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Killam Apartment REIT

KMP-UN.TO
48
REIT - Residential · Real Estate
Exchange
Toronto Stock Exchange
Winston Score
48
Winston is serious
Mixed quality — meaningful strengths and weaknesses.
Data as of Aug 23, 2026 · filings through Jun 30, 2026
How the score breaks down
Quality
Good
Growth
Weak
Cash Flow
Exceptional
Stability
Good
Valuation
Good
Dividends
Mixed
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Winston Score History

The full picture

Killam Apartment REIT owns and rents out apartments and manufactured home communities across Canada. Its customers are everyday renters — individuals and families looking for a place to live. The company focuses mainly on mid-sized Canadian cities, with a large presence in Atlantic Canada, Ontario, and Alberta.

Killam makes money by collecting monthly rent from its tenants, which is a steady, recurring income stream. It operates entirely within Canada and manages roughly 19,000 apartment units and over 5,000 manufactured home sites, making it one of the larger residential landlords in Atlantic Canada. Its geographic focus on markets with less competition than Toronto or Vancouver gives it some pricing stability, but rising interest rates are a key risk since REITs carry significant debt and higher borrowing costs can squeeze profits and reduce the value of their properties.

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+2.9% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+96.3% YoY

YoY Growth Rate

Strong earnings growth

Insider Activity

1.8%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

C$10M cash & investments

Quarterly Free Cash Flow

→ Burn rate stable

Company generates more cash than it spends — no dilution risk from fundraising

Growth context

Killam Apartment REIT is growing revenue at 3% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale
Gross Margin
67.7%
Premium pricing power — 67.7% gross margin
Profit after running costs
Operating Margin
62.0%
Excellent — 62.0% operating margin
Return on the money invested
ROCE
4.6%
Weak — 4.6% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales growth
Sales YoY
+3.5%
Slow sales growth (+3.5% YoY)
Profit growth
EPS YoY
-98.7%
Earnings shrinking (-98.7% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is
EPS Consistency
2/8 quarters
Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash
Cash Conversion
1810%
Turns 1810% of profit into real cash
Spare cash per sale
FCF Margin
15.1%
Converts sales into free cash efficiently (15.1%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns
Debt / Equity
0.77
Moderate — manageable debt (0.77)
Covers its interest
Interest Cover
3.81x
Tight — interest eats into profit (3.8x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
311.8x
no trend
Expensive — P/E 311.8

P/E over 35. The market is pricing in heavy, sustained growth.

Cheaper or dearer next year
P/E vs Forward
+299.1
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (311.8 → 12.7)

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Dividends

Dividend
Dividend Yield
3.85%
no trend
Moderate income — 3.85% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend record
Dividend Growth
+0.0%
no trend
Dividend flat

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