Mr. Philip Fraser reports

KILLAM APARTMENT REIT ANNOUNCES INCREASE TO 2026 CAPITAL RECYCLING TARGET, SUSPENSION OF DRIP AND PLANNED INCREASE OF NCIB ACTIVITY

Killam Apartment Real Estate Investment Trust plans to accelerate its portfolio optimization by increasing its 2026 capital recycling target. The existing non-core asset sales target has been increased from $50-million to $100-million to $150-million for the year. Proceeds from property dispositions are expected to be used for the repurchase and cancellation of trust units through Killam's normal course issuer bid program and on opportunistic acquisitions.

To maximize the effectiveness of the NCIB, Killam has suspended its distribution reinvestment plan, effective April 24, 2026, until further notice. Unitholders enrolled in the DRIP will receive future distributions in cash, commencing with any distribution declared in April, 2026. If Killam elects to reinstate the DRIP in the future, unitholders who were enrolled in the DRIP at the time of its suspension and remain enrolled at the time of its reinstatement will automatically resume participation in the DRIP.

"The higher disposition target reflects favourable transaction pricing and a clear, disciplined capital allocation strategy. While Killam's trust units trade at a discount to its per-unit net asset value, the NCIB remains a compelling opportunity, complemented by selective acquisitions that enhance portfolio quality and long-term value," noted Philip Fraser, president and chief executive officer.

Additionally, Killam is pleased to announce its March, 2026, monthly distribution. The distribution of six cents per unit will be paid on April 15, 2026, to unitholders of record on March 31, 2026. Unitholders enrolled in the DRIP as of March 31, 2026, will receive trust units in respect of the March, 2026, distribution in accordance with the terms of the DRIP.

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, managing and developing a $5.4-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 which target newer properties and through the disposition of non-core assets; and (3) developing high-quality properties in its core markets.

We seek Safe Harbor.