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Killam Apartment REIT (TSX: KPM.UN) Targets 8% NOI Growth for FY24, Expands Presence Beyond Atlantic Canada
Highlights
Killam Apartment Real Estate Investment Trust (TSX:KMP.UN) is engaged in acquisition, management, and development of multi-residential apartment buildings and manufactured home communities (MHC). The open-ended mutual fund trust has a market cap of CAD 2.15bn.
KPM reported that in the third quarter of financial year 2024 (Q3FY24), property revenue increased by 4.7% YoY, reaching CAD 93.7 million. This growth was driven by the decent overall performance of the company’s portfolio. Net operating income (NOI) also saw a 6.4% YoY rise, reaching CAD 64.4 million. The increase in NOI was chiefly driven by higher revenue and controlled expenditures.
However, income before income taxes decreased by 4.5%YoY to CAD 74.0 million, compared to CAD 77.5 million in Q3FY23. This decline was mainly due to higher finance costs, although it was partially offset by fair value adjustments on investment properties. As a result, the company's net income dropped by 8.2% YoY to CAD 62.7 million, compared to CAD 68.3 million in the previous year.
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