Killam Apartment Reit · TSX:KMP.UN
Killam Apartment Reit — Q2 2026 Earnings Presentation
19 slides from Killam Apartment Reit's earnings presentation, Aug 6, 2026
Slide 1: Financial Results Conference Call Q2 2026
Financial Results Conference Call Q2 2026 The Carrick August 6, 2026 Waterloo, ON 1
Slide 2: Financial Highlights
Financial Highlights Apartment Same Property Results For the three months ended June 30, 2026 $99.1M $63.3M 6% Consolidated Net Income Property Revenue 4% compared to $33.1M in 3.7% increase from Q2-2025. The increase is $95.6 million earned in primarily driven by 2% Q2-2025 fair value gains 3.8% 2.
Slide 3: Consistent Top Line Growth
Consistent Top Line Growth Apartment Same Property Occupancy(1) 100% 99% 97.6% 98% 97% 96% 95% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2021 2022 2023 2024 2025 2026 (1) Occupancy levels within the graph reflect occupancy reported for the same property portfolio of the noted
Slide 4: Mark-to-Market Opportunity
Mark-to-Market Opportunity Estimated Total Mark-to-Market Opportunity 25% 25% 28% 28% 28% 25% 22% 17% 18% 15% 15% 12% 13% 12% 10% 10% 9% Estimated Mark-to-Market Spread by Region At June 30, 2026 17% 16% 15% 14% 11% 10% 9% 5% (0%) (1%) (2%) Halifax St. John's Saint John London KWC-GTA Victoria Frede
Slide 5: Expense Management
Expense Management Same property operating expenses increased by 1.9% in Q2-2026 The most significant cost pressures in the quarter were higher general operating expenses and property taxes. Increases were partially offset by lower utility and fuel expenses with savings from lower electricity co
Slide 6: Conservative Debt Metrics
Conservative Debt Metrics Interest Coverage Ratio(1) Q2-2026 2.85 2025 2.93 2024 2.94 2023 3.10 2022 3.31 Debt to Normalized EBITDA(2) 11.21 10.29 9.69 9.66 9.78 2022 2023 2024 2025 Q2-2026 Total Debt as a % of Assets(3) 55% 45% 42.8% 35% Brightwood – Waterloo, ON 1) Interest coverage ratio is a non
Slide 7: Debt Ladder
Debt Ladder Apartment Mortgage Maturities by Year As at June 30, 2026 Mortgage Maturities ($) Weighted average interest rate (apartments) 5 year estimates CMHC-insured rate (3.90%) 10 year estimated CMHC-insured rate (4.50%) $500 5% Weighted Avg Apartment $450 3.55% Mortgage Interest Rate $400 4% 4.
Slide 8: Atlantic Region Outperforms
Atlantic Region Outperforms Same Property Apartment Performance by Province For the three months ending June 30, 2026 Revenue Growth NOI Growth Occupancy 10% 98.8% 98.4% 100% 98.1% 96.7% 96.3% 95.8% 8% 95% 6% 90% 4% 85% 2% 6.3% 7.0% 7.2% 9.4% 3.9% 5.1% 2.2% 2.0% 4.1% 0.0% 80% 0% (0.2%) (1.5%) 75% -2
Slide 9: Major Atlantic Canadian Armed Forces Bases
Major Atlantic Canadian Armed Forces Bases $187M infrastructure upgrades $24.6M infrastructure upgrades • $871M training area • $172M air defence • $20.2M transition center • $1.2B infrastructure upgrades • $180M naval training infrastructure Source: Atlantic Economic Council $648M aviation support
Slide 10: The National Shipbuilding Strategy
The National Shipbuilding Strategy Irving Shipbuilding Inc. (ISI), in Halifax, NS, was selected to build 15 River-Class Destroyer (RCD) ships for the Royal Canadian Navy through the National Shipbuilding Strategy (NSS). This project is the largest and most complex shipbuilding initiative in Cana
Slide 11: Westmount Reposition Plan
Westmount Reposition Plan Westmount Place Tenant Mix Office Retail 305,000 SF 257,000 SF 30% $23/SF 55% 70% $14/SF 45% Current Post-Reposition Jan 2027 Mid 2027 Late 2028 Phase 1 Phase 2 Phase 3 Convert ground floor office to Remove obsolete ground floor Complete new ground floor retail office space
Slide 12: Westmount Construction Progress
Westmount Construction Progress Project Rendering – 2nd Board Room Progress Shots – Front Entrance Demo – June 2026 Project Rendering – 1st Floor Lobby Project Renderings – Side Entrance Project Rendering – 1st Floor Lobby 12
Slide 13: Capital Recycling and Allocation Activity
Capital Recycling and Allocation Activity Disposition Progress Monthly NCIB Activity January 2026 – July 2026 Total Capital Allocated WA Execution Price Consensus NAV (1) YTD Total Dispositions Completed 2026 Target Remaining $20,000,000 $25 $18,000,000 $16,000,000 $18.65 $18.83 $20 $18.06 $16.89 $1
Slide 14: Brightwood – Waterloo, ON
Brightwood – Waterloo, ON 45% leased 14
Slide 15: Development Progress: Eventide – Halifax, NS
Development Progress: Eventide – Halifax, NS Progress Shot – July 2026 Number of units 55 Start date Q1-2024 22% Pre-leased Est. completion date Q4-2026 Project budget $36M Cost per unit $655,000 Expected yield 4.00%-4.50% Avg rent $3.50-$3.75 per SF Avg unit size 765 SF Progress Shot – July 2026 15
Slide 16: Development Progress: Nolan Hill Phase 3 – Calgary, AB
Development Progress: Nolan Hill Phase 3 – Calgary, AB Construction began for a 296-unit joint venture development in Calgary, AB with which Killam has a 10% ownership. Completion expected in Q3-2027. Progress Shots – July 2026 Project Rendering: Nolan Hill 3 – Calgary, AB 16 (1) Killam has a 10% in
Slide 17: Performance Against Strategic Targets
Performance Against Strategic Targets Grow SP Revenue Year-to-date, Killam achieved 3.7% Apartment portfolio +3.5% (previously 3.0%) Grow SP NOI Year-to-date, Killam achieved: Apartment portfolio +3.5% (previously 3.0%) 4.3% SP Apartment Consolidated portfolio +2.5% (previously 2.0%) 3.4% SP Consoli
Slide 18: Non-IFRS Measures
Non-IFRS Measures Management believes the following non-IFRS financial measures, ratios and supplementary information are relevant measures of the ability of Killam to earn revenue and to evaluate Killam's financial performance. Non-IFRS measures should not be construed as alternatives to net income
Slide 19: Forward-looking statements
This presentation may contain forward-looking statements with respect to Killam Apartment REIT (Killam) and its operations, strategy, financial performance and condition. These statements generally can be identified by use of forward-looking words such as "may", "will", "expect", "estimate", "antici
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