Business
Killam Properties Inc. announces second quarter 2013 results and $40 million acquisition in downtown Toronto
HALIFAX , Aug. 7, 2013 /CNW/ - Killam Properties Inc. ("Killam" or the "Company") (TSX: ...
About this update from Killam Apartment Reit
[{"type":"text","content":"\n\n\nHALIFAX, Aug. 7, 2013 /CNW/ - Killam Properties Inc. (\"Killam\" or the\n \"Company\") (TSX: KMP) announced its financial results for the second\n quarter ended June 30, 2013.\n\n\nSecond Quarter Highlights\n\n\nGenerated funds from operations (\"FFO\") per share of $0.18, compared to\n FFO per share of $0.19 during Q2 2012.\n\n\nSame store rental revenue increased by 1.7%.\n\n\nSame store net operating income (\"NOI\") decreased by 0.6% following\n increased vacancy costs and a 5.1% increase in operating expenses\n driven by the high cost of natural gas in Nova Scotia.\n\n\nRecorded net unrealized fair value gains of $20.2 million on the\n Company's investment properties, contributing to net income\n attributable to common shareholders of $23.2 million.\n\n\nCompleted $26.8 million in apartment acquisitions at a weighted average\n capitalization rate of 6.1%.\n\n\nCompleted three apartment developments, adding 235 units fair valued at\n $61.7 million to the Company's portfolio.\n\n\nReduced the weighted average interest rate on mortgage debt to 4.25%\n from 4.34% at March 31, 2013.\n\n\nDebt levels remain conservative at 51.9% of total assets.\n\n\nHighlights from the Six Months Ended June 30, 2013\n\n\nGenerated FFO per share of $0.32, compared to FFO per share of $0.34\n during the first two quarters of 2012.\n\n\nSame store rental revenue increased by 2.2%.\n\n\nSame store NOI decreased by 0.9% due to high natural gas costs in\n Atlantic Canada.\n\n\nCompleted $64.3 million in new acquisitions, including $59.2 million in\n apartment acquisitions at a weighted average capitalization rate of\n 5.9%, and $5.1 million in land for future developments.\n\n\nCompleted four apartment developments, adding 282 units fair valued at\n $69.6 million to the Company's portfolio.\n\n\nFinancial Highlights (in thousands, except per share amounts)\n\n\n\n\n\nFor the three months ended,\n\n\nJune 30, 2013\n\n\n \n\n\nJune 30, 2012\n\n\n \n\n\nChange\n\n\nProperty Revenue\n\n\n$34,506\n\n\n \n\n\n$33,679\n\n\n \n\n\n2.5%\n\n\nNet Rental Income\n\n\n$20,225\n\n\n \n\n\n$20,331\n\n\n \n\n\n(0.5%)\n\n\nFair Value Gains\n\n\n$20,199\n\n\n \n\n\n$14,930\n\n\n \n\n\n35.3%\n\n\nNet Income Attributable to Common Shareholders\n\n\n$23,238\n\n\n \n\n\n$18,558\n\n\n \n\n\n25.2%\n\n\nFunds from Operat...