/NOT FOR DISTRIBUTION TO THE UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED
STATES/
HALIFAX,
NS, Feb. 4, 2022 /CNW/ - Killam Apartment
REIT (TSX: KMP.UN) ("Killam") is pleased to announce that it has
closed its previously announced public offering (the "Offering"),
on a bought-deal basis, of trust units (the "Units") to the public
at a price of $20.80 per Unit (the
"Offering Price"). Killam issued 4,715,000 Units, including
615,000 Units pursuant to the exercise in full of the
over-allotment option that was granted to the Underwriters (as
defined below), for gross proceeds of approximately $98.1 million.
The Offering was made pursuant to an underwriting agreement with
a syndicate of underwriters led by RBC Capital Markets, and
including BMO Nesbitt Burns Inc., TD Securities Inc., CIBC World
Markets Inc., Scotia Capital Inc., Desjardins Securities Inc.,
Canaccord Genuity Corp., National Bank Financial Inc., Sera Global
Securities Canada LP, Echelon Wealth Partners Inc., iA Private
Wealth Inc., Laurentian Bank Securities Inc. and Raymond James Ltd.
(collectively, the "Underwriters").
Killam intends to use the net
proceeds from the Offering to repay amounts outstanding on its
credit facility (current outstanding balance of approximately
$60 million), to fund future
acquisitions and developments and for general trust purposes. Upon
completion of the Offering and the use of proceeds, Killam will have access to more than
$200 million of available capital
through its credit facilities and cash on hand.
This press release is not an offering of securities for sale in
the United States. The Units being
offered have not been and will not be registered under the United
States Securities Act of 1933, as amended (the "U.S. Securities
Act"), and state securities laws. Accordingly, the Units may not be
offered or sold in the United
States absent registration or an exemption from the
registration requirements of the U.S. Securities Act.
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 $4.4 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, with an
emphasis on newer properties, and 3) developing high-quality
properties in its core markets.
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", "plan",
"anticipate", "believe", "intend" 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 relating to the
anticipated use of the net proceeds of the Offering, the REIT's
anticipated access to capital and liquidity, and growth
opportunities. These forward-looking statements are based on our
expectations, estimates, forecast and projections, which we believe
are reasonable as of the current date. Such forward-looking
statements involve risks, uncertainties and other factors, which
may cause actual results, performance or achievements of
Killam to be materially different
from any future results, performance or achievements expressed or
implied by such forward-looking statements, including the effects
of the evolving COVID-19 pandemic on the performance of the REIT;
the effectiveness of measures intended to mitigate the impact of
COVID-19 and any variants thereof; competition; national and
regional economic conditions and the availability of capital to
fund further investments in Killam's business. For more detailed
information on these and other risks and uncertainties, you should
refer to our most recently filed annual information form and
management's discussion & analysis, each of which is available
at www.sedar.com. Readers should not place undue reliance on any
such forward-looking statements. Further, a forward-looking
statement speaks only as of the date on which such statement is
made. Other than as required by law, Killam does not undertake to update any of
such forward-looking statements.
SOURCE Killam Apartment Real Estate Investment Trust