An anonymous trustee reports

KILLAM APARTMENT REIT ANNOUNCES NORMAL COURSE ISSUER BID

The Toronto Stock Exchange has accepted Killam Apartment Real Estate Investment Trust's notice of intention to make a normal course issuer bid (NCIB) for trust units of the REIT. The NCIB is expected to commence on June 22, 2023, and terminate on June 21, 2024.

Under the NCIB, Killam is permitted to acquire up to three million units, representing approximately 2.6 per cent of the 117,444,108 units issued and outstanding as of June 8, 2023. Except as permitted under TSX rules, Killam will not purchase on any given trading day more than 55,257 units, being approximately 25 per cent of 221,030 units, the average daily trading volume of the units on the TSX for the six most recently completed calendar months, excluding any purchases made through the facilities of the TSX under Killam's normal course issuer bid which expired on June 1, 2023. All purchases will be made on the open market, through the facilities of the TSX and/or alternative Canadian trading systems at the market price of such units at the time of acquisition. Any units acquired through the NCIB will be cancelled. Killam believe that the NCIB provides it with the flexibility to utilize its capital to acquire units from time to time under the appropriate circumstances. Management's decisions regarding any unit repurchases will be based on market conditions, the market price of the units and other factors.

Killam sought and obtained approval to purchase three million units under the 2022 NCIB. In the 12 months preceding the date hereof, Killam purchased 11,822 units under the 2022 NCIB through the facilities of the TSX and other alternative Canadian trading systems at a volume-weighted average price of $16.92.

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.

We seek Safe Harbor.