Killam Apartment Reit · TSX:KMP.UN
Killam Apartment Reit — Killam Apartment Real Estate Investment Trust — Q2 2025 Earnings Presentation
25 slides from Killam Apartment Reit's earnings presentation, Aug 7, 2025
Slide 1: Q2-2025 Results Conference Call
Q2-2025 Results Conference Call August 7, 2025 | 9am ET The Killick Halifax, NS
Slide 2: Performance Summary
Q2-2025 | Performance Summary Same Property NOI Growth FFO & AFFO Per Unit Growth by Segment For the three months ended June 30, 2025 For the three months ended June 30, 2025 8% 12% 10% 6% 8% 6% 4% 4% 2% 2% 6.6% 10.1% 3.4% 6.7% 8.0% 0% 0% Apartment MHC Commercial FFO AFFO 1) Same property NOI growth
Slide 3: Performance Against Strategic Targets
Q2-2025 | Performance Against Strategic Targets Grow same property NOI Year-to-date, Killam has achieved same property NOI growth of 7.2%. Based on performance to date and expectations during the second half of the year, by minimum 4.0% - 7.0% Killam anticipates same property NOI growth for 2025 to
Slide 4: Key Financial Highlights
Q2-2025 | Key Financial Highlights Q2-2025 Highlights YTD Same Property Results $95.6M $0.32 For the six months ended June 30, 2025 Property Revenue FFO per Unit 8% 7% 5.4% increase from 6.7% increase from $0.30 $90.7 million earned in Q2- per unit in Q2-2024 6% 2024 5% 4% 6.3% 4.6% 7.2% 3% 6.7% 39.
Slide 5: Continued Top Line Growth
Q2-2025 | Continued Top Line Growth Apartment Same Property Occupancy(1) 100% 99% 97.5% 98% 97% 96% 95% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2021 2022 2023 2024 2025 (1) Occupancy levels within the graph reflect occupancy reported for the same property portfolio of the noted period
Slide 6: Atlantic Canada Outperforms
Q2-2025 | Atlantic Canada Outperforms Killam’s Atlantic markets continue to outperform, with Nova Scotia and New Brunswick leading in occupancy rates, revenue growth, and NOI growth. Same Property Apartment Portfolio For the six months ended June 30, 2025 Revenue NOI Growth 10% 9% 8% 7% 6% 5% 4% 3%
Slide 7: Rent Growth Opportunity
Q2-2025 | Rent Growth Opportunity Estimated Total Mark-to-Market Opportunity 28% 28% 28% 25% 25% 25% 22% 17% 18% 15% 15% 13% Q3-2022 Q4-2022 Q1-2023 Q2-2023 Q3-2023 Q4-2023 Q1-2024 Q2-2024 Q3-2024 Q4-2024 Q1-2025 Q2-2025 Estimated Mark-to-Market Spread by Region At June 30, 2025 22% 21% 18% 17% 12%
Slide 8: Effective Cost Containment
Q2-2025 | Effective Cost Containment Apartment Same Property Operating Margin 67.1% 67% 65% 63% 61% Q2-2019 Q2-2020 Q2-2021 Q2-2022 Q2-2023 Q2-2024 Q2-2025 Same property operating Q2-2025 Same Property Expense by Category expenses increased by For the three months ended June 30, 2025 4.5% in Q2-2025
Slide 9: Debt Ladder
Q2-2025 | Debt Ladder Apartment Mortgage Maturities by Year As at June 30, 2025 Mortgage Maturities ($) 5 year estimated CMHC-insured rate 10 year estimated CMHC-insured rate Weighted average interest rate (apartments) $450 5% Weighted Avg Apartment 3.53% $400 Mortgage Interest Rate $350 4% 3.92% 3.
Slide 10: Conservative Debt Metrics for Enhanced Flexibility
Q2-2025 | Conservative Debt Metrics for Enhanced Flexibility Interest Coverage Ratio(1) Q2-2025 2.97 2024 2.94 2023 3.10 2022 3.31 2021 3.53 Debt to Normalized EBITDA(2) 11.33 11.21 10.29 9.69 9.58 2021 2022 2023 2024 Q2-2025 Total Debt as a % of Assets(3) 55% 45% 39.6% 35% The Carrick – Waterloo, O
Slide 11: Commercial Portfolio
Q2-2025 | Commercial Portfolio Commercial revenue growth Commercial Same Property Results was driven by an increase in For the three months ended June 30, 2025 occupancy to 94.6% 7.0% Killam achieved a weighted average 4.8% rental rate increase of 16% on 3.4% 8,000 SF of renewing tenants in Q2 T
Slide 12: Westmount Place Opportunity
Q2-2025 | Westmount Place Opportunity The Westmount development plan contemplates 1,200 additional units in four phases over the next 10 years. The Carrick Development Opportunity Expiring Tenant (197,000 SF) Westmount Plaza 12
Slide 13: Capital Recycling Activity
Q2-2025 | Capital Recycling Activity Total Sales Value Sold by Region ($ 000’s) NS PEI ON NB AB NL $200,000 $150,000 $100,000 $50,000 $0 2023 2024 2025 (1) 1) Includes all dispositions completed in the first and second quarter of the year, as well as all transactions listed under the Subsequent Even
Slide 14: Acquisitions: Fredericton, NB
Q2-2025 | Acquisitions: Fredericton, NB Killam completed the acquisition of a three-building, 114-unit property located in Fredericton, NB, for a purchase price of $28.7 million 14
Slide 15: Acquisitions: Ottawa, ON
Q2-2025 | Acquisitions: Ottawa, ON Killam completed the acquisition of the remaining 50% interest in three assets located in Ottawa, ON, held through a joint venture partnership, for a combined purchase price of $136 million. Latitude & Frontier – Ottawa, ON Luma – Ottawa, ON 15
Slide 16: Now Open: The Carrick – Waterloo, ON
Q2-2025 | 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 60% 40% 20% 0% January February March April May June July August 1616
Slide 17: Now Open: The Carrick – Waterloo, ON
Q2-2025 | Now Open: The Carrick – Waterloo, ON 17
Slide 18: Development Progress: Eventide – Halifax, NS
Q2-2025 | Development Progress: Eventide – Halifax, NS Progress Shot – August 2025 Number of units 55 Start date Q1-2024 Est. completion date 2026 Project budget $34.7M Cost per unit $631,000 Expected yield 4.50%-5.00% Avg rent $3.50-$3.75 per SF Avg unit size 765 SF Project Rendering: Eventide – Ha
Slide 19: Development Progress: Eventide – Halifax, NS
Q2-2025 | Development Progress: Eventide – Halifax, NS 19
Slide 20: Development Progress: Brightwood – Waterloo, ON
Q2-2025 | Development Progress: Brightwood – Waterloo, ON Project Rendering Construction Progress – July 2025 Number of units 128 Start date Q4-2024 Est. completion date 2026 Project budget $57.0M Cost per unit $445,300 Northfield Gardens Expected yield 5.00%-5.50% Brightwood Avg rent $3.20-$3.30 pe
Slide 21: Development Progress: Brightwood – Waterloo, ON
Q2-2025 | Development Progress: Brightwood – Waterloo, ON 21
Slide 22: Development Progress: Brightwood – Waterloo, ON
Q2-2025 | Development Progress: Brightwood – Waterloo, ON 22
Slide 23: Investment in KWC
Q2-2025 | Investment in KWC We have installed solar panels at five of our nine properties in KWC with 1.2 megawatts of capacity These solar projects are expected to yield over $180,000 in utility cost savings annually (1) Northfield Gardens & Brightwood – Waterloo, ON Solar production from these
Slide 24: 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 25: 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
Killam Apartment Real Estate Investment Trust — Q2 2025 Earnings Presentation on 6ix