Killam Apartment REIT (TSX:KMP.UN) (“Killam”) today reported its financial results for the fourth quarter and year ended December 31, 2016.
“Killam delivered strong results in Q4, and for the year,” noted Philip Fraser, President and CEO. “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.”
“The benefit of our established development program stood out last year,” continued Mr. 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.”
The Board of Trustees is pleased to announce that today it approved a 3.3% increase to Killam’s annual distribution, to $0.62 per unit from $0.60 per unit. The monthly distribution will be $0.05167 per unit, up from $0.05 per unit. The increase will become effective for the March 2017 distribution, to be paid in April 2017.