Killam Apartment Reit · TSX:KMP.UN
Killam Apartment Reit — Investor Presentation (December 2025)
63 slides from Killam Apartment Reit's investor presentation, December 2025
Slide 1: Investor Presentation
INVESTOR PRESENTATION December 2025 The Killick 1 Halifax, NS
Slide 2: Cautionary Statement
CAUTIONARY STATEMENT This presentation may contain forward-looking statements with respect to Killam Apartment REIT ("Killam") and its operations, strategy, financial performance and condition. These statements generally can be identified by use of forward-looking words such as "may", "will", "expec
Slide 3: Portfolio Statistics
PORTFOLIO STATISTICS NOI Contribution by Market (%) as at September 30, 2025 KMP Established Regions KMP Expansion Regions Apartment Units . 17,861 4% MHC Sites PEI 5,805 Commercial . 4% 0.98 million SF Portfolio Avg Age NL 29 years Market Cap (1) $2.0B Unit Distribution 3% $0.72 . British . Columbi
Slide 4: Key Investment Highlights
KEY INVESTMENT HIGHLIGHTS Strategy for Earnings High Quality Proven Capital Experienced ESG Growth Portfolio Results Flexibility Developer Leader Disciplined and 35% of NOI Track record of Defensive balance Value creation Purpose driven proven approach earned from solid operating sheet and through i
Slide 5: Long-Term Growth Strategy
LONG-TERM GROWTH STRATEGY Increase earnings from existing Expand the portfolio portfolio and by focusing on increasing diversify rental revenue and geographically Develop investing in sustainable energy efficiency through accretive high-quality investments acquisitions, targeting properties newer pr
Slide 6: Capital Allocation
CAPITAL ALLOCATION Capital Allocation Killam’s capital recycling program focuses on reinvesting proceeds from dispositions towards the most accretive and best use of funds to grow FFO and NAV. Strengthen Balance Sheet Developments & Acquisitions Focus on reducing debt levels Allocate proceeds from t
Slide 7: Continued Geographic Diversification
CONTINUED GEOGRAPHIC DIVERSIFICATION 4% Current Allocation With a focus on developing in primary 23% markets and divesting out of slower Target Allocation growth markets, Killam could increase 2018 the number of units outside Atlantic Canada to almost 50% of the portfolio 73% in the next 5 years. (1
Slide 8: Proven Record of Strong Growth
PROVEN RECORD OF STRONG GROWTH FFO & Distribution Per Unit (1) Revenues ($M) FFO Per Unit Distribution 2024 $366 2023 $348 2022 $329 2021 $291 2020 $262 Net Income (2) ($M) $0.68 $0.69 $0.70 $0.70 $0.72 $1.00 $1.07 $1.11 $1.15 $1.18 2024 $668 2023 $266 2020 2021 2022 2023 2024 2022 $123 2021 $286 20
Slide 9: Quarterly Financial Results
QUARTERLY FINANCIAL RESULTS Same Property NOI Growth FFO & AFFO Per Unit Growth by Segment For the three months ended September 30, 2025 For the three months ended September 30, 2025 4% 8% 6% 4% 2% 2% 5.5% 7.5% 3.2% 3.0% 3.6% 0% 0% Apartment MHC Commercial FFO AFFO 9 1) Same property NOI growth is a
Slide 10: Q3-2025 Financial Highlights
Q3-2025 FINANCIAL HIGHLIGHTS Q3-2025 Highlights YTD Same Property Results $98.5M $0.34 For the nine months ended September 30, 2025 Property Revenue FFO per Unit 8% 5.0% increase from 3.0% increase from $0.33 7% $93.8 million earned in per unit in Q3-2024 6% Q3-2024 5% 4% 6.0% 4.7% 6.6% 3% 5.5% 40.5
Slide 11: Solid Results = Consistent Growth
SOLID RESULTS = CONSISTENT GROWTH 10YR FFO Growth Against Peer Group Killam’s solid and consistent results translates to a 10-year compounded annual Peer Avg* (4.5%) KMP (5.1%) FFO growth rate of 5.1%, outperforming 10yr CAGR 10yr CAGR the peer group average* of 4.5%. 2024 2.60% FFO & AFFO Per Unit
Slide 12: 2025 Strategic Targets
2025 STRATEGIC TARGETS Earnings Capital Geographic Development Balance Sustainability Growth Recycling Diversification Portfolio Sheet Investments Grow Same Sell a minimum Earn more than Complete Maintain debt Invest a Property NOI of $100-$150 40% of 2025 construction on as a minimum of between mil
Slide 13: Performance Against Targets
Q3-2024 PERFORMANCE AGAINST TARGETS Grow same property NOI Year-to-date, Killam achieved same property NOI growth of 6.6%. Based on performance to date and Q4 expectations, Killam anticipates same property by minimum 4.0% - 7.0% NOI growth for 2025 to be approximately 6.0%. Year-to-date, Killam has
Slide 14: Strategic Portfolio Growth
STRATEGIC PORTFOLIO GROWTH Net Annual Portfolio Growth Acquisitions Dispositions Developments Total Portfolio Value ($B) $800 $6 Investment Portfolio Value ($B) $600 Transaction Value ($M) $4 $400 $2 $200 $0 $0 -$200 -$2 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Slide 15: High Quality Portfolio
HIGH QUALITY PORTFOLIO 22% 1-10 33% 33% 11-20 of Killam’s Units by Age 21-30 (years) portfolio has 31-40 17% been built in 41-50 the last 5% 13% 50+ 10 years 9% Weighted Average Age of Portfolio in Years, by Province 16 26 33 43 49 27 19 AB BC NB NL NS ON PEI TSX: KMP.UN 15
Slide 16: Regulatory Landscape
REGULATORY LANDSCAPE Apartments Apartments MHCs Killam’s Province 2026 limit 2025 limit 2025 limit Exposure (1) Nova Scotia 5.0% 5.0% 5.8% 32% (2) New Brunswick TBD 3.0% 3.0% 20% (3) Ontario 2.1% 2.5% 2.5% 16% (4) British Columbia 2.3% 3.0% N/A 3% (1) As a percentage of total net operating income (N
Slide 17: Consistent Top Line Growth
CONSISTENT TOP LINE GROWTH Killam has achieved an average combined increase of 4.5% over the past 25 operating periods. Apartments Same Property Rental Rate Growth by Quarter Upon Lease Renewal For tenants with lease renewals in Q3, For new tenants moved in during Q3, Upon Unit Turn rents increased
Slide 18: Atlantic Canada Outperforms
ATLANTIC CANADA OUTPERFORMS Killam’s Atlantic markets continue to outperform, with Nova Scotia and New Brunswick leading in revenue growth and NOI growth. Same Property Apartment Portfolio For the nine months ended September 30, 2025 Revenue NOI Growth 9% 8% 7% 6% 5% 4% 3% 2% 0.5% 1% 7.5% 8.3% 6.1%
Slide 19: Strong Runway for Top Line Growth
STRONG RUNWAY FOR TOP LINE GROWTH Estimated Total Mark-to-Market Opportunity 25% 25% 28% 28% 28% 25% 22% 18% 15% 15% 13% 12% Q4-2022 Q1-2023 Q2-2023 Q3-2023 Q4-2023 Q1-2024 Q2-2024 Q3-2024 Q4-2024 Q1-2025 Q2-2025 Q3-2025 Estimated Mark-to-Market Spread by Region At September 30, 2025 21% 19% 17% 14%
Slide 20: Turnover by Market
TURNOVER BY MARKET Annual Tenant Turnover (%) 32% 31% 29% 26% 22% 22% 19% 18% 2018 2019 2020 2021 2022 2023 2024 2025F Turnover by Region 2024 YTD 2025 40% 35% 38% 30% 34% 25% 26% 20% 23% 21% 20% 15% 17% 17% 17% 16% 15% 10% 5% 0% Halifax Moncton Fredericton Saint John Ottawa London GTA/KWC St. John'
Slide 21: Tenure Length of Turned Units
TENURE LENGTH OF TURNED UNITS In 2025, to-date approximately 50% of units that turned were tenants who had been in their unit for only 1 year. As a result, Killam expects its current MTM spread to be achieved over time, depending on which units turn in each period. 0-1 year 1-2 years 2-4 years 4-6 y
Slide 22: Occupancy in Our Core Markets
OCCUPANCY IN OUR CORE MARKETS Historical SP Apartment Occupancy & Rental Incentives (as a % of Revenue) Occupancy % Rental Incentives (as a % of Revenue) 99% 0.8% 0.6% 98% 0.4% 97% 0.2% 96% 0.0% Q1-2022 Q2-2022 Q3-2022 Q4-2022 Q1-2023 Q2-2023 Q3-2023 Q4-2023 Q1-2024 Q2-2024 Q3-2024 Q4-2024 Q1-2025 Q
Slide 23: Growth from Existing Portfolio
GROWTH FROM EXISTING PORTFOLIO Same Property Total NOI Growth by Quarter 46th consecutive 5.5% quarter of positive NOI growth 12% 10% 8% 6% 4% 2% 0% Total Apartment Average Monthly Rent by Quarter Q2-2021 $1,202 Q3-2021 $1,212 Q4-2021 $1,227 Consistent quarterly Q1-2022 $1,242 growth in average Q2-2
Slide 24: Opportunity for Organic Growth
OPPORTUNITY FOR ORGANIC GROWTH Killam’s Portfolio Distribution by Monthly Rent Buckets # Units % of Portfolio 4,000 25% 21% 20% 19% 3,000 19% 17% above 15% $2,000 15% 2,000 10% 9% 8% 1,000 5% 5% 3% 2% 1% 0 0% TSX: KMP.UN 24
Slide 25: Revenue Optimization from Existing Portfolio
REVENUE OPTIMIZATION FROM EXISTING PORTFOLIO After: The Estates – Kitchener, ON After: Northfield Gardens– Kitchener, ON ROI Target 10% Average Investment per Suite in 2024 $36,400 Suites Repositioned in 2025 YTD 184 units Targeting 250 suites in 2025 Before: The Estates – Kitchener, ON TSX: KMP.UN
Slide 26: Effective Cost Containment
EFFECTIVE COST CONTAINMENT Apartment Same Property Operating Margin 69% 67% 65% Q3-2020 Q3-2021 Q3-2022 Q3-2023 Q3-2024 Q3-2025 Same property operating Q3-2025 Same Property Expense by Category expenses increased by Three months ended September 30, 2025 4.7% in Q3-2025 Category Expense Growth (%) To
Slide 27: Defensive Balance Sheet
DEFENSIVE BALANCE SHEET Interest Coverage Ratio(1) Q3-2025 2.96 2024 2.94 2023 3.10 2022 3.31 2021 3.53 Debt to Normalized EBITDA(2) 11.33 11.21 10.29 9.69 9.68 2021 2022 2023 2024 Q3-2025 Total Debt as a % of Assets(3) 55% 45% 40.5% 35% The Carrick – Waterloo, ON 1) Interest coverage ratio is a non
Slide 28: Mitigating Debt Exposure
MITIGATING DEBT EXPOSURE Apartment Mortgage Maturities by Year As at September 30, 2025 Mortgage Maturities ($) 5 year estimated CMHC-insured rate 10 year estimated CMHC-insured rate Weighted average interest rate (apartments) $500 5% Weighted Avg Apartment $450 3.56% Mortgage Interest Rate $400 4%
Slide 29: Strong Commercial Segment Results
STRONG COMMERCIAL SEGMENT RESULTS Commercial Same Property NOI Growth Revenue NOI 27.9% 10.4% 18.9% 8.0% 6.3% 6.6% 4.6% 5.1% 5.0% 3.2% Benjamin Wier House & The Governor - Halifax, NS Q3-2021 Q3-2022 Q3-2023 Q3-2024 Q3-2025 Commercial Portfolio: 979, 649 SF Other Brewery Market, Westmount Halifax Pl
Slide 30: Westmount Place Opportunity
WESTMOUNT PLACE OPPORTUNITY The Westmount development plan contemplates 1,200 additional units in four phases over the next 10 years. The upcoming Sunlife vacancy is an opportunity for a better tenant mix, with strong interest in the 197,000 sf space, which will be vacant as of April 1, 2026. Manage
Slide 31: Manufactured Home Communities (MHC)
MANUFACTURED HOME COMMUNITIES (MHC) MHC Same Property Portfolio Revenue NOI 9.3% 8.1% 8.0% 7.5% 6.0% 5.8% 4.0% (0.8%) (0.2%) 6.8% ON NS NB 2020 2021 2022 2024 YTD 2025 TSX: KMP.UN 31
Slide 32: High Quality Developments Completed
HIGH QUALITY DEVELOPMENTS COMPLETED More than $828 million and 2,300 units of developments completed (1) 101 units - Fredericton, NB 122 units - Cambridge, ON 469 units – Calgary, AB 70 units - Halifax, NS 102 units - St. John’s, NL 71 units - St. John’s, NL 78 units – Charlottetown, PE 94 units - C
Slide 33: Killam's Development History
KILLAM’S DEVELOPMENT HISTORY Killam’s Development History $300 Sum of Cost Units 600 $250 500 Cost to Construct $200 400 ($ millions) # of Units $150 300 $100 200 $50 100 $56 $0 $47 $16 $111 $75 $0 $55 $244 $159 $89 $97 $0 0 2013 2014 2015 2016 2018 2019 2020 2021 2022 2023 2025F 2026F Killam Develo
Slide 34: Now Open: The Carrick
NOW OPEN: THE CARRICK The Carrick Waterloo, ON 139 units $89. million Completed July 2025 Avg $3.00/SF Strong Pre-Leasing Results Opened to tenants June 1, 2025 100% 80% 80% 60% 40% 20% 0% Jan Feb Mar Apr May June July Aug Sept Oct Nov 34 34
Slide 35: Now Open: The Carrick – Waterloo, ON
NOW OPEN: THE CARRICK – WATERLOO, ON 35
Slide 36: Development Underway: Eventide – Halifax, NS
DEVELOPMENT UNDERWAY: EVENTIDE – HALIFAX, NS Progress Shot – October 2025 Number of units 55 Start date Q1-2024 Est. completion date Q3-2026 Project budget $36M Cost per unit $655,000 Expected yield 4.50%-5.00% Avg rent $3.30-$3.50 per SF Avg unit size 765 SF Project Rendering: Eventide – Halifax, N
Slide 37: Development Underway: Eventide
DEVELOPMENT UNDERWAY: EVENTIDE 37
Slide 38: Development Underway: Brightwood – Waterloo, ON
DEVELOPMENT UNDERWAY: BRIGHTWOOD – WATERLOO, ON Project Rendering Number of units 128 Start date Q4-2024 Est. completion date 2026 Project budget $57M Cost per unit $445,000 Expected yield 5.00%-5.50% Avg rent $3.20-$3.30 per SF Avg unit size 744 SF Construction Progress – December 2025 38
Slide 39: Development Underway: Brightwood – Waterloo, ON
DEVELOPMENT UNDERWAY: BRIGHTWOOD – WATERLOO, ON 39
Slide 40: Upcoming Development: Victoria Gardens
UPCOMING DEVELOPMENT: VICTORIA GARDENS Victoria Gardens is a multi-phase development opportunity in Halifax, NS. Phase 1 will comprise of 95 10 acres units to be built on a vacant parcel of land within the 10-acre site, resulting in minimal disruption to existing tenants. Victoria Gardens Phase I –
Slide 41: Upcoming Development: Nolan Hill Phase III
UPCOMING DEVELOPMENT: NOLAN HILL PHASE III Nolan Hill, Phases I and II Nolan Hill Phase 3 is the third phase of a multi-phase development in Calgary, AB. These two towers will comprise 296 units. The development includes a clubhouse with a fitness center, indoor court, and amenity room for the Nolan
Slide 42: Geographic Repositioning Through Dispositions
GEOGRAPHIC REPOSITIONING THROUGH DISPOSITIONS Total Sales Value Sold by Region ($ 000’s) NS PEI ON NB AB NL $200,000 $169 M $148 M $150,000 $100,000 $59 M $50,000 $0 2023 2024 2025 NOI Generated Outside Atlantic Canada 39.9% 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Q3-2025 2025 Ta
Slide 43: Strategic Redeployment to High-Margin Projects
STRATEGIC REDEPLOYMENT TO HIGH-MARGIN PROJECTS 80% Operating Margins 74% 75% 70% 65% 62% 60% 55% 50% Dispositions Developments Disposition Strategy: × Non-core market × Capital-intensive × Slow growth profile Parkwood Apartments – Saint John, NB Development Strategy: Prime location Amenity-rich
Slide 44: Acquisitions
ACQUISITIONS Ashley Apartments – Fredericton, NB Luma – Ottawa, ON (3, 4) Frontier & Latitude – Ottawa, ON (3) Number of units 114 (2) Number of units 84 Number of units 218 Purchase Price $28.7 million Purchase Price $40.2 million Purchase Price $95.8 million Purchase Date July 2025 Purchase Date J
Slide 45: Commitment to Green
COMMITMENT TO GREEN Geothermal THE KAY Level II Geothermal PV Solar EV Chargers Systems 401 chargers across Panels Installed at 6 properties 57 properties 26 installations to date Killam is targeting 10% of operationally controlled energy to be generated by renewable sources by the end of 2025 Sagin
Slide 46: ESG Highlights
ESG HIGHLIGHTS Killam’s 2024 ESG Report was released in June 2025. Highlights from the year include the following: TSX: KMP.UN 46
Slide 47: Opportunity for Organic Growth
OPPORTUNITY FOR ORGANIC GROWTH Killam’s Rent-to-Income Ratio on Recently Signed Leases (1) Rent-Income Ratio Overall Portfolio 40% 35% 32% 30% 25% 20% 15% 10% 5% 27% 33% 33% 32% 34% 36% 0% Alberta New Brunswick Newfoundland Nova Scotia British Columbia Ontario (1) As of August 2025. Based on the rep
Slide 48: Non-IFRS Measures
NON-IFRS MEASURES Management believes the following non-IFRS financial measures, ratios and supplementary information are relevant measures of the ability of Killam to earn revenue and to evaluate Killam's financial performance. Non-IFRS measures should not be construed as alternatives to net income
Slide 49: Appendices
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Slide 50: Canadian Landscape
CANADIAN LANDSCAPE Growing International Migration to Canada Net Annual Population Growth Federal Permanent Resident Target Population The Canadian Mortgage Housing 1,400,000 41,288,599 45,000,000 Corporation 1,200,000 (CMHC) projects 1,000,000 that Canada will 40,000,000 need to build an 800,000 ad
Slide 51: National Housing Completions
NATIONAL HOUSING COMPLETIONS 10-year average of180,000 housing completions per year is not keeping pace with the 10-year average population growth of 420,000 per year. Canada’s Housing Completions by Year Condos Completions Rental Completions Homeowner Completions 10-yr Average 225,000 200,000 175,0
Slide 52: Rental Supply Landscape
RENTAL SUPPLY LANDSCAPE Units Under Construction (1) as a Percentage of Existing Rental Inventory (2) As of September 30, 2025 25% 20% 15% 10% 5% 18.4% 19.4% 15.5% 15.0% 14.8% 19.5% 9.7% 0% Halifax Moncton KWC Toronto Ottawa Calgary Edmonton Apartment Completions (3) as a Percentage of Existing Rent
Slide 53: Components of Growth by Province
COMPONENTS OF GROWTH BY PROVINCE 2024 Components of Population Growth by Province January 1 – December 31, 2024 Natural Increase Net International Net Interprovincial NPRs (as a % of International Growth) 100% 75% 50% 25% 0% NL PEI NS NB ON AB BC TSX: KMP.UN 53 Source: Statistics Canada; Tables: 17-
Slide 54: Components of Growth by Province
COMPONENTS OF GROWTH BY PROVINCE Factors of Population Growth January 1 to June 30, 2025 Natural Increase Net International Net Interprovincial 25,000 20,000 15,000 10,000 5,000 0 -5,000 -10,000 Newfoundland PEI Nova Scotia New Brunswick Ontario Alberta British & Labrador Columbia Source: Statistics
Slide 55: Halifax Continues to Outpace National Average Growth Rate
HALIFAX CONTINUES TO OUTPACE NATIONAL AVERAGE GROWTH RATE • In 2023, Halifax’s population surpassed 500,000 residents • Vacancy remains at historic lows in Halifax as demand for housing outpaces new rental supply Halifax Population Growth Annual (July 1- June 30) Halifax Population by Age As of July
Slide 56: Halifax: Components of Growth
HALIFAX: COMPONENTS OF GROWTH Halifax Population Growth Annual (July 1- June 30) Population Population Growth % 600,000 6.0% 500,000 400,000 4.0% 2.30% 300,000 200,000 2.0% 100,000 0 0.0% 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Historical components of population growth Population by
Slide 57: Halifax Portfolio Distribution
HALIFAX PORTFOLIO DISTRIBUTION Killam’s Halifax Portfolio Distribution by Monthly Rent Buckets # Units % Portfolio 1,500 30% 24% 22% 1,000 20% 16% 14% 500 10% 10% 7% 4% 2% 1% 1% 0 0% TSX: KMP.UN 57
Slide 58: Halifax Growth
HALIFAX GROWTH Annual Population Growth vs. Annual Supply Halifax Apartment Starts Completions Under Construction Inventory Population Change 20,000 18,000 16,000 14,000 12,000 10,000 8,000 6,000 4,000 2,000 0 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Slide 59: Halifax Housing Fundamentals
HALIFAX HOUSING FUNDAMENTALS New supply has been absorbed by population growth from immigration, migration, and shift in apartment rental demand. Housing Starts - Apt & Single Housing Starts & Vacancy Trend Halifax Halifax Total Apartments Total Singles Average Total Starts Total Starts Vacancy (CMH
Slide 60: New Brunswick Population Growth
NEW BRUNSWICK POPULATION GROWTH Killam’s core markets in New Brunswick include Moncton, Fredericton and Saint John. The province operates five public post-secondary institutions, including four universities and one college. In 2023(1), the province hosted over 28,000 students enrolled across the pos
Slide 61: Moncton: Components of Growth
MONCTON: COMPONENTS OF GROWTH Over the last three years, Moncton has been one of the top three highest rate cities in Canada with population growth of 5.1% in 2024, 6.1% in 2023, and 5.3% in 2022. Historical components of population growth Moncton Net international mig. Net interprovincial mig. Net
Slide 62: New Brunswick Housing Fundamentals
NEW BRUNSWICK HOUSING FUNDAMENTALS New supply has been absorbed by population growth from immigration, migration, and shift in apartment rental demand. Housing Starts - Apt & Single Housing Starts & Vacancy Trend Saint John, Moncton, Fredericton Saint John, Moncton, Fredericton Total Apartments Tota
Slide 63: Investor Presentation
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