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Killam Apartment Real Estate Investment Trust

OTCPK:KMMP.F
Snowflake Description

Average dividend payer and fair value.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
KMMP.F
OTCPK
CA$2B
Imp Market Cap
  1. Home
  2. US
  3. Real Estate
Company description

Killam Apartment REIT, based in Halifax, Nova Scotia, is one of Canada's largest residential landlords, owning, operating, managing and developing a $2.8 billion portfolio of apartments and manufactured home communities. The last earnings update was 26 days ago. More info.


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KMMP.F Share Price and Events
7 Day Returns
0%
OTCPK:KMMP.F
0.1%
US REITs
-1.4%
US Market
1 Year Returns
19.5%
OTCPK:KMMP.F
13.9%
US REITs
1.6%
US Market
KMMP.F Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Killam Apartment Real Estate Investment Trust (KMMP.F) 0% 0% 4.6% 19.5% - 49.7%
US REITs 0.1% 1.9% 3.8% 13.9% 11.3% 25.5%
US Market -1.4% -3.9% 0.1% 1.6% 33.2% 38.2%
1 Year Return vs Industry and Market
  • KMMP.F outperformed the REITs industry which returned 13.9% over the past year.
  • KMMP.F outperformed the Market in United States of America which returned 1.6% over the past year.

Value

 Is Killam Apartment Real Estate Investment Trust undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Killam Apartment Real Estate Investment Trust to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Killam Apartment Real Estate Investment Trust.

OTCPK:KMMP.F Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations
Levered Adjusted Funds From Operations Average of 4 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 8%
Perpetual Growth Rate 10-Year US Government Bond Rate 2.7%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for OTCPK:KMMP.F
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year US Govt Bond Rate 2.7%
Equity Risk Premium S&P Global 6%
REITs Unlevered Beta Simply Wall St/ S&P Global 0.53
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.529 (1 + (1- 26.5%) (73.61%))
0.876
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.88
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (0.876 * 5.96%)
7.95%

Discounted Cash Flow Calculation for OTCPK:KMMP.F using 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations Model

The calculations below outline how an intrinsic value for Killam Apartment Real Estate Investment Trust is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

Killam Apartment Real Estate Investment Trust is a Real Estate Investment Trust (REIT), we use funds from operations (FFO) or adjusted funds from operations (AFFO) instead of levered free cash flow for REITs. This excludes depreciation and borrowing. Ideally analysts estimates of AFFO are used, where these aren't available we use FFO.

OTCPK:KMMP.F DCF 1st Stage: Next 10 year cash flow forecast
Adjusted Funds From Operations (AFFO) (CAD, Millions) Source Present Value
Discounted (@ 7.95%)
2019 73.91 Analyst x4 68.46
2020 79.88 Analyst x4 68.54
2021 82.98 Est @ 3.89% 65.96
2022 85.92 Est @ 3.54% 63.27
2023 88.75 Est @ 3.3% 60.54
2024 91.52 Est @ 3.13% 57.83
2025 94.27 Est @ 3.01% 55.19
2026 97.03 Est @ 2.92% 52.62
2027 99.81 Est @ 2.87% 50.14
2028 102.63 Est @ 2.83% 47.76
Present value of next 10 years cash flows CA$590.30
OTCPK:KMMP.F DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= CA$102.63 × (1 + 2.73%) ÷ (7.95% – 2.73%)
CA$2,019.61
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= CA$2,019.61 ÷ (1 + 7.95%)10
CA$939.77
OTCPK:KMMP.F Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= CA$590.30 + CA$939.77
CA$1,530.07
Equity Value per Share
(CAD)
= Total value / Shares Outstanding
= CA$1,530.07 / 95.57
CA$16.04
OTCPK:KMMP.F Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in OTCPK:KMMP.F represents 0.74482x of TSX:KMP.UN
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.74482x
Value per Share
(Listing Adjusted, USD)
= Value per Share (CAD) x Listing Adjustment Factor
= CA$ 16.04 x 0.74482
$11.95
Value per share (USD) From above. $11.95
Current discount Discount to share price of $14.21
= -1 x ($14.21 - $11.95) / $11.95
-18.9%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

  • The current share price of Killam Apartment Real Estate Investment Trust is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Killam Apartment Real Estate Investment Trust's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Killam Apartment Real Estate Investment Trust's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
OTCPK:KMMP.F PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in CAD CA$1.50
TSX:KMP.UN Share Price ** TSX (2019-04-17) in CAD CA$19.08
United States of America REITs Industry PE Ratio Median Figure of 155 Publicly-Listed REITs Companies 32.61x
United States of America Market PE Ratio Median Figure of 3,086 Publicly-Listed Companies 17.45x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Killam Apartment Real Estate Investment Trust.

OTCPK:KMMP.F PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= TSX:KMP.UN Share Price ÷ EPS (both in CAD)

= 19.08 ÷ 1.50

12.7x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Killam Apartment Real Estate Investment Trust is good value based on earnings compared to the US REITs industry average.
  • Killam Apartment Real Estate Investment Trust is good value based on earnings compared to the United States of America market.
Price based on expected Growth
Does Killam Apartment Real Estate Investment Trust's expected growth come at a high price?
Raw Data
OTCPK:KMMP.F PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 12.7x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 4 Analysts
-6.7%per year
United States of America REITs Industry PEG Ratio Median Figure of 141 Publicly-Listed REITs Companies 2.41x
United States of America Market PEG Ratio Median Figure of 2,121 Publicly-Listed Companies 1.51x

*Line of best fit is calculated by linear regression .

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to calculate PEG ratio for Killam Apartment Real Estate Investment Trust, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Killam Apartment Real Estate Investment Trust's assets?
Raw Data
OTCPK:KMMP.F PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in CAD CA$13.88
TSX:KMP.UN Share Price * TSX (2019-04-17) in CAD CA$19.08
United States of America REITs Industry PB Ratio Median Figure of 191 Publicly-Listed REITs Companies 1.89x
United States of America Market PB Ratio Median Figure of 5,208 Publicly-Listed Companies 1.8x
OTCPK:KMMP.F PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= TSX:KMP.UN Share Price ÷ Book Value per Share (both in CAD)

= 19.08 ÷ 13.88

1.37x

* Primary Listing of Killam Apartment Real Estate Investment Trust.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Killam Apartment Real Estate Investment Trust is good value based on assets compared to the US REITs industry average.
X
Value checks
We assess Killam Apartment Real Estate Investment Trust's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the REITs industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the REITs industry average (and greater than 0)? (1 check)
  5. Killam Apartment Real Estate Investment Trust has a total score of 3/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Killam Apartment Real Estate Investment Trust expected to perform in the next 1 to 3 years based on estimates from 4 analysts?

  • No analysts cover Killam Apartment Real Estate Investment Trust, future earnings growth has been estimated based on fundamentals.
The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
-6.7%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Killam Apartment Real Estate Investment Trust expected to grow at an attractive rate?
  • Killam Apartment Real Estate Investment Trust's earnings are expected to decrease over the next 1-3 years, this is below the low risk savings rate of 2.7%.
Growth vs Market Checks
  • Killam Apartment Real Estate Investment Trust's earnings are expected to decrease over the next 1-3 years, this is below the United States of America market average.
  • Killam Apartment Real Estate Investment Trust's revenue growth is expected to exceed the United States of America market average.
Annual Growth Rates Comparison
Raw Data
OTCPK:KMMP.F Future Growth Rates Data Sources
Data Point Source Value (per year)
OTCPK:KMMP.F Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 4 Analysts -6.7%
OTCPK:KMMP.F Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 4 Analysts 8.3%
United States of America REITs Industry Earnings Growth Rate Market Cap Weighted Average 5.8%
United States of America REITs Industry Revenue Growth Rate Market Cap Weighted Average 4.4%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 13.7%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 7.3%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
OTCPK:KMMP.F Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 4 Analyst Estimates (S&P Global) See Below
All numbers in CAD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
OTCPK:KMMP.F Future Estimates Data
Date (Data in CAD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2020-12-31 259 99 4
2019-12-31 239 93 4
OTCPK:KMMP.F Past Financials Data
Date (Data in CAD Millions) Revenue Cash Flow Net Income *
2019-03-31 224 91 133
2018-12-31 217 90 175
2018-09-30 207 99 169
2018-06-30 201 94 156
2018-03-31 193 86 156
2017-12-31 188 83 105
2017-09-30 184 74 72
2017-06-30 180 74 75
2017-03-31 178 67 41
2016-12-31 176 64 68
2016-09-30 175 69 71
2016-06-30 173 59 64

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Killam Apartment Real Estate Investment Trust's earnings are expected to decrease over the next 1-3 years, this is not considered high growth.
  • Killam Apartment Real Estate Investment Trust's revenue is expected to grow by 8.3% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
OTCPK:KMMP.F Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 4 Analyst Estimates (S&P Global) See Below

All data from Killam Apartment Real Estate Investment Trust Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

OTCPK:KMMP.F Future Estimates Data
Date (Data in CAD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2020-12-31
2019-12-31
OTCPK:KMMP.F Past Financials Data
Date (Data in CAD Millions) EPS *
2019-03-31 1.50
2018-12-31 2.01
2018-09-30 1.99
2018-06-30 1.90
2018-03-31 1.94
2017-12-31 1.35
2017-09-30 0.94
2017-06-30 1.01
2017-03-31 0.58
2016-12-31 1.00
2016-09-30 1.14
2016-06-30 1.05

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Unable to establish if Killam Apartment Real Estate Investment Trust will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
X
Future performance checks
We assess Killam Apartment Real Estate Investment Trust's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Killam Apartment Real Estate Investment Trust has a total score of 1/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has Killam Apartment Real Estate Investment Trust performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Killam Apartment Real Estate Investment Trust's growth in the last year to its industry (REITs).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Killam Apartment Real Estate Investment Trust has delivered over 20% year on year earnings growth in the past 5 years.
  • Killam Apartment Real Estate Investment Trust's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • Killam Apartment Real Estate Investment Trust's 1-year earnings growth is negative, it can't be compared to the US REITs industry average.
Earnings and Revenue History
Killam Apartment Real Estate Investment Trust's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Killam Apartment Real Estate Investment Trust Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

OTCPK:KMMP.F Past Revenue, Cash Flow and Net Income Data
Date (Data in CAD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 224.47 133.33 16.66
2018-12-31 216.92 175.14 14.75
2018-09-30 207.46 168.72 14.63
2018-06-30 200.52 156.24 14.08
2018-03-31 193.48 155.99 13.25
2017-12-31 188.22 104.73 13.26
2017-09-30 183.78 71.55 12.48
2017-06-30 180.35 74.87 11.43
2017-03-31 178.49 40.71 12.46
2016-12-31 176.50 67.98 12.01
2016-09-30 174.97 70.76 12.46
2016-06-30 173.15 64.25 11.94
2016-03-31 170.69 72.55 10.85
2015-12-31 168.11 34.56 10.24
2015-09-30 164.19 17.88 9.77
2015-06-30 158.98 26.91 9.36
2015-03-31 154.11 31.83 8.92
2014-12-31 149.64 29.77 8.53
2014-09-30 147.28 34.49 8.12
2014-06-30 146.55 26.11 8.29
2014-03-31 145.31 35.68 7.95
2013-12-31 143.54 39.78 7.88
2013-09-30 140.98 54.75 8.06
2013-06-30 137.78 55.29 8.35
2013-03-31 136.50 50.61 8.68
2012-12-31 135.83 51.73 8.83
2012-09-30 134.78 53.91 8.59
2012-06-30 133.87 61.00 8.24

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Killam Apartment Real Estate Investment Trust has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Killam Apartment Real Estate Investment Trust used its assets more efficiently than the US REITs industry average last year based on Return on Assets.
  • Killam Apartment Real Estate Investment Trust's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Killam Apartment Real Estate Investment Trust's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the REITs industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Killam Apartment Real Estate Investment Trust has a total score of 2/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Killam Apartment Real Estate Investment Trust's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Killam Apartment Real Estate Investment Trust's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Killam Apartment Real Estate Investment Trust's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • Killam Apartment Real Estate Investment Trust's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Killam Apartment Real Estate Investment Trust's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Killam Apartment Real Estate Investment Trust Company Filings, last reported 1 month ago.

OTCPK:KMMP.F Past Debt and Equity Data
Date (Data in CAD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 1,268.69 1,342.25 2.30
2018-12-31 1,168.95 1,406.33 3.79
2018-09-30 1,125.82 1,338.05 2.11
2018-06-30 1,107.87 1,255.73 36.35
2018-03-31 1,027.71 1,270.76 14.55
2017-12-31 967.72 1,129.55 12.00
2017-09-30 865.59 1,125.64 4.55
2017-06-30 859.35 1,067.19 17.71
2017-03-31 833.75 1,102.50 69.65
2016-12-31 750.47 1,062.71 24.65
2016-09-30 753.03 1,036.01 19.88
2016-06-30 733.25 1,087.94 16.59
2016-03-31 667.71 1,057.65 15.58
2015-12-31 685.33 1,044.59 14.30
2015-09-30 684.44 1,036.25 15.74
2015-06-30 678.10 1,020.09 13.78
2015-03-31 675.69 1,007.03 19.89
2014-12-31 662.68 974.63 18.85
2014-09-30 630.30 883.50 7.31
2014-06-30 610.19 856.46 8.61
2014-03-31 602.96 820.16 11.64
2013-12-31 604.06 810.32 27.68
2013-09-30 615.58 837.83 11.38
2013-06-30 610.06 791.61 15.29
2013-03-31 591.21 762.71 26.49
2012-12-31 588.44 744.07 56.73
2012-09-30 549.95 729.05 17.96
2012-06-30 532.45 710.92 26.70
  • Killam Apartment Real Estate Investment Trust's level of debt (105.8%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (136.1% vs 105.8% today).
  • Debt is not well covered by operating cash flow (6.7%, less than 20% of total debt).
  • Interest payments on debt are not well covered by earnings (EBIT is 2.7x annual interest expense, ideally 3x coverage).
X
Financial health checks
We assess Killam Apartment Real Estate Investment Trust's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Killam Apartment Real Estate Investment Trust has a total score of 1/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is Killam Apartment Real Estate Investment Trust's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
3.46%
Current annual income from Killam Apartment Real Estate Investment Trust dividends. Estimated to be 3.45% next year.
If you bought $2,000 of Killam Apartment Real Estate Investment Trust shares you are expected to receive $69 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Killam Apartment Real Estate Investment Trust's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.47%).
  • Killam Apartment Real Estate Investment Trust's dividend is below the markets top 25% of dividend payers in United States of America (3.75%).
Upcoming dividend payment

Purchase Killam Apartment Real Estate Investment Trust before the 'Buy Limit' to receive their next dividend payment.

Dividends are usually paid every 3 or 6 months, you can time your share purchase to take advantage of upcoming dividend payments.
Dividend payment calendar
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
OTCPK:KMMP.F Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 4 Analyst Estimates (S&P Global) See Below
United States of America REITs Industry Average Dividend Yield Market Cap Weighted Average of 184 Stocks 3.8%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 2007 Stocks 2.5%
United States of America Minimum Threshold Dividend Yield 10th Percentile 0.8%
United States of America Bottom 25% Dividend Yield 25th Percentile 1.5%
United States of America Top 25% Dividend Yield 75th Percentile 3.8%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

OTCPK:KMMP.F Future Dividends Estimate Data
Date (Data in CA$) Dividend per Share (annual) Avg. No. Analysts
2020-12-31 0.66 7.00
2019-12-31 0.65 7.00
OTCPK:KMMP.F Past Annualized Dividends Data
Date (Data in CA$) Dividend per share (annual) Avg. Yield (%)
2019-04-17 0.660 3.505
2019-02-12 0.660 3.574
2019-01-18 0.640 3.778
2018-12-17 0.640 3.971
2018-11-16 0.640 3.910
2018-10-17 0.640 3.931
2018-09-18 0.640 3.979
2018-08-16 0.640 3.985
2018-07-18 0.640 4.147
2018-06-18 0.640 4.240
2018-05-17 0.640 4.210
2018-04-17 0.640 4.447
2018-03-19 0.640 4.623
2018-02-15 0.620 4.531
2018-01-16 0.620 4.616
2017-12-15 0.620 4.409
2017-11-15 0.620 4.359
2017-10-17 0.620 4.565
2017-09-19 0.620 4.661
2017-08-18 0.620 4.733
2017-07-18 0.620 4.983
2017-06-19 0.620 4.915
2017-05-17 0.620 4.873
2017-04-18 0.620 4.828
2017-03-20 0.620 4.835
2017-02-16 0.620 4.922
2017-01-18 0.600 4.888
2016-12-19 0.600 5.015
2016-11-21 0.600 5.060
2016-10-18 0.600 5.011
2016-09-20 0.600 4.973
2016-08-17 0.600 4.817
2016-07-19 0.600 4.617
2016-06-20 0.600 4.676
2016-05-18 0.600 4.890
2016-04-18 0.600 4.966
2016-03-17 0.600 5.102
2016-02-18 0.600 5.391
2016-01-19 0.600 5.655
2015-12-16 0.600 5.803
2015-11-18 0.600 5.677
2015-09-17 0.600 5.847
2015-08-17 0.600 5.992
2015-07-17 0.600 5.903
2015-06-17 0.600 5.851
2015-05-20 0.600 5.829
2015-04-17 0.600 5.579
2015-03-12 0.600 5.472
2015-02-17 0.600 5.511
2015-01-19 0.600 5.448
2014-12-17 0.600 5.776
2014-11-17 0.600 5.722
2014-10-17 0.600 5.588
2014-09-17 0.600 5.796
2014-08-13 0.600 5.693
2014-07-18 0.600 5.747
2014-06-18 0.600 5.734
2014-05-20 0.600 5.709
2014-04-17 0.600 5.761
2014-03-18 0.600 5.897
2014-02-18 0.600 5.794
2013-12-23 0.600 5.723
2013-12-16 0.580 5.722
2013-10-17 0.580 5.416
2013-09-18 0.580 5.342
2013-08-19 0.580 5.597
2013-07-18 0.580 5.529
2013-06-18 0.580 5.327
2013-05-21 0.580 4.964
2013-04-18 0.580 4.680
2013-03-18 0.580 4.816
2013-02-19 0.580 4.596
2013-01-18 0.580 4.505
2012-12-17 0.580 4.642
2012-11-19 0.580 4.802
2012-10-18 0.580 4.572
2012-09-18 0.580 4.477
2012-08-21 0.580 4.437
2012-07-17 0.580 4.420
2012-06-18 0.580 4.491
2012-05-17 0.580 4.581
2012-04-17 0.580 4.453
2012-03-19 0.580 4.656
2012-02-16 0.580 4.632
2012-01-17 0.580 4.800
2011-12-14 0.580 5.016
2011-11-21 0.580 5.337
2011-10-17 0.580 5.441
2011-09-19 0.580 5.592
2011-08-17 0.580 5.487
2011-07-18 0.580 5.418
2011-05-10 0.580 5.434
2011-04-18 0.560 5.170
2011-03-17 0.560 5.348
2011-02-11 0.560 5.404
2011-01-14 0.560 5.412
2010-12-16 0.560 5.369
2010-11-19 0.560 5.400
2010-10-18 0.560 5.558
2010-09-20 0.560 5.677
2010-08-19 0.560 5.967
2010-07-19 0.560 6.286
2010-06-18 0.560 6.567
2010-05-19 0.560 6.695
2010-04-19 0.560 6.577
2010-03-16 0.560 6.719
2010-02-18 0.560 6.830
2010-01-18 0.560 6.772
2009-12-18 0.560 6.506
2009-11-18 0.560 6.888
2009-10-16 0.560 7.556
2009-09-18 0.560 8.070
2009-08-12 0.560 8.315
2009-07-17 0.560 8.664
2009-06-18 0.560 9.363

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been stable in the past 10 years.
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of Killam Apartment Real Estate Investment Trust's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (2x coverage).
Future Payout to shareholders
  • Insufficient estimate data to determine if a dividend will be paid in 3 years and that it will be sustainable.
X
Income/ dividend checks
We assess Killam Apartment Real Estate Investment Trust's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Killam Apartment Real Estate Investment Trust afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Killam Apartment Real Estate Investment Trust has a total score of 4/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Killam Apartment Real Estate Investment Trust's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Philip Fraser
COMPENSATION CA$1,829,345
AGE 56
TENURE AS CEO 19 years
CEO Bio

Mr. Philip D. Fraser, B.Comm, MURP, MBA, has been Chief Executive Officer and Founding President at Killam Apartment Real Estate Investment Trust since May 2000 and serves as a Trustee since May 26, 2000. Mr. Fraser served as the Chief Financial Officer and Vice President at Pacrim Developments Inc. Mr. Fraser serves as a Trustee of Instorage Real Estate Investment Trust. He serves as a Member of the Sobey School of Business Advisory Board at Saint Mary's University. Mr. Fraser serves as a Member of Board of Governors of the Saint Mary's University. He has experience in executive leadership, governance, real estate, corporate finance and capital markets, entrepreneurial, development, and accounting. He served as an Independent Director of RediShred Capital Corp. since October 18, 2006 until May 25, 2017. Mr. Fraser obtained his Master of Business Administration from Saint Mary's University in 1988, a Master of Urban and Rural Planning in 1988 and a Bachelor of Commerce in 1983 from Dalhousie University.

CEO Compensation
  • Philip's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Philip's remuneration is lower than average for companies of similar size in United States of America.
Management Team Tenure

Average tenure of the Killam Apartment Real Estate Investment Trust management team in years:

16
Average Tenure
  • The average tenure for the Killam Apartment Real Estate Investment Trust management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Philip Fraser

TITLE
President
COMPENSATION
CA$2M
AGE
56
TENURE
19 yrs

Dale Noseworthy

TITLE
Chief Financial Officer
COMPENSATION
CA$598K
TENURE
2.1 yrs

Robert Richardson

TITLE
Executive VP & Trustee
COMPENSATION
CA$903K
AGE
56

Ruth Buckle-McIntosh

TITLE
Vice President of Property Management
COMPENSATION
CA$503K
TENURE
16 yrs

Mike McLean

TITLE
Vice President of Development
COMPENSATION
CA$484K
TENURE
16 yrs

Nancy Alexander

TITLE
Senior Director of Investor Relations & Performance Analytics

Jeremy Jackson

TITLE
Vice President of Marketing & Program Development
TENURE
13.5 yrs

Colleen McCarville

TITLE
Vice President of Human Resources
TENURE
4.7 yrs

Ron Barron

TITLE
Corporate Secretary
TENURE
19.3 yrs

Pamela Crowell

TITLE
Vice President of Commercial Leasing & MHC Management
COMPENSATION
CA$302K
Board of Directors Tenure

Average tenure and age of the Killam Apartment Real Estate Investment Trust board of directors in years:

19
Average Tenure
62
Average Age
  • The average tenure for the Killam Apartment Real Estate Investment Trust board of directors is over 10 years, this suggests they are a seasoned and experienced board.
Board of Directors

Robert Kay

TITLE
Non-Executive Chairman of the Board
COMPENSATION
CA$102K
AGE
81
TENURE
5.5 yrs

Philip Fraser

TITLE
President
COMPENSATION
CA$2M
AGE
56
TENURE
19 yrs

Robert Richardson

TITLE
Executive VP & Trustee
COMPENSATION
CA$903K
AGE
56
TENURE
19 yrs

Nancy Alexander

TITLE
Senior Director of Investor Relations & Performance Analytics

G. Watson

TITLE
Independent Trustee
COMPENSATION
CA$99K
AGE
70
TENURE
19 yrs

Manfred Walt

TITLE
Independent Trustee
COMPENSATION
CA$84K
AGE
65
TENURE
12 yrs

Karine MacIndoe

TITLE
Independent Trustee
COMPENSATION
CA$87K
AGE
44
TENURE
5.2 yrs

James Lawley

TITLE
Non-Executive Trustee
COMPENSATION
CA$64K
AGE
59
TENURE
19 yrs

Tim Banks

TITLE
Non-Independent Trustee
COMPENSATION
CA$81K
AGE
64
TENURE
19 yrs

Arthur Lloyd

TITLE
Independent Trustee
COMPENSATION
CA$81K
AGE
62
TENURE
19 yrs
Who owns this company?
Recent Insider Trading
  • Killam Apartment Real Estate Investment Trust insiders have only sold shares in the past 3 months, but not in substantial volumes.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price ($) Value ($)
28. Mar 19 Sell Pamela Crowell Individual 27. Mar 19 27. Mar 19 -2,500 $14.25 $-35,629
11. Jan 19 Sell Ruth Buckle-McIntosh Individual 11. Jan 19 11. Jan 19 -253 $12.40 $-3,138
14. Dec 18 Sell Karine MacIndoe Individual 13. Dec 18 13. Dec 18 -24,533 $12.43 $-304,183
13. Dec 18 Sell Karine MacIndoe Individual 11. Dec 18 11. Dec 18 -1,000 $12.60 $-12,599
11. Dec 18 Sell Walt & Co. Inc. Company 10. Dec 18 11. Dec 18 -6,900 $12.69 $-87,267
22. Jun 18 Sell Timothy Banks Individual 15. Jun 18 15. Jun 18 -31,742 $11.42 $-362,456
22. Jun 18 Buy Timothy Banks Individual 20. Jun 18 22. Jun 18 26,276 $11.31 $295,900
X
Management checks
We assess Killam Apartment Real Estate Investment Trust's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Killam Apartment Real Estate Investment Trust has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Company Info

Description

Killam Apartment REIT, based in Halifax, Nova Scotia, is one of Canada's largest residential landlords, owning, operating, managing and developing a $2.8 billion portfolio of apartments and manufactured home communities. Killam’s strategy to enhance value and profitability focuses on three priorities: 1) increasing earnings from existing operations, 2) expanding the portfolio and diversifying geographically through accretive acquisitions, with an emphasis on newer properties, and 3) developing high-quality properties in its core markets.

Details
Name: Killam Apartment Real Estate Investment Trust
KMMP.F
Exchange: OTCPK
Founded: 2000
CA$1,355,307,383
CA$1,296,404,904
95,569,770
Website: http://www.killamreit.com
Address: Killam Apartment Real Estate Investment Trust
3700 Kempt Road,
Suite 100,
Halifax,
Nova Scotia, B3K 4X8,
Canada
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
TSX KMP.UN Trust Units The Toronto Stock Exchange CA CAD 21. Dec 2000
OTCPK KMMP.F Trust Units Pink Sheets LLC US USD 21. Dec 2000
Number of employees
Current staff
Staff numbers
616
Killam Apartment Real Estate Investment Trust employees.
Industry
Residential REITs
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/05/27 00:44
End of day share price update: 2019/04/17 00:00
Last estimates confirmation: 2019/05/11
Last earnings filing: 2019/05/01
Last earnings reported: 2019/03/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.