HALIFAX,
NS, Nov. 17, 2023 /CNW/ - Killam Apartment
REIT ("Killam" or the "REIT") (TSX: KMP.UN) is pleased to announce
that it has sold five non-core properties in Prince Edward Island for $27.0 million. Killam's proceeds from the sale are
$11.9 million, net of the mortgages
associated with the properties. The transaction, encompassing 227
residential units across 11 buildings, reflects the sale of Country
Place, 27 Longworth Avenue, 280 Shakespeare Drive, and the Ducks
Landing apartment buildings.
"In total, we have completed $157.4
million of dispositions this year at a premium to IFRS net
asset values and increased our overall portfolio quality. The
proceeds from these strategic transactions have been used to reduce
variable rate debt, fund ongoing developments, and, ultimately,
strengthen our balance sheet. We expect to complete one additional
transaction before year-end, which will conclude our capital
recycling program for 2023," said Philip
Fraser, President & CEO.
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 $5.0 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 and
dispositions, 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", "continue", "opportunity" or the
negative of these terms or other comparable terminology, and by
discussions of strategies that involve risks and uncertainties.
Such forward-looking statements include statements regarding the
effects of the disposition on Killam's net asset value, funds from operation
per unit, and capital flexibility; the allocation of the proceeds
from the disposition to repay debt and for general corporate
purposes; and future dispositions, including the number, timing,
and effects thereof. These forward-looking statements are based on
our expectations, estimates, forecasts, and projections, which we
believe are reasonable as of the current date. Such forward-looking
statements involve risks, uncertainties, and other factors, that
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,
among other things, 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, therefore, 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 and should not be relied upon as of
any other date. Other than as required by law, Killam does not undertake to update any of
such forward-looking statements. The forward-looking statements
contained in this press release are expressly qualified by this
cautionary statement.
SOURCE Killam Apartment Real Estate Investment Trust