Canadian MHC Owner Reports Gains in Q1

Killam Properties Inc. announces in its first quarter 2012 results, net operating income (NOI) for its same store MHC registered 4.7% growth versus the same store apartment building that generated only 1.5% growth. Overall, funds from operations (FFO) rose from 0.145 per share in Q1 2011 to 0.151 per share as of March 31, 2012, an increase of 4.1 percent. Killam increased same store NOI by 2.2 percent, and same store rental revenue growth by 1.9 percent. Total assets for the company increased 2.3 percent to 1,359,982, 2011 to 2012. DigitalJournal tells Killam Properties is one of Canada’s largest residential developers and landlords of multi-family apartments and manufactured home communities.

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