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Killam Apartment REIT

KMP-UN.TO

REIT - Residential · Real Estate

Price

C$18.94

+0.11 (+0.58%)

Market Cap

C$2.31B

Exchange

Toronto Stock Exchange

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Winston Score between 40 and 70. The stock passes some quality checks but not all.

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.

Winston Score History

Growth Profile

For growth stock investors

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

Revenue Growth

+3.7% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

-52.9% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

1.8%ownership

Relatively low insider ownership

Cash Position

Cash flow positive

$10M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Growth context

Killam Apartment REIT is growing revenue at 4% 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

Gross Margin

63.7%

Premium pricing power — 63.7% gross margin

Operating Margin

59.2%

Excellent — 59.2% operating margin

ROCE

1.1%

Weak — 1.1% 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 YoY

+4.2%

Slow sales growth (4.2% YoY)

EPS YoY

-103.7%

Earnings shrinking (-103.7% YoY)

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

EPS Consistency

0/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

N/A

Data not available

FCF Margin

18.4%

Converts sales into free cash efficiently (18.4%)

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

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Stability

Debt / Equity

0.76

Moderate — manageable debt (0.76)

Interest Cover

3.92x

Tight — interest eats into profit (3.9x)

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

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Valuation

P/E Ratio

67.6x

Expensive — P/E 67.6

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

P/E vs Forward

+54.1

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (67.6 → 13.5)

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Dividends

Dividend Yield

3.89%

Moderate income — 3.89% yield

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

Dividend Growth

+0.0%

Dividend flat

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