Killam Apartment Reit · TSX:KMP.UN
Killam Apartment Reit — Investor Day (September 2026)
56 slides from Killam Apartment Reit's investor day presentation, Sep 23, 2026
Slide 1: 2026 Investor Day
2026 INVESTOR DAY September 23, 2026
Slide 2: Chris Gare, COVE
Chris Gare COVE | Director of Maritime Technology & Innovation 2
Slide 3: Market Insights
Market Insights Presented by CBRE Chris Carter CBRE | Senior Vice President – National Investment Team, Atlantic Canada 3
Slide 4: Defence Driven Growth
SEPTEMBER 23,2026 CBRE Defence Driven Growth Examining the Impact of Military Investment on Halifax’s Economy and Multifamily Market PRESENTED TO KILLAM APARTMENT REIT
Slide 5: Slide 5
Slide 6: Defence Infrastructure Expansion
Defence Infrastructure Expansion As Canada’s leading naval centre and home to the country’s largest military base, Halifax is well positioned to benefit from increased national defence spending. Additional personnel, infrastructure investment, and shipbuilding activity are expected to support econom
Slide 7: Key Defence Projects & Spending
Key Defence Projects & Spending TT aie
Slide 8: Key Defence Projects & Spending
Key Defence Projects & Spending CFB DOCKYARD 14 WING COMBAT HALIFAX NEW CAF NEW DOCK NEW RADAR & STADACONA GREENMOOD TRAINING & GATE HOUSING SUBMARINE EXPANSION BASE FACILITY INTEGRATION FACILITY & UPGRADE CENTRE to modernize to construct two towards the toa 475-acre to modernize large scale toaccom
Slide 9: Long-Term Infrastructure Projects
Long-Term Infrastructure Projects QEII EXPANSION A major hospital expansion project involving the construction of a 14-storey addition, with a projected cost of $7.4 billion and completion anticipated in 2031. ROAD INFRASTRUCTURE Major transportation infrastructure projects, including the Fairview O
Slide 10: Influence on Other Asset Classes
Influence on Other Asset Classes 4 PMB LOCKHEED MARTINEZ” CQ cones BAE SYSTEMS =~ DEFENCE
Slide 11: Multifamily Supply Response to Demand
Multifamily Supply Response to Demand Remainder of Halifax not shown: 3,372 units Total under construction: 14,751 units Source: CMHC. As of Q2 2026. PAGE 8 | DEFENCE DRIVEN GROWTH - HALIFAX MARKET OVERVIEW BEDFORD 387 UNITS DARTMOUTH NORTH 3,005 UNITS DARTMOUTH EAST PENINSULA NORTH 665 UNITS 1,766
Slide 12: Atlantic Canadian Investment Sales
Atlantic Canadian Investment Sales 2021 2022 2023 2024 2025 2026 YTD Office $113,701,200 $190,734,409 $182,156,585 $147,540,000 $83,517,000 $176,843096 Industrial $392,568,030 $465,757,900 $146,041,700 $118,981,500 $249,541,891 $132,083,000 ; |Multi-residential §392817030 $500,750,875 $727144,340 $6
Slide 13: Who's Buying
Whos Buying a FIERACAPITAL MONTREAL CAPITAL: V4 PIER 4 Black Ridge realstar PRIVATE LOCAL BUYERS: PRIVATE LOCAL BUYERS CANADIAN APARTMENT PROPERTIES + REIT ea poate AMK BARRETT * Penson pyectmente AFFORDABLE HOUSING ORGANIZATIONS + City Centre + Boston Developments APARTMENT REIT + Users (YWCA)
Slide 14: Recent Sales
Recent Sales PIER 4 PORTFOLI H FA NS ASHFORD PORTFOLIO, MONCTON, NB THE JUNCTION, HALIFAX, NS $66,500,000 Sale Price $22,560,000 Sale Price $50,150,000 $272,500 Price/Unit. $161100 Price/Unit $421400 2 Units ne 244 (4 buildings) Units 140 (3 buildings) Cap Rate 48% 51% Cap Rate U/K SKYLINE PORTFOLIO
Slide 15: CBRE Contact
CBRE For more information, please contact: Chris Carter Senior Vice President 902 492 2085 chris.carter@cbre.com This disclaimer shal apply to CBRE Limited, Real Estate Brokerage, and tol other divisions of the Corporation; to include all employees and independent contractors CBRE"). The information
Slide 16: Halifax Supply & Demand
Halifax Supply & Demand Philip Fraser Killam | President & CEO 16
Slide 17: Halifax added a decade's worth of typical population growth in just four years
Halifax added a decade’s worth of typical population growth in just four years Growth slowed sharply in 2025 after three exceptional years, yet the city still added about 8,500 people Halifax Population Growth Net Persons and Annual Growth Rate, 2002 to 2025 Additional People (left-axis) Growth % (r
Slide 18: Demand has slowed, but the housing need remains
Demand has slowed, but the housing need remains Slower growth does not mean lower housing need; household base is larger than pre-pandemic Population Growth Index, Select Canadian CMAs (2019 = 0), 2019 to 2025 Moncton Calgary Halifax Edmonton Ottawa Vancouver Canada CMAs Toronto Montréal 30% Moncton
Slide 19: Population growth is concentrated in prime household-forming ages
Population growth is concentrated in prime household-forming ages Who needs housing is also changing: a changing population requires a different housing mix Halifax - Annual growth in population by age cohort, 2024 and 2025 2024 2025 8.0% 6.0% 7.1% 5.9% 4.0% 3.5% 3.8% 3.6% 2.0% 0.8% 1.8% 0.3% 0.0% -
Slide 20: Housing construction is strong by historical standards
Housing construction is strong by historical standards The current challenge is not simply a lack of building effort Nova Scotia — Historical Starts by Dwelling Type (All Areas) Ground-oriented Apartment Total Starts 10,000 Total Starts 9,760 8,000 6,000 4,000 2,000 0 1990 2003 2010 2016 2023 1991 1
Slide 21: Record construction is progress, but it is still not enough
Record construction is progress, but it is still not enough Closing the supply gap requires raising annual starts from 9,760 to approximately 12,500 Projected Annual Housing Starts, 2025 to 2035 Supply Gap Housing Starts in 2025/ Business-as-usual Halifax 750 7,000 7,750 Nova Scotia 2,740 9,760 12,5
Slide 22: Halifax's post-2019 price increase has made homeownership more difficult
Halifax’s post-2019 price increase has made the move into homeownership more difficult MLS® Composite House Price Index, 2019-Q1 to 2026-Q1, Select Cities percent change since 2019-Q1 (seasonally adjusted data) Canada Calgary Edmonton Moncton Toronto Vancouver Halifax Montreal Ottawa 160% 140% Monct
Slide 23: Halifax is entering a period of record rental delivery
Halifax is entering a period of record rental delivery Record completions should expand renter choice and support further moderation in asking rents Halifax — Historical & Estimated Annual Rental Completions (estimate based on rental units under-construction as of July, 2026) 5,000 4,432 4,000 3,561
Slide 24: Halifax is the only major regional city below balanced vacancy levels
Halifax is the only major regional city below balanced vacancy levels Halifax’s vacancy rate of 2.7% is below the balanced range of 3% to 4.5% Estimated Balanced Vacancy Rate Range Versus 2025 Apartment Vacancy Rate, Select CMAs Balanced Market Range (%) 2025 Total Apt Vacancy Rate (%) 6.0% 5.0% 4.0
Slide 25: Headline improvement conceals a segmented rental market
Headline improvement conceals a segmented rental market Market is loosening first in newer, generally more expensive units. Halifax CMA - Vacancy Rates by Year of Construction, 2025 Vacancy Rate Halifax CMA Vacancy Rate 5.0% 4.0% 4.7% 3.0% 3.8% 3.3% 2.0% 2.7% 1.0% 1.9% 1.8% 1.7% 1.5% 0.0% 1950 - 196
Slide 26: Affordable availability remains the main rental constraint
Affordable availability remains the main rental constraint Low-cost rentals are scarce; More rental availability does not mean more affordable availability Halifax -Purpose-built Apartment Vacancy Rates by Rent Quartile, 2024 vs 2025 Oct-24 Oct-25 4.0% 3.5% 3.0% 2.8% 2.5% 2.4% 2.0% 2.0% 1.0% 1.0% 0.
Slide 27: Loss of existing rental stock may be exacerbating shortages
Loss of existing rental stock may be exacerbating shortages in Halifax's most affordable rental units Rental supply growth is lower once stock removals, and other adjustments are accounted for Halifax - Net Adjustment to Existing Rental Stock, 2021 to 2023 New Apartment Completions Overall Rental Un
Slide 28: Outside Halifax, renters rely far more heavily on secondary-market housing
Outside Halifax, renters rely far more heavily on secondary-market housing Nearly 40% of Nova Scotia renter households live in the secondary rental market, Nova Scotia - Estimate of renter households by market type, 2021 Primary Rental Market Secondary Rental Market Social and Affordable Housing 63,
Slide 29: Halifax has the largest asking-versus-paid rent gap
Halifax has the largest asking-versus-paid rent gap among the cities shown Newer, higher-rent apartments shape asking rents, while affordable units remain scarce and rarely become available Paid vs asking rents for a two-bedroom apartment, Select Cities, 2026-Q2 Asking /Advertised Rents Paid Rents $
Slide 30: Lower completions may limit further rental-market easing
Lower completions may limit further rental-market easing Advertised rents are rising again as the pace of new supply slows Total Rental Completions by Rental Market Survey Year* *Survey year is the period which includes July of previous year to June of current survey year 3,500 3,000 3,283 2,500 2,8
Slide 31: Nova Scotia continued to grow as most provinces lost population
Nova Scotia continued to grow as most provinces lost population ▪ From January 1 to March 31, 2026 Nova Scotia’s population increased 0.07%. ▪ Nova Scotia was one of only three provinces to record population growth, alongside Saskatchewan and Alberta. ▪ The largest population gain was reported in Al
Slide 32: Historical Rental Pending Starts
Figure 13: This table shows the historical number of rental units where a building permit has been approved and issued, but a construction start had not yet taken place. 5,000 4,000 3,000 Halifax - Historical Rental Pending Starts, 2023-Q1 to 2026-Q3 Dec-2024 4,302 Aug-2026 1,701 Apr-2025 2,000 2,87
Slide 33: Halifax Overview
HALIFAX OVERVIEW Killam Property Dartmouth Crossing Shopping & Dining Mic Mac Mall Irving MSVU Shipyard University Navy Hospital Base Ferry Bayers Lake Terminal Shopping Center Halifax Nova Scotia Shopping Community Center College Hospitals Military Base Downtown Halifax Dalhousie University Saint M
Slide 34: Halifax Defense Presence
HALIFAX DEFENSE PRESENCE Military Police Killam Property HQ (Atlantic Canadian Forces Canada) – 5 acres Ammunition Depot (Future Submarine Dockyard) – 1,184 acres Canadian Coast Guard Dartmouth Base – 105 acres Bedford Rifle Range (CFB Halifax) – 620 Dockyard Annex (CFB acres Halifax) – 39 acres COV
Slide 35: Military Housing in Halifax
MILITARY HOUSING IN HALIFAX 35
Slide 36: Halifax Defence Ecosystem
HALIFAX DEFENCE ECOSYSTEM NAVAL SHIPBUILDING & OCEAN, SUBSEA & FLEET SUSTAINMENT MARITIME SURVEILLANCE River-class Destroyers • Arctic Sonar • sensing • autonomy Offshore Patrol Ships ENABLING INVESTMENTS DEFENCE SKILLED LABOUR SUBMARINE TALENT PIPELINE INFRASTRUCTURE, 02 SUSTAINMENT TRAINING & INTE
Slide 37: Ecosystem Driving Growth
ECOSYSTEM DRIVING GROWTH LONG-DURATION DEFENCE COMMITMENTS Procurement • Sustainment • Facilities • Innovation BUSINESS & POPULATION GROWTH & PUBLIC & PRIVATE SK ILLED JOBS REAL ESTATE DEMAND INDUSTRIAL GROWTH HOUSEHOLD FORMATION INVESTMENT Talent attraction • Utilities • transit • Engineering • tra
Slide 38: Halifax Portfolio Highlights
Halifax Portfolio Highlights Dale Noseworthy Killam | CFO 38
Slide 39: Halifax Zones per CMHC
HALIFAX ZONES PER CMHC The “Remainder of Halifax” zone accounts for almost 4,500 “Halifax Proper” units under construction i.e., Killam markets, has (30% of total under ~10,000 units under construction). construction (70% of total)
Slide 40: Halifax Proper – By Zone per CMHC
HALIFAX PROPER – BY ZONE PER CMHC Bedford (& Sackville) 8.4% Dartmouth (North & South) Clayton Park (Mainland North) 27.3% 33.4% Halifax Peninsula (North & South) 30.8% 40 Percentages reflect Killam’s current ownership in each region as a percent of Killam’s total Halifax portfolio (by unit count).
Slide 41: Halifax Proper Under Construction
HALIFAX PROPER UNDER CONSTRUCTION Apartment Units Under Construction Bedford Killam property Killam: $1,768 New: $2,000-$2,700 ~400 units MTM: 16% ~700 Clayton Park ~500 units ~3,000 Killam: $1,516 units units New: $2,000-$2,800 MTM: 23% Dartmouth Killam (older): $1,364 ~3,700 Killam (newer): $2,259
Slide 42: Killam's Halifax Portfolio Overview
KILLAM’S HALIFAX PORTFOLIO OVERVIEW Portfolio Growth in Halifax ($ millions) Acquisitions & Developments Dispositions $150,000,000 $100,000,000 $50,000,000 $0 -$50,000,000 -$100,000,000 2002 2003 2004 2005 2006 2007 2008 2010 2011 2012 2013 2014 2015 2016 2017 2018 2020 2021 2022 2023 2024 2026E 42
Slide 43: Killam's Halifax Portfolio Age
KILLAM’S HALIFAX PORTFOLIO AGE 1-10 10% 1-10 15% 5% 11-20 11-20 36% 7% 9% NOI 21-30 43% Units 21-30 by Age by Age 5% 31-40 (years) 11% 31-40 (years) 41-50 41-50 5% 27% 50+ 25% 50+ 43
Slide 44: Killam's Halifax Portfolio Overview
KILLAM’S HALIFAX PORTFOLIO OVERVIEW Average Monthly Rent By Property Age Q2-2026 $3,000 Average asking rent for new build in Halifax ranges from ~$2,200-$3,000/month $2,000 Killam average: $1,634/month $1,000 $1,329 $1,402 $1,458 $1,489 $1,822 $1,903 $2,168 $- 1950-1959 1960-1969 1970-1979 1980-1989
Slide 45: Killam's Halifax Portfolio Overview
KILLAM’S HALIFAX PORTFOLIO OVERVIEW Weighted Average Vacancy by Year Built 2026 YTD 2.4% 2.5% 2.5% 2.4% 2.0% 1.6% 1.4% 0.0% 1950-1959 1960-1969 1970-1979 1980-1989 1990-1999 2000-2009 2010-2019 2020+ 45
Slide 46: Killam's Halifax Portfolio Overview
KILLAM’S HALIFAX PORTFOLIO OVERVIEW Killam’s Halifax Portfolio Distribution by Monthly Rent Buckets As of August 31, 2026 Number of Units % of Total Halifax Portfolio 1,500 30% 1,000 20% 20% 19% Less than 5% 20% 17% are above $2,500 500 10% 10% 4% 5% 2% 0 1% 1% 0% 46
Slide 47: Organic Rent Growth
ORGANIC RENT GROWTH Halifax Same Property Rental Increase Upon Unit Turn Renewal Combined Avg Increase % 35% 30% 25% 20% 11.9% 15% 10% 5.9% 4.5% 5% 0% 47
Slide 48: Organic Rent Growth
ORGANIC RENT GROWTH Mark to Market Opportunity Halifax - Dartmouth Mark to Market Halifax Average 25% 20% 15% 10% 5% 16% 23% 19% 9% 0% Bedford Clayton Park Dartmouth Peninsula 48
Slide 49: Competitive Market Dynamics
COMPETITIVE MARKET DYNAMICS Monthly Occupancy Progress by Region Jan 2026 Feb 2026 Mar 2026 May 2026 June 2026 July 2026 Aug 2026 99% 98% 97% 96% 95% 94% 93% Halifax Portfolio Total Portfolio 49
Slide 50: Use of Incentives in Halifax
USE OF INCENTIVES IN HALIFAX Halifax Same Property Occupancy Incentives Occupancy 100.0% 0.50% 99.5% 0.40% 99.0% 98.5% Occupancy 0.30% Incentives 98.0% 97.5% 0.20% 97.0% 0.10% 96.5% 96.0% 0.00% 50
Slide 51: Top Performing Properties in Halifax
TOP PERFORMING PROPERTIES IN HALIFAX Top 15 Properties As a % of Total Halifax Revenue Maplehurst & Parker 6.8% The Alexander 5.7% The Royales 5.4% Lakefront Apartments 5.0% Quinpool Tower 4.3% Garden Park 4.1% Spring Garden Terrace 3.8% Brewery Market 3.7% Harlington 3.6% Quinpool Court 3.4% Brentw
Slide 52: Positive Outlook for Growth
POSITIVE OUTLOOK FOR GROWTH Historical FFO per Unit Growth 8% 7.0% 6% 4.8% 4.2% 4% 3.7% 3.6% 2.6% 2% 0.8% 0% 2021 2022 2023 2024 2025 2026C 2027C Note: 2026C and 2027C reflect analyst consensus. 52
Slide 53: Positive Cash Flow Projections
POSITIVE CASH FLOW PROJECTIONS Cumulative Cash Outflows as a Percentage of Revenue Operating Costs Admin Interest Expense Distributions Capital Spend 120% 100% 80% 60% 40% 20% 0% 2025 2026F 2027F 2028F 2029F Note: Operating cash flow includes NOI less administration costs, interest expense, capital
Slide 54: Q&A
Q&A 54
Slide 55: Maplehurst
MAPLEHURST 55
Slide 56: Thank You
Thank You rir . traeKillam mau. APARTMENTREIT
Killam Apartment REIT — Investor Day (September 2026) on 6ix