Mr. Philip Fraser reports

KILLAM APARTMENT REIT COMPLETES ACQUISITION OF 109-UNIT APARTMENT BUILDING IN HALIFAX, NOVA SCOTIA

Killam Apartment Real Estate Investment Trust has completed the acquisition of Forrest Green Apartments, a 13-storey, 109-suite apartment building located in the Clayton Park neighbourhood of Halifax, N.S. The acquisition closed on Jan. 27, 2026, for a gross purchase price of $29.6-million. The going-in capitalization rate on the purchase is 5.0 per cent, and Killam anticipates placing a new CMHC-insured mortgage on the property.

"This acquisition represents a strong addition to our Halifax portfolio and aligns directly with our long-term strategy for growth in our core markets. The large suites and affordable in-place rents position us well to meet the strong demand for this product," noted Philip Fraser, president and chief executive officer. "This is a well-located property that has been well maintained and which offers additional opportunities to reduce operating costs through energy-efficiency upgrades. With these enhancements, we see potential to strengthen the asset's performance within our portfolio."

Forrest Green was constructed in 1973 and comprises exclusively large suites: two-thirds are three-bedroom, 1,400-square-foot suites and the remaining one-third are two-bedroom, 1,150-square-foot suites. The average in-place monthly rent is $1,860, with a meaningful mark-to-market opportunity as units turn, providing a stable runway for organic growth.

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 $5.6-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.

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