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Killam Apartment REIT Announces Q4-2020 and 2020 Operating Performance and Financial Results HALIFAX , NS , Feb. 10 , 2021 / CNW / - Killam Apartment REIT ( TSX : KMP.UN ) ( " Killam " ) is pleased to report its results for the fourth quarter and year ended December 31 , 2020 . " Although it was a year with many unforeseen challenges , we are pleased with our operating and financial performance in 2020 and our ability to execute on all three of our strategic priorities , " noted Philip Fraser , President and CEO . " With the continued success of our suite repositioning program and the strong fundamentals in our core markets , same property revenue grew 2.0 % for the year . When combined with the sharp focus of managing operating expenses , we realized 2.3 % growth in same property NOI . " " We completed $ 211 million in acquisitions in 2020 , our second largest year of acquisitions ever . These acquisitions focused on new , high - quality properties and continued geographic diversification with purchases in Victoria , BC , a new market for Killam . " " We completed our apartment development , Shorefront , in Charlottetown , PEI in October and advanced five additional development projects , including two projects completed in Q1-2021 that have positive leasing momentum . These developments contribute positively to Killam's net asset value growth and further contribute to Killam's FFO per unit growth long - term " stated Mr. Fraser . " As we remain in the middle of the COVID - 19 pandemic , we are staying focused on the health and safety of our tenants , employees and the communities which we operate . With a resilient portfolio , a dedicated team and continued execution on our growth strategy , we are cautiously optimistic of the year ahead . " Q4 Financial & Operating Highlights Reported net income of $ 48.6 million , a decrease of $ 78.2 million compared to $ 126.8 million in Q4-2019 , due to higher fair value gains on investment properties recognized in Q4-2019 . • Despite the impacts of COVID - 19 , achieved a 2.2 % increase in same property revenue and a 0.9 % increase in same property net operating income ( " NOI " ) over Q4-2019 . • Earned funds from operations ( " FFO " ) per unit ( diluted ) of $ 0.25 , and adjusted funds from operations ( " AFFO " ) per unit ( diluted ) of $ 0.21 , both consistent with Q4-2019 . 2020 Financial & Operating Highlights • Reported net income of $ 146.0 million , a decrease of $ 137.5 million compared to $ 283.5 million in 2019 , due to higher fair value gains on investment properties recognized in 2019 . • Generated NOI of $ 164.7 million , an 8.1 % increase from $ 152.3 million in 2019 . • Increased AFFO per unit ( diluted ) by 3.7 % to $ 0.83 , compared to $ 0.80 in 2019 , and increased FFO per unit ( diluted ) by 2.0 % to $ 1.00 , compared to $ 0.98 in 2019 . • Generated same property NOI growth of 2.3 % versus 2019 . • Achieved a 2.0 % increase in same property revenue , including 2.4 % from the apartment