Opinions Michael Missaghie
Killam Properties IncKMP.UN.TOBUYJul 09, 2013
Michael MissaghieStock price when the opinion was issued
As of Jun 10, 2026. Market Open.
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Very well managed. Company size is in the top 5. Originally focused on the Maritimes, which has seen a lot of population inflows. Expanding into other markets in Ontario such as Kitchener-Waterloo. Likes that they're experienced developers, always improving. Energy-efficient, new construction. Not facing high-rent pressures of others.
Derek WarrenNow trading at an interesting level, over 15% discount to NAV. Fallen perhaps because of announcement on immigration being curtailed. 60% of portfolio in Atlantic Canada, actively diversifying in Ontario and BC. Likes that 44% of assets are not subject to rent control. Expecting results to be good. Stay the course.
Andrew Moffs
KMP.un's second-quarter funds from operations (FFO) per unit came in at $0.30, an increase of 7.1% year-over-year. The company reported a net income of $114.5 million, against $68.7 million reported in the second quarter of 2022, beating estimates by a wide margin ($30.4 million). The jump was attributed to $96.2 million of fair value gains on investment properties in the period. KMP generated a net operating income of $56.2 million, an 8.8% increase from 2Q22. The rolling 12-month adjusted FFO payout ratio shrank by a full 2% to 73% in the recent quarter. Same-property net operating income growth came in at 7.9%, matching the management target. We think it was a decent quarter and management spoke about market rent growth in certain areas and a focus on development and disposition of assets.
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Paul Gardner, CFA
Stockchase DiscoverBilly Kawasaki’s Insights - Billy’s most-liked answers from 5i Research. The recent property acquisition was well received by the market. The $190M purchase looks good and 5i likes the expansion into Ontario to diversify the business. Occupancy rate is high at 98% and average rent is $1,200. Unlock Premium - Try 5i Free
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Michelle Wearing
Majority of their apartment assets are in Eastern Canada, which has seen a little bit more supply than what you’ve seen in the apartment sectors outside of Eastern Canada. Because of that, a couple of their markets have seen a drop in occupancy. In addition, the company has done some development and their yields have come in slightly below where they anticipated them. This is trading well below its NAV which he feels is around $13. Doesn’t anticipate that the next couple of quarters are going to be great. The 4th quarter and the 1st one in 2014 should start to look better. They should be a beneficiary of the Halifax ship building contract, over the long-term.