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Killam Apartment REIT Announces Disposition of Non-Core Property in Ottawa
Killam Apartment REIT Announces Disposition of Non-Core Property in Ottawa Canada NewsW...
About this update from Killam Apartment Reit
[{"type":"text","content":"\n \n \n \n Killam Apartment REIT Announces Disposition of Non-Core Property in Ottawa\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n HALIFAX, NS\n \n \n ,\n \n \n March 17, 2023\n \n \n /CNW/ - Killam Apartment REIT (\"Killam\" or the \"REIT\") (TSX: KMP.UN) is pleased to announce that it has completed the disposition of 266 Bronson Avenue, a 43-unit apartment building in\n \n Ottawa\n \n , for gross proceeds of\n \n $9.8 million\n \n .\n \n Killam's\n \n proceeds from the sale are\n \n $7.0 million\n \n , net of the previous mortgage associated with the property.\n \n \n \"We have transacted at a premium to our IFRS fair value, and this disposition is accretive to both net asset value and funds from operation per unit, and enhances capital flexibility. The net cash proceeds of this sale will be allocated to debt repayment or general corporate purposes,\" said\n \n Philip Fraser\n \n , President and CEO.\n \n \n \"This transaction is the first of a number of proposed accretive, strategic dispositions that are expected to maximize value for our Unitholders and strengthen our balance sheet. We currently have an additional\n \n $125 million\n \n of dispositions under contract at various stages of due diligence, however, no assurance can be given that such transactions will be completed.\"\n \n \n About Killam Apartment REIT\n \n \n Killam Apartment REIT, based in\n \n Halifax, Nova Scotia\n \n , is one of\n \n Canada's\n \n largest residential real estate investment trusts, owning, operating and developing a\n \n $4.8 billion\n \n portfolio of apartments and manufactured home communities.\n \n Killam's\n \n 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.\n \n \n \n Note: The Toronto Stock Exchange has neither approved nor disapproved of the informat...