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  5. KMP.UN: What do you think? [Killam Apartment Real Estate Investment Trust]
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Not investment advice or solicitation to buy/sell securities. Do your own due diligence and/or consult an advisor.

Q: What do you think? KMP.UN

thanks. Jean Guy
Asked by Jean Guy on October 10, 2024
5i Research Answer:

We think KMP is a solid mid-cap residential REIT. Focused in Eastern Canada, it has done reasonably well, and benefits from lower interest rates. Like most REITs, debt is high and growth is low, but its growth rate is higher than most. This makes it pricey at 16X cash flow. Payout ratio is quite reasonable at 72%. The distribution was last raised in August 2021. The last quarter was fine. We would be comfortable holding this for income and some growth (low) potential. 

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