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Killam Apartment REIT, based in Halifax, Nova Scotia, is one of Canada's largest residential real estate investment trusts, owning, operating, managing and developing a $4.9 billion portfolio of apartments and manufactured home communities. Killam's strategy to enhance value and profitability focuses on three priorities: 1) increasing earnings from existing operations; 2) expanding the portfolio and diversifying geographically through accretive acquisitions, with an emphasis on newer properties; and 3) developing high-quality properties in its core markets.
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A unique technical analysis driven score developed by Kalkine showing momentum in stock prices based on select technical indicators identified.
Killam Apartment REIT is a Canadian trust that owns and operates multi-unit residential rental properties across several provinces. Long-term growth may be supported by steady rental demand, constrained for-sale housing supply, and accretive acquisitions and development, which could help stabilize cash flow and distributions.
Principal risks include interest-rate and financing cost sensitivity, regulatory rent controls and regional concentration, and execution risk from acquisitions or development that could affect occupancy and funds from operations.
Note: The summary and risk score provided above is created by AI and should not be construed as a recommendation of Kalkine.
| Breakdown | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 |
|---|---|---|---|---|---|
| Type | yearly | yearly | yearly | yearly | yearly |
| Date | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 |
| Income before tax | 141.34M | 327.92M | 155.63M | 324.16M | 206.65M |
| Minority interest | -0.02M | -0.01M | 0.13M | 0.11M | 0.14M |
| Net income | 122.52M | 285.51M | 146.02M | 283.54M | 175.14M |
| Selling general administrative | 17.15M | 15.99M | 14.74M | 14.88M | 14.20M |
| Gross profit | 206.91M | 183.24M | 164.66M | 152.34M | 135.71M |
| Reconciled depreciation | 0.57M | 0.57M | 0.72M | 0.72M | 0.86M |
| Ebit | 206.91M | 135.79M | 154.45M | 152.34M | 244.66M |
| Ebitda | 219.03M | 136.36M | 155.17M | 126.23M | 245.51M |
| Depreciation and amortization | 12.12M | 0.57M | 0.72M | -26.10M | 0.86M |
| Operating income | 206.91M | 135.79M | 154.45M | 152.34M | 120.65M |
| Other operating expenses | 139.66M | 124.24M | 112.40M | 105.01M | 95.31M |
| Interest expense | 57.57M | 47.84M | 45.22M | 43.98M | 38.03M |
| Tax provision | 18.81M | 42.39M | 9.59M | 40.64M | 31.48M |
| Interest income | 0.36M | 0.24M | 0.05M | - | - |
| Net interest income | -61.23M | -51.45M | -48.44M | -47.21M | -42.48M |
| Income tax expense | 18.81M | 42.39M | 9.59M | 40.64M | 31.48M |
| Total revenue | 328.85M | 290.92M | 261.69M | 241.75M | 215.96M |
| Total operating expenses | 17.73M | 16.56M | 15.38M | 15.60M | 15.06M |
| Cost of revenue | 121.94M | 107.68M | 97.03M | 89.41M | 80.25M |
| Total other income expense net | -65.57M | 192.13M | 1.18M | 171.82M | 86.00M |
| Net income from continuing ops | 122.53M | 285.53M | 146.04M | 283.52M | 175.17M |
| Net income applicable to common shares | 122.52M | 285.51M | 146.02M | 283.54M | 175.14M |
| Breakdown | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 |
|---|---|---|---|---|---|
| Type | yearly | yearly | yearly | yearly | yearly |
| Date | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 |
| Total assets | 4859.53M | 4578.51M | 3776.56M | 3380.10M | 2824.45M |
| Other current assets | 11.21M | 16.91M | 17.17M | 30.25M | 11.43M |
| Total liab | 2586.20M | 2467.04M | 2008.30M | 1777.73M | 1655.46M |
| Total stockholder equity | 2273.17M | 2111.33M | 1768.13M | 1602.25M | 1168.81M |
| Other current liab | 23.94M | 21.80M | 18.96M | 17.65M | 15.67M |
| Common stock | 1351.31M | 1230.31M | 1097.71M | 1009.17M | 798.47M |
| Capital stock | 1351.31M | 1230.31M | 1097.71M | 1009.17M | 798.47M |
| Retained earnings | 921.07M | 880.23M | 669.62M | 592.29M | 369.55M |
| Other liab | 313.20M | 327.86M | 259.76M | 259.08M | 205.47M |
| Other assets | 44.13M | 59.90M | 43.62M | 39.62M | 61.56M |
| Cash | 9.15M | 0.43M | 2.56M | 12.80M | 3.79M |
| Total current liabilities | 624.03M | 451.18M | 308.62M | 348.03M | 389.90M |
| Net debt | 2195.91M | 2063.83M | 1687.08M | 1459.24M | 1402.54M |
| Short term debt | 556.09M | 376.27M | 249.72M | 301.42M | 346.25M |
| Short long term debt | 556.09M | 376.27M | 249.72M | 301.42M | 346.25M |
| Short long term debt total | 2205.05M | 2064.26M | 1689.64M | 1472.04M | 1406.33M |
| Other stockholder equity | 0.80M | 0.80M | 0.80M | 0.80M | 0.80M |
| Property plant equipment | 4780.87M | 4493.28M | 3706.65M | 3288.39M | 2744.32M |
| Total current assets | 34.53M | 25.32M | 26.29M | 52.09M | 18.52M |
| Net tangible assets | 2273.17M | 2111.33M | 1768.13M | 1602.25M | 1168.81M |
| Net receivables | 9.58M | 7.77M | 6.56M | 9.03M | 3.02M |
| Long term debt | 1639.34M | 1678.39M | 1430.34M | 1161.70M | 1060.08M |
| Inventory | 4.60M | 0.21M | 0.01M | 0.01M | 0.28M |
| Accounts payable | 44.00M | 53.11M | 39.95M | 28.96M | 27.99M |
| Non currrent assets other | 4817.12M | 4545.25M | 3741.92M | 3320.90M | 2800.22M |
| Non current assets total | 4825.00M | 4553.18M | 3750.27M | 3328.01M | 2805.93M |
| Capital lease obligations | 9.63M | 9.60M | 9.57M | 8.92M | - |
| Breakdown | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 |
|---|---|---|---|---|---|
| Type | yearly | yearly | yearly | yearly | yearly |
| Date | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 |
| Investments | -277.05M | -497.85M | -358.15M | -232.90M | -335.61M |
| Change to liabilities | -6.97M | 16.01M | 12.29M | 2.85M | 3.30M |
| Total cashflows from investing activities | -277.05M | -497.85M | -358.15M | -232.90M | -335.61M |
| Net borrowings | 127.19M | 307.65M | 217.55M | 6.84M | 234.17M |
| Total cash from financing activities | 154.38M | 354.87M | 224.40M | 146.71M | 237.66M |
| Change to operating activities | -4.75M | 0.67M | -0.79M | -5.29M | -1.33M |
| Net income | 122.53M | 285.53M | 146.04M | 283.52M | 175.14M |
| Change in cash | 2.67M | -2.12M | -10.24M | 9.01M | -8.21M |
| Begin period cash flow | 6.48M | 2.56M | 12.80M | 3.79M | 12.00M |
| End period cash flow | 9.15M | 0.43M | 2.56M | 12.80M | 3.79M |
| Total cash from operating activities | 125.33M | 140.86M | 123.51M | 95.21M | 89.74M |
| Issuance of capital stock | 93.47M | 104.36M | 65.78M | 191.73M | 54.85M |
| Depreciation | 0.57M | 0.57M | 0.72M | 0.72M | 0.86M |
| Other cashflows from investing activities | 0.06M | -0.64M | -0.26M | 0.81M | 0.57M |
| Dividends paid | 59.09M | 51.45M | 49.63M | 45.04M | 41.62M |
| Change to account receivables | -1.81M | -1.21M | 2.46M | -6.00M | -0.67M |
| Sale purchase of stock | - | - | 478.47M | 361.38M | - |
| Other cashflows from financing activities | 431.18M | 484.29M | 470.84M | 354.56M | 349.66M |
| Change to netincome | 11.93M | -164.48M | -40.23M | -183.70M | -91.93M |
| Capital expenditures | 93.92M | 76.81M | 69.65M | 73.42M | 47.81M |
| Change in working capital | -9.15M | 15.47M | 13.96M | -8.44M | 1.59M |
| Stock based compensation | - | - | -52.41M | 1.92M | 1.51M |
| Other non cash items | -7.44M | -203.10M | -46.77M | -222.88M | -120.85M |
| Free cash flow | 31.41M | 64.05M | 53.86M | 21.79M | 41.92M |
Sector: Real Estate Industry: REIT - Residential
|
Stock Name
|
Change
(CAD) |
Price
(CAD) |
Trailing
PE (x) |
Forward
PE (x) |
Price Sales
TTM (x) |
Price to Book Value (x)
|
Enterprise Value
to Revenue (x) |
Enterprise Value
to EBITDA (x) |
|---|---|---|---|---|---|---|---|---|
| KMP-UN Killam Apartment Real Estate Investment Trust |
0.26 1.46% |
17.68 | 8.59 | 15.24 | 6.32 | 0.88 | 12.62 | 12.24 |
| CAR-UN Canadian Apartment Properties Real Estate Investment Trust |
0.74 2.36% |
32.14 | - | 17.83 | 7.60 | 0.85 | 14.21 | -114.18 |
| BEI-UN Boardwalk Real Estate Investment Trust |
0.19 0.30% |
63.24 | 6.35 | 18.28 | 7.15 | 0.95 | 13.19 | 11.47 |
| MRG-UN Morguard North American Residential Real Estate Investment Trust |
0.43 2.96% |
14.95 | - | 25.32 | 2.55 | 0.30 | 6.58 | 55.94 |
| MHC-U Flagship Communities Real Estate Investment Trust |
0.44 2.07% |
21.74 | 4.94 | 14.35 | 9.42 | 0.72 | 7.94 | 6.75 |
Killam Apartment REIT, based in Halifax, Nova Scotia, is one of Canada's largest residential real estate investment trusts, owning, operating, managing and developing a $4.9 billion portfolio of apartments and manufactured home communities. Killam's strategy to enhance value and profitability focuses on three priorities: 1) increasing earnings from existing operations; 2) expanding the portfolio and diversifying geographically through accretive acquisitions, with an emphasis on newer properties; and 3) developing high-quality properties in its core markets.
| Name | Title | Year Born |
|---|---|---|
| Mr. Philip D. Fraser B.Comm, MBA, MURP | Pres, CEO & Exec. Trustee | 1962 |
| Ms. Dale Noseworthy C.A., C.F.A., CPA, CA, CFA, CPA | Chief Financial Officer | NA |
| Mr. Robert G. Richardson B.Comm., F.C.A., FCA, FCPA | Exec. VP & Trustee | 1962 |
| Ms. Ruth Buckle-McIntosh | Sr. VP of Property Management | NA |
| Mr. Michael McLean | Sr. VP of Devel. | NA |
| Mr. Brian Jessop C.P.M., P.Eng. | VP of Operations | NA |
| Claire Hawksworth | Mang. of Investor Relations & Sustainability | NA |
| Mr. Jeremy Winston Jackson B.B.A., M.B.A. | VP of Marketing & Gov. Relations | NA |
| Ms. Colleen McCarville | VP of HR | NA |
| Ms. Erin Cleveland CPA, CA | Sr. VP of Fin. | NA |
Disclaimer - (*)This information, including any data, is sourced from Unicorn Data Services SAS, trading as EOD Historical Data (“EODHD”) on an ‘as is’ basis, using their API. We cannot guarantee the completeness or validity of the information and data provided on this page, as well as via the API. In some cases, the data may include analyst ratings or recommendations sourced through the EODHD API, which are intended solely for general information purposes.
This information does not consider your personal objectives, financial situation, or needs. Kalkine is not liable for any errors or omissions in the information provided or for any actions taken in reliance on it. You should seek advice from a financial adviser, stockbroker or other professional adviser (including taxation and legal advice) as necessary before acting on this information.
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