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Killam Apartment REIT Un
(TSX:KMP.UN)
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Rating:58Neutral
Price Target:
C$19.50
â–²(6.56% Upside)
Action:Reiterated
Date:08/10/26
The score is driven primarily by mixed financial performance: strong top-line and stable gross profitability are outweighed by a notable TTM drop in net profitability and weaker free-cash-flow momentum. Technicals are moderately supportive with price above key moving averages and neutral-to-positive momentum, but valuation is a significant drag due to the extremely high P/E despite a moderate dividend yield.
Positive Factors
Recurring Rental Revenue
Killam's core business is owning and operating multi-residential assets that produce recurring monthly rent. Steady revenue trends and high gross margins (~63–67%) support durable net operating income, underpinning long-term cash flows and distribution capacity.
Negative Factors
Compressed Net Profitability
A sharp drop in net margin indicates weaker bottom-line conversion of revenue into distributable earnings. If sustained, this reduces retained earnings available for reinvestment, pressures payout coverage and limits the REIT's ability to fund growth without raising capital.
Read all positive and negative factors
Positive Factors
Negative Factors
Recurring Rental Revenue
Killam's core business is owning and operating multi-residential assets that produce recurring monthly rent. Steady revenue trends and high gross margins (~63–67%) support durable net operating income, underpinning long-term cash flows and distribution capacity.
Read all positive factors
Killam Apartment REIT Un (KMP.UN) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$2.08B
Dividend Yield4.12%
Average Volume (3M)262.04K
Price to Earnings (P/E)291.3
Beta (1Y)0.64
Revenue Growth4.80%
EPS Growth-99.27%
CountryCA
Employees715
SectorReal Estate
Sector Strength53
IndustryREIT - Residential
Share Statistics
EPS (TTM)0.06
Shares Outstanding119,952,010
10 Day Avg. Volume271,068
30 Day Avg. Volume262,035
Financial Highlights & Ratios
PEG Ratio-0.71
Price to Book (P/B)0.67
Price to Sales (P/S)5.32
P/FCF Ratio30.72
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$21.42Price Target Upside17.03% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering3
EPS Forecast (FY)1.37
Revenue Forecast (FY)C$394.80M
Killam Apartment REIT Un Business Overview & Revenue Model
Company Description
Headquartered in Halifax, Nova Scotia, Killam Apartment REIT stands as a prominent Canadian residential property owner, engaged in the acquisition, operation, management, and development of a substantial $3.6 billion portfolio that includes apartm...
How the Company Makes Money
Killam Apartment REIT primarily makes money by generating rental revenue from its income-producing residential real estate portfolio. The largest revenue stream is monthly rent paid by tenants in its apartment communities and manufactured home com...
Killam Apartment REIT Un Earnings Call Summary
Earnings Call Date:Feb 11, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Nov 10, 2026
Earnings Call Sentiment Positive
The call presents a largely positive operational and strategic story: strong same-property NOI and revenue growth, solid FFO/AFFO gains, improving AFFO payout ratio, healthy commercial performance, active development pipeline contributing to near-term FFO, and steps to strengthen the debt profile and energy efficiency. Offsetting these strengths are a significant year-over-year net income decline driven by non‑cash fair value losses and the absence of a prior-year tax recovery, continued interest expense pressure (albeit easing), moderated rental growth vs 2024 peaks, and timing/cost delays on certain commercial repositionings. Overall the fundamentals and outlook are constructive while management addresses valuation and financing headwinds.Positive Updates
Strong Same-Property NOI Growth (2025)
Total same-property NOI increased 6.1% for the year, driven by same-property apartment revenue growth of 5.4%, MHC revenue growth of 7.8%, and same-property commercial revenue growth of 4.4%.
Negative Updates
Large Net Income Decline (Non‑cash Fair Value Impact)
Net income for 2025 was $29.4M, down $638M year-over-year, primarily driven by a $120.5M fair value loss on investment properties (versus $252M fair value gains in 2024) and the absence of a one-time $279M deferred tax recovery in 2024.
Read all updates
Q4-2025 Updates
Positive
Negative
Strong Same-Property NOI Growth (2025)
Total same-property NOI increased 6.1% for the year, driven by same-property apartment revenue growth of 5.4%, MHC revenue growth of 7.8%, and same-property commercial revenue growth of 4.4%.
Read all positive updates
Company Guidance
Killam guided to a constructive but modest 2026 outlook, targeting at least 3% revenue and NOI growth for the same‑property apartment portfolio (management said overall apartment revenue is likely close to 4%), driven by a roughly 9% portfolio‑wide mark‑to‑market spread (15% in Halifax, ~10% in Bridge Columbia) and positive leasing spreads; they expect renewals of ~3–3.5%, turn rent lifts of ~4–7%, incentives to moderate but add ~80–90 bps, and vacancy improvement in H2. On capital and financing, 2025 financing costs rose 5.9% YoY but interest expense pressure should begin to stabilize by 2027, debt was 41.9% of assets with debt‑to‑normalized EBITDA of 9.66x and 91% of apartment mortgage debt CMHC‑insured; development and disposals will contribute (The Carrick ≈ $800k incremental FFO in 2026; minimum $50m of asset dispositions targeted), and AFFO is expected to outpace FFO as capital is redeployed.Killam Apartment REIT Un Financial Statement Overview
Summary
Income Statement
66
Positive
Balance Sheet
60
Neutral
Cash Flow
55
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 390.95M | 383.11M | 367.04M | 349.96M | 330.64M | 291.98M |
| Gross Profit | 260.04M | 252.50M | 242.87M | 225.85M | 208.71M | 184.29M |
| EBITDA | 75.13M | 114.88M | 223.51M | 206.22M | 193.79M | 166.44M |
| Net Income | 7.92M | 29.41M | 667.84M | 266.32M | 122.52M | 285.51M |
Balance Sheet | ||||||
| Total Assets | 5.65B | 5.51B | 5.44B | 5.09B | 4.86B | 4.58B |
| Cash, Cash Equivalents and Short-Term Investments | 9.63M | 9.88M | 13.21M | 14.09M | 9.15M | 6.48M |
| Total Debt | 2.43B | 2.32B | 2.21B | 2.19B | 2.21B | 2.06B |
| Total Liabilities | 2.54B | 2.44B | 2.35B | 2.60B | 2.59B | 2.47B |
| Stockholders Equity | 3.11B | 3.06B | 3.09B | 2.48B | 2.27B | 2.11B |
Cash Flow | ||||||
| Free Cash Flow | 58.98M | 66.33M | 66.23M | 41.35M | 31.41M | 64.05M |
| Operating Cash Flow | 143.40M | 145.94M | 160.14M | 139.73M | 125.33M | 140.86M |
| Investing Cash Flow | -191.91M | -145.67M | -124.95M | -70.05M | -277.11M | -497.22M |
| Financing Cash Flow | 47.73M | -3.61M | -36.84M | -64.88M | 154.38M | 354.87M |
Killam Apartment REIT Un Technical Analysis
Positive
18.30
Price Trends
17.98
Negative
18.13
Negative
17.29
Positive
Market Momentum
-0.20
Negative
48.86
Neutral
78.78
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:KMP.UN, the sentiment is Positive. The current price of 18.3 is above the 20-day moving average (MA) of 17.30, above the 50-day MA of 17.98, and above the 200-day MA of 17.29, indicating a neutral trend. The MACD of -0.20 indicates Negative momentum. The RSI at 48.86 is Neutral, neither overbought nor oversold. The STOCH value of 78.78 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:KMP.UN.
Killam Apartment REIT Un Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
66 Neutral | C$3.01B | -91.84 | -0.66% | 2.87% | 4.56% | -110.12% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
59 Neutral | C$760.78M | 7.98 | 4.74% | 5.36% | -0.84% | 2.95% | |
58 Neutral | C$2.08B | 291.33 | 0.25% | 4.12% | 4.80% | -99.27% | |
52 Neutral | C$4.85B | -37.24 | -1.53% | 4.90% | -7.18% | -270.79% |
* Real Estate Sector Average
TSE:KMP.UN
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Killam Apartment REIT Un Corporate Events
Business Operations and StrategyStock BuybackFinancial Disclosures
Killam Apartment REIT Posts Strong Q2 Results and Advances Waterloo Projects
Positive
Aug 5, 2026
Killam Apartment REIT reported solid second-quarter 2026 results, with net income nearly doubling to $63.3 million, largely on the back of $30.8 million in fair value gains tied to apartment revenue growth and stronger net operating income. Same-p...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.