HALIFAX,
NS, April 24, 2023 /CNW/ - Killam Apartment
REIT ("Killam" or the "REIT") (TSX: KMP.UN) is pleased to announce
that it has completed the disposition of The James, a 108-unit
apartment building in Halifax, for
gross proceeds of $33 million.
Killam's proceeds from the sale
are $20.1 million, net of the
previous mortgage associated with the property.
"We continue to explore accretive disposition opportunities as
we make progress towards our strategic target of recycling over
$100 million of non-core assets in
2023. We currently have an additional $100-150 million of dispositions under contract
at various stages of due diligence, however, no assurance can be
given that such transactions will be completed," said Philip Fraser, President and 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 $4.8 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", "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, 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, 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