The Globe and Mail reports in its Thursday, May 12, edition that Canaccord Genuity analyst Mark Rothschild says "impressive" internal growth led Killam Apartment REIT ($12.47) to a 20-per-cent increase in funds from operations per unit in the first quarter. The Globe's David Leeder writes that on Tuesday, the REIT posted FFO of 18 cents, up from 15 cents in the same period of 2015 and two cents higher than both the consensus and Mr. Rothschild's projections. Mr. Rothschild says in a note: "For Q1/16, same-property NOI jumped 8.0 per cent year over year, representing the fifth consecutive quarter of strong internal growth. Fundamentals in the REIT's core markets are sound, and we expect continued healthy internal growth through the remainder of 2016. However, we do not expect this pace of growth to continue and management guided to growth of up to 2 per cent for the remainder of the year, and 2 to 4 per cent for the full year 2016. ... Although the biggest driver of internal growth was on the expense side, we believe that the most encouraging data point is the continued high occupancy in Halifax." Mr. Rothschild kept his "buy" rating for the REIT and raised his target to $13.25 per unit from $12.