Canada's Killam Apartment REIT Q1 net income falls 51% on lower fair value gains

Killam Apartment REIT

06/05/2026 22:23

Overview

Canada residential REIT's Q1 property revenue rose 3.9% yr/yr

Net income fell 51% yr/yr, mainly on lower fair value gains

Outlook

Killam raises 2026 same property apartment revenue growth target to exceed 3.5%

Company lifts 2026 same property apartment NOI growth target to exceed 3.5%

Killam expects Brightwood property to be fully leased by Q4 2026

Result Drivers

RENTAL RATE INCREASES - Same property revenue growth was driven by a 4.0% yr/yr rise in apartment rental rates and higher ancillary revenue

NEW DEVELOPMENTS - Contributions from recently completed projects, including The Carrick, supported FFO growth

OPERATING EXPENSES - Higher property tax and wage costs increased operating expenses, partly offset by lower natural gas costs

Company press release: ID:nCNWFJ5hha

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q1 Property Revenue
C$96.68 mln
Q1 Net Income
C$50.27 mln
Q1 FFO
C$35.25 mln
Q1 Operating Income
C$61.98 mln
Q1 Same Property Revenue Growth
3.60%


Analyst Coverage

The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 9 "strong buy" or "buy", 2 "hold" and no "sell" or "strong sell"

The average consensus recommendation for the residential reits peer group is "hold."

Wall Street's median 12-month price target for Killam Apartment REIT is C$20.00, about 16.1% above its May 5 closing price of C$17.23

The stock recently traded at 14 times the next 12-month earnings vs. a P/E of 14 three months ago

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)