Halifax-based Killam Apartment REIT maintains a $5.3 billion portfolio of 18,835 apartments and 5,975 manufactured homes. More than 60% of its properties are located in Nova Scotia, New Brunswick, PEI, and Newfoundland. However, it also has 26.3% allocation in Ontario, primarily in Kitchener/Waterloo, 9.2% in Alberta, and 3.7% in BC (Victoria).
Despite the successful recycling of its portfolio and expansion in some of the faster-growing areas in Ontario, Halifax-based Killam’s share price has fallen 20% since our initial recommendation. It’s well below its all-time high of $23.59, touched at the end of 2021, as inward migration to the Atlantic provinces boomed during the pandemic.