Mr. Philip Fraser reports

KILLAM APARTMENT REIT ANNOUNCES RELEASE OF 2022 ESG REPORT

Killam Apartment Real Estate Investment Trust has released its 2022 environmental, social and governance (ESG) report, providing an overview of Killam's ESG strategies, policies and commitments, and highlighting the progress made.

"Our 2022 ESG report outlines our ESG initiatives, achievements and long-term targets, demonstrating how we integrate sustainability into every aspect of our business," noted Philip Fraser, president and chief executive officer. "We strive to create long-term value for unitholders while making significant contributions to our communities and the environment."

Highlights of Killam's 2022 ESG report include:

• Invested $8.5-million in energy efficiency initiatives, which includes the completion of 12 solar photovoltaic panel installations, two geothermal systems and 114 electric vehicle charging stations across 11 properties;
• Achieved a 2.7-per-cent reduction in like-for-like total greenhouse gas (GHG) emissions from 2020 baseline levels;
• Reduced GHG intensity ratio by 6.7 per cent from 2020 baseline levels;
• Increased the number of apartment units with a long-term affordability commitment by 160 units, resulting in a 35-per-cent increase from 750 units at the end of 2020;
• Formed a corporate-level climate change committee and conducted analysis on Killam's physical and transition risks and opportunities to better align with the TCFD framework;
• Approved a formal board diversity and inclusion policy in January, 2023, which targets a minimum of 30-per-cent female trustees and a commitment to ensuring racial, ethnic or visible minority diversity on the board by 2025 to 2026.

Killam's 2022 ESG report can be found by visiting the trust's website

About Killam Apartment Real Estate Investment Trust

Based in Halifax, N.S., Killam Apartment is one of Canada's largest residential real estate investment trusts, owning, operating and developing a $4.9-billion portfolio of apartments and manufactured home communities. Killam's strategy is to enhance value and profitability by focusing on three priorities: (i) increasing earnings from existing operations; (ii) expanding the portfolio and diversifying geographically through accretive acquisitions, with an emphasis on newer properties; and (iii) developing high-quality properties in its core markets.

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