Business
Killam Properties Inc. announces a 3.4% increase in its annual dividend and $15 million in acquisitions
HALIFAX , Dec. 23, 2013 /CNW/ - Killam Properties Inc. (TSX: KMP) ("Killam" or the "Comp...
About this update from Killam Apartment Reit
[{"type":"text","content":"\n\n\nHALIFAX, Dec. 23, 2013 /CNW/ - Killam Properties Inc. (TSX: KMP)\n (\"Killam\" or the \"Company\") is pleased to announce that today its board\n of directors approved a 3.4% increase to the Company's annual dividend\n to $0.60 per share from $0.58 per share. The dividend, paid monthly,\n will be $0.05 per share per month, up from $0.04833 per share per\n month. The increase will become effective for the January 2014\n dividend, to be paid in February 2014.\n\n\nKillam also has completed three recent acquisitions for a total purchase\n price of $14.7 million, ending 2013 with $120.8 million of\n acquisitions, in-line with its target for the year. The properties,\n located in New Brunswick, Prince Edward Island and Nova Scotia,\n complement Killam's existing portfolio.\n\n\nOn December 5, 2013, Killam purchased Cameron Arms Apartments, an\n 81-unit property with 4,880 square feet of commercial space. The\n building is centrally located in Moncton, New Brunswick, adjacent to\n Killam's Cambridge Place Apartments. With concrete construction,\n underground parking and amenity space including an indoor pool and\n social rooms, Cameron Arms is a unique asset in the Moncton market. The\n building includes 45 one-bedroom units and 36 two-bedroom units and has\n an average monthly rent of $983. The purchase price of $9.7 million\n represents a capitalization rate of 5.6% and was satisfied with cash. A\n mortgage is expected to be placed on the property in 2014.\n\n\nKillam acquired Northgate Apartments, a 38-unit building in Summerside,\n Prince Edward Island, on December 6, 2013. Located in close proximity\n to Killam's Nevada Court Apartments, Northgate Apartments was built in\n 2006 and has an average monthly rent of $868. The purchase price of\n $3.7 million represents a capitalization rate of 6.4% and was satisfied\n with the assumption of a first mortgage at 2.49%, the issuance of $0.8\n million of shares and the balance in cash.\n\n\nIn addition, on December 20, 2013, Killam completed the acquisition of a\n manufactured home community (\"MHC\") in Antigonish, Nova Scotia. The\n 65-site property, Shamrock Estates, was acquired for $1.3 million in\n cash, representing a capitalization rate of 7.0%. The acquisition\n complements Killam's three other MHC communities in Antigonish.\n\n\n\"We've completed the year with three acquis...