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Posts Tagged ‘Properties’

Killam Properties Reports Q4, 2016 Earnings

February 16th, 2017 Comments off
KillamPropertiesReportsQ42016EarningscreditKillamLondonOntarioCanada-postedtothedailybusinessnewsmhpronewsmhlivingnews

A Killam property in London, Ontario, Canada. Credit: Killam.

Killam Apartment REIT (TSX: KMP.UN) has reported its financial results for the fourth quarter and year ended December 31, 2016.

Killam generated funds from of operations (FFO) per unit of $0.21 in Q4 2016, a 5.0 percent increase over Q4 2015.

Similar to the results for the year, growth was attributable to higher earnings from the same property portfolio, lower interest expense from refinancing and the Q3 2016 repayment of $57.5 million of convertible debentures, and growth from acquisitions and developments.

 

Killam achieved same property revenue growth of 1.8 percent in in the quarter, attributable to increased rents of 1.6 percent and improved occupancy levels. The same property apartment portfolio achieved 96.1 percent occupancy during the fourth quarter, up from 95.7 percent during Q4 2015.

Killam delivered strong results in Q4, and for the year,” said Killam President and CEO Philip Fraser.philipfraser-presidentceokillamproperties-manufacturedhomecommunitiesdailybusinessnews-mhpronews

We achieved many successes during 2016, reflected in our financial performance: solid growth from our existing portfolio, strong demand for our recently completed developments, portfolio-enhancing acquisitions in our core markets, and interest expense savings. In addition, we strengthened our balance sheet with reduced debt levels and an expanded acquisition credit facility.”

Overall in 2016, Killam generated FFO per unit of $0.86, an 8.9 percent increase from the $0.79 generated in 2015. FFO growth was attributable to a 4.0 percent increase in same property net operating income (NOI), interest expense savings on mortgage refinancings and convertible debenture redemptions, and accretive returns from developments and acquisitions.

Killam also completed $71.5 million in acquisitions in 2016, contributing positively to net income, and their newest development, Southport Apartments, was fully leased by November and also positively impacted earnings in the year.

The benefit of our established development program stood out last year,” said Fraser.

The lease-up of Southport Apartments in Halifax exceeded our expectations and reinforced the opportunity to add value through developments. We are excited about our two current projects and our pipeline of over 1,000 units for future development. Development will continue to be an important part of Killam’s growth strategy going forward.

KillamPropertiesReportsQ42016EarningscreditBloomBerg-postedtothedailybusinessnewsmhpronewsmhlivingnews

Killam 1 year look. Credit: Bloomberg.

Daily Business News coverage of the most recent acquisitions by Killam is linked here.

In addition to multifamily apartments, Killam owns 35 manufactured home communities in Atlantic Canada and Ontario.

Killam is also one of the manufactured home industry stocks monitored each business day on the MH Industry’s leading professional news resource, the Daily Business News, on MHProNews. For the recent closing numbers yesterday on all MH industry-connected tracked stocks, please click here. ##

(Image credits are as shown above.)

rcwilliams-writer75x75manufacturedhousingindustrymhpronews

RC Williams, for Daily Business News, MHProNews.

Submitted by RC Williams to the Daily Business News for MHProNews.

Killam Properties Makes Significant Moves

January 30th, 2017 Comments off
KillamReceivesRecommendationsFromRatingsFirmscreditRentalHousingBusiness-postedtothedailybusinessnewsmhpronewmhlivingnews

Credit: Rental Housing Business.

Canada based real estate investment trust Killam Properties Inc. (TSE:KMP.UN) tells MHProNews that the company has closed on two Canadian acquisitions worth $26.2 million, including 153 apartment units in London, Ontario, and 66 units in Calgary, Alberta.

On December 22, Killam acquired a five building portfolio in London for $13.4 million, or $87,500 per unit. Killam’s London portfolio now consists of 417 total rental units.

On January 16, Killam acquired Spruce Grove Lane Apartments, its second apartment property in the city of Calgary. The 3-acre site consists of 66 townhouse-style apartments, with a purchase price of $12.8 million, or $195,000 per unit.

KillamPropertiesMakesSignificantMovescreditRentboardCA-postedtothedailybusinessnewsmhpronewsmhlivingnews

Spruce Grove Lane. Credit: Rentboard CA.

philipfraser-presidentceokillamproperties-manufacturedhomecommunitiesdailybusinessnews-mhpronewsWe are pleased to grow our rental portfolios in both London and Calgary,” noted Philip Fraser, President and CEO.

We have been monitoring the Calgary rental market over the last year and Spruce Grove Lane Apartments, located in a sought-after residential neighborhood, has great upside. We have the opportunity to add value and grow net operating income at this property.

The acquisitions bring the company’s total for 2016 to $70 million, which exceeds management’s goal of $50 million in acquisitions for the year.

KillamPropertiesMakesSignificantMovescreditBloomberg-postedtothedailybusinessnewsmhpronewsmhlivingnews

Killam 1 year look. Credit: Bloomberg.

Killam also received recommendations from rating agencies recently, with an average recommendation of “buy,” from TD Securities and “sector perform” from Scotiabank. That story is linked here.

As Daily Business News readers are aware, in addition to multifamily apartments, Killam owns 35 manufactured home communities in Atlantic Canada and Ontario.

Killam is also one of the manufactured home industry stocks monitored each business day on the MH Industry’s leading professional news resource, the Daily Business News, on MHProNews. For the recent closing numbers yesterday on all MH industry-connected tracked stocks, please click here. ##

 

(Image credits are as shown above.)

 

rcwilliams-writer75x75manufacturedhousingindustrymhpronews

RC Williams, for Daily Business News, MHProNews.

Submitted by RC Williams to the Daily Business News for MHProNews.

Market Watch: UMH and Equity Lifestyle reported among REITs with low P/E ratios

August 9th, 2011 Comments off

E:1 SK MHMSMDaily Buisness Newsbinoculars_wikimedia_commons_posted_MHProNews.com_manufactured_home_marketing_sales_management_MHMSM.com_.pngZacks reports that UMH Properties and Equity Lifestyle Properties are among the five REITs with relatively low P/E ratios. UMH Properties (AMEX:UMH) has the lowest with a P/E of 17.4x. Equity Lifestyle Properties (NYSE:ELS) is second lowest with a P/E of 37.0x; American Campus Communities (NYSE:ACC) comes in third lowest with a P/E of 40.3x. Post Properties (NYSE:PPS) follows with a P/E of 59.6x and Mid-America Apartment Communities (NYSE:MAA) came in fifth lowest with a P/E of 65.6x. A P/E ratio is an important valuation tool for comparing companies in the same industry. A higher P/E ratio means that investors are paying more for each unit of net income, so the stock is more expensive compared to one with a lower P/E ratio.  Both UMH and ELS are part of our MHProNews.com Daily Business News market reports.

(photo credit: Wikimedia Commons