Killam Apartment is is looking at acquiring multi-family rental buildings across the Maritimes, the organization’s president and CEO indicated on a recent conference call with analysts.

“I think I said the last call that, basically, Moncton is on radar for sure,” said Philip Fraser. “There’s some nice new product being built in that marketplace.”

Halifax-based Killam also views St. John’s, NL as a strong market in which to invest. He said a proposed major Hydro Quebec hydroelectric project will mean a lot if it gets finalized.

In 2024, Killam divested 10 assets for $59.2 million. The assets comprise 338 units and three parcels of land.

Most of the assets are located in Atlantic Canada, primarily in Halifax and Charlottetown, P.E.I., while Killam also sold one each in Calgary and Guelph, Ont. The 84-unit Guelph property, known as Woolwich, fetched the highest price $19.2 million.

Three Halifax properties were sold for a total of $16.6 million, with Killam receiving $9.7 million in net proceeds.

“The sale of these properties aligns with Killam’s strategy to optimize value from its portfolio and to increase geographical diversification outside Atlantic Canada,” said Fraser during the conference call, which was held to discuss the REIT’s latest quarterly earnings.

Fraser said Killam is increasing its “level of interest” for acquisitions in Western Canada, particularly the B.C. Lower Mainland, Victoria and Calgary. The REIT’s leaders are tracking and touring new development projects in those markets, and throughout Southern Ontario.

Killam is starting to look for opportunities rather than setting specific investment targets in terms of dollar value, he added.

Meanwhile, the REIT provided an update on its upcoming development projects in the quarterly report and conference call.

The Carrick, a 139-unit project in Waterloo, Ont., is expected to be completed by May 31, while the 55-suite Eventide development in Halifax is slated for completion in the third quarter of 2026.

And, Killam is preparing to commence construction on the 296-unit Nolan Hill Phase 3 development in Calgary. The REIT has also begun site work on the 128-unit Wissler project in Waterloo after receiving all site and building permits.

Killam owns, operates, manages and develops a $5.4-billion portfolio of apartments and manufactured-home communities.

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

Rendering: Killam