Killam Apartment Reit · TSX:KMP.UN
Killam Apartment Reit — Investor Day (September 2026)
57 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
serreuben 25,2000 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
| er 9 i ey ‘ Key Defence >. | yu . ; * x\ \ Projects & Spending xls, i
Slide 8: Key Defence Projects & Spending
Key Defence Projects & Spending CFB DOCKYARD 14 WING COMBAT HALIFAX NEW CAF NEW DOCK NEW RADAR & STADACONA GREENWOOD TRAINING & GATE HOUSING SUBMARINE EXPANSION BASE FACILITY INTEGRATION FACILITY & UPGRADE CENTRE $1.2B $648M $180M $82.5M $60M TBD $545M $275M to modernize to construct two towards the
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 mantinZe RS. oe BAE SYSTEMS —— DEFENCE
Slide 11: Multifamily Supply Response
Multifamily Supply BEDFORD Response - Mies <\ ue Demand * pawzjo0s UNITS | MAINLAND NORTH 741 UNITS Remainder of Halifax not shown: 3,372 units ’ DARTMOUTH EAST ST PENINSULA NORTH 665 UNITS Total under construction: 14,751 units t 1,766 UNITS \ PENINSULA SOUTH 2,035 UNITS MAINLAND SOUTH DARTMOUTH SO
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 $176,843,096 Industrial $392,568,030 $465,757,900 $146,041,700 $118,981,500 $249,541,891 $132,083,000 ;-|Multi-residential $392,817,030 $500,750,875 $727144,340
Slide 13: Who's Buying
Whos Buying > FIERACAPITAL realstar CANADIAN APARTMENT oO PROPERTIES « REIT SKYLINE APARTMENT REIT. MONTREAL CAPITAL: Black Ridge PRIVATE LOCAL BUYERS: + HRM Apartments + Benigno Investments + City Centre + Boston Developments + Users (YWCA) V4 PIER 4 PRIVATE LOCAL BUYERS AMK BARRETT AFFORDABLE HOUS
Slide 14: Recent Sales
Recent Sales THE JUNCTION, HALIFAX, NS PIER 4 PORTFOL HALIFAX, NS ASHFORD PORTFOLIO, MONCTON, NB $66,500,000 Sale Price $22,560,000 Sale Price $50,150,000 ¢ Wi Price/Unit $421400 f ge hy Price/Unit $272,500 Price/Unit $161,100 Units ng ine | 7 iM Units 244 G buildings) Units 140 (3 buildings) CapRat
Slide 15: CBRE Contact
CBRE For more information, please contact: Chris Carter Senior Vice President 902 492 2085 chris.carter@cbre.com This disclaimer shall apply to CBRE Limited, RealEstate Brokerage, and toll ther divisions ofthe Corporation: t include all emplayees and independent contractrs(‘CBRE"). The information s
Slide 16: Halifax Supply & Demand
Halifax Supply & Demand Philip Fraser Killam | President & CEO 16
Slide 17: Growth slowed sharply in 2025 after three exceptional 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 % (right-axis) 20-Year Average Annual Population Growth Rate (%) 25,000 5.0% 20,000
Slide 18: Slower growth does not mean lower housing need
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, 26% 25% Calgary, 22% 20% Halifax, 18% 15% Cana
Slide 19: Who needs housing is also changing
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% -0.3% -1.7% -2.0% -4.0% 0 to 14 years 15 to 24 years 25 to 44 years
Slide 20: The current challenge is not simply a lack of building effort
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 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2
Slide 21: Projected Annual Housing Starts, 2025 to 2035
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 12,500 Nova Scotia (Supply Gap Estimates) 7,100 5,400 12,500 Sou
Slide 22: MLS Composite House Price Index, Select Cities
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% Moncton, 144% 120% 100% Halifax, 94% 80% Montreal, 75% 60% Ottawa, 52% 40% Calgary, 37% 20%
Slide 23: Record completions should expand renter choice
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 4,000 4,432 3,561 3,000 3,400 2,875 2,000 1,000 0 1990 1991 1992 1993 19
Slide 24: Halifax vacancy rate of 2.7% is below the balanced range
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% 3.7% 3.8% 3.0% 3.0% 2.9% 2.0% 2.7% 0.0% Vancouver Edmonton Calgary T
Slide 25: Market is loosening first in newer, more expensive units
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 - 1960 - 1970 - 1980 - 1990 - 2000 - 2010 - 2020+ 1959 1969 1
Slide 26: Low-cost rentals are scarce
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% 0.7% 0.4% 0.0% Cheapest 25% of units Lower-middle priced unit
Slide 27: Net Adjustment to Existing Rental Stock, 2021 to 2023
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 Universe Change Universe minus Completions (net adjustment to rental stock) 6,000 5,437 4,000 3,275 2,69
Slide 28: Nearly 40% of Nova Scotia renters in secondary rental market
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 63,481 54,274 21,065 Nova Scotia 46% 39% 15% 54,054 21,766 6,830 Halifax CMA 6
Slide 29: Paid vs asking rents for a two-bedroom apartment
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 $4,000 $3,000 $3,030 $2,650 $2,470 $2,400 $2,000 $2,160 $1,930 $1,890 $1,820
Slide 30: Advertised rents are rising again as new supply slows
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 2,842 2,000 2,072 1,803 1,906 1,500 1,655 1,751 1,502 1,580
Slide 31: Nova Scotia population increased 0.07% in Q1 2026
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 Alberta. Nova Scotia’s modest gain suggests that housing demand
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 SKILLED JOBS REAL ESTATE DEMAND INDUSTRIAL GROWTH HOUSEHOLD FORMATION INVESTMENT Talent attraction • Utilities • transit • Engineering • trad
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: Average Monthly Rent by Property Age
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: Weighted Average Vacancy by Year Built
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: Portfolio Distribution by Monthly Rent Buckets
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: Mark to Market Opportunity
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 gh. APARTMENT REIT
Slide 57: Cautionary Statement
CAUTIONARY STATEMENT This presentation may contain forward-looking statements with respect to Killam Apartment REIT ("Killam") and its operations, strategy, financial performance and condition. These statements generally can be identified by use of forward-looking words such as "may", "will", "expec
Killam Apartment REIT — Investor Day (September 2026) on 6ix