Killam Properties Inc (KMP.UN.TO) Buy, Sell…

Killam Properties Inc (KMP.UN.TO)

18.93

-0.03 (0.16%)

as of Jun 10, 2026, 8:00:00 pm Market Open.

155 watching

HOLD

Likes their managers and strategy. They dominate across the Maritimes and have expanded into Ontario, BC, and have a small presence in Calgary. They outperform some apartment REITs, because they lack exposure in urban centres (urban, multi-family REITs have lagged). Killam should stability and growth in the coming year. Problem is that foreign students and movies are not renting in urban areas, and apartments face competition from condo supplies.

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99+ opinions with 4.15 rating.

TOP PICK

Among Canadian apartment REITs, CAP REIT gets all the love, but also the price appreciation. Actually, Killam's chart is nearly identical to CAP REIT year-to-date and pays a healthy 3.88% dividend yield (CAP REIT pays 2.84%). Whereas CAP REIT is centered on Toronto, Killam focuses on Atlantic Canada, namely Halifax and Charlottetown. Another difference is that Killam's properties are newer, so require less capex for upgrading and upkeep. Analyst Michelle Wearing likes its ever-growing dividend. It currently trades $3 shy of its $20.48 price target, and well off its pre-COVID high of $23.37, so there is room to run. However, the chart has been rangebound for the past three months between $16-18, so Killam may need a catalyst to boost it to the next level, perhaps a wider reopening in the Maritimes. Killam is for income investors and those thinking long-term, since the trend toward rentals and away from home ownership won't end anytime soon.

BUY

You are looking at quality assets in a quality sector. It is trading at quite a discount to NAV. It has a young portfolio. Every time a tenant leaves their suite you have to put in dollars and the older the building the more you have to put in. He owns it and has been buying it.

BUY

Eastern Canada focused in the multifamily space. He likes the company. This is a sector you want to be invested in. It trades at a discount to its net asset value. It sold off too much.

BUY

The multi-dwelling residential REIT space has been shooting up in markets like Halifax, Quebec and Toronto. KMP is making new developments. He likes this, but it's too expensive. Tailwinds (geographies) are working for KMP.

BUY

It's pulled back recently, so now is a good time to buy. They hold apartments, especially in the east coast, like Halifax and Charlottetown. Well-run.

HOLD

He thinks KMP is fair valued and he likes the management team. They have diversified outside of Atlantic Canada. There is a rumour that a portfolio is going to happen in the region at 4% unlevered cash return. KMP generates a 6% unlevered return which makes them highly valued.

TOP PICK

One of Canada's largest residential landlords. Mainly on east coast. Likes that it's a younger portfolio, in a non- rent controlled market. Track record of accretive development activity. Can generate mid-single digit growth. Dividend is well covered. Yield is 3.38%. (Analysts’ price target is $20.77)

BUY

A great REIT which usually raises its dividend. Earnings are growing. But they are more exposed to the east coast, but they are reducing that to buy more in Ontario and Calgary. Their properties are newer, so demand less capex than their peers. Trades at 10% discount to its large-cap peers.

DON'T BUY

It's expensive like all apartment REITs. They've diversified a lot over recent years which has made it more stable. He is very negative on Canadian real estate. There will be less home ownership in the future, which will be a tailwind for Killam, but he expects the values of these properties will decline.

HOLD

This is benefiting from the trend towards renting by the residential space. Canadians have not had good rental options provided by landlords offering real services to their tenants.

BUY

Good management, assets and balance sheet. Killam is enjoying the housing shortage by capturing growth in rentals. The stock has run quite a bit, so maybe trim a bit here. There's still room to grow. Killam picks up existing apartment
buildings then injects some money into them.

DON'T BUY

He's been watching this. They had a strong quarter, but it's well-valued already. He needs to see more upside. If rates rise, this will get hurt. Then again, apartment rentals are needed. Killam is paying only a 4.1% yield and he prefers those at least 6%.

COMMENT

Doesn’t know this very well. REITs is a very hot field. A lot of people are saying apartments are the way to go. Thinks there are some major things that might hit the economy such as huge debt loads, both government and personal. Also, real estate prices have gone up like crazy, although they have cooled to some degree, but could still fall quite a bit.

PAST TOP PICK

(A Top Pick Sept 23/16. Up 13%.) At the time, it was cheap relative to its peers. It also had a good growth rate relative to its peers. Halifax is turning the corner and continues to shine. Their growth rate of 5.5% is a little less than it was then at 7%-8%. Their multiple is a little more expensive. This is still a Hold.

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Killam Properties Inc (KMP.UN.TO)