Killam Apartment REIT Announces Q1-2021 Operating Performance and Financial Results

HALIFAX, NS, May 5, 2021 /CNW/ – Killam Apartment REIT (TSX: KMP.UN) (“Killam”) today reported its results for the three months ended March 31, 2021.

“We are pleased to report solid operating and financial results for the first quarter of 2021, as we continue to execute against our long-term strategy,” noted Philip Fraser, President and CEO. “Strong rental demand in the maritime provinces and Ontario, along with our quality management team, produced positive same property net operating income growth for the 28th consecutive quarter.”

“Our suite repositioning program continues with the completion of 149 upgraded units in Q1-2021. With an average return on investment of approximately 12%, the repositioning program augments our ability to grow revenues during the COVID-19 pandemic. We reported a 3.3% increase in same property rents and realized a 60 basis points (bps) expansion in our same property operating margin.”

“Our development program continues on schedule, with five developments currently underway. In addition, we are seeing strong leasing activity on the lease-up of three new developments that have recently come online, with 259 units of the 349 units (74%) leased. “… [Read More]