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Killam Apartment REIT Announces Q3-2021 Operating Performance and Financial Results and $ 118 Million in Acquisitions HALIFAX , NS , Nov. 3 , 2021 / CNW / - Killam Apartment REIT ( TSX : KMP.UN ) ( " Killam " or the " REIT " ) today reported its results for the three and nine months ended September 30 , 2021 . " Killam's third quarter earnings growth momentum and operating performance were very strong , " noted Philip Fraser , President and CEO . " The same property net operating income ( " NOI " ) growth of 7.4 % in Q3-2021 is a reflection of the resilient demand for apartments , the rebound of our seasonal manufactured home communities and strong leasing in our commercial segment . Given these trends , Killam expects same property NOI growth to exceed 4.0 % for 2021. " " Subsequent to quarter - end , we invested $ 118.3 million in four new properties totalling 482 units in Charlottetown , Moncton and two in Edmonton " stated Mr. Fraser . " These are new , high - quality assets that complement our existing portfolio . We have had robust growth year - to - date and have added 1,601 apartment units from our acquisitions and development programs . " " With strong organic results and active acquisition and development pipelines , we continue to execute on our growth strategy to expand the portfolio and diversify geographically across Canada . " Q3-2021 Financial & Operating Highlights Reported net income of $ 46.6 million , an increase of $ 9.1 million compared to $ 37.5 million in Q3-2020 , primarily attributable to growth through acquisitions , completed developments , and increased earnings from the existing portfolio , as well as fair value gains on investment properties driven by cap - rate compression . • Generated NOI of $ 50.5 million , a 16.8 % increase from $ 43.2 million in Q3-2020 . • Earned funds from operations ( " FFO " ) per unit ( diluted ) of $ 0.30 , an 11.1 % increase from $ 0.27 in Q3-2020 . • Increased adjusted funds from operations ( " AFFO " ) per unit ( diluted ) by 13.0 % to $ 0.26 , from $ 0.23 in Q3-2020 , and reduced the third quarter AFFO payout ratio ( diluted ) 900 basis points ( " bps " ) to 66 % , from 75 % in Q3-2020 . • Achieved a 4.8 % increase in revenue for the same property portfolio . • Generated same property NOI growth of 7.4 % over Q3-2020 and improved the NOI margin by 160 bps to 66.1 % . ( 000's ) Property revenue Net operating income Net income FFO ( 1 ) FFO per unit ( diluted ) ( 1 ) AFFO per unit ( diluted ) ( 1 ) AFFO payout ratio - diluted ( 1 ) AFFO payout ratio - rolling 12 months ( 1 ) Same property apartment occupancy ( 2 ) Same property revenue grow th Three months ended September 30 , 2021 2020 Change $ 76,244 14.4 % $ 50,455 16.8 % $ 46,634 24.5 % $ 34,246 20.1 % 11.1 % 13.0 % ( 900 ) bps $ 0.30 $ 0.26 66 % 77 % $ 66,653 $ 43,198 $ 37,465 $ 28,513 $ 0.27 $ 0.23 75 % 81 % 96.5 % ( 400 ) bps 90 bps Nine months ended September 30 , 2021 2020 Change 9.8 % 10.6 % 116.2 % 13.5 % 6.7 % 7.9 % ( 600 ) bps $ 213,919 $ 135,315 $ 210,726 $ 88,721 $ 0.80 $ 0.68 76 % $ 194,846 $ 122,335 $ 97,476 $ 78,142 $ 0.75 $ 0.63 3.7 % 5.0 % 97.4 % 4.8 % 7.4 % Same property net operating income grow th ( 1 ) FFO and AFFO are defined in " Non - IFRS Measures " on page 6. A reconciliation between net income and FFO and a reconciliation from FFO to AFFO are included on page 5 . ( 2 ) Occupancy represents actual residential rental revenue , net of vacancy , as a percentage of gross potential residential rent . 82 %