Killam Apartment REIT Announces January 2019 Distribution and the Purchase of the Remaining 50% of The Alexander Apartment Building
HALIFAX, Nova Scotia, Jan. 18, 2019 (GLOBE NEWSWIRE) — Killam Apartment REIT (“Killam”) (TSX: KMP.UN) is pleased to announce its January 2019 monthly distribution. The distribution of $0.05333 per unit will be paid on February 15, 2019, to unitholders of record on January 31, 2019. Killam Apartment REIT offers a distribution reinvestment plan (the “DRIP”). Eligible unitholders may reinvest their cash distributions, on each distribution payment date, in additional units. Participating unitholders will receive an additional distribution of units representing 3% of the amount of the distribution reinvested pursuant to the DRIP.
Killam exercised its rights per an earlier agreement and acquired the remaining 50% of The Alexander development in Halifax, Nova Scotia in late December 2018, for $44.5 million. The 240-unit development reached substantial completion in October 2018 and is currently 100% leased. The purchase was satisfied by the issuance of 914,797 trust units at a price of $16.51 per unit ($15.1 million), and the assumption of the debt. Killam ended the 2018 fiscal year with $315 million in acquisitions, the largest acquisition year in its history.
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 $2.8 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.
For information, please contact:
Nancy Alexander, CPA, CA
Senior Director, Investor Relations & Performance Analytics
Note: The Toronto Stock Exchange has neither approved nor disapproved of the information contained herein. Certain statements in this report may constitute forward-looking statements relating to our operations and the environment in which we operate, which 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. For more exhaustive information on these risks and uncertainties, you should refer to our most recently filed annual information form 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.