Killam Apartment REIT Announces Normal Course Issuer Bid

Executive Summary

• Killam Apartment REIT announced that the Toronto Stock Exchange (TSX) has accepted its notice of intention to commence a Normal Course Issuer Bid (NCIB) for its trust units.
• The new NCIB will run from July 3, 2026, to July 2, 2027, allowing the REIT to repurchase up to 11,894,721 units (approximately 10% of the public float).
• The REIT will utilize an Automatic Securities Purchase Plan (ASPP) to facilitate purchases during regulatory blackout periods, with all acquired units to be cancelled.

Key Details

• NCIB Scope: The TSX has accepted Killam's notice of intention for the NCIB.
• Duration: The bid commences on July 3, 2026, and terminates on July 2, 2027.
• Maximum Quantity: Killam is permitted to acquire up to 11,894,721 Units, representing approximately 10% of the public float as of June 19, 2026.
• Daily Purchase Limit: Killam will not purchase more than 96,845 Units on any given trading day (approx. 25% of the 6-month average daily trading volume of 387,380 Units).
• Purchase Method: All purchases will be made on the open market via the TSX and/or alternative Canadian trading systems at the market price.
• Disposition of Units: Any Units acquired through the NCIB will be cancelled.
• Automatic Securities Purchase Plan (ASPP):
  • Pre-cleared by the TSX and implemented on July 3, 2026.
  • Allows purchases during regulatory or self-imposed blackout periods based on parameters set by Killam and discretion of the designated broker.
  • Purchases under the ASPP count toward the total NCIB limit.
  • The ASPP terminates concurrently with the NCIB.
• Previous NCIB Status (2025 NCIB):
  • The 2025 NCIB (July 3, 2025 – July 2, 2026) has seen 2,229,298 Units purchased at a weighted average price of $17.90 per Unit.
  • The REIT has authorized the purchase and cancellation of up to 6,045,826 Units under this previous bid.
• Management Rationale: Killam views the NCIB as an attractive use of funds to purchase units when the market price may not fully reflect underlying value, with decisions based on market conditions and unit price.

Notable Quotes

• "Killam believes the NCIB is an attractive and appropriate use of Killam's funds to purchase Units when the market price of such Units may not fully reflect their underlying value."
• "Management's decisions regarding any Unit repurchases will be based on market conditions, the market price of the Units and other factors."