Killam Apartment REIT has divested several non-core assets and refinanced maturing mortgage debt totalling $51 million as part of its ongoing capital-recycling and balance-sheet strengthening strategy.

Halifax-based Killam reported the activity in the REIT’s first quarter 2025 report.

“We are working towards meeting our disposition target of $100-$150 million in 2025,” said Philip Fraser, Killam’s president and CEO.

Year-to-date, Killam has completed $18.5 million in sales of non-core properties and sold a 50% interest in a development site in Calgary to an existing partner. Additional dispositions closed or confirmed shortly after the quarter included $4.8 million in sales of manufactured home communities in Gander and Corner Brook, NL; $13.7 million in apartment buildings in Grand Falls, NL; and $15.7 million in three properties in Charlottetown, P.E.I.

The REIT used proceeds from these sales to support developments, acquisitions, and debt repayment. During the quarter, it refinanced $51 million of mortgages, replacing them with $97.1 million in new debt at a weighted average interest rate of 3.67%. While higher than the expiring debt, this rate was below refinancing levels in 2024.

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Pictured: Killam Apartment REIT’s Eventide multi-family rental project in Halifax.

Rendering: Killam