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Killam Apartment REIT recorded a 5.5% growth in same property net operating income (NOI) during the third quarter, driven by a 5.2% increase in same property revenue. The company's net income, however, declined due to a fair value loss on investment properties. Killam completed property sales worth CAD 147.6 million and reinvested the proceeds into new acquisitions. Looking ahead, the REIT anticipates full occupancy for The Carrick by early 2026 and expects to complete its Waterloo and Halifax developments within the same year.
Killam Apartment REIT reported a 5.5% rise in same property net operating income for the third quarter, primarily driven by a 5.2% increase in same property revenue. This performance was supported by higher rental rates and ancillary income. Despite this growth, the REIT’s net income declined as a result of a fair value loss on its investment properties. Advertisement
During the same period, Killam completed property dispositions amounting to CAD 147.6 million and subsequently reinvested the proceeds into new acquisitions, consistent with its capital recycling strategy. The company stated that it remains focused on optimising its portfolio through the disposal of non-core assets and the reinvestment of capital into higher-yielding opportunities.
Operationally, Killam achieved a total property revenue of CAD 98.47 million for the quarter. Its net income stood at CAD 41.86 million, while funds from operations (FFO) amounted to CAD 41.88 million. The company’s operating income reached CAD 67.79 million, underlining steady operational performance despite market challenges.
In its outlook, Killam expressed optimism regarding upcoming projects, noting that The Carrick is expected to achieve full occupancy by early 2026. Additionally, ongoing developments in Waterloo and Halifax are anticipated to be completed in 2026, strengthening the REIT’s residential portfolio across Canada.
Killam Apartment REIT’s third-quarter performance demonstrated steady operational growth, led by improved rental revenue and disciplined capital allocation. While fair value adjustments impacted profitability, the company’s continued focus on capital recycling and project delivery signals a measured long-term growth approach. With key developments in Waterloo, Halifax, and The Carrick nearing completion, Killam remains well-positioned to sustain its momentum in the Canadian multifamily housing market.
Source - Reuters
5th Jun, 2025
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