Killam Apartment Reit · TSX:KMP.UN
Killam Apartment Reit — Killam Apartment Real Estate Investment Trust — Q4 2025 Earnings Presentation
20 slides from Killam Apartment Reit's earnings presentation, Feb 12, 2026
Slide 1: Financial Results Conference Call Q4 2025
Financial Results Conference Call Q4 2025 The Carrick February 12, 2026 Waterloo, ON 1
Slide 2: Performance Against Strategic Targets
Performance Against Strategic Targets Grow same property NOI Killam achieved 6.1% same property NOI between 4.0% - 7.0% growth. Sell a minimum of $100 - $150 Completed 23 dispositions totaling 1,139 units for a combined sale million of non-core assets price of $148.3 million. Earn more than 40% of N
Slide 3: Annual Financial Highlights
Annual Financial Highlights Same Property Results $383.4M $29.4M For the year ended December 31, 2025 8% Property Revenue Net Income 6% 5.1% increase from a decrease of $638.4M due $364.6 million earned in to fair value adjustments and 4% 2024 the deferred tax recovery recorded in 2024 2% 5.5% 4.3%
Slide 4: Q4-2025 Performance Summary
Q4-2025 Performance Summary Q4 Same Property Results Q4 FFO & AFFO Per Unit For the three months ended December 31, 2025 For the three months ended December 31, 2025 Q4-2024 Q4-2025 % Growth $0.31 3.4% 5% $0.30 $0.29 $0.28 3% $0.27 $0.26 $0.25 1% 4.1% 3.4% 4.5% $0.24 $0.23 $0.29 $0.30 $0.25 $0.25 -1
Slide 5: Solid Top Line Growth
Solid Top Line Growth Apartment Same Property Occupancy(1) 100% 99% 96.9% 98% 97% 96% 95% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2021 2022 2023 2024 2025 (1) Occupancy levels within the graph reflect occupancy reported for the same property portfolio of the noted period and are
Slide 6: Mark-to-Market Opportunity
Mark-to-Market Opportunity Estimated Total Mark-to-Market Opportunity 25% 25% 28% 28% 28% 25% 22% 17% 18% 15% 15% 11% 12% 13% 12% 8% 10% 10% 9% Estimated Mark-to-Market Spread by Region At December 31, 2025 15% 14% 13% 10% 10% 9% 8% 8% 1% (1%) (3%) Halifax St. John's Saint John KWC-GTA Victoria Lond
Slide 7: Debt Ladder
Debt Ladder Apartment Mortgage Maturities by Year As at December 31, 2025 Amount maturing ($) 5 year estimated CMHC-insured rate 10 year estimated CMHC-insured rate Weighted average interest rate (%) $500 5% Weighted Avg Apartment $450 3.49% Mortgage Interest Rate $400 4% 4.12% $350 3.99% Weighted A
Slide 8: Debt Metrics
Debt Metrics Interest Coverage Ratio(1) 2025 2.93 2024 2.94 2023 3.10 2022 3.31 2021 3.53 Debt to Normalized EBITDA(2) 11.33 11.21 10.29 9.69 9.66 2021 2022 2023 2024 2025 Total Debt as a % of Assets(3) 55% 45% 41.9% 35% The Carrick – Waterloo, ON 1) Interest coverage ratio is a non-IFRS ratio. For
Slide 9: Capital Investment
Capital Investment Energy Suite Investments Repositionings Energy efficient upgrades such Investment in 2,062 repositioned as solar panels and building suites over the past five years, automation systems that improving asset quality while enable remote monitoring. delivering 15–20% returns. Capital
Slide 10: Strong 2025 Tenant Survey Results
Strong 2025 Tenant Survey Results Each year, Killam engages an independent research firm to anonymously survey its residents. Killam’s 2025 Resident Survey results reported the following on three key metrics: Satisfaction with Condition of Current Apartment 87% Professionalism of Killam’s Maintenanc
Slide 11: Proven Success with Commercial Repositions
Proven Success with Commercial Repositions Brewery Market, Halifax 117,341 SF Westmount Place, Other 142,530 SF Waterloo 305,060 SF Royalty Crossing, Charlottetown 410,175 SF 11
Slide 12: Capital Recycling Activity
Capital Recycling Activity Total Sales Value Sold by Region ($ 000’s) NS PEI ON NB AB NL $200,000 $169 M $148 M $150,000 $100,000 $59 M +$50M $50,000 $0 2023 2024 2025 2026 Target Acquisitions Completed in 2025 Ashley Apartments Luma Latitude & Frontier 12 Fredericton, NB Ottawa, ON Ottawa, ON
Slide 13: Energy Investments
Energy Investments At the end of 2025, Killam’s solar power production capacity was 3.66 megawatts per year, producing approximately 8.54% of our operationally controlled electricity. 13
Slide 14: Now Open: The Carrick – Waterloo, ON
Now Open: The Carrick – Waterloo, ON 95% leased 1414
Slide 15: Development Progress: Brightwood – Waterloo, ON
Development Progress: Brightwood – Waterloo, ON 7% leased Number of units 128 Start date Q4-2024 Est. completion date Q2-2026 Project budget $57M Cost per unit $445,000 Expected yield 5.00%-5.50% Avg rent $3.00-$3.20 per SF Avg unit size 744 SF Construction Progress – February 2026 15
Slide 16: 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 – February 20
Slide 17: Development Underway: Nolan Hill Phase 3 – Calgary, AB
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 in Q3-2027. Progress Shots – February 2026 Project Rendering: Nolan Hill 3 – Calgary, AB 17
Slide 18: Canada Defense Spending in Halifax, NS
Canada Defense Spending in Halifax, NS Project Name $ Value Timeline Project Details • The first phase (3 ships) will cost $8B to construct, and will total $22B when equipment, systems and ammunition are added. River-Class Destroyers, $100 billion 2024-2050 • Total contract is for 15 ships and is es
Slide 19: 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 20: 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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