Killam Apartment Reit · TSX:KMP.UN
Killam Apartment Reit — Killam Apartment Real Estate Investment Trust — Q1 2026 Earnings Presentation
18 slides from Killam Apartment Reit's earnings presentation, May 7, 2026
Slide 1: Financial Results Conference Call Q1 2026
Financial Results Conference Call Q1 2026 The Carrick May 7, 2026 Waterloo, ON 1
Slide 2: Performance Against Strategic Targets
Performance Against Strategic Targets Grow SP Revenue Year-to-date, Killam achieved 3.6% Apartment portfolio +3.5% (previously 3.0%) Grow SP NOI Year-to-date, Killam achieved: Apartment portfolio +3.5% (previously 3.0%) 4.0% SP apartment Consolidated portfolio +2.5% (previously 2.0%) 3.9% SP consoli
Slide 3: Financial Highlights
Financial Highlights Total Same Property Results $96.7M $50.3M 6% For the period ended March 31, 2026 Total Property Revenue Net Income 3.9% increase from a decrease of $51.6M due to 4% $93.0 million earned in lower fair value gains on Q1-2025 investment properties compared to Q1-2025 2% 3.6% 3.2% 3
Slide 4: Consistent Top Line Growth
Consistent Top Line Growth Apartment Same Property Occupancy(1) 100% 99% 97.6% 98% 97% 96% 95% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 April 2021 2022 2023 2024 2025 2026 (1) Occupancy levels within the graph reflect occupancy reported for the same property portfolio of the no
Slide 5: Expense Management
Expense Management Same property operating expenses increased by 3.2% in Q1-2026 The most significant cost pressures in the quarter were property taxes, up 5.0% due to higher assessed values and regional mill rates. Increases were partially offset by lower utility and fuel expenses, benefitting
Slide 6: Conservative Debt Metrics
Conservative Debt Metrics Interest Coverage Ratio(1) Q1-2026 2.90 2025 2.93 2024 3.10 2023 3.1 2022 3.31 Debt to Normalized EBITDA(2) 11.21 10.29 9.69 9.66 9.71 2022 2023 2024 2025 Q1-2026 Total Debt as a % of Assets(3) 55% 45% 42.2% 35% Brightwood – Waterloo, ON 1) Interest coverage ratio is a non-
Slide 7: Debt Ladder
Debt Ladder Apartment Mortgage Maturities by Year As at March 31, 2026 Mortgage Maturities ($) Weighted average interest rate (apartments) 5 year estimates CMHC-insured rate 10 year estimated CMHC-insured rate $500 5% Weighted Avg Apartment $450 3.60% Mortgage Interest Rate $400 4% 4.20% $350 4.04%
Slide 8: Atlantic Region Outperforms
Atlantic Region Outperforms Same Property Apartment Performance by Province For the period ended March 31, 2026 Revenue Growth NOI Growth Average Revenue Growth (3.6%) Average NOI Growth (4.0%) 8.00% 7.0% 7.00% 6.1% 6.00% 5.5% 4.9% 5.00% 4.2% 4.0% 4.00% 3.00% 2.4% 2.1% 2.00% 1.5% 1.7% 1.2% 1.00% 0.0
Slide 9: Killam's Halifax Portfolio by Rent Buckets
Killam’s Halifax Portfolio by Rent Buckets Killam’s Portfolio Distribution by Monthly Rent Buckets Halifax Portfolio # Units % of Portfolio 1,400 25% 1,200 21% 21% 20% 1,000 18% 18% 17% above 800 $2,000 15% 600 10% 9% 400 5% 5% 5% 200 2% 1% 1% 0 0% 9
Slide 10: 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% 11% 12% 13% 12% 10% 9% Estimated Mark-to-Market Spread by Region At March 31, 2026 Q4-2025 Q1-2026 18% 15% 16% 15% 14% 13% 11% 10% 11% 9% 8% 10% 8% 8% 8% 8% 1% 1% 0% (1%) (3%) (5%) Halif
Slide 11: Capital Allocation
Capital Allocation Killam’s capital recycling program focuses on reinvesting proceeds from dispositions towards unit buybacks. With our units continuing to trade at a discount to our estimate NAV, we view unit repurchases as one of the most compelling uses of capital today. Increased Dispositions Pa
Slide 12: Brightwood – Waterloo, ON
Brightwood – Waterloo, ON 1-storey at-grade concrete parking garage with a 5-storey wood- Design framed apartment building on top clad in fiber cement panels and brick, featuring balconies, amenities, and commercial space. Suites 128 units (84 one bedrooms, 44 two bedrooms) Average Rent $2.97/SF Ave
Slide 13: Brightwood – Waterloo, ON
Brightwood – Waterloo, ON 23% leased 13
Slide 14: Sustainability Features
Brightwood – Waterloo, ON SUSTAINABILITY FEATURES Killam forecasts that Brightwood will be approximately 52% more energy efficient (BTU/kWh consumption) compared to a building of the same size constructed in accordance with the 2017 National Energy Code for Buildings. Brightwood includes Killam’
Slide 15: Development Progress: Eventide – Halifax, NS
Development Progress: Eventide – Halifax, NS Project Rendering: Eventide – Halifax, NS Number of units 55 Start date Q1-2024 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 – May 2026 15
Slide 16: Development Progress: Eventide – Halifax, NS
Development Progress: Eventide – Halifax, NS 16
Slide 17: 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 18: 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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