Killam Apartment REIT Announces Disposition of Non-Core Asset in Saint John
Killam Apartment REIT (“Killam” or the “REIT”) (TSX: KMP.UN) is pleased to announce that it has completed the disposition of Parkwood Apartments in Saint John, New Brunswick for gross proceeds of $15 million.
Parkwood Apartments is a complex containing 205 apartment units across 20 buildings. It was originally built in 1947 and acquired by Killam in 2004.
“The sale of this property aligns with our strategy to optimize value from our existing portfolio. We continue to explore opportunities to increase overall efficiency of our portfolio and create value for our unitholders. Proceeds from the sale will be allocated towards the repayment of our line of credit, further strengthening our balance sheet,” 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 $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, with an emphasis on newer properties, and 3) developing high-quality properties in its core markets.
For information, please contact:
Claire Hawksworth, CPA
Manager, Investor Relations & Sustainability
chawksworth@killamreit.com
(902) 442-5322
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.