Killam Apartment REIT : Q2-2022 Financials Results Webcast & Conference Call Slide Deck

Q2-2022 RESULTS

CONFERENCE CALL

August 11, 2022 | 10AM Eastern

1

Q2-2022 | 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", "expect", "estimate", "anticipate", "intends", "believe" or "continue", "maintain", "target" or the negative thereof or similar variations. The actual results and performance of Killam discussed herein could differ materially from those expressed or implied by such statements. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Important factors that could cause actual results to differ materially from expectations include, among other things, risks and uncertainties relating to the COVID-19 pandemic, general economic and market factors, competition, changes in government regulation and the factors described under "Risk Factors" in Killam's Annual Information Form, Killam's Management's Discussion and Analysis for the three and six months ended June 30, 2022, and other securities regulatory filings made by Killam from time to time. The cautionary statements qualify all forward-looking statements attributable to Killam and persons acting on its behalf. All forward-looking statements in this presentation speak only as of the date to which this presentation refers, and Killam does not intend to update or revise any such statements, unless otherwise required by applicable securities laws.

Heritage, Kitchener

22

Q2-2022 | Focus on Long-Term Growth Drivers

NOI Contribution by Market (%)

BC | 3.0%

Victoria

AB | 8.3%

Calgary | Edmonton

	NL | 4.6%
	St. John's
	PEI | 6.2%
	Charlottetown
	NS | 34.2%
	Halifax
ON | 23.5%	NB | 20.2%
Ottawa | London	Moncton | Fredericton
Toronto | KWC	Saint John

Killam's strategy to increase FFO, NAV and maximize value is focused on three priorities:

		Expand the portfolio and		Develop high-quality
Increase earnings from		diversify geographically
	through accretive		properties in Killam's core
existing portfolio.
	acquisitions, targeting		markets.
			3
		newer properties.

Q2-2022 | 2022 Strategic Targets

	Grow	Grow Same Property NOI
	•2022 Target: 2.0% - 3.0%
		•2022 Performance to-date: 4.8%
		Expand the Portfolio through Acquisitions
	Expand
	•2022 Target: Acquire a minimum of $150M.
		•2022 Performance to-date: $119 million with acquisitions in Halifax, Waterloo,
		Guelph, Victoria and Courtenay.
		Diversify Geographically
	Diversify
	•2022 Target: Earn >35% of 2022 NOI outside Atlantic Canada.
		•2022 Performance to-date: 35% of NOI earned outside Atlantic Canada, on track
		to meet target.
		Develop High-Quality Properties
	Develop	•2022 Target: Complete four developments and break ground on two additional
	developments.
		•2022 Performance to-date: Three developments completed as of August 10 and
		a fourth expected to be completed in Q4 2022. Broke ground on a 139-unit
		development in Waterloo in Q2 2022.
		Strengthen the Balance Sheet
	Strengthen
		•2022 Target: Maintain debt as a % of total assets ratio below 45%.
		•2022 Performance to-date: 44.3% as at June 30, 2022.
		Improve Sustainability
	Improve
	•2022 Target: Invest a minimum $8.0M in energy initiatives to reduce Killam's
		carbon footprint.
		•2022 Performance to-date: Invested $2.9 million and over 70% of its 2022 energy
		projects are committed.

Latitude & Frontier, Ottawa

4

Q2-2022 | Financial Highlights

$68.7M

Net Income

Includes $51.7 million of net operating income, up 15.9% from Q2-2021.

$0.28

FFO per Unit(1)

A 3.7% increase from $0.27 per unit in Q2-2021. AFFO per unit increased 4.3% from Q2-2021.

6.6%

Same Property NOI

Growth(3)

6.6% growth in Q2-2022 driven by 5.2% revenue growth.

75%

AFFO payout ratio(4)

AFFO payout ratio (rolling 12 months) was 75%, a 500-basis point decrease from Q2-2021.

44.3%

Total Debt as a % of Total

Assets (2)

Retaining a conservative

balance sheet.

	(1)	FFO per unit is a non-IFRS financial ratio. For a full description and reconciliation of
		non-IFRS measures, see slide 31 and page 26 of Killam's Management Discussion and
		Analysis for the three and six months ended June 30, 2022.
	(2)	Total debt as a percentage of total assets is a capital management measure. For a full
		description of total debt as a percentage of total assets, see slide 31.
	(3)	Same property NOI growth is a supplementary financial measure. For a full description
		of same property metrics, see slide 31.
The Kay, Mississauga	(4)	AFFO per unit and AFFO payout ratio are non-IFRS ratios. For a full description and
	reconciliation of non-IFRS measures, see slide 31 and page 26 of Killam's Management
		Discussion and Analysis for the three and six months ended June 30, 2022.	5