-UN) investor relations material
Killam Apartment REIT Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary12 Feb, 2026
Executive summary
Achieved 6.1% same property NOI growth in 2025, driven by 5.4% revenue growth in apartments, 7.8% in MHC, and 4.4% in commercial properties, exceeding strategic targets.
Net income for 2025 was $29.4 million, down $638 million year-over-year, mainly due to $120.5 million in fair value losses and the absence of a prior year deferred tax recovery.
FFO per unit increased 4.2% to $1.23; AFFO per unit rose 5.1% to $1.04; AFFO payout ratio improved to 69%.
Completed $148.3 million in non-core asset dispositions and redeployed capital into $168.8 million in acquisitions and ongoing developments.
The Carrick development in Waterloo was substantially completed and is now 95% leased; new projects in Waterloo and Halifax are progressing.
Financial highlights
Property revenue rose 5.1% year-over-year to $383.4 million, with NOI up 6.0% to $254.8 million.
Q4-2025 same property NOI rose 4.5% year-over-year; Q4 FFO per unit increased 3.4% to $0.30.
Weighted average rental increase of 4.8% across the same property portfolio.
Debt as a percentage of total assets was 41.9% at year-end, up from 40.4% in 2024; debt to normalized EBITDA improved to 9.66x.
Interest coverage ratio was 2.93x for 2025.
Outlook and guidance
Targeting at least 3% revenue and NOI growth for the same property apartment portfolio in 2026.
Atlantic markets expected to outperform in 2026, with a portfolio-wide mark-to-market spread of up to 15%.
Interest expense growth expected to stabilize by 2027, with more NOI flowing to FFO.
Disposition target for 2026 is a minimum of $50 million in assets.
Ongoing focus on energy efficiency, capital recycling, and maintaining debt below 42% of total assets.
Mitigation for increased vacancy and turnover?
What is the target for non-Atlantic Canada NOI?
Outlook on cap rate expansion impact on valuation?
Westmount Place NOI replacement timeline and cost
Capital allocation priority: NCIB vs debt vs acquisitions
New development viability without gov't funding?
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Next Killam Apartment REIT earnings date
Q1 20267 May, 2026
Killam Apartment REIT
Next Killam Apartment REIT earnings date
Q1 20267 May, 2026
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Frequently asked questions
Killam Apartment REIT is a Canadian real estate investment trust that owns, operates, and develops multi-residential apartment properties and manufactured home communities. The company’s portfolio spans urban centers across Canada, with a focus on long-term value creation and tenant services. The company is headquartered in Halifax, Canada, and its shares are listed on the TSX.
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