Killam Apartment REIT Un (TSE:KMP.UN)
TSX:KMP.UN
Earnings Data
Report Date
May 06, 2026After Close (Confirmed)
Period Ending
2026 (Q1)Consensus EPS Forecast
―Last Year’s EPS
0.82Same Quarter Last Year
Strong Buy
Based on 5 Analysts Ratings
Earnings Call Summary
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.Company Guidance
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%.
Same-Property Apartment Operating Performance
Same-property apartment occupancy was 97.3% (down 30 basis points YoY) while average monthly rental rate rose 4.8% YoY, producing a 5.4% increase in same-property apartment revenue and a 40 basis point margin improvement despite operating costs rising 4.1%.
FFO and AFFO Per Unit Improvement
FFO per unit increased 4.2% to $1.23 and AFFO per unit rose 5.1% year-over-year; AFFO payout ratio improved to 69% from 71%.
Quarterly Operating Momentum
Q4 same-property NOI increased 4.5% (revenue +4.1%, expenses +3.4%); Q4 FFO was $0.30 per unit, up 3.4% vs Q4 2024.
Favourable Mark-to-Market Opportunity
Portfolio-wide mark-to-market spread approximately 9%, with Halifax at ~15% and Bridge Columbia at ~10%, indicating ongoing rent-up/mark-to-market potential in key markets.
Improving Debt Profile
CMHC-insured mortgages represented 91% of apartment mortgage debt (up from 83% prior year). Debt as a percentage of total assets was 41.9% and debt-to-normalized EBITDA improved to 9.66x, reflecting earnings growth outpacing leverage increases.
CapEx Optimization and Repositioning Returns
Maintenance capital investment declined to $82 million in 2025 from $90 million in 2024 (-$8 million). 2,062 suites repositioned over 5 years, delivering estimated returns of 15%–20%.
Commercial Portfolio Strength
Commercial portfolio (1.2M sq ft) was 97% occupied; 56,000 sq ft leased at average base $20/sq ft (net) and net effective $12/sq ft; 117,000 sq ft renewed with weighted average in-place rent increase of 15%.
Royalty Crossing Value Creation
Royalty Crossing revenue rose from $4.6M to $6.8M (+48%) and NOI grew from $3.0M to $5.5M (+83%) since 2021, delivering ~12% return on investment and adding ~51,000 sq ft of leasable area (plus 15,000 sq ft upcoming).
Solar and Energy Initiatives
Solar capacity at year-end 2025 was 3.66 MW (~8.54% of operational electricity). Six new installations planned to add 1.15 MW (~+2.5% operational electricity), showing progress on energy-efficiency initiatives.
Active Development Pipeline Contributing to FFO
The Carrick (opened June 1, 2025) is 95% leased and expected to contribute ~US$800,000 of incremental FFO in 2026; Brightwood (128 units) 7% pre-leased, on track for May 2026 completion; Eventide (55 units) expected Q4 2026 completion; Nolan Hill Phase 3 JV completion expected Q3 2027.
Capital Recycling Executed
2025 dispositions: 23 properties (1,139 units) and 2 land parcels sold for $148M gross; net cash proceeds $87.8M were used to fund $168M of property acquisitions (416 units), supporting geographic diversification strategy.
TSE:KMP.UN Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
TSE:KMP.UN Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Feb 11, 2026 | C$17.59 | C$16.89 | -3.95% |
Nov 05, 2025 | C$16.65 | C$16.47 | -1.06% |
Aug 06, 2025 | C$17.61 | C$17.42 | -1.10% |
May 07, 2025 | C$17.33 | C$17.15 | -1.06% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does Killam Apartment REIT Un (TSE:KMP.UN) report earnings?
Killam Apartment REIT Un (TSE:KMP.UN) is schdueled to report earning on May 06, 2026, After Close (Confirmed).
What is Killam Apartment REIT Un (TSE:KMP.UN) earnings time?
Killam Apartment REIT Un (TSE:KMP.UN) earnings time is at May 06, 2026, After Close (Confirmed).
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What is TSE:KMP.UN EPS forecast?
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