Slides
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K - Killam APARTMENT REIT Financial Results Conference Call Q2 2026 August 6 , 2026 The Carrick Waterloo , ON 1
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Financial Highlights 2 2.6% 1.9% 3.0% 0% 2% 4% Revenue Expense NOI Consolidated Same Property Results For the three months ended June 30, 2026 $99.1M Consolidated Property Revenue 3.7% increase from $95.6 million earned in Q2-2025 $63.3M Net Income compared to $33.1M in Q2-2025. The increase is primarily driven by fair value gains 97.6% Same Property Apartment Occupancy A 20-bps improvements from 97.0% in the prior period (Q1-26) 42.8% Total Debt as a % of Total Assets compared to 41.9% at December 31, 2025 69% AFFO payout ratio consistent with 69% at Q2-2025 (rolling 12 months) 3.8% SP Apartment Revenue Growth reflecting a 3.7% year-over- year increase in SP apartment rental rates (1) Non-IFRS measures are defined on slide 17 and in Killam's Management Discussion and Analysis for the period ended June 30, 2026. 3.8% 2.1% 4.6% 0% 2% 4% 6% Revenue Expense NOI Apartment Same Property Results For the three months ended June 30, 2026
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Consistent Top Line Growth 2.3% 3.7% 4.2% 4.3% 3.8% 5.5% 5.9% 7.5% 5.4% 8.2% 7.7% 7.9% 5.1% 6.1% 4.7% 4.5% 3.6% 3.6% 0% 5% 10% 15% 20% 25% Q1-2022Q2-2022Q3-2022Q4-2022Q1-2023Q2-2023Q3-2023Q4-2023Q1-2024Q2-2024Q3-2024Q4-2024Q1-2025Q2-2025Q3-2025Q4-2025Q1-2026Q2-2026 Apartments Same Property Rental Rate Growth by Quarter Upon Lease Renewal Upon Unit Turn Combined Average Increase % For tenants with lease renewals in Q2, rents increased by 3.0%. For new tenants who moved in during Q2, rents increased 5.0% 3 97.6% 95% 96% 97% 98% 99% 100% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Apartment Same Property Occupancy(1) 2021 2022 2023 2024 2025 (1) Occupancy levels within the graph reflect occupancy reported for the same property portfolio of the noted period and are not retroactively adjusted for changes to the same property portfolio composition. 2026
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12% 17% 18% 25% 25% 28% 28% 28% 25% 22% 15% 15% 13% 12% 9% 10% 10% Estimated Total Mark-to-Market Opportunity 17% 16% 15% 14% 11% 10% 9% 5% (0%) (1%) (2%) Halifax St. John's Saint John London KWC-GTA Victoria Fredericton Moncton Calgary Ottawa Edmonton Estimated Mark-to-Market Spread by Region At June 30, 2026 4 Mark-to-Market Opportunity
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5 Expense Management 1.4% (1.1%) 5.1%3.0% (0.5%) 1.9% -2% 0% 2% 4% 6% General Operating Utility and Fuel Property Taxes 2026 Same Property Expense by Category Three months ending June 30, 2026 Apartment Expense Growth by Category (%) Consolidated Expense Growth by Category (%) Total Apartment Expense Growth (2.1%) Total Expense Growth (1.9%) Same property operating expenses increased by 1.9% in Q2-2026 The most significant cost pressures in the quarter were higher general operating expenses and property taxes. Increases were partially offset by lower utility and fuel expenses with savings from lower electricity costs in Ontario.
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1) Interest coverage ratio is a non-IFRS ratio. For a full description and calculation of the non-IFRS measures, see slide 18 and page 23 of Killam's Management Discussion and Analysis for the period ending June 30, 2026. 2) Debt to normalized EBITDA is a non-IFRS ratio. For a full description and calculation of the non-IFRS measures, see slide 18 and page 24 of Killam's Management Discussion and Analysis for the period ending June 30, 2026. 3) Total debt as a percentage of total assets is a capital management financial measure. For a full description of total debt as a percentage of total assets, see slide 18. Conservative Debt Metrics 6 Brightwood – Waterloo, ON 11.21 10.29 9.69 9.66 9.78 2022 2023 2024 2025 Q2-2026 Debt to Normalized EBITDA(2) 42.8% 35% 45% 55% Total Debt as a % of Assets(3) 3.31 3.10 2.94 2.93 2.85 2022 2023 2024 2025 Q2-2026 Interest Coverage Ratio(1)
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Debt Ladder 7 Weighted Avg Apartment Mortgage Interest Rate Weighted Average Term to Maturity CMHC Insured Apartment Mortgages 3.55% 3.8 years 94.8% CMHC-insured financing provides lenders with a government guarantee, allowing Killam to borrow at more favorable rates. (1) Estimated CMHC-insured rates for 5-year (3.90%) and 10-year (4.50%) are as of July 30, 2026. 2.24% 3.49% 4.05% 3.72% 3.07% 3.39% 3.41% 4.20% 4.04% 0% 1% 2% 3% 4% 5% $0 $50 $100 $150 $200 $250 $300 $350 $400 $450 $500 2026 2027 2028 2029 2030 2031 2032 2033 Thereafter Apartment Mortgage Maturities by Year As at June 30, 2026 Mortgage Maturities ($) Weighted average interest rate (apartments) 5 year estimates CMHC-insured rate (3.90%) 10 year estimated CMHC-insured rate (4.50%)
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8 Atlantic Region Outperforms 6.3% 7.2% 3.9% 2.2% 2.0% 0.0%7.0% 9.4% 5.1% (0.2%) 4.1% (1.5%) 98.1% 98.8% 98.4% 95.8% 96.7% 96.3% 70% 75% 80% 85% 90% 95% 100% -4% -2% 0% 2% 4% 6% 8% 10% Halifax Newfoundland New Brunswick British Columbia Ontario Alberta Same Property Apartment Performance by Province For the three months ending June 30, 2026 Revenue Growth NOI Growth Occupancy
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9 Major Atlantic Canadian Armed Forces Bases $187M infrastructure upgrades $24.6M infrastructure upgrades • $1.2B infrastructure upgrades • $180M naval training infrastructure • $871M training area • $172M air defence • $20.2M transition center $648M aviation support infrastructure Source: Atlantic Economic Council
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The National Shipbuilding Strategy 10Source: Government of Canada, River-class Destroyer Project - Canada.ca $719.3M $191M 5,250 1,545 Direct GDP Contribution (expected) Associated GDP Contribution from Employee Consumer Spending Direct Jobs Created/Maintained (expected) Associated Additional Jobs to Canadian Economy River Class Destroyers, Annual Economic Impact Over the 2025-2039 period Irving Shipbuilding Inc. (ISI), in Halifax, NS, was selected to build 15 River-Class Destroyer (RCD) ships for the Royal Canadian Navy through the National Shipbuilding Strategy (NSS). This project is the largest and most complex shipbuilding initiative in Canada. Initially at an estimated cost of $56-60 billion, the cost of the full project is under review, with work expected through at least 2050. ISI employs approximately 3,000 people across four sites, with another 500 subcontractors working alongside the company. Nationally, the NSS program supports roughly 10,600 jobs through a supply chain of about 700 Canadian companies.
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11 Jan 2027 Phase 1 Convert ground floor office to retail Mid 2027 Phase 2 Remove obsolete ground floor office space and aging retail space Late 2028 Phase 3 Complete new ground floor retail space 70% 45% 30% 55% Current Post-Reposition Westmount Place Tenant Mix Office Retail $14/SF $23/SF 305,000 SF 257,000 SF Westmount Reposition Plan
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12 Westmount Construction Progress Progress Shots – Front Entrance Demo – June 2026 Project Renderings – Side Entrance Project Rendering – 1st Floor Lobby Project Rendering – 1st Floor Lobby Project Rendering – 2nd Board Room
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13 Capital Recycling and Allocation Activity $16.29 $16.38 $16.89 $16.37 $16.36 $18.06 $18.65 $18.83 $0 $5 $10 $15 $20 $25 $0 $2,000,000 $4,000,000 $6,000,000 $8,000,000 $10,000,000 $12,000,000 $14,000,000 $16,000,000 $18,000,000 $20,000,000 Dec 2025 Jan 2026 Feb 2026 Mar 2026 Apr 2026 May 2026 Jun 2026 Jul 2026 Monthly NCIB Activity Total Capital Allocated WA Execution Price Consensus NAV Disposition Progress January 2026 – July 2026 YTD Total Dispositions Completed 2026 Target Remaining $51M $100M 2026 Target: $150M+ (1) Includes the disposition of 746 MHC sites located in Ontario, for gross proceeds of $50.9M, (1)
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14 Brightwood – Waterloo, ON 45% leased
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Development Progress: Eventide – Halifax, NS 1515 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 22% Pre-leased Progress Shot – July 2026
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16 Development Progress: Nolan Hill Phase 3 – Calgary, AB (1) Killam has a 10% interest in the Nolan Hill Phase III development, with the potential to purchase the remaining 90% interest upon completion of each phase. Project Rendering: Nolan Hill 3 – Calgary, AB Progress Shots – July 2026 Construction began for a 296-unit joint venture development in Calgary, AB with which Killam has a 10% ownership. Completion expected in Q3-2027.
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Renewable Energy Investments Minimum $6.0 million with a focus on solar PV panels Grow SP Revenue Apartment portfolio +3.5% (previously 3.0%) Grow SP NOI Apartment portfolio +3.5% (previously 3.0%) Consolidated portfolio +2.5% (previously 2.0%) Capital Recycling Sell up to $150M of non-core assets (previously $50M) Optimize Leverage Decrease debt to normalized adjusted EBITDA ratio below 9.6x Developments Complete two projects in 2026 Performance Against Strategic Targets Year-to-date, Killam achieved 3.7% Year-to-date, Killam achieved: 4.3% SP Apartment 3.4% SP Consolidated Year-to-date, this ratio is 9.78x (December 31, 2025 – 9.66x). The increase reflects net proceeds on mortgage refinancings during the first half of the year. Killam is on track. On August 4 th, Killam completed the disposition of 746 MHC sites in ON for gross proceeds of $50.9M. Killam is on track. Brightwood, in Waterloo, ON reached substantial completion in June 2026. Eventide, in Halifax, NS, is expected to be completed in Q4- 2026. Killam is on track. Year-to-date, Killam invested $1.2 million. 17
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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 or cash flow from operating activities determined in accordance with IFRS, as indicators of Killam's performance, or sustainability of Killam's distributions. These measures do not have standardized meanings under IFRS and therefore may not be comparable to similarly titled measures presented by other publicly traded organizations. Non-IFRS Financial Measures • Funds from operations (FFO) is a non-IFRS financial measure of operating performance widely used by the Canadian real estate industry based on the definition set forth by REALPAC. FFO, and applicable per unit amounts, are calculated by Killam as net income adjusted for fair value gains (losses), interest expense related to exchangeable units, gains (losses) on disposition, deferred tax expense (recovery), unrealized gains (losses) on derivative liability, internal commercial leasing costs, depreciation on an owner-occupied building, and land lease adjustments. FFO is calculated in accordance with the REALPAC definition. • Adjusted funds from operations (AFFO) is a non-IFRS financial measure of operating performance widely used by the Canadian real estate industry based on the definition set forth by REALPAC. AFFO, and applicable per unit amounts and payout ratios, are calculated by Killam as FFO less an allowance for maintenance capital expenditures (capex) (a three-year rolling historical average capital investment to maintain and sustain Killam's properties), commercial leasing costs and straight-line commercial rents. AFFO is calculated in accordance with the REALPAC definition. Management considers AFFO an earnings metric. • Adjusted earnings before interest, tax, depreciation and amortization (adjusted EBITDA) is calculated by Killam as net income before fair value adjustments, gains (losses) on disposition, financing costs, restructuring costs, and depreciation. • Normalized adjusted EBITDA is calculated by Killam as adjusted EBITDA that has been normalized for a full year of stabilized earnings from recently completed acquisitions and developments, on a forward-looking basis. • Net debt is a non-IFRS measure used by Management in the computation of debt to normalized adjusted EBITDA. Net debt is calculated as the sum of mortgages and loans payable, credit facilities and construction loans (total debt) reduced by the cash balances at the end of the period. The most directly comparable IFRS measure to net debt is debt. • Non-IFRS Ratios • Interest coverage is calculated by dividing adjusted EBITDA by mortgage, loan and construction loan interest and interest on credit facilities. • Per unit calculations are calculated using the applicable non-IFRS financial measures noted above, i.e., FFO, AFFO and/or ACFO, divided by the basic or diluted number of units outstanding at the end of the relevant period. • Payout ratios are calculated using the distribution rate for the period divided by the applicable per unit amount, i.e., AFFO and/or ACFO. • Debt to normalized adjusted EBITDA is calculated by dividing net debt by normalized adjusted EBITDA. Supplementary Financial Measures • Same property NOI is a supplementary financial measure defined as NOI for stabilized properties that Killam has owned for equivalent periods in 2026 and 2025. Same property results represent 96.1% of the fair value of Killam's investment property portfolio as at June 30, 2026. Excluded from same property results in 2026 are acquisitions, dispositions and developments completed in 2025 and 2026, and non-stabilized commercial properties linked to development projects. • Same property weighted average rent is calculated by taking a weighted average of the total residential rent for the last month of the reporting period, divided by the relevant number of the units per region for stabilized properties that Killam has owned for equivalent periods in 2025 and 2026. For total residential rents, rents for occupied units are based on contracted rent, and rents for vacant units are based on estimated market rents if the units were occupied. Capital Management Financial Measure • Total debt as a percentage of total assets is a capital management financial measure and is calculated by dividing total debt by total assets, excluding right-of-use assets. See the Q2-2026 Management’s Discussion and Analysis for further details on these non-IFRS measures and, where applicable, reconciliations to the most directly comparable IFRS measure. 18
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The Killick Halifax, NS 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 the effectiveness of measures intended to mitigate impacts thereof; competition; global, national and regional economic conditions including inflationary pressures; and the availability of capital to fund further investments in Killam's business and the factors described under "Risk Factors" in Killam’s Annual Information Form, Killam’s Management's Discussion and Analysis for the period ended June 30, 2026, 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.