Killam’s Halifax portfolio bolstered the apartment REIT’s revenues and bottom line in the second quarter.

Same-property revenue rose 6.5% year-over-year to approximately $24.6 million from $23.1 million. The increase was driven by a 6.6% year-over-year gain in the average rent a 10-basis-point increase in occupancy to 99%, said the Halifax-based REIT.

Meanwhile, net operating income jumped 9% to $16.4 million from $15.1 million.

Percentage-wise, Killam posted larger revenue gains in Calgary (8.1%) and Victoria (6.7%.) But dollar-wise, the Halifax portfolio’s revenues were vastly superior.

The Halifax increases coincided with a decline in expenses.

The REIT is on track to divest $50 million worth of properties across Canada in 2024, said Philip Fraser, Killam’s president and CEO.

Pictured: Killam’s Governor apartment complex in Halifax.

Rendering: Killam Apartment REIT