Killam Apartment REIT KMP_u

Real EstateResidential & Commercial REITsCanada

Last close 17.43 CAD on Nov 2, 2026, +10.0% year to date

Quant rating

Quant rating C Rank 25 of 38 in Real Estate

Growth C 17 of 38
Valuation C 21 of 38
Quality C 24 of 38
Revisions B 15 of 38
Momentum C 23 of 38

Wall Street consensus Buy (2.18)Average target 20.50 CAD +17.6%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 2.1B
Enterprise value: 4.5B
52-week range: 15.65 – 19.21
3-year range: 15.65 – 21.70
Dividend yield: 4.21%
Beta (5 years): 0.91
Shares outstanding: 118M
Next earnings: Nov 4, 2026

About the company

Killam Apartment REIT (the Trust) is a Canada-based residential real estate investment trust. The Trust owns, operates and develops a $5.5 billion portfolio of apartments and manufactured home communities. Its segments include Apartment, MHC, and Commercial. The Apartment segment acquires, operates, manages and develops multifamily residential properties across Canada. The MHC segment acquires and operates MHC communities in Ontario and Eastern Canada. The Commercial segment acquires and operates stand-alone commercial properties in Ontario, Nova Scotia and Prince Edward Island. Its apartment portfolio consists of about 17,963 units, including 739 units jointly owned with institutional partners. In addition, it owns about 5,805 sites in 38 MHCs, also known as land-lease communities or trailer parks, in Ontario and Atlantic Canada. It owns the land and infrastructure supporting these communities and leases sites to tenants who own their own homes and pay site rent.

Growth and profitability

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	383	365	348	329	291	–
Revenue growth	5.1%	4.7%	5.9%	13.0%	11.2%	7.9%
EPS (basic, normalized)	0.24	5.47	2.18	1.02	2.56	–
EPS growth	−95.6%	150.9%	113.7%	−60.2%	–	–
Gross margin	66.5%	65.9%	64.4%	62.9%	63.0%	64.5%
Net margin	7.7%	183.1%	76.5%	37.3%	98.1%	80.5%
ROE	1.0%	24.0%	11.2%	5.6%	14.7%	11.3%

Balance sheet, last quarter
Cash & short-term investments (mil)	9.6
Current ratio	0.12x
Long-term debt (mil)	2,060
Net debt (mil)	2,415
Total equity (mil)	3,114
Net debt / equity	0.78x
Net debt / EBITDA	9.44x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	383	+5.1%	11.7x	256	+14.9%	17.5x	0.24	−95.6%	72.6x
2026	395	+3.1%	11.3x	243	−4.9%	18.4x	1.61	+570.8%	10.8x
2027	407	+2.9%	11.0x	252	+3.7%	17.7x	1.29	−19.9%	13.5x
2028	423	+4.0%	10.6x	263	+4.4%	17.0x	1.37	+6.2%	12.7x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	395	0.0%	+0.1%	+0.1%	1.61	0.0%	+17.5%	+32.0%
2027	407	0.0%	−0.8%	+3.1%	1.29	0.0%	0.0%	+0.8%
2028	423	0.0%	–	–	1.37	0.0%	–	–

Earnings surprises

Reported results versus consensus, last 10 fiscal quarters
	FQ-9	FQ-8	FQ-7	FQ-6	FQ-5	FQ-4	FQ-3	FQ-2	FQ-1	FQ0
Sales reported (mil)	87.5	90.8	93.8	92.6	93.0	95.6	98.5	96.3	96.7	99.2
Sales mean (mil)	88.0	75.8	94.1	93.4	92.3	95.5	83.3	80.4	79.1	97.1
Surprise	−0.6%	+19.8%	−0.3%	−0.9%	+0.8%	+0.2%	+18.1%	+19.7%	+22.2%	+2.1%
EPS reported	–	–	–	–	–	–	–	–	–	–
EPS mean	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–

FQ0 is the most recent reported quarter, FQ-1 the one before, and so on.

Peer comparison Residential & Commercial REITs

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
KMP_u Killam Apartment REIT	2.1B	9.44x	7.7%	0.67x	10.8x	13.5x	18.4x	17.7x
VMRK Vivmark Residential	67.3B	4.55x	36.2%	2.22x	47.4x	39.1x	21.6x	14.6x
ESS Essex Property Trust, Inc.	23.9B	4.95x	35.5%	3.22x	46.8x	42.3x	18.6x	17.8x
SUI Sun Communities Inc	19.5B	2.94x	−3.0%	2.59x	136.1x	38.2x	15.9x	17.2x
MAA Mid-America Apartment Communities Inc	19.2B	4.80x	20.1%	2.59x	31.6x	38.0x	15.7x	15.5x
ELS Equity LifeStyle Properties Inc	16.5B	4.67x	25.4%	6.71x	29.8x	27.9x	19.7x	18.9x
Mean		5.23x	20.3%	3.00x	50.4x	33.2x	18.3x	16.9x
Median		4.74x	22.7%	2.59x	39.2x	38.1x	18.5x	17.5x

Technical analysis

1M+1.1%
3M−5.3%
1Y+4.8%
3Y+17.3%

Financial statements in millions of CAD

Income statement in millions of CAD, fiscal years

Income statement, Killam Apartment REIT, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	383	365	348	329	291	262
Cost of revenue	129	124	124	122	108	97.0
Gross profit	255	240	224	207	183	165
Selling, general & administrative expenses	21.7	20.3	19.3	17.2	16.0	14.7
Research & development	–	–	–	–	–	–
Depreciation/amortization	1.0	1.1	0.7	0.6	0.6	0.6
Interest expense (income), operating	80.8	75.9	66.0	58.2	48.5	46.0
Unusual expense (income)	0.5	5.9	–	–	–	0
Other operating expenses	1.4	1.5	1.6	1.5	2.0	2.3
Operating income	149	136	136	129	116	101
Net interest income (expense)	−118	256	167	9.6	214	54.6
Gain (loss) on sale of assets	−2.5	−3.7	−4.0	–	–	0
Other non-operating income (expense)	0.9	0.9	−0.3	2.2	−1.9	0.1
Net income before taxes	29.4	389	299	141	328	156
Provision for taxes	0	−279	33.2	18.8	42.4	9.6
Minority interest	–	0	0	0	0	0
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	29.4	668	266	123	286	146
Extraordinary items	–	–	–	–	–	–
Net income	29.4	668	266	123	286	146
EBIT, normalized	231	218	202	188	165	147
EBITDA, normalized	232	219	203	188	165	148
Basic EPS, normalized	0.24	5.47	2.18	1.02	2.56	–

Balance sheet in millions of CAD, fiscal years

Balance sheet, Killam Apartment REIT, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	9.9	13.2	14.1	9.2	0.4	2.6
Receivables	16.0	7.3	11.7	9.6	7.8	6.6
Total inventory	1.3	0.5	4.7	4.6	0.2	0
Prepaid expenses	8.7	8.4	9.3	9.8	9.4	10.3
Other current assets	4.1	2.0	1.2	1.4	7.5	6.8
Total current assets	40.0	31.4	41.0	34.5	25.3	26.3
Property, plant & equipment	8.9	9.6	9.9	7.9	7.9	8.3
Goodwill	–	–	–	–	–	–
Intangibles	–	–	–	–	–	–
Long-term investments	5,449	5,385	5,028	4,813	4,541	3,742
Note receivable	9.3	14.6	6.5	4.3	–	–
Other long-term assets	0	0	0	0	4.4	0
Total assets	5,507	5,440	5,085	4,860	4,579	3,777
Liabilities
Accounts payable	–	–	–	–	–	–
Payable/accrued	35.2	45.1	35.3	44.0	53.1	40.0
Accrued expenses	6.3	5.8	5.4	4.2	3.9	3.4
Short-term debt	85.1	54.7	70.6	216	139	48.4
Current portion of long-term debt	357	381	369	340	237	201
Other current liabilities	22.4	21.5	20.2	19.7	17.9	15.5
Total current liabilities	506	508	501	624	451	309
Long-term debt	1,876	1,769	1,747	1,649	1,688	1,440
Minority interest	–	–	0	0.2	0.1	0.1
Other liabilities	62.1	72.6	355	313	328	260
Total liabilities	2,444	2,350	2,603	2,586	2,467	2,008
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	1,434	1,401	1,377	1,351	1,230	1,098
Additional paid-in capital	0	0.6	0.7	0.8	0.8	0.8
Retained earnings (accumulated deficit)	1,630	1,688	1,104	921	880	670
Treasury stock	–	–	–	–	–	–
Other equity	0	0	0	0	0	0
Total equity	3,064	3,090	2,483	2,273	2,111	1,768
Total liabilities & shareholders' equity	5,507	5,440	5,085	4,860	4,579	3,777

Cash flow statement in millions of CAD, fiscal years

Cash flow statement, Killam Apartment REIT, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	29.4	668	266	123	286	146
Depreciation, depletion & amortization	1.0	1.1	0.7	0.6	0.6	0.7
Deferred taxes	0	−279	33.2	18.8	42.4	9.6
Non-cash items	129	−245	−156	−5.5	−203	−46.8
Changes in working capital	−13.2	15.4	−4.6	−13.5	15.5	14.0
Cash from operations	146	160	140	123	141	124
Investing activities
Capital expenditures	−79.6	−93.9	−98.4	−93.9	−76.8	−69.7
Other investing cash flows	−66.1	−30.3	28.5	−183	−420	−289
Cash from investing	−146	−124	−69.9	−277	−497	−358
Financing activities
Financing cash flow items	−10.7	−9.7	−9.0	−7.2	−5.7	−9.3
Cash dividends paid	−63.1	−60.5	−57.2	−56.3	−51.5	−49.6
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	70.2	33.4	1.3	220	412	283
Cash from financing	−3.6	−36.8	−64.9	157	355	224
Foreign exchange effects	–	–	–	–	–	–
Net change in cash	−3.3	−0.9	4.9	2.7	−1.1	−10.2
Free cash flow	66.3	66.2	41.3	29.0	63.7	53.9

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.