Killam Apartment Reit · TSX:KMP.UN
Killam Apartment Reit — Investor Presentation (September 2026)
68 slides from Killam Apartment Reit's investor presentation, September 2026
Slide 1: Investor Presentation
Investor Presentation The Carrick September 2026 Waterloo, ON 1
Slide 2: 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
Slide 3: Portfolio Statistics
PORTFOLIO STATISTICS NOI Contribution by Market (%) as at June 30, 2026 Apartment Units . 18,091 2% MHC Sites PEI 5,059 Commercial . 4% 0.98 million SF Portfolio Avg Age NL 29 years Market Cap (1) $2.2B Unit Distribution 3% $0.72 . British . Columbia 33% Yield (1) Nova Scotia 4.0% . 10% . . Alberta
Slide 4: Key Investment Highlights
KEY INVESTMENT HIGHLIGHTS Strategy for Earnings High Quality Proven Capital Experienced ESG Growth Portfolio Results Flexibility Developer Leader Disciplined and 35% of NOI Track record of Defensive balance Value creation Purpose driven proven approach earned from solid operating sheet and through i
Slide 5: Long-Term Growth Strategy
LONG-TERM GROWTH STRATEGY Increase earnings from existing Expand the portfolio portfolio and diversify by focusing on increasing rental revenue and geographically Develop high- investing in sustainable through accretive quality energy efficiency acquisitions, targeting properties investments newer p
Slide 6: Capital Allocation
CAPITAL ALLOCATION Capital Allocation Killam’s capital recycling program focuses on reinvesting proceeds from dispositions towards the most accretive and best use of funds to grow FFO and NAV. Strengthen Balance Sheet Trust Unit Repurchases Focus on conservative debt Allocate proceeds from dispositi
Slide 7: Continued Geographic Diversification
CONTINUED GEOGRAPHIC DIVERSIFICATION 4% Current Allocation With a focus on developing in primary 23% markets and divesting out of slower Target Allocation growth markets, Killam could increase 2018 the number of units outside Atlantic Canada to almost 50% of the portfolio 73% in the next 5 years. (1
Slide 8: Proven Record of Strong Growth
PROVEN RECORD OF STRONG GROWTH FFO & Distribution Per Unit (1) Revenues ($M) FFO Per Unit Distribution 2025 $383 2024 $366 2023 $348 2022 $329 2021 $291 Net Income (2) ($M) $1.07 $0.69 $1.11 $0.70 $1.15 $0.70 $1.18 $0.72 $1.23 $0.72 2025 $153 2024 $668 2021 2022 2023 2024 2025 2023 $266 2022 $123 20
Slide 9: Q2-2026 Financial Highlights
Q2-2026 FINANCIAL HIGHLIGHTS Second Quarter Results Apartment Same Property Results 6% For the three months ended June 30, 2026 $99.1M $63.3M Total Property Revenue Net Income 4% 3.7% increase from compared to $33.1M in $95.6 million earned in Q2-2025. The increase is Q2-2025 primarily driven by 2%
Slide 10: 2026 Financial Results
2026 FINANCIAL RESULTS Total Same Property Results Apartment Same Property Results For the six months ended June 30, 2026 For the six months ended June 30, 2026 2.6% 1.9% 3.0% 3.8% 2.1% 4.6% Revenue Expense NOI Revenue Expense NOI 10 1) Same property NOI growth is a supplementary financial measure.
Slide 11: Q2-2026 Performance Against Strategic Targets
Q2-2026 PERFORMANCE AGAINST STRATEGIC TARGETS Grow SP Revenue Year-to-date, Killam achieved 3.7% Apartment portfolio +3.5% (previously 3.0%) Grow SP NOI Year-to-date, Killam achieved: Apartment portfolio +3.5% (previously 3.0%) 4.3% SP apartment Consolidated portfolio +2.5% (previously 2.0%) 3.4% SP
Slide 12: Strategic Portfolio Growth
STRATEGIC PORTFOLIO GROWTH Net Annual Portfolio Growth Acquisitions Dispositions Developments Total Portfolio Value ($B) $800 $6 Investment Portfolio Value ($B) $600 Transaction Value ($M) $4 $400 $2 $200 $0 $0 -$200 -$2 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Slide 13: High Quality Portfolio
HIGH QUALITY PORTFOLIO 22% 1-10 33% 33% 11-20 of Killam’s Units by Age 21-30 (years) portfolio has 31-40 17% been built in 41-50 the last 5% 13% 50+ 10 years 9% Maintenance Capex per Unit Based on 2025 actual investment $1,565 $1,095 $830 $820 $605 0—10 years 11—20 years 21—30 years 31—40 years 41+
Slide 14: Regulatory Landscape
REGULATORY LANDSCAPE Apartments Killam’s Apartment NOI Province 2026 limit Exposure Nova Scotia 5.0% 28% (1) New Brunswick 3.0% 20% (2) Ontario 2.1% 9% (3) British Columbia 2.3% 3% (1) Nova Scotia’s temporary rent control legislation of 5% cap was extended to stay in place until the end of 2027. (2)
Slide 15: Consistent Top Line Growth
CONSISTENT TOP LINE GROWTH Killam has achieved an average combined increase of 4.6% over the past 25 operating periods. Apartments Same Property Rental Rate Growth by Quarter Upon Lease Renewal Upon Unit Turn For tenants with lease renewals For new tenants who moved in 25% Combined Average Increase
Slide 16: Zoom Out: Return to Normal Rental Rate Growth
ZOOM OUT: RETURN TO NORMAL RENTAL RATE GROWTH Apartments Same Property Rental Rate Growth by Quarter Upon Lease Renewal Upon Unit Turn Combined Average Increase % 22% 20% 18% 16% 14% 12% 10% 8% 6% 4% 2% 0% 16
Slide 17: Atlantic Canada Outperforms
ATLANTIC CANADA OUTPERFORMS Killam’s Atlantic markets continue to outperform, with Nova Scotia, New Brunswick and Newfoundland leading in revenue growth and NOI growth. Same Property Apartment Performance by Province For the three months ending June 30, 2026 Revenue Growth NOI Growth Occupancy 98.8%
Slide 18: Strong Runway for Top Line Growth
STRONG RUNWAY FOR TOP LINE GROWTH Estimated Total Mark-to-Market Opportunity 25% 25% 28% 28% 28% 25% 22% 17% 18% 15% 15% 10% 10% 11% 12% 13% 12% 10% 10% 8% 9% Estimated Mark-to-Market Spread by Region At June 30, 2026 17% 16% 15% 14% 11% 10% 9% 5% 0% (1%) (2%) Halifax St. John's Saint John London KW
Slide 19: Turnover by Market
TURNOVER BY MARKET Annual Tenant Turnover (%) 32% 31% 29% 26% 22% 21.6% 19% 18% 2018 2019 2020 2021 2022 2023 2024 2025 Turnover by Region 2025 2026 YTD 50% 40% 30% 27% 20% 22% 16% 16% 18% 20% 14% 14% 15% 12% 11% 10% 0% Halifax Moncton Fredericton Saint John Ottawa London GTA/KWC St. John's Calgary
Slide 20: Tenure Length of Turned Units
TENURE LENGTH OF TURNED UNITS In 2025, to-date approximately 50% of units that turned were tenants who had been in their unit for only 1 year. As a result, Killam expects its current MTM spread to be achieved over time, depending on which units turn in each period. 0-1 year 1-2 years 2-4 years 4-6 y
Slide 21: Occupancy in Our Core Markets
OCCUPANCY IN OUR CORE MARKETS Historical SP Apartment Occupancy & Rental Incentives (as a % of Revenue) Occupancy % Rental Incentives (as a % of Revenue) 100% 2.0% 95% 1.5% 90% 1.0% 85% 0.5% 80% 0.0% Apartment Same Property Occupancy(1) by Region Q2-2026 Q2-2025 98% 99% 98% 99% 99% 98% 97% 97% 96% 9
Slide 22: Spring Leasing Indicators
SPRING LEASING INDICATORS Monthly Occupancy Progress by Region May 2026 June 2026 July 2026 Aug 2026 100% 99% 98% 97% 96% 95% 94% 93% AB BC NB NFL NS ON Total TSX: KMP.UN 22
Slide 23: Growth from Existing Portfolio
GROWTH FROM EXISTING PORTFOLIO Same Property Total NOI Growth by Quarter 49th consecutive 3.0% quarter of positive NOI growth 12% 10% 8% 6% 4% 2% 0% Total Apartment Average Monthly Rent by Quarter Q4-2021 $1,227 Q1-2022 $1,242 Q2-2022 $1,260 Consistent quarterly Q3-2022 $1,279 growth in average Q4-2
Slide 24: Opportunity for Organic Growth
OPPORTUNITY FOR ORGANIC GROWTH Killam’s Portfolio Distribution by Monthly Rent Buckets # Units % of Portfolio 5,000 25% 22% 4,000 20% 18% 20% 17% above 16% 3,000 $2,000 15% 2,000 10% 9% 6% 1,000 5% 5% 3% 2% 1% 0 0% TSX: KMP.UN 24
Slide 25: Effective Cost Containment
EFFECTIVE COST CONTAINMENT Apartment Same Property Operating Margin For the three months ended June 30, 70% 68.0% 68% 66% 64% 62% 60% 58% Q2-2019 Q2-2020 Q2-2021 Q2-2022 Q2-2023 Q2-2024 Q2-2025 Q2-2026 Same property operating 2026 Same Property Expense by Category expenses increased by For the six m
Slide 26: Defensive Balance Sheet
DEFENSIVE BALANCE SHEET Interest Coverage Ratio(1) Q2-2026 2.85 2025 2.93 2024 2.94 2023 3.10 2022 3.31 2021 3.53 Debt to Normalized EBITDA(2) 11.33 11.21 10.29 9.69 9.66 9.78 2021 2022 2023 2024 2025 Q2-2026 Total Debt as a % of Assets(3) 55% 42.8% 45% 35% The Carrick – Waterloo, ON 1) Interest cov
Slide 27: Mitigating Debt Exposure
MITIGATING DEBT EXPOSURE Apartment Mortgage Maturities by Year As at June 30, 2026 Mortgage Maturities ($) Weighted average interest rate (apartments) 5 year estimates CMHC-insured rate (3.90%) 10 year estimated CMHC-insured rate (4.50%) $500 5% Weighted Avg Apartment 3.55% $450 Mortgage Interest Ra
Slide 28: Capital Recycling and Allocation Activity
CAPITAL RECYCLING AND ALLOCATION ACTIVITY Killam has allocated over $70 million towards repurchasing and cancelling its Trust Units at a discount to NAV since January 2026. Disposition Progress Monthly NCIB Activity January 2026 – July 2026 Total Capital Allocated WA Execution Price Consensus NAV (1
Slide 29: Strong Commercial Segment Results
STRONG COMMERCIAL SEGMENT RESULTS Commercial Same Property Growth(1) Revenue NOI 17.6% 15.8% 7.4% 5.9% 7.9% 9.5% 4.8% 6.3% 4.4% 2.9% (12.6%) (7%) 2021 2022 2023 2024 2025 YTD 2026 (1) The decrease in commercial SP revenue and NOI growth in 2026 was attributable to the departure Benjamin Wier House &
Slide 30: Westmount Place Opportunity
WESTMOUNT PLACE OPPORTUNITY The Westmount development plan contemplates 1,000 additional units in four phases over the next 10 years. The recent vacancy is an opportunity for a better tenant mix, with strong interest in the 197,000 sf space, which is vacant as of April 1, 2026. The Carrick Developme
Slide 31: Westmount Reposition Plan
WESTMOUNT REPOSITION PLAN Westmount Place Tenant Mix Office Retail 305,000 SF 257,000 SF 30% $23/SF 55% 70% $14/SF 45% Current Post-Reposition Jan 2027 Mid 2027 Late 2028 Phase 1 Phase 2 Phase 3 Convert ground floor office to Remove obsolete ground floor Complete new ground floor retail office space
Slide 32: Westmount Construction Progress
WESTMOUNT CONSTRUCTION PROGRESS Project Rendering – 2nd Floor Board Room Progress Shots – Front Entrance Demo – June 2026 Project Rendering – 1st Floor Lobby Project Renderings – Side Entrance Project Rendering – 1st Floor Lobby 32
Slide 33: Westmount Place Central Location
WESTMOUNT PLACE CENTRAL LOCATION Westmount Place is in the heart of Waterloo’s downtown core. Minutes from the University of Waterloo, Laurier University and Westmount Golf Course. Transit access is steps away, making it easy and convenient to get around the city. TSX: KMP.UN 33
Slide 34: Manufactured Home Communities (MHC)
MANUFACTURED HOME COMMUNITIES (MHC) MHC Same Property Portfolio Revenue NOI 9.6% 9.3% 7.8% 7.5% 6.8% 6.0% 5.8% 4.0% 4.2% 3.8% ON 2021 2022 2024 2025 Q2-2026 NS NB (1) For the three months ended June 30, 2026. TSX: KMP.UN 34 (2) Killam’s New Brunswick and Ontario MHC communities include seasonal oper
Slide 35: MHC Portfolio Stats
MHC PORTFOLIO STATS MHC Portfolio (1) 671 sites Total Site Count 5,059 sites Total Fair Value of MHC portfolio $230 M WA Cap Rate for MHC portfolio 6.28% ON NB 1) As at June 30, 2026. NS 2,850 sites 1,538 sites MHC NOI as a % of Total NOI Cumulative MHC Portfolio Growth 30% $300,000 25% Dispositions
Slide 36: High Quality Developments Completed
HIGH QUALITY DEVELOPMENTS COMPLETED More than $828 million and 2,300 units of developments completed (1) 101 units - Fredericton, NB 122 units - Cambridge, ON 469 units – Calgary, AB 70 units - Halifax, NS 102 units - St. John’s, NL 71 units - St. John’s, NL 78 units – Charlottetown, PE 94 units - C
Slide 37: Killam's Development History
KILLAM’S DEVELOPMENT HISTORY Killam’s Development History $300 Sum of Cost Units 600 $250 500 Cost to Construct ($ millions) $200 400 # of Units $150 300 $100 200 $50 100 $56 $0 $47 $16 $111 $75 $0 $55 $244 $159 $89 $97 $0 0 2013 2014 2015 2016 2018 2019 2020 2021 2022 2023 2025 2026F Killam Develop
Slide 38: Now Open: Brightwood – Waterloo, ON
NOW OPEN: BRIGHTWOOD – WATERLOO, ON Mar 2025 May 2025 July 2025 Sept 2025 Nov 2025 Jan 2026 38 TSX: KMP.UN
Slide 39: Brightwood – Waterloo, ON
BRIGHTWOOD – WATERLOO, ON 60% leased 128 units $55.75 million Completed May 2026 Avg $2.97/SF 39
Slide 40: Development Underway: Eventide – Halifax, NS
DEVELOPMENT UNDERWAY: EVENTIDE – HALIFAX, NS Project Rendering Number of units 55 Start date Q1-2024 Est. completion date Q4-2026 Project budget $36M Cost per unit $655,000 Expected yield 4.00%-4.50% Avg rent $3.50-$3.75 per SF Avg unit size 765 SF Progress Shot – July 2026 40 40
Slide 41: Development Underway: Eventide – Halifax, NS
DEVELOPMENT UNDERWAY: EVENTIDE – HALIFAX, NS Aerial View – August 2026 Model Suite – Sept 2026 30% Pre-leased Model Suite – Sept 2026 Model Suite – Sept 2026 42
Slide 42: Development Underway: Nolan Hill Phase III
DEVELOPMENT UNDERWAY: NOLAN HILL PHASE III Construction began for a 296-unit joint venture development in Calgary, AB with which Killam has a 10% ownership. Completion expected in Q3-2027. Progress Shots – July 2026 Project Rendering: Nolan Hill 3 – Calgary, AB • 42 (1) Killam has a 10% interest in
Slide 43: Capital Recycling Activity
CAPITAL RECYCLING ACTIVITY Total Sales Value Sold by Region ($ 000’s) NS PEI ON NB AB NL $200 M $200 M $200,000 $169 M $150,000 $148 M $100-150 M $100,000 $59 M $50,000 $0 2023 2024 2025 2026 Target 2027 Target 2028 Target 2025 Acquisitions 2026 Acquisition ($30M) Ashley Apartments Luma Latitude & F
Slide 44: Acquisition: Forrest Green Apartment – Halifax
ACQUISITION: FORREST GREEN APARTMENT – HALIFAX 109 Suites $30 million Purchase Price ($275k/suite) 4.91% Cap Rate TSX: KMP.UN 44
Slide 45: Energy Efficiency Investments
ENERGY EFFICIENCY INVESTMENTS Geothermal THE KAY Killam is proud to highlight a new partnership with Renewall Energy, Nova Scotia’s first renewable-to-retail provider. Renewable energy from this partnership is expected to come online in 2027. 30 Solar Geothermal 90% Panels Systems apartment units wi
Slide 46: Solar Program
SOLAR PROGRAM 46
Slide 47: Non-IFRS Measures
NON-IFRS MEASURES Management believes the following non-IFRS financial measures, ratios and supplementary information are relevant measures of the ability of Killam to earn revenue and to evaluate Killam's financial performance. Non-IFRS measures should not be construed as alternatives to net income
Slide 48: Appendices
GRWES Seeeuecrre a3 APARTMENT REM
Slide 49: Largest Canadian Metropolitan Cities
LARGEST 25 CANADIAN METROPOLITAN CITIES Population Growth Employment Major City Major City (3yr Avg) Growth (3yr Avg) Moncton, New Brunswick 5.24% Kitchener-Cambridge-Waterloo, Ontario 4.75% Calgary, Alberta 4.97% Moncton, New Brunswick 4.63% Edmonton, Alberta 4.09% Calgary, Alberta 4.45% Saskatoon,
Slide 50: Canadian Landscape
CANADIAN LANDSCAPE Population Growth over Time in Canada Population growth Population 500,000 42,000,000 400,000 41,000,000 300,000 40,000,000 200,000 39,000,000 100,000 38,000,000 0 37,000,000 -100,000 36,000,000 -200,000 35,000,000 Population Growth Rate in Killam’s Core Markets (Most recent perio
Slide 51: Canadian Population Projection
CANADIAN POPULATION PROJECTION Canadian Demographic Projection (000’s) Change in NPR population Change in permanent population Population growth (%) Average population growth (%) 2,000 4.00% 1,500 3.00% 1,000 2.00% 500 1.00% 0 0.00% -500 -1.00% 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Slide 52: Annual Population Growth
ANNUAL POPULATION GROWTH Population growth in 2025 remained positive, despite the reduction in non-permanent residents. Components of Canadian Population Growth Immigrants Net non-permanent residents Net emigration Net population change 350,000 300,000 264,302 227,055 250,000 200,000 131,575 150,000
Slide 53: 2025 Components of Growth by Province
2025 COMPONENTS OF GROWTH BY PROVINCE Components of Population Growth by Province January 1, 2025 to December 31, 2025 Natural Increase Net International Net Interprovincial Net Population Change 40,000 33,220 40,000 20,000 20,000 -4,035 -873 -1,136 -4,427 0 0 -13,057 -20,000 -20,000 -40,000 -40,000
Slide 54: Rental Supply Landscape
RENTAL SUPPLY LANDSCAPE Multi-Family Completions (1) as a % of Multi-Family Inventory (2) 2025 2026F 2027F 12% 10% 8% 6% 4% 2% 10.6% 3.0% 5.3% 5.1% 9.0% 8.2% 5.6% 5.6% 3.1% 1.8% 2.7% 4.3% 4.8% 2.4% 5.1% 3.6% 5.8% 4.4% 4.0% 4.5% 3.5% 3.2% 5.5% 4.4% 6.2% 7.3% 8.3% 5.3% 4.2% 5.6% 4.5% 2.0% 4.6% 3.8% 6.
Slide 55: Rental Supply Landscape
RENTAL SUPPLY LANDSCAPE Total Units Under Construction (1) as a % of Total Households (2) 4.7% for just As of July 31, 2026 8% Halifax proper 7% 6% 5% 4% 3% 2% 1% 6.9% 4.0% 3.7% 1.4% 3.3% 3.8% 3.5% 3.8% 3.0% 1.0% 0% Halifax Moncton Fredericton Saint John KWC Toronto Ottawa Calgary Edmonton St John's
Slide 56: Halifax per CMHC
HALIFAX PER CMHC The “Remainder of Halifax” zone accounts for almost 4,500 units “Halifax Proper” i.e., Killam under construction markets, has ~10,000 units (30% of total under construction). under construction (70% of total)
Slide 57: Halifax Development Landscape
HALIFAX DEVELOPMENT LANDSCAPE Apartment Units Under Construction Killam property Halifax currently has 13,000 apartment style units under construction, however, ~400 units less than 10,000 units are within “Halifax proper.” ~700 Shopping units Center ~500 ~3,000 units Irving Shipyard units MSVU Univ
Slide 58: Killam Halifax Portfolio Distribution
KILLAM HALIFAX PORTFOLIO DISTRIBUTION Killam’s Halifax Portfolio Distribution by Monthly Rent Buckets As of August 31, 2026 # Units % Portfolio 1,500 30% 1,000 20% 20% 20% 19% 17% 500 10% Less than 5% 10% are above $2,500 4% 5% 2% 1% 1% 0 0% TSX: KMP.UN 58
Slide 59: National Housing Completions
NATIONAL HOUSING COMPLETIONS 10-year average of 182,000 housing completions per year is not keeping pace with the 10-year average population growth of 420,000 per year. Canada’s Housing Completions by Year Condos Completions Rental Completions Homeowner Completions 10-yr Average 225,000 200,000 175,
Slide 60: Major Atlantic Canadian Armed Forces Bases
MAJOR ATLANTIC CANADIAN ARMED FORCES BASES $187M infrastructure upgrades $24.6M infrastructure upgrades • $871M training area • $172M air defence • $20.2M transition center • $1.2B infrastructure upgrades • $180M naval training infrastructure Source: Atlantic Economic Council $648M aviation support
Slide 61: Canada Defense Spending in Halifax, NS
CANADA DEFENSE SPENDING IN HALIFAX, NS Project Name $ Value Timeline Project Details • Power and service infrastructure upgrades at CFB Halifax Dockyard and Upgrading Power and Service $1.2 billion Stadacona Infrastructure • $650M hangar and drone infrastructure at 14 Wing Greenwood • Naval training
Slide 62: Nova Scotia Population Projection
NOVA SCOTIA POPULATION PROJECTION NS Demographic Projection (000’s) Change in NPR population Change in permanent population Population growth (%) Average population growth (%) 30 3.00% 25 20 2.00% 15 10 1.00% 5 0 0.00% -5 -10 -1.00% 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 20
Slide 63: Halifax: Components of Growth
HALIFAX: COMPONENTS OF GROWTH Halifax Population Growth Annual (July 1- June 30) Population Population Growth % 600,000 4.0% 500,000 400,000 1.60% 300,000 2.0% 200,000 100,000 0 0.0% 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Historical components of population growth Net international m
Slide 64: Halifax Housing Fundamentals
HALIFAX HOUSING FUNDAMENTALS Halifax Housing Starts Apartment & Single Total Apartments Total Singles Average Total Starts 8,000 7,000 6,000 5,000 4,000 3,000 2,000 1,000 0 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Total housing starts have averaged 3,700 dwellings over the past decade,
Slide 65: Halifax Home Prices
HALIFAX HOME PRICES In Halifax, home ownership is 1.6x more costly than renting. Historical Average Home Prices Halifax-Dartmouth Average Home Price ($) Annual Growth Rate (%) $700,000 30% $594,940 $600,000 25% $500,000 20% $400,000 15% $300,000 10% $200,000 $100,000 5% $0 0% 2015 2016 2017 2018 201
Slide 66: Halifax Growth
HALIFAX GROWTH Annual Population Growth vs. Annual Supply Halifax Apartment Starts Completions Under Construction Inventory Population Change 20,000 18,000 16,000 14,000 12,000 10,000 8,000 6,000 4,000 2,000 0 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Slide 67: Affordable Portfolio
AFFORDABLE PORTFOLIO Killam’s Rent-to-Income Ratio on Recently Signed Leases (1) Rent-Income Ratio Overall Portfolio 40% 35% 33% 30% 25% 20% 15% 10% 5% 28% 33% 34% 33% 36% 36% 0% Alberta New Brunswick Newfoundland Nova Scotia British Columbia Ontario (1) As of January 2026. Based on the reported gro
Slide 68: Investor Presentation
Investor Presentation For questions, please contact: The Carrick Waterloo, ON chawksworth@killamreit.com 68
Killam Apartment REIT — Investor Presentation (September 2026) on 6ix