HALIFAX,
NS, Sept. 13, 2023 /CNW/ - 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 20 buildings, built
in 1947 and originally 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 variable rate debt, 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
landlords, 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.
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