Hey there. I actually answered this question, not on KMP in particular but residential REITs, about 3 weeks ago. Here is the answer:
I have grown to dislike residential REITs simply because of the overall environment here in Canada. I do believe our housing situation will make it difficult for REITs to increase rents as they're already unaffordable. Additionally, the high housing costs are creating significant social and political pressure, and I believe this makes the sector particularly susceptible to government regulation aimed at cooling the market. These factors could weigh on the growth prospects and profitability of residential REITs in the Canadian context.
I own a single REIT, and it is also the only REIT featured here and that is Canadian Foundational Stock Granite REIT.
I believe there are quite a few tailwinds in the industrial space. Ecommerce growth, automation, distribution warehouses etc. Whereas with the residential space, I primarily see headwinds and potential regulatory issues.
My thoughts were not the same pre-pandemic, but the environment that has been created because of ultra-low interest rates is one that I don't believe will be particularly bullish moving forward. That said, it is not that Killam is a poor company or anything, it is just a space I have shifted away from in the last couple of years.