Earnings

KILLAM APARTMENT REIT ANNOUNCES Q4-2025 AND 2025 OPERATING PERFORMANCE AND FINANCIAL RESULTS

By The Northwire Desk — AI Analysis Feb 11, 2026 · 17:00 KMP · 17.72 KILLAM PROPERTIES INC. J

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Killam Apartment REIT reported FY 2025 total NOI of $254.8 M (up 6.0% YoY) and Q4‑2025 NOI of $64.0 M, delivering 6.1% same‑property NOI growth for the year.
FFO per unit increased 4.2% to $1.23 and AFFO per unit rose 5.1% to $1.04; Q4‑2025 FFO per unit was $0.30 (up 3.4%).
Net income for FY 2025 was $29.4 M versus $667.8 M in 2024, driven by the absence of a prior‑year deferred tax recovery and $120.5 M fair‑value losses on investment properties.

Revenue & NOI
FY 2025 property revenue: $96.3 M (+4.0% YoY).
FY 2025 net operating income: $63.97 M (+4.7% YoY).
Q4‑2025 same‑property revenue up 4.1%; same‑property NOI up 4.5%.
Occupancy & Rent
Same‑property apartment occupancy Q4‑2025: 96.9% (down 60 bps YoY).
Average rental rate growth across all segments contributed to a 5.5% increase in same‑property revenue for the year.
Capital Recycling
Disposed of 23 non‑core properties (1,139 units) for gross proceeds of $148.3 M.
Acquired new assets totaling $168.8 M (416 units) and funded ongoing developments in Waterloo and Halifax.
Development Pipeline
Completed “The Carrick” (139‑unit) in July 2025; 95% leased to date.
Advancing Brightwood (128‑unit, Waterloo) and Eventide (55‑unit, Halifax), slated for 2026 completion.
Debt & Liquidity
Total debt/total assets: 41.9% (up 150 bps YoY).
Weighted average mortgage rate: 3.58% (up 13 bps).
Debt‑to‑normalized EBITDA: 9.66× (down 0.03%).
ESG Initiatives
Invested $6.8 M in energy‑efficiency projects, including $3.3 M for 13 rooftop solar PV installations (≈6.5% yield).
GRESB sustainability score: 82/100 (up 3 points YoY).
Financial Ratios
AFFO payout ratio improved to 69% (down 200 bps YoY).
Interest coverage: 2.93× (virtually unchanged).
Conference Call
Management webcast scheduled for 2026‑02‑12, 9:00 AM EST; dial‑in numbers provided.

“Killam delivered 6.1% total same property NOI growth in 2025… Capital recycling remained a key focus in 2025…” – Philip Fraser, President & CEO.

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