SEDAR Interim Financial Statements

[
  {
    "metadata": {
      "companyName": "Killam Apartment Real Estate Investment Trust",
      "reportingPeriodEnd": "2025-09-30",
      "reportStatus": "Unaudited",
      "auditorName": null,
      "auditorKeyMatters": []
    },
    "balanceSheet": {
      "investmentProperties": 5588112,
      "propertyAndEquipment": 9172,
      "otherNonCurrentAssets": 11714,
      "nonCurrentAssets": 5608998,
      "cashAndCashEquivalents": 9416,
      "rentAndOtherReceivables": 8010,
      "residentialInventory": 1350,
      "otherCurrentAssets": 24178,
      "currentAssets": 42954,
      "totalAssets": 5651952,
      "unitholdersEquity": 3229790,
      "totalEquity": 3229790,
      "mortgagesAndLoansPayableNonCurrent": 1849333,
      "leaseLiabilitiesNonCurrent": 11031,
      "deferredUnitBasedCompensationNonCurrent": 7245,
      "nonCurrentLiabilities": 1867609,
      "mortgagesAndLoansPayableCurrent": 364958,
      "creditFacilities": 67271,
      "constructionLoans": 5227,
      "accountsPayableAndAccruedLiabilities": 56665,
      "exchangeableUnits": 60432,
      "currentLiabilities": 554553,
      "totalLiabilities": 2422162,
      "totalEquityAndLiabilities": 5651952,
      "cashPerShare": null,
      "workingCapitalPerShare": null
    },
    "incomeStatement": {
      "propertyRevenue": 287142,
      "operatingExpenses": -41222,
      "utilityAndFuelExpenses": -22298,
      "propertyTaxes": -32766,
      "propertyOperatingExpenses": -96286,
      "netOperatingIncome": 190856,
      "otherIncome": 1780,
      "financingCosts": -62121,
      "depreciation": -802,
      "administration": -16438,
      "fairValueAdjustmentOnUnitBasedCompensation": -59,
      "fairValueAdjustmentOnExchangeableUnits": -3204,
      "fairValueAdjustmentOnInvestmentProperties": 69205,
      "lossOnDisposition": -2310,
      "incomeBeforeIncomeTaxes": 176907,
      "deferredTaxExpense": 0,
      "netIncomeAndComprehensiveIncome": 176907,
      "weightedAverageSharesOutstanding": null
    },
    "cashFlowStatement": {
      "netIncome": 176907,
      "fairValueAdjustments": -65942,
      "depreciation": 802,
      "amortizationOfDeferredFinancing": 3114,
      "nonCashCompensationExpense": 2817,
      "deferredIncomeTaxExpense": 0,
      "amortizationOfFairValueAdjustmentsOnAssumedMortgages": 66,
      "interestExpenseOnLeaseLiability": 374,
      "lossOnDisposition": 2310,
      "straightLineRent": -71,
      "netChangeInNonCashOperatingActivities": -26373,
      "cashProvidedByOperatingActivities": 94004,
      "deferredFinancingCostsPaid": -7557,
      "trustUnitsRepurchasedThroughNormalCourseIssuerBid": -501,
      "cashPaidOnRedemptionOfRestrictedUnits": -885,
      "cashPaidOnLeaseLiabilities": -827,
      "mortgageFinancing": 209772,
      "mortgagesRepaid": -146752,
      "mortgagePrincipalRepayments": -50596,
      "creditFacilityProceedsRepayments": 12533,
      "proceedsFromConstructionLoans": 33398,
      "constructionLoanRepayments": 0,
      "distributionsToUnitholders": -46570,
      "cashProvidedByUsedInFinancingActivities": 2015,
      "changeInRestrictedCash": -62,
      "acquisitionOfInvestmentPropertiesNetOfDebtAssumed": -75580,
      "proceedsOnDispositionOfInvestmentPropertiesAndAssetsHeldForSaleNetOfTransactionCosts": 80843,
      "proceedsOnDispositionOfPropertyAndEquipment": 4,
      "advanceOnLoanReceivable": 0,
      "repaymentOnLoanReceivable": 2293,
      "developmentOfInvestmentProperties": -54470,
      "capitalExpenditures": -52842,
      "cashUsedInInvestingActivities": -99814,
      "netDecreaseIncreaseInCash": -3795,
      "cashAndCashEquivalentsBeginningOfPeriod": 13211,
      "cashAndCashEquivalentsEndOfPeriod": 9416
    },
    "investmentsAndOtherAssets": [
      {
        "type": "Joint Venture",
        "description": "Investment properties subject to joint control",
        "ownershipPercentage": null,
        "value": 247500,
        "notes": "As at September 30, 2025, the fair value of the investment properties subject to joint control was $247.5 million."
      },
      {
        "type": "VTB Mortgages Receivable",
        "description": "Vendor take-back mortgages receivable - current",
        "ownershipPercentage": null,
        "value": 5079,
        "notes": "Bear interest at 4.0%–7.0%, weighted average interest rate 5.1%. Full repayment within 36–60 months."
      },
      {
        "type": "VTB Mortgages Receivable",
        "description": "Vendor take-back mortgages receivable - non-current",
        "ownershipPercentage": null,
        "value": 11714,
        "notes": "Bear interest at 4.0%–7.0%, weighted average interest rate 5.1%. Full repayment within 36–60 months."
      }
    ],
    "shareStructure": {
      "authorizedShares": "unlimited",
      "issuedShares": 121257623,
      "classesOfShares": ["Trust Units"],
      "warrants": [],
      "options": [],
      "rightsConvertibleInstruments": "Exchangeable Units convertible into Trust Units on a one-for-one basis."
    },
    "managementCompensation": {
      "currency": "CAD",
      "periods": {
        "2025-09-30": {
          "nonCashCompensation": 2817
        }
      },
      "namedIndividuals": [],
      "otherRelatedPartyTransactions": []
    },
    "subsequentEvents": [
      {
        "eventDate": "2025-10-16",
        "description": "Announced a distribution of $0.06000 per unit, payable on November 17, 2025, to unitholders of record on October 31, 2025.",
        "impactValue": null
      }
    ]
  }
]