Killam Properties Inc. announces third quarter 2013 results

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[{"type":"text","content":"\n\n\nHALIFAX, Nov. 5, 2013 /CNW/ - Killam Properties Inc. (\"Killam\" or the\n \"Company\") (TSX: KMP) announced its financial results for the third\n quarter ended September 30, 2013.\n\n\nThird Quarter Highlights\n\n\nGenerated funds from operations (\"FFO\") per share of $0.22, compared to\n FFO per share of $0.21 during Q3 2012 representing an increase of 4.8%.\n\n\nImproved occupancy in Killam's apartment portfolio, ending the quarter\n at 97.1% occupancy, up 310 basis points from 94.0% at the end of the\n second quarter.\n\n\nIncreased same store rental revenue by 1.2%.\n\n\nIncreased same store net operating income (\"NOI\") by 1.3%.\n\n\nCompleted $41.8 million in acquisitions.\n\n\nBegan construction of a 101-unit apartment development in St. John's,\n Newfoundland.\n\n\nReduced the weighted average interest rate on mortgage debt to 4.21%\n from 4.25% at June 30, 2013.\n\n\n\n\n\nHighlights from the Nine Months Ended September 30, 2013\n\n\nGenerated FFO per share of $0.54, compared to FFO per share of $0.55\n during the first three quarters of 2012.\n\n\nSame store rental revenue increased by 1.9%.\n\n\nMaintained stable NOI for the same store portfolio despite higher\n vacancy and natural gas costs during the first half of the year.\n\n\nCompleted $106.1 million in new acquisitions, including $99.2 million in\n apartment acquisitions at a weighted average capitalization rate of\n 5.7%, and $6.9 million in land for future developments.\n\n\nCompleted four apartment developments totaling 282 units.\n\n\n\n\n\nFinancial Highlights (in thousands, except per share amounts)\n\n\n\n\n\nFor the three months ended,\n\n\nSept 30, 2013\n\n\n \n\n\nSept 30, 2012\n\n\n \n\n\nChange\n\n\nProperty Revenue\n\n\n$37,095\n\n\n \n\n\n$33,894\n\n\n \n\n\n9.4%\n\n\nNet Operating Income\n\n\n$23,250\n\n\n \n\n\n$21,442\n\n\n \n\n\n8.4%\n\n\nFair Value Gains\n\n\n$2,407\n\n\n \n\n\n$6,279\n\n\n \n\n\n(61.7%)\n\n\nNet Income Attributable to Common Shareholders\n\n\n$12,117\n\n\n \n\n\n$12,662\n\n\n \n\n\n(4.3%)\n\n\nFunds from Operations\n\n\n$11,668\n\n\n \n\n\n$10,721\n\n\n \n\n\n8.8%\n\n\nFunds from Operations per Share\n\n\n$0.22\n\n\n \n\n\n$0.21\n\n\n \n\n\n4.8%\n\n\nShares Outstanding (weighted average)\n\n\n54,266\n\n\n \n\n\n50,330\n\n\n \n\n\n7.8%\n\n\...

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