Killam Apartment Reit · TSX:KMP.UN
Killam Apartment Reit — Q3 2025 Earnings Presentation
23 slides from Killam Apartment Reit's earnings presentation, Nov 6, 2025
Slide 1: Q3-2025 Results Conference Call
Q3-2025 Results Conference Call November 6, 2025 | 9am ET The Killick Halifax, NS
Slide 2: Q3-2025 | Performance Summary
Q3-2025 | Performance Summary Same Property NOI Growth FFO & AFFO Per Unit Growth by Segment For the three months ended September 30, 2025 For the three months ended September 30, 2025 4% 8% 6% 4% 2% 2% 5.5% 7.5% 3.2% 3.0% 3.6% 0% 0% Apartment MHC Commercial FFO AFFO 1) Same property NOI growth is a
Slide 3: Performance Against Strategic Targets
Q3-2025 | Performance Against Strategic Targets Grow same property NOI Year-to-date, Killam achieved same property NOI growth of 6.6%. Based on performance to date and Q4 expectations, Killam anticipates same property between 4.0% - 7.0% NOI growth for 2025 to be approximately 6.0%. Year-to-date, Ki
Slide 4: Key Financial Highlights
Q3-2025 | Key Financial Highlights Q3-2025 Highlights YTD Same Property Results $98.5M $0.34 For the nine months ended September 30, 2025 Property Revenue FFO per Unit 8% 5.0% increase from 3.0% increase from $0.33 7% $93.8 million earned in per unit in Q3-2024 6% Q3-2024 5% 4% 6.0% 4.7% 6.6% 3% 5.5
Slide 5: Continued Top Line Growth
Q3-2025 | Continued Top Line Growth Apartment Same Property Occupancy(1) 100% 99% 97.2% 98% 97% 96% 95% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2021 2022 2023 2024 2025 (1) Occupancy levels within the graph reflect occupancy reported for the same property portfolio of the noted peri
Slide 6: Rent Growth Opportunity
Q3-2025 | Rent Growth Opportunity Estimated Total Mark-to-Market Opportunity 25% 25% 28% 28% 28% 25% 22% 17% 18% 15% 15% 10% 10% 11% 12% 13% 12% 8% Estimated Mark-to-Market Spread by Region At September 30, 2025 +2% 21% +1% 19% 17% 14% 12% 7% 8% 8% 1% 1% 0% Halifax KWC-GTA Saint John London Moncton
Slide 7: Effective Cost Containment
Q3-2025 | Effective Cost Containment Apartment Same Property Operating Margin 69.40% 70% 68% 66% 64% Q3-2020 Q3-2021 Q3-2022 Q3-2023 Q3-2024 Q3-2025 Same property operating Q3-2025 Same Property Expense by Category expenses increased by Three months ended September 30, 2025 4.7% in Q3-2025 Category
Slide 8: Debt Ladder
Q3-2025 | Debt Ladder Apartment Mortgage Maturities by Year As at September 30, 2025 Mortgage Maturities ($) 5 year estimated CMHC-insured rate 10 year estimated CMHC-insured rate Weighted average interest rate (apartments) $500 5% Weighted Avg Apartment $450 3.56% Mortgage Interest Rate $400 4% $35
Slide 9: Debt Metrics
Q3-2025 | Debt Metrics Interest Coverage Ratio(1) Q3-2025 2.96 2024 2.94 2023 3.10 2022 3.31 2021 3.53 Debt to Normalized EBITDA(2) 11.33 11.21 10.29 9.69 9.68 2021 2022 2023 2024 Q3-2025 Total Debt as a % of Assets(3) 55% 45% 40.5% 35% The Carrick – Waterloo, ON 1) Interest coverage ratio is a non-
Slide 10: Return to Normal: Occupancy & Turnover
Q3-2025 | Return to Normal: Occupancy & Turnover Apartment Same Property Occupancy(1) 100% 99% 98% 97.2% 97% 96% 95% 94% 93% Q1/15 Q2/15 Q3/15 Q4/15 Q1/16 Q2/16 Q3/16 Q4/16 Q1/17 Q2/17 Q3/17 Q4/17 Q1/18 Q2/18 Q3/18 Q4/18 Q1/19 Q2/19 Q3/19 Q4/19 Q1/20 Q2/20 Q3/20 Q4-20 Q1-21 Q2-21 Q3-21 Q4-21 Q1-22 Q
Slide 11: Return to Normal: Rental Rate Growth
Q3-2025 | Return to Normal: Rental Rate Growth Apartments Same Property Rental Rate Growth by Quarter Upon Lease Renewal Upon Unit Turn Combined Average Increase % 22% 20% 18% 16% 14% 12% 10% 8% 6% 4% 2% 0% 11
Slide 12: Low Exposure to Incentives
Q3-2025 | Low Exposure to Incentives Average Incentive Value as a Percentage of Gross Rent, by Rent Bucket 4% New Leases Signed in 2025 2.9% 3.1% 2.9% 2% 2.5% 2.1% 0.5% 1.5% 1.2% 0.0% 0.1% 0% Killam’s Portfolio Distribution by Monthly Rent Buckets # Units % of Portfolio 4,000 25% 22% 3,000 19% 20% 1
Slide 13: Mark-to-Market Spreads Achieved Net of Incentives
Q3-2025 | Mark-to-Market Spreads Achieved Net of Incentives Rent per Square Foot Achieved on New Leases Signed by Quarter Average of Booked Rent Average of Achieved Rent Net of Incentives Average of Achieved Gross Rent $2.40 $2.23 $2.20 $2.19 $2.00 $1.83 $1.80 $1.60 $1.40 $1.20 $1.00 1 2 3 4 1 2 3 4
Slide 14: Capital Recycling Activity
Q3-2025 | Capital Recycling Activity Total Sales Value Sold by Region ($ 000’s) NS PEI ON NB AB NL $200,000 $169 M $148 M $150,000 $100,000 $59 M $50,000 $0 2023 2024 2025 14
Slide 15: Acquisitions
Q3-2025 | Acquisitions Ashley Apartments – Fredericton, NB Luma – Ottawa, ON (3, 4) Frontier & Latitude – Ottawa, ON (3) Number of units 114 (2) Number of units 84 Number of units 218 Purchase Price $28.7 million Purchase Price $40.2 million Purchase Price $95.8 million Purchase Date July 2025 Purch
Slide 16: Now Open: The Carrick – Waterloo, ON
Q3-2025 | Now Open: The Carrick – Waterloo, ON The Carrick Waterloo, ON 139 units $89.1 million Completed Avg $3.00/SF July 2025 Strong Pre-Leasing Results Opened to tenants June 1, 2025 100% 80% 80% 60% 40% 20% 0% Jan Feb Mar Apr May June July Aug Sept Oct Nov 1616
Slide 17: Development Progress: Brightwood – Waterloo, ON
Q3-2025 | Development Progress: Brightwood – Waterloo, ON Project Rendering Number of units 128 Start date Q4-2024 Est. completion date 2026 Project budget $57M Cost per unit $445,000 Expected yield 5.00%-5.50% Avg rent $3.20-$3.30 per SF Avg unit size 744 SF Construction Progress – October 2025 17
Slide 18: Development Progress: Brightwood – Waterloo, ON
Q3-2025 | Development Progress: Brightwood – Waterloo, ON 18
Slide 19: Solar: Northfield Gardens & Brightwood
Q3-2025 | Solar: Northfield Gardens & Brightwood 19
Slide 20: Development Progress: Eventide – Halifax, NS
Q3-2025 | Development Progress: Eventide – Halifax, NS Progress Shot – October 2025 Number of units 55 Start date Q1-2024 Est. completion date Q3-2026 Project budget $36M Cost per unit $655,000 Expected yield 4.50%-5.00% Avg rent $3.50-$3.75 per SF Avg unit size 765 SF Project Rendering: Eventide –
Slide 21: Development Underway: Nolan Hill Phase 3 – Calgary, AB
Q3-2025 | Development Underway: 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 for the end of 2028. Progress Shot – October 2025 Project Rendering: Nolan Hill 3 – Calgary, AB 21
Slide 22: 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 23: 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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