Mr. Philip Fraser reports

KILLAM APARTMENT REIT ANNOUNCES $27 MILLION OF STRATEGIC DISPOSITIONS OF NON-CORE ASSETS

Killam Apartment Real Estate Investment Trust has sold five non-core properties in Prince Edward Island for $27-million. Killam's proceeds from the sale are $11.9-million, net of the mortgages associated with the properties. The transaction, encompassing 227 residential units across 11 buildings, reflects the sale of Country Place, 27 Longworth Ave., 280 Shakespeare Dr. and the Ducks Landing apartment buildings.

"In total, we have completed $157.4-million of dispositions this year at a premium to IFRS [international financial reporting standards] net asset values and increased our overall portfolio quality. The proceeds from these strategic transactions have been used to reduce variable rate debt, fund ongoing developments and, ultimately, strengthen our balance sheet. We expect to complete one additional transaction before year-end, which will conclude our capital recycling program for 2023," said Philip Fraser, president and chief executive officer.

About Killam Apartment Real Estate Investment Trust

Killam Apartment, based in Halifax, N.S., is one of Canada's largest residential real estate investment trusts, owning, operating and developing a $5-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 and dispositions, with an emphasis on newer properties; and (3) developing high-quality properties in its core markets.

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