An anonymous trustee reports

KILLAM APARTMENT REIT ANNOUNCES NORMAL COURSE ISSUER BID

The Toronto Stock Exchange (TSX) 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 July 3, 2025, and terminate on July 2, 2026.

Under the NCIB, Killam is permitted to acquire up to 6,045,826 units, representing approximately 5 per cent of the 120,916,531 units issued and outstanding as of close of business on June 24, 2025. Except as permitted under TSX rules, Killam will not purchase on any given trading day more than 91,632 units, being approximately 25 per cent of 366,530 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 23, 2025. 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 believes 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 expects to enter into an automatic share purchase plan (ASPP) in relation to purchases made under the NCIB. The ASPP has been precleared by the TSX and is expected to be implemented on July 3, 2025. The ASPP is intended to facilitate repurchases of units at times under the NCIB when Killam would ordinarily not be permitted to make purchases due to regulatory restriction or customary self-imposed blackout periods. Before the commencement of any particular trading blackout period, Killam may, but is not required to, instruct its designated broker to make purchases of units under the NCIB during the ensuing blackout period in accordance with the terms of the ASPP. Such purchases will be determined by the designated broker, at its sole discretion, based on purchasing parameters set by Killam in accordance with the rules of the TSX, applicable securities laws and the terms of the ASPP. All purchases of units made under the ASPP will be included in determining the number of units purchased under the NCIB. The ASPP will terminate concurrently with the NCIB. The ASPP constitutes an automatic securities purchase plan under applicable Canadian securities law. Outside of predetermined blackout periods, units may be purchased under the NCIB based on management's discretion, in compliance with TSX rules and applicable securities laws.

Killam purchased 54,468 units at a weighted average price $16.53 per unit under the 2024 NCIB, which commenced on June 24, 2024, and expired on June 23, 2025, and authorized the purchase and cancellation of up to three million units.

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 $5.5-billion portfolio of apartments and manufactured-home communities. Killam's strategy is to enhance value and profitability by focusing on three priorities: (i) increase earnings from existing operations; (ii) expand the portfolio and diversify geographically through accretive acquisitions and dispositions, with an emphasis on acquiring newer properties; and (iii) develop high-quality properties in its core markets.

We seek Safe Harbor.