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Killam Apartment REIT T.KMP.UN

Alternate Symbol(s):  KMMPF

Killam Apartment Real Estate Investment Trust (Trust) is a Canada-based residential real estate investment trust. The Trust owns, operates, and develops a $5.3 billion portfolio of apartments and manufactured home communities (MCHs). Its segments include Apartment, MHC, and Commercial. Its Apartment segment acquires, operates, manages and develops multifamily residential properties across Canada. Its MHC segment acquires and operates MHC communities in Ontario and Eastern Canada. Its Commercial segment acquires and operates stand-alone commercial properties in Ontario, Nova Scotia and Prince Edward Island. Its apartment portfolio consists of over 18,801 units, including 1,343 units jointly owned with institutional partners. It owns over 5,975 sites in 40 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 Killam site rent.


TSX:KMP.UN - Post by User

Post by retiredcfon Dec 11, 2024 8:37am
81 Views
Post# 36356195

Scotiabank

Scotiabank

Falling rents across most of the country have Scotiabank analyst Mario Saric sitting on his hands where apartment REITs are concerned,

“Overall, we believe a return of positive asking rent growth is needed for improved Apartment trading multiples, particularly given population growth has yet to fade (see link to Economics report) and ahead of the surprisingly still-pending Fall Economic Statement. We don’t believe material further relative downside exists in the Apartment REITs but patience is needed for a relative recovery in our view. Our Top Apartment picks are IIP (more 12-month in nature) and CAR (prefer it in short term). Of our 4 SO-rated REITs heading into 2025 (AP, CAR, CRR, IIP), we chose IIP as our Focus 2025 Top Pick due to expected expansion in relative FFOPU [funds from operations per unit] outperformance following significant unit price underperformance YTD … From least to most, we estimate IIP markets saw avg. 0.3% m/m 2BR asking rent erosion (Ontario and Montreal outperformed; 75% and 21% of portfolio respectively), just a shade better than KMP (at 0.4%), with MI, CAR and BEI markets at 0.5%-0.9% erosion (Exhibit 1) respectively, all better than 1.0%-1.7% market rent erosion in October”





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