Mr. Philip Fraser reports

KILLAM APARTMENT REIT ANNOUNCES DISPOSITION OF NON-CORE PROPERTY IN HALIFAX

Killam Apartment Real Estate Investment Trust has completed the disposition of The James, a 108-unit apartment building in Halifax, for gross proceeds of $33-million. Killam's proceeds from the sale are $20.1-million, net of the previous mortgage associated with the property.

"We continue to explore accretive disposition opportunities as we make progress towards our strategic target of recycling over $100-million of non-core assets in 2023. We currently have an additional $100- to $150-million of dispositions under contract at various stages of due diligence, however, no assurance can be given that such transactions will be completed," said Philip Fraser, president and chief executive officer.

About Killam Apartment Real Estate Investment Trust

Killam Apartment REIT, based in Halifax, N.S., is one of Canada's largest residential real estate investment trusts, owning, operating and developing a $4.8-billion portfolio of apartments and manufactured home communities. Killam's strategy to enhance value and profitability focuses on three priorities: 1) increasing earnings from existing operations, 2) expanding the portfolio and diversifying geographically through accretive acquisitions, with an emphasis on newer properties, and 3) developing high-quality properties in its core markets.

We seek Safe Harbor.