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Killam Apartment REIT - Q1-2020 Earnings, Price Target Update

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Killam Apartment REIT (KMP.UN) is the single largest multi-residential landlords in Atlantic Canada, with a 13% total market share of apartments in its core markets. The property portfolio valued at $3.4B portfolio of apartments, manufactured home communities and commercial properties across seven provinces. Killam was founded in 2000 with an initial focus on apartments in Atlantic Canada and MHCs across Canada. Killam entered the Ontario apartment market in 2010, the Alberta market in 2014, and British Columbia in 2020. Killam broke ground on its first development in 2010 and has completed eleven projects to date, with a further four projects currently under construction. Killam is focused on increasing its geographic diversification through the acquisition and development of properties in its core markets in Ontario, Alberta and British Columbia. Killam's current apartment portfolio consists of 2,557 apartment units in Ontario, up from 225 units in 2010 when Killam first entered the market, and includes properties in Ottawa, Toronto, London, and Kitchener-Waterloo-Cambridge. Killam has also assembled a portfolio of 1,110 units in Calgary and Edmonton. In Jan-2020, Killam acquired its first apartment property in Greater Victoria, BC, and now owns 161 units in the province. Over 75% of Killam's current apartment portfolio is not impacted by rent control, allowing Killam to move rents to market rates annually. Prince Edward Island, representing 5% of Killam's apartment NOI, is the only province in Atlantic Canada with rent control for apartments. Killam's Ontario portfolio, accounting for 19.4% of apartment net operating income , is also subject to rent control. In Ontario, landlords can move rents to market on a unit-by-unit basis as they become vacant. British Columbia, Killam's newest apartment market accounting for1.4% of apartment net operating income , also has rent control. Ontario and Nova Scotia both have rent control for mobile home parks. In both provinces, rent controls do not apply to new tenants. Overall, only 27.9% of Killam's net operating income is generated in markets subject to rent control; however, owners may apply for above-guideline increases to offset significant capital expenditures in these regions. Due to COVID-19, Killam has temporarily suspended moving rent renewals to market.

The apartment business is Killam's largest segment contributing 90.4% net operating income for Q3-2020. The apartment portfolio consists of 16,547 units, including 968 units jointly owned with institutional partners. Killam's 202 apartment properties are located in Atlantic Canada's six largest urban centres (Halifax, Moncton, Saint John, Fredericton, Charlottetown and St. John's), Ontario (Ottawa, London, Toronto and Kitchener-Waterloo-Cambridge), Alberta (Edmonton and Calgary), and British Columbia (Greater Victoria). Killam is Atlantic Canada's largest residential landlord, owning a 13% total share of multi-family rental units in its core markets. Killam plans to continue increasing its presence outside Atlantic Canada through acquisitions and developments; however, it will continue to invest strategically in Atlantic Canada to maintain its market presence. In addition, Killam owns 5,875 sites in 39 MHCs, also known as land-lease communities or trailer parks, in Ontario and Atlantic Canada. Killam owns the land and infrastructure supporting these communities and leases sites to tenants who own their own homes and pay Killam site rent. The MHC portfolio contributed 4.5% of net operating income for Q1-2020. Killam also owns 726,000 sq. ft. of commercial space contributing 5.1% of net operating income.

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