HALIFAX, NS — February 11, 2026 — Leads & Copy —
Killam Apartment REIT (TSX: KMP.UN) reported its fourth-quarter and year-end results for December 31, 2025, with President and CEO Philip Fraser noting a 6.1% total same-property NOI growth in 2025, driven by a 5.4% revenue increase in the same-property apartment portfolio. The REIT’s FFO per unit of $1.23 represents a 4.2% increase from $1.18 per unit in the previous year.
Fraser said the FFO growth reflects the strong performance of the same-property portfolio and the contribution of recently completed developments. The Carrick, completed in July 2025, is 95% leased and expected to contribute to growth in the coming year.
Capital recycling was a key focus in 2025, with $148.3 million in non-core asset sales. These funds were redeployed into $168.8 million in property acquisitions in Ottawa and New Brunswick, as well as developments in Waterloo and Halifax, including Brightwood and Eventide, scheduled for completion in 2026.
Q4 2025 Highlights:
Generated NOI of $64.0 million, compared to $61.1 million in Q4 2024.
Achieved a 4.1% increase in same-property revenue and a 4.5% increase in same-property NOI compared to Q4 2024.
Same-property apartment occupancy reached 96.9% in Q4 2025.
Diluted FFO per unit was $0.30, a 3.4% increase from Q4 2024, while diluted AFFO per unit remained consistent at $0.25.
A net loss of $147.5 million was reported, compared to a net income of $363.4 million in Q4 2024, primarily due to a $319.9 million deferred tax recovery in Q4 2024 related to Killam’s corporate reorganization and a higher fair value loss on investment properties.
2025 Highlights:
NOI increased by 6.0% to $254.8 million from $240.5 million in 2024.
Same-property revenue increased by 5.5%, driven by a 4.8% increase in the same-property average rental rate.
Same-property NOI grew by 6.1%.
Diluted FFO per unit increased by 4.2% to $1.23, compared to $1.18 in 2024, and diluted AFFO per unit increased by 5.1% to $1.04, compared to $0.99 in 2024.
Net income was $29.4 million, compared to $667.8 million in 2024, primarily due to $120.5 million in fair value losses on investment properties in 2025, compared to $252.4 million in fair value gains in 2024. These losses reflect cap rate expansion, stabilizing market rents, and increased vacancy in certain markets.
The company maintained a conservative balance sheet, with debt as a percentage of assets at 41.9%.
Killam generated FFO per unit of $1.23 in 2025, a 4.2% increase from $1.18 in 2024. AFFO per unit rose 5.1% to $1.04, compared to $0.99 in the prior year.
Killam achieved same-property NOI growth of 6.1% in 2025, supported by increases of 6.1% from the apartment portfolio, 9.6% from the MHC portfolio and 2.9% from the commercial portfolio.
During 2025, Killam completed the disposition of 23 properties (1,139 units) for gross proceeds of $148.3 million and acquired $168.8 million in property acquisitions (416 units).
The Carrick, Killam’s 139-unit development in Waterloo, ON, was completed during the year. Leasing activity has been very strong, with 132 units (95%) leased to date.
Killam earned net income of $29.4 million in 2025, compared to $667.8 million in 2024.
Killam continued to advance its ESG initiatives in 2025, investing $6.8 million in energy-efficiency projects, including $3.3 million in 13 rooftop solar PV projects.
Killam achieved a Global Real Estate Sustainability Benchmark (GRESB) score of 82 out of 100 in 2025, a three-point improvement from 2024.
Management will host a webcast and conference call on Thursday, February 12, 2026, at 9:00 AM Eastern Standard Time to discuss these results.
Killam Apartment REIT, based in Halifax, Nova Scotia, owns, operates, manages and develops a $5.4 billion portfolio of apartments and manufactured home communities.
Source: Killam Apartment REIT
