Killam Properties Inc. announces second quarter 2014 results including FFO per share growth of 5.6%

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[{"type":"text","content":"\n\nHalifax, Aug. 6, 2014 /CNW/ - Killam Properties Inc. (\"Killam\" or the \"Company\") (TSX: KMP) announced its financial results for the second quarter ended June 30, 2014.\n\nQ2 Highlights\n\n\nGenerated funds from operations (\"FFO\") per share of $0.19, compared to FFO per share of $0.18 in Q2-2013. \nImproved occupancy 130 basis points year-over-year. \nIncreased same store rental revenue by 2.2%. \nAchieved same store net operating income (\"NOI\") growth of 1.3%. \nCompleted an $18.6 million apartment acquisition. \nReduced the weighted average interest rate on mortgage debt to 3.85% from 3.93% at March 31, 2014, and extended the weighted average term to maturity of mortgage debt to 4.4 years from 4.0 years.\nHighlights from the Six Months Ended June 30, 2014\n\n\nGenerated FFO per share of $0.31, compared to FFO per share of $0.32 during the six months ended June 30, 2013. \nImproved same store rental revenue by 1.7%. \nSame store NOI decreased by 2.6% due to high heating and utility costs. \nCompleted $38.2 million in acquisitions.\n \n\n\n\n\nFinancial Highlights (in thousands, except per share amounts)\n\n\n\n\n\n\n\n\n\nFor the three months ended,\n\n\n June 30, 2014\n\n\nJune 30, 2013\n\n\n\nChange\n\n\n\n\n\n\n\n\n\nProperty Revenue\n\n\n$36,518\n\n\n$34,506\n\n\n\n5.8%\n\n\n\nNet Operating Income\n\n\n$21,441\n\n\n$20,225\n\n\n\n6.0%\n\n\n\nIncome Before Fair Value Gains, Gain on Disposition, and Income Taxes\n\n\n$10,301\n\n\n$10,380\n\n\n\n(0.8%)\n\n\n\nFair Value Gains\n\n\n$8,200\n\n\n$20,199\n\n\n\n(59.4%)\n\n\n\nNet Income Attributable to Common Shareholders\n\n\n$13,671\n\n\n$23,238\n\n\n\n(41.2%)\n\n\n\nEarnings Per Share\n\n\n$0.25\n\n\n$0.43\n\n\n\n(41.9%)\n\n\n\nFunds from Operations\n\n\n$10,173\n\n\n$9,478\n\n\n\n7.3%\n\n\n\nFunds from Operations per Share (basic)\n\n\n$0.19\n\n\n$0.18\n\n\n\n5.6%\n\n\n\nFunds from Operations per Share (diluted)\n\n\n$0.18\n\n\n$0.17\n\n\n\n5.9%\n\n\n\n\n\n\n\n\n\nFor the six months ended,\n\n\n June 30, 2014\n\n\nJune 30, 2013\n\n\n\nChange\n\n\n\n\n\n\n\n\n\nProperty Revenue\n\n\n$71,583\n\n\n$67,758\n\n\n\n5.6%\n\n\n\nNet Operating Income\n\n\n$39,061\n\n\n$38,394\n\n\n\n1.7%\n\n\n\nIncome Before Fair Value Gains, Gain on Disposition, and Income Taxes\n\n\n$17,347\n\n\n$18,397\n\n\n\n(5.7%)\n\n\n\nFair Value Gains\n\n\n$8,200\n\n\n$24,490\n\n\n\n(6...

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