Accessibility Statement Skip Navigation
  • Resources
  • Blog
  • Journalists
  • Webcasts
  • Data Privacy
  • Français
  • my CNW 
    • Login
    • Register
  • Client Login 
    • Online Member Centre
    • Next Gen Communications Cloud
    • Cision Communications Cloud®
  • Sign Up
  • Send a Release
Return to PR Newswire homepage
  • News
  • Products
  • Contact
When typing in this field, a list of search results will appear and be automatically updated as you type.

Searching for your content...

No results found. Please change your search terms and try again.
Advanced Search
  • News in Focus
      • Browse News Releases

      • All News Releases
      • All Public Company
      • News Releases Overview

      • Multimedia Gallery

      • All Multimedia
      • All Photos
      • All Videos
      • Multimedia Gallery Overview

      • Trending Topics

      • All Trending Topics
  • Business
      • Auto & Transportation

      • All Automotive & Transportation
      • Aerospace, Defense
      • Air Freight
      • Airlines & Aviation
      • Automotive
      • Maritime & Shipbuilding
      • Railroads and Intermodal Transportation
      • Supply Chain/Logistics
      • Transportation, Trucking & Railroad
      • Travel
      • Trucking and Road Transportation
      • Auto & Transportation Overview

      • View All Auto & Transportation

      • Business Technology

      • All Business Technology
      • Blockchain
      • Broadcast Tech
      • Computer & Electronics
      • Computer Hardware
      • Computer Software
      • Data Analytics
      • Electronic Commerce
      • Electronic Components
      • Electronic Design Automation
      • Financial Technology
      • High Tech Security
      • Internet Technology
      • Nanotechnology
      • Networks
      • Peripherals
      • Semiconductors
      • Business Technology Overview

      • View All Business Technology

      • Entertain­ment & Media

      • All Entertain­ment & Media
      • Advertising
      • Art
      • Books
      • Entertainment
      • Film and Motion Picture
      • Magazines
      • Music
      • Publishing & Information Services
      • Radio & Podcast
      • Television
      • Entertain­ment & Media Overview

      • View All Entertain­ment & Media

      • Financial Services & Investing

      • All Financial Services & Investing
      • Accounting News & Issues
      • Acquisitions, Mergers and Takeovers
      • Banking & Financial Services
      • Bankruptcy
      • Bond & Stock Ratings
      • Conference Call Announcements
      • Contracts
      • Cryptocurrency
      • Dividends
      • Earnings
      • Earnings Forecasts & Projections
      • Financing Agreements
      • Insurance
      • Investments Opinions
      • Joint Ventures
      • Mutual Funds
      • Private Placement
      • Real Estate
      • Restructuring & Recapitalization
      • Sales Reports
      • Shareholder Activism
      • Shareholder Meetings
      • Stock Offering
      • Stock Split
      • Venture Capital
      • Financial Services & Investing Overview

      • View All Financial Services & Investing

      • General Business

      • All General Business
      • Awards
      • Commercial Real Estate
      • Corporate Expansion
      • Earnings
      • Environmental, Social and Governance (ESG)
      • Human Resource & Workforce Management
      • Licensing
      • New Products & Services
      • Obituaries
      • Outsourcing Businesses
      • Personnel Announcements
      • Real Estate Transactions
      • Residential Real Estate
      • Small Business Services
      • Socially Responsible Investing
      • Surveys, Polls and Research
      • Trade Show News
      • General Business Overview

      • View All General Business

  • Science & Tech
      • Consumer Technology

      • All Consumer Technology
      • Artificial Intelligence
      • Blockchain
      • Cloud Computing/Internet of Things
      • Computer Electronics
      • Computer Hardware
      • Computer Software
      • Consumer Electronics
      • Cryptocurrency
      • Data Analytics
      • Electronic Commerce
      • Electronic Gaming
      • Financial Technology
      • Mobile Entertainment
      • Multimedia & Internet
      • Peripherals
      • Social Media
      • STEM (Science, Tech, Engineering, Math)
      • Supply Chain/Logistics
      • Wireless Communications
      • Consumer Technology Overview

      • View All Consumer Technology

      • Energy & Natural Resources

      • All Energy
      • Alternative Energies
      • Chemical
      • Electrical Utilities
      • Gas
      • General Manufacturing
      • Mining
      • Mining & Metals
      • Oil & Energy
      • Oil and Gas Discoveries
      • Utilities
      • Water Utilities
      • Energy & Natural Resources Overview

      • View All Energy & Natural Resources

      • Environ­ment

      • All Environ­ment
      • Conservation & Recycling
      • Environmental Issues
      • Environmental Policy
      • Environmental Products & Services
      • Green Technology
      • Natural Disasters
      • Environ­ment Overview

      • View All Environ­ment

      • Heavy Industry & Manufacturing

      • All Heavy Industry & Manufacturing
      • Aerospace & Defense
      • Agriculture
      • Chemical
      • Construction & Building
      • General Manufacturing
      • HVAC (Heating, Ventilation and Air-Conditioning)
      • Machinery
      • Machine Tools, Metalworking and Metallurgy
      • Mining
      • Mining & Metals
      • Paper, Forest Products & Containers
      • Precious Metals
      • Textiles
      • Tobacco
      • Heavy Industry & Manufacturing Overview

      • View All Heavy Industry & Manufacturing

      • Telecomm­unications

      • All Telecomm­unications
      • Carriers and Services
      • Mobile Entertainment
      • Networks
      • Peripherals
      • Telecommunications Equipment
      • Telecommunications Industry
      • VoIP (Voice over Internet Protocol)
      • Wireless Communications
      • Telecomm­unications Overview

      • View All Telecomm­unications

  • Lifestyle & Health
      • Consumer Products & Retail

      • All Consumer Products & Retail
      • Animals & Pets
      • Beers, Wines and Spirits
      • Beverages
      • Bridal Services
      • Cannabis
      • Cosmetics and Personal Care
      • Fashion
      • Food & Beverages
      • Furniture and Furnishings
      • Home Improvement
      • Household, Consumer & Cosmetics
      • Household Products
      • Jewelry
      • Non-Alcoholic Beverages
      • Office Products
      • Organic Food
      • Product Recalls
      • Restaurants
      • Retail
      • Supermarkets
      • Toys
      • Consumer Products & Retail Overview

      • View All Consumer Products & Retail

      • Entertain­ment & Media

      • All Entertain­ment & Media
      • Advertising
      • Art
      • Books
      • Entertainment
      • Film and Motion Picture
      • Magazines
      • Music
      • Publishing & Information Services
      • Radio & Podcast
      • Television
      • Entertain­ment & Media Overview

      • View All Entertain­ment & Media

      • Health

      • All Health
      • Biometrics
      • Biotechnology
      • Clinical Trials & Medical Discoveries
      • Dentistry
      • FDA Approval
      • Fitness/Wellness
      • Health Care & Hospitals
      • Health Insurance
      • Infection Control
      • International Medical Approval
      • Medical Equipment
      • Medical Pharmaceuticals
      • Mental Health
      • Pharmaceuticals
      • Supplementary Medicine
      • Health Overview

      • View All Health

      • Sports

      • All Sports
      • General Sports
      • Outdoors, Camping & Hiking
      • Sporting Events
      • Sports Equipment & Accessories
      • Sports Overview

      • View All Sports

      • Travel

      • All Travel
      • Amusement Parks and Tourist Attractions
      • Gambling & Casinos
      • Hotels and Resorts
      • Leisure & Tourism
      • Outdoors, Camping & Hiking
      • Passenger Aviation
      • Travel Industry
      • Travel Overview

      • View All Travel

  • Policy & Public Interest
      • Policy & Public Interest

      • All Policy & Public Interest
      • Advocacy Group Opinion
      • Animal Welfare
      • Canadian Federal Government
      • Canadian Municipal Government
      • Canadian Provincial Government
      • Corporate Social Responsibility
      • Domestic Policy
      • Economic News, Trends, Analysis
      • Education
      • Environmental
      • European Government
      • FDA Approval
      • Federal and State Legislation
      • Federal Executive Branch & Agency
      • Foreign Policy & International Affairs
      • Homeland Security
      • Labor & Union
      • Legal Issues
      • Natural Disasters
      • Not For Profit
      • Patent Law
      • Public Safety
      • Trade Policy
      • Policy & Public Interest Overview

      • View All Policy & Public Interest

  • People & Culture
      • People & Culture

      • All People & Culture
      • Aboriginal, First Nations & Native American
      • African American
      • Asian American
      • Children
      • Diversity, Equity & Inclusion
      • Hispanic
      • Lesbian, Gay & Bisexual
      • Men's Interest
      • People with Disabilities
      • Religion
      • Senior Citizens
      • Veterans
      • Women
      • People & Culture Overview

      • View All People & Culture

  • Advanced Search
  • Overview
  • Cision Communications Cloud®
  • Monitoring
  • Distribution
  • Multimedia
  • Guaranteed Paid Placement
  • AI Tools
  • IR
  • Become a Client
  • Request a Demo
  • Editorial Bureaus
  • Partnerships
  • General Enquiries
  • Media
  • Worldwide Offices
  • Hamburger menu
  • Cision Canada
  • Send a Release
  • FR
    • Phone

    • 877-269-7890 from 8 AM - 10 PM ET

    • ALL CONTACT INFO
    • Contact Cision

      877-269-7890
      from 8 AM - 10 PM ET

  • Send a Release
  • Sign Up
  • Resources
  • Blog
  • Journalists
  • Webcasts
  • GDPR
  • News in Focus
    • Browse All News
    • Multimedia Gallery
    • Trending Topics
  • Business
    • Auto & Transportation
    • Business Technology
    • Entertain­ment & Media
    • Financial Services & Investing
    • General Business
  • Science & Tech
    • Consumer Technology
    • Energy & Natural Resources
    • Environ­ment
    • Heavy Industry & Manufacturing
    • Telecomm­unications
  • Lifestyle & Health
    • Consumer Products & Retail
    • Entertain­ment & Media
    • Health
    • Sports
    • Travel
  • Policy & Public Interest
    • Policy & Public Interest
  • People & Culture
    • People & Culture
  • Send a Release
  • Sign Up
  • Resources
  • Blog
  • Journalists
  • Webcasts
  • GDPR
  • Overview
  • Cision Communications Cloud®
  • Monitoring
  • Distribution
  • Multimedia
  • Guaranteed Paid Placement
  • AI Tools
  • IR
  • Send a Release
  • Sign Up
  • Resources
  • Blog
  • Journalists
  • Webcasts
  • GDPR
  • Become a Client
  • Request a Demo
  • Editorial Bureaus
  • Partnerships
  • General Enquiries
  • Media
  • Worldwide Offices
  • Send a Release
  • Sign Up
  • Resources
  • Blog
  • Journalists
  • Webcasts
  • GDPR

KILLAM APARTMENT REIT ANNOUNCES Q3-2022 OPERATING PERFORMANCE AND FINANCIAL RESULTS


News provided by

Killam Apartment Real Estate Investment Trust

Nov 08, 2022, 17:00 ET

Share this article

Share toX

Share this article

Share toX

HALIFAX, NS, Nov. 8, 2022 /CNW/ - Killam Apartment REIT (TSX: KMP.UN) ("Killam" or the "REIT") today reported its results for the three and nine months ended September 30, 2022.

"We are pleased to report positive earnings growth through the third quarter", noted Philip Fraser, President and CEO. "Fundamentals remain strong across the country, supporting revenue and net operating income growth."

"Killam's development pipeline momentum continued through the third quarter with the substantial completion of Luma, a 168-unit joint development project located in Ottawa, ON. The property opened to tenants in June 2022 and is currently 62% leased. Luma marks Killam's third development completed in 2022. We are proud of the $170 million of developments added to our portfolio this year. These high-quality assets include extensive tenant amenity space and energy efficiency technology and should generate among the highest operating margins in our portfolio."

Q3-2022 Financial & Operating Highlights

  • Reported net income of $3.6 million, a decrease of $43.0 million compared to $46.6 million in Q3-2021. The reduction in net income is primarily attributable to $41.3 million of fair value adjustments on investment properties in Q3-2022.
  • Generated net operating income (NOI) of $56.8 million, a 12.6% increase from $50.5 million in Q3-2021.
  • Earned funds from operations (FFO) per unit (diluted) of $0.31, a 3.3% increase from $0.30 in Q3-2021.1
  • Increased adjusted funds from operations (AFFO) per unit (diluted) by 3.8% to $0.27, from $0.26 in Q3-2021, and reduced the AFFO payout ratio (diluted) by 100 bps to 65%, from 66% in Q3-2021.1
  • Achieved a 5.1% increase in revenue for the same property portfolio compared to Q3-2021.
  • Generated same property NOI growth of 5.1% in Q3-2021.2

_____________________________________

1  FFO and AFFO are non-International Financial Reporting Standards (IFRS) measures that do not have a standardized meaning according to IFRS and, therefore, may not be comparable to similar measures presented by other companies. For information regarding non-IFRS measures, including reconciliations to the most comparable IFRS measure, see "non-IFRS Measures."
2   Same property NOI is a supplementary financial measure. An explanation of the composition of this measure can be found on page 5 of this press release under "Supplementary Financial Measures."


Three months ended September 30,

Nine months ended September 30,

(000's)

2022

2021

Change

2022

2021

Change

Property revenue

$85,301

$76,244

11.9 %

$244,313

$213,919

14.2 %

Net operating income

$56,792

$50,455

12.6 %

$153,740

$135,315

13.6 %

Net income

$3,600

$46,634

(92.3) %

$132,344

$210,726

(37.2) %

FFO (1)

$37,144

$34,246

8.5 %

$99,885

$88,721

12.6 %

FFO per unit (diluted) (1)

$0.31

$0.30

3.3 %

$0.84

$0.80

5.0 %

AFFO per unit (diluted) (1)

$0.27

$0.26

3.8 %

$0.71

$0.68

4.4 %

AFFO payout ratio – diluted (1)

65 %

66 %

(100) bps

74 %

76 %

(200) bps

AFFO payout ratio – rolling 12 months(1)

75 %

77 %

(200) bps




Same property apartment occupancy (2)

98.4 %

97.4 %

100 bps




Same property revenue growth(3)

5.1 %



5.1 %



Same property NOI growth

5.1 %



4.9 %



(1) FFO and AFFO are defined in "non-IFRS Measures." A reconciliation between net income and FFO and a reconciliation from FFO to AFFO are included on page 6 of this press release under "Non-IFRS Reconciliation."

(2) Same property apartment occupancy is a supplementary financial measure. An explanation of the composition of this measure can be found on page 4 of this press release under "Supplementary Financial Measures."

(3) Same property revenue is a supplementary financial measure. An explanation of the composition of this measure can be found on page 4 of this press release under "Supplementary Financial Measures."

 

 

Debt Metrics as at

September 30, 2022

December 31, 2021

Change

Debt to total assets

45.0 %

45.0 %

– bps

Weighted average mortgage interest rate

2.67 %

2.58 %

9 bps

Weighted average years to debt maturity

4.0

4.0

– years

Interest coverage ratio(1)

3.42x

3.53x

(3.1) %

(1) Interest coverage ratio is a non-IFRS ratio. An explanation of the composition of this measure can be found under "Supplementary Financial Measures".


Summary of Q3-2022 Results and Operations

Net Income Impacted by Fair Value Losses
Killam earned net income of $3.6 million in Q3-2022, compared to $46.6 million in Q3-2021. The decrease in net income is due to fair value losses on investment properties of $41.3 million in the current period, compared to fair value gains of $25.8 million in Q3-2021. These fair value losses reflect an expansion of cap-rates in several of Killam's core markets. Killam's weighted average cap-rate for its apartment portfolio as at September 30, 2022, was 4.43%, a 5 bps increase from the weighted average cap-rate as at June 30, 2022. The losses associated with the expansion in cap-rates were partially offset with NOI growth of $6.3 million in the quarter, compared to the same period in 2021, driven by acquisitions, completed developments, and increased earnings from the existing portfolio.

Achieved 3.3% FFO per Unit Growth and 3.8% AFFO per Unit Growth
Killam delivered FFO per unit of $0.31 in the quarter, a 3.3% increase from $0.30 per unit in Q3-2021. AFFO per unit increased 3.8% to $0.27, compared to $0.26 in Q3-2021. The growth in FFO and AFFO was attributable to increased NOI from Killam's same property portfolio and incremental contributions from acquisitions, which total over $500 million since the beginning of 2021. This growth was partially offset by a 5.3% increase in the weighted average number of Trust Units outstanding, along with higher interest expense.

Revenue Growth Drives Average Same Property NOI Growth of 5.1%
Killam generated 5.1% growth in same property NOI during Q3-2022. This improvement was driven by 5.1% growth in same property revenue, partially offset by a 5.2% increase in same property operating expenses. Revenue growth was supported by a 3.6% increase in apartment rents, coupled with a 100 bps increase in same property apartment occupancy in the quarter. Operating expenses increased due to higher natural gas pricing in Killam's core markets, resulting in a 9.8% increase in same property utility and fuel expenses. Same property general operating expenses increased by 5.5%, driven by higher wages and contract services. Property tax expenses increased modestly by 2.3%.

Continued Advancement of Development Pipeline and Completion of Third Development in 2022
Killam's joint venture development project, Luma, a 168-unit building located in Ottawa, ON, opened to tenants in June 2022, and reached substantial completion in this quarter. The property is currently 62% leased and is expected to generate $3.4 million in NOI annually once stabilized ($1.7 million for Killam's 50% interest). The Kay, located in Mississauga, opened in April and was fully leased at the end of the third quarter. This marks one of Killam's fastest new development lease-ups to date.

Killam continues to advance its development pipeline and has two developments close to completion and one development that commenced in Q2-2022, totalling 320 units, with an expected combined development cost of $177.5 million. During the third quarter, Killam invested $14.6 million in its active development projects, the majority of which was funded through construction financing.

Rising Interest Rates
The maturity dates of Killam's mortgages are staggered to help mitigate interest rate risk. During Q3-2022, Killam refinanced $22.4 million of maturing mortgages with $27.1 million of new debt, all of which were for five-year terms at a weighted average interest rate of 4.05%, 177 bps higher than the maturing debt.

ESG Update
In October, Killam received a green, three-star designation for its 2022 GRESB real estate assessment, and achieved a 15% score improvement from its 2021 rating. During Q3-2022, Killam invested $3.8 million in energy initiatives, which included $1.3 million in new boilers, $1.2 million in building improvements, $1.1 million in window replacements and $0.3 million in solar panels. As of September 30, 2022, Killam had 16 photovoltaic (PV) solar arrays producing power, with an expected 1,610 MWh of annual energy production. This is the equivalent amount of energy to supply 304 apartment units with electricity annually, based on the average consumption per unit in Killam's apartment portfolio. PV solar arrays, along with geothermal heating and cooling systems at Killam's new developments, illustrate Killam's ongoing commitment to lowering its carbon footprint.

Killam's 2021 ESG report can be accessed on its website at https://killamreit.com/esg. It summarizes Killam's commitment to creating and maintaining sustainable communities, and details its progress and future plans to achieve its long-term targets.

Financial Statements
Killam's condensed consolidated interim Financial Statements and Management's Discussion and Analysis for the nine and three months ended September 30, 2022, are posted under Financial Reports in the Investor Relations section of Killam's website at www.killamreit.com and are available on SEDAR at www.sedar.com. Readers are directed to these documents for financial details and a discussion of Killam's results.

Results Conference Call
Management will host a webcast and conference call to discuss these results and current business initiatives on Wednesday, November 9, 2022, at 10:00 AM eastern time. The webcast will be accessible on Killam's website at the following link: http://www.killamreit.com/investor-relations/events-and-presentations. A replay will be available for 7 days after the webcast at the same link.

The dial-in numbers for the conference call are as follows:
North America (toll free): 1-888-664-6392
Overseas or local (Toronto): 1-416-764-8659

Profile
Killam Apartment REIT, based in Halifax, Nova Scotia, is one of Canada's largest residential real estate investment trusts, owning, operating, managing and developing a $4.8 billion portfolio of apartments and manufactured home communities. Killam's strategy to enhance value and profitability focuses on three priorities: 1) increasing earnings from existing operations, 2) expanding the portfolio and diversifying geographically through accretive acquisitions, with an emphasis on newer properties, and 3) developing high-quality properties in its core markets.

Non-International Financial Reporting Standards (IFRS) Measures

Management believes the following non-IFRS financial measures, ratios and supplementary information are relevant measures of the ability of Killam to earn revenue and to evaluate Killam's financial performance. Non-IFRS measures should not be construed as alternatives to net income or cash flow from operating activities determined in accordance with IFRS, as indicators of Killam's performance, or sustainability of Killam's distributions. These measures do not have standardized meanings under IFRS and, therefore, may not be comparable to similarly titled measures presented by other publicly traded organizations.

  • Funds from operations (FFO) is a non-IFRS financial measure of operating performance widely used by the Canadian real estate industry based on the definition set forth by REALPAC. FFO, and applicable per unit amounts, are calculated by Killam as net income adjusted for fair value gains (losses), interest expense related to exchangeable units, gains (losses) on disposition, deferred tax expense (recovery), unrealized gains (losses) on derivative liability, internal commercial leasing costs, depreciation on an owner-occupied building, interest expense related to lease liabilities, and non-controlling interest. FFO is calculated in accordance with the REALPAC definition. A reconciliation between net income and FFO is included below.
  • Adjusted funds from operations (AFFO) is a non-IFRS financial measure of operating performance widely used by the Canadian real estate industry based on the definition set forth by REALPAC. AFFO, and applicable per unit amounts and payout ratios, are calculated by Killam as FFO less an allowance for maintenance capital expenditures ("capex") (a three-year rolling historical average capital investment to maintain and sustain Killam's properties), commercial leasing costs and straight-line commercial rents. AFFO is calculated in accordance with the REALPAC definition. Management considers AFFO an earnings metric. A reconciliation from FFO to AFFO is included below.
  • Per unit calculations are calculated using the applicable non-IFRS financial measures noted above, i.e. FFO and AFFO, divided by the basic or diluted number of units outstanding at the end of the relevant period.

Supplementary Financial Measures

  • Same property NOI is a supplementary financial measure defined as NOI for stabilized properties that Killam has owned for equivalent periods in 2022 and 2021. Similarly, same property revenue is a supplementary financial measure defined as revenue for stabilized properties that Killam has owned for equivalent periods in 2022 and 2021. Same property apartment occupancy is a supplemental financial measure defined as actual residential rental revenue, net of vacancy, as a percentage of gross potential residential rent for stabilized properties that Killam has owned for equivalent periods in 2022 and 2021. Same property results represent 90.4% of the fair value of Killam's investment property portfolio as at September 30, 2022. Excluded from same property results in 2022 are acquisitions, dispositions and developments completed in 2021 and 2022, and non-stabilized commercial properties linked to development projects.
  • Interest coverage is calculated by dividing normalized adjusted earnings before interest, tax, depreciation and amortization (adjusted EBITDA) by mortgage, loan and construction loan interest and interest on credit facilities. Normalized adjusted EBITDA is calculated by Killam as adjusted EBITDA that has been normalized for a full year of stabilized earnings from recently completed acquisitions and developments, on a forward-looking basis.

Non-IFRS Reconciliation (in thousands, except per unit amounts)

Reconciliation of Net Income to FFO

Three months ended September 30,

Nine months ended September 30,


2022

2021

2022

2021

Net income

$3,600

$46,634

$132,344

$210,726

Fair value adjustments

33,181

(21,427)

(50,154)

(155,897)

Non-controlling interest

(5)

(4)

(12)

(9)

Internal commercial leasing costs

75

52

225

155

Deferred tax expense

(446)

8,289

15,450

31,677

Interest expense on exchangeable units

701

687

2,102

2,065

Unrealized loss (gain) on derivative liability

11

(18)

(159)

(98)

Depreciation on owner-occupied building

21

26

72

80

Change in principal related to lease liabilities

6

7

17

22

FFO

$37,144

$34,246

$99,885

$88,721

FFO per unit – diluted

$0.31

$0.30

$0.84

$0.80

Reconciliation of FFO to AFFO

Three months ended September 30,

Nine months ended September 30,


2022

2021

2022

2021

FFO

$37,144

$34,246

$99,885

$88,721

Maintenance capital expenditures

(4,856)

(4,589)

(14,402)

(13,357)

Commercial straight-line rent adjustment

(29)

(58)

(169)

(309)

Internal commercial leasing costs

(71)

(89)

(380)

(286)

AFFO

$32,188

$29,510

$84,934

$74,769

AFFO per unit – basic

$0.27

$0.26

$0.71

$0.68

AFFO per unit – diluted

$0.27

$0.26

$0.71

$0.68

AFFO payout ratio – diluted

65 %

66 %

74 %

76 %

AFFO payout ratio – rolling 12 months (1)

75 %

77 %



Weighted average number of units – basic (000s)

120,130

114,090

119,174

110,473

Weighted average number of units – diluted (000s)

120,292

114,250

119,341

110,633

(1) Based on Killam's annual distribution of $0.69996 for the 12-month period ended September 30, 2022, and $0.68170 for the 12-month period ended September 30, 2021.


Note: The Toronto Stock Exchange has neither approved nor disapproved of the information contained herein. Certain statements in this press release may constitute forward-looking statements. In some cases, forward-looking statements can be identified by the use of words such as "may," "will," "should," "expect," "plan," "anticipate," "believe," "commit," "estimate," "potential," "continue," "remain," "forecast," "opportunity," "future" or the negative of these terms or other comparable terminology, and by discussions of strategies that involve risks and uncertainties. Such forward-looking statements may include, among other things, statements regarding: the effects of acquisitions and development projects on Killam's earnings and financial condition and the timing thereof ;
 the operating margins of new developments completed and added to Killam's portfolio; the continued expansion of Killam's portfolio; NOI generation as a result of new developments; the completion, costs, capacity, total investment and timing of development projects and acquisitions; continued advancement of Killam's development pipeline;  Killam's commitment to reducing its environmental impact and carbon footprint; the expected annual energy production of Killam's PV solar arrays; the ability of Killam's development program to deliver anticipated portfolio growth; and Killam's priorities.

Readers should be aware that these statements are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those anticipated or implied, or those suggested by any forward-looking statements, including: the effects, duration and government responses to the COVID-19 pandemic and other international events, and the effectiveness of measures intended to mitigate impacts thereof; competition; global, national and regional economic conditions including inflationary pressures; and the availability of capital to fund further investments in Killam's business. For more exhaustive information on these risks and uncertainties, readers should refer to Killam's most recently filed annual information form, as well as Killam's most recently filed MD&A, each of which are available at www.sedar.com. Given these uncertainties, readers are cautioned not to place undue reliance on any forward-looking statements contained in this press release. By their nature, forward-looking statements involve numerous assumptions, inherent risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and various future events may not occur. Although Management believes that the expectations reflected in the forward-looking statements are reasonable, there can be no assurance that future results, levels of activity, performance or achievements will occur as anticipated. Further, a forward-looking statement speaks only as of the date on which such statement is made and should not be relied upon as of any other date. While Killam anticipates that subsequent events and developments may cause Killam's views to change, Killam does not intend to update or revise any forward-looking statement, whether as a result of new information, future events, circumstances, or such other factors that affect this information, except as required by law. The forward-looking statements in this press release are provided for the limited purpose of enabling current and potential investors to evaluate an investment in Killam. Readers are cautioned that such statements may not be appropriate and should not be used for any other purpose. The forward-looking statements contained in this press release are expressly qualified by this cautionary statement.

SOURCE Killam Apartment Real Estate Investment Trust

Claire Hawksworth, CPA, Manager, Investor Relations & Sustainability, [email protected], (902) 442-5322

Modal title

Organization Profile

Killam Apartment Real Estate Investment Trust

    Also from this source

  • KILLAM APARTMENT REIT ANNOUNCES STRONG Q1-2025 OPERATING PERFORMANCE AND FINANCIAL RESULTS

  • Killam Apartment REIT Announces April 2025 Distribution

  • Killam Apartment REIT Announces Timing of Q1 2025 Results and Webcast

Contact Cision

  • 866-245-2317
    from 8 AM - 10 PM ET
  • Become a Client
  • Request a Demo
  • Editorial Bureaus
  • Partnerships
  • General Enquiries
  • Media

Products

  • Cision Communications Cloud®
  • Media Monitoring
  • Content Distribution
  • Multimedia Distribution
  • Measurement & Analytics
  • Investor Relations

About

  • About Cision Canada
  • About Cision
  • Media Partners
  • Careers
  • Accessibility Statement
  • APAC
  • APAC - Simplified Chinese
  • APAC - Traditional Chinese
  • Brazil
  • Canada
  • Czech
  • Denmark
  • Finland
  • France
  • Germany
  • India
  • Indonesia
  • Israel
  • Japan
  • Korea
  • Mexico
  • Middle East
  • Middle East - Arabic
  • Netherlands
  • Norway
  • Poland
  • Portugal
  • Russia
  • Slovakia
  • Spain
  • Sweden
  • United States
  • Vietnam

My Services

  • All News Releases
  • Online Member Centre
  • Next Gen Communications Cloud
  • Cision Communications Cloud®
  • my CNW

Do not sell or share my personal information:

  • Submit via [email protected] 
  • Call Privacy toll-free: 877-297-8921

Contact Cision

Products

About

My Services
  • All News Releases
  • Online Member Centre
  • Next Gen Communications Cloud
  • Cision Communications Cloud
  • my CNW
877-269-7890
from 8 AM - 10 PM ET
  • Terms of Use
  • Information Security Policy
  • Site Map
  • Cookie Settings
  • Accessibility Statement
Copyright © 2025 CNW Group Ltd. All Rights Reserved. A Cision company.