KILLAM APARTMENT REIT COMPLETES PREVIOUSLY ANNOUNCED ARRANGEMENT

HALIFAX, NS, Dec. 2, 2024 /CNW/ - Killam Apartment REIT (TSX: KMP.UN) ("Killam" or the "REIT") is pleased to announce that it has completed its previously announced plan of arrangement (the "Arrangement"). The Arrangement became effective on November 30, 2024 and simplifies Killam's organizational structure by eliminating Killam Properties Inc. ("KPI"), a wholly-owned subsidiary of the REIT, from the structure.

The Arrangement does not change Killam's strategy, portfolio, or operations. Following the completion of the Arrangement, unitholders continue to hold the same number, type and percentage of outstanding units as they held immediately prior to the Arrangement and the total number of units outstanding remains the same. The REIT's trust units continue to be listed on the TSX and retain the same CUSIP number.

About Killam Apartment REIT

Killam Apartment REIT, based in Halifax, Nova Scotia, is one of Canada's largest residential real estate investment trusts, owning, operating, and developing a $5.3 billion portfolio of apartments and manufactured home communities. Killam's strategy to drive value and profitability focuses on three priorities: (1) increase earnings from the existing portfolio; (2) expand the portfolio and diversify geographically through accretive acquisitions, targeting newer properties and dispositions of non-core assets; and (3) develop high-quality properties in its core markets.

For information, please contact:

Claire Hawksworth, CPA 
Senior Manager, Investor Relations
chawksworth@killamREIT.com
(902) 442-5322              

Note: The Toronto Stock Exchange has neither approved nor disapproved of the information contained herein. Certain statements in this press release may constitute forward-looking statements. In some cases, forward-looking statements can be identified by the use of words such as "may," "will," "should," "expect," "intend," "plan," "anticipate," "believe," "continue," "remain," or the negative of these terms or other comparable terminology, and by discussions of strategies that involve risks and uncertainties. Such forward-looking statements may include, among other things, statements regarding: the effects and benefits of the Arrangement, including on Killam's unitholders; and Killam's priorities.

Readers should be aware that these statements are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those anticipated or implied, or those suggested by any forward-looking statements, including: risks related to tax legislation and the interpretation and application thereof; litigation to which Killam may be subject; global, national and regional economic conditions (including interest rates and inflation); and the availability of capital to fund further investments in Killam's business. For more exhaustive information on these risks and uncertainties, readers should refer to Killam's most recently filed annual information form, Killam's most recently filed MD&A, as well as Killam's management information circular dated October 18, 2024, each of which is available on SEDAR+ at www.sedarplus.ca. Given these uncertainties, readers are cautioned not to place undue reliance on any forward-looking statements contained in this press release. By their nature, forward-looking statements involve numerous assumptions, inherent risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and various future events may not occur. Although management believes that the expectations reflected in the forward-looking statements are reasonable, there can be no assurance that future results, levels of activity, performance or achievements will occur as anticipated. Further, a forward-looking statement speaks only as of the date on which such statement is made and should not be relied upon as of any other date. While Killam anticipates that subsequent events and developments may cause its views to change, Killam does not intend to update or revise any forward-looking statement, whether as a result of new information, future events, circumstances, or such other factors that affect this information, except as required by law. The forward-looking statements contained in this press release are expressly qualified by this cautionary statement.

SOURCE Killam Apartment Real Estate Investment Trust