Killam Apartment REIT Announces Increase to 2026 Capital Recycling Target, Suspension of DRIP and Planned Increase of NCIB Activity

Executive Summary

• Killam Apartment REIT raised its 2026 non‑core asset sales (capital recycling) target from $50 million to a range of $100‑$150 million.
• The company suspended its Distribution Reinvestment Plan (DRIP) effective April 24, 2026, directing future distributions to be paid in cash.
• March 2026 monthly distribution declared at $0.06 per unit, payable on April 15, 2026.

Key Details

• Capital Recycling Target: Increased to $100‑$150 million for 2026 (up from $50 million). Proceeds will fund NCIB repurchases and opportunistic acquisitions.
• NCIB Program: Expected to use disposition proceeds for the repurchase and cancellation of Trust units under the Normal Course Issuer Bid.
• DRIP Suspension: Effective April 24, 2026; unitholders enrolled will receive cash distributions beginning with any distribution declared in April 2026. Re‑enrollment provisions outlined for future reinstatement.
• March 2026 Distribution: $0.06 per unit, payable on April 15, 2026 to holders of record as of March 31, 2026. DRIP participants as of that date will receive units in accordance with the plan’s terms.
• CEO Comment: Philip Fraser highlighted “favourable transaction pricing” and a “disciplined capital allocation strategy,” noting the NCIB remains compelling despite a discount to NAV.

Notable Quotes

“The higher disposition target reflects favourable transaction pricing and a clear, disciplined capital allocation strategy… the NCIB remains a compelling opportunity, complemented by selective acquisitions that enhance portfolio quality and long‑term value.” – Philip Fraser, President & CEO

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