Mr. Philip Fraser reports

KILLAM APARTMENT REIT ANNOUNCES THE RETIREMENT OF ITS BOARD CHAIR, MR. BOB KAY

Killam Apartment Real Estate Investment Trust's Bob Kay, chair of the board of trustees, will not stand for re-election at this year's annual general meeting on May 8, 2024 (the AGM), and will retire from the board and as the board chair at the close of the AGM.

"I would like to thank Mr. Kay for his 22 years of service and leadership on Killam's board as a director, and since May, 2013, as the chair of the board. The first two properties purchased by Killam, which were built and owned by Mr. Kay, became the basis of the qualifying transaction to start Killam, and on closing, Mr. Kay joined the board. His leadership and experience have been instrumental in making Killam the entity it is today," stated Philip Fraser, president and chief executive officer.

The board of trustees is also pleased to announce that James Lawley will become the new chair of the board following his re-election at the AGM. Mr. Lawley is a long-serving board member with over 40 years of experience in the multiresidential real estate sector in land acquisitions, permitting, financing, and overseeing the design and construction of many multifamily residential projects.

"Over the last three to four years, Killam has been in the process of board renewal where original board members have been retiring, and new, diverse board members have been joining Killam. Mr. Lawley, at the pinnacle of his illustrious real estate career and with his extensive institutional knowledge of Killam, will continue to lead board succession and renewal, positioning Killam's board for ongoing success," stated Mr. Fraser, president and CEO.

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 $5.0-billion portfolio of apartments and manufactured home communities. Killam's strategy is to enhance value and profitability by focusing 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.