Slides
Page 1
1 Financial Results Conference Call Q3 2026 November 4, 2026 The Carrick Waterloo, ON
Page 2
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 3.6% Year-to-date, Killam achieved: 3.8% SP Apartment 3.0% SP Consolidated Year-to-date, this ratio is 9.87x (December 31, 2025 – 9.66x). The increase reflects the sale of MHC sites, which had a lower loan to value, coupled with Killam's increased NCIB activity in Q3-2026. Killam completed the sale of 746 MHC sites in ON for 50.5M. Conditions have been waived on the sale of 1,354 MHC sites in NS for $50.0M. Killam signed a PSA to sell an additional 3,021 MHC sites for gross proceeds of $93.8M, expected to close in early 2027. Killam is on track. Brightwood, in Waterloo, ON reached substantial completion in June 2026. Eventide, in Halifax, NS, is expected to open to tenants in December 2026. Killam is on track. Year-to-date, Killam invested $4.6M, including the installation of solar PV panels, the addition of building automation systems, heat pumps and other building upgrades across various properties. 2
Page 3
Q3 Financial Highlights 3 2.1% 2.9% 2.2% 0% 2% 4% Revenue Expense NOI Consolidated Same Property Results For the three months ended September 30, 2026 $100.8M Consolidated Property Revenue 2.4% increase from $98.4 million earned in Q3-2025 $51.6M Net Income compared to $41.9M in Q3-2025. The increase is primarily driven by fair value gains 97.3% Same Property Apartment Occupancy A 10-bps improvements from 97.2% in Q3-2025 42.8% Total Debt as a % of Total Assets compared to 41.9% at December 31, 2025 69% AFFO payout ratio 200-bps improvement from 71% at Q3-2025 (rolling 12 months) 3.3% SP Apartment Revenue Growth reflecting a 3.3% 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 September 30, 2026. 3.3% 4.3% 3.0% 0% 2% 4% 6% Revenue Expense NOI Apartment Same Property Results For the three months ended September 30, 2026
Page 4
Consistent Sequential Top Line Growth 4TSX: KMP.UN 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% 3.5% 0% 5% 10% 15% 20% 25% Q3-2022 Q4-2022 Q1-2023 Q2-2023 Q3-2023 Q4-2023 Q1-2024 Q2-2024 Q3-2024 Q4-2024 Q1-2025 Q2-2025 Q3-2025 Q4-2025 Q1-2026 Q2-2026 Q3-2026 Apartments Same Property Rental Rate Growth by Quarter Upon Lease Renewal Upon Unit Turn Combined Average Increase % For tenants with lease renewals in Q3, rents increased by 2.8%. For new tenants who moved in during Q3, rents increased 5.6%
Page 5
Demand Across Markets (1) Measured as dollar vacancy for the period. 98% 97% 91% 97% 99% 98% 98% 98% 97% 96% 96% Halifax Ottawa London KWC-GTA Moncton Fredericton Saint John St. John's Calgary Edmonton Victoria Apartment Same Property Occupancy(1) by Region Q3-2026 Q3-2025 TSX: KMP.UN 5 0.0% 0.5% 1.0% 1.5% 90% 95% 100% Historical SP Apartment Occupancy & Rental Incentives (as a % of Revenue) Occupancy % Rental Incentives (as a % of Revenue)
Page 6
17% 18% 25% 25% 28% 28% 28% 25% 22% 15% 15% 13% 12% 9% 10% 10% 10% Estimated Total Mark-to-Market Opportunity 19% 14% 10% 10% 10% 9% 9% 5% 0% (1%) (2%)16% 15% 11% 10% 9% 14% 17% 5% (1%) 0% (2%) -0.05 0 0.05 0.1 0.15 0.2 0.25 St. John's Saint John KWC-GTA Victoria Fredericton London Halifax Moncton Ottawa Calgary Edmonton Estimated Mark-to-Market Spread by Region At September 30, 2026 Q3-2026 Q2-2026 6 Mark-to-Market Opportunity
Page 7
7 Expense Management 4.1% 4.8% 4.2%3.4% 5.3% 1.1% 0% 2% 4% 6% General Operating Utility and Fuel Property Taxes 2026 Same Property Expense by Category Three months ending September 30, 2026 Apartment Expense Growth by Category (%) Consolidated Expense Growth by Category (%) Total Apartment Expense Growth (4.3%) Total Expense Growth (2.9%) Same property apartment operating expenses increased by 4.3% in Q3-2026 The most significant cost pressures came from utility and fuel costs, which rose 4.8%, primarily reflecting higher water rates, particularly in Halifax, and increased natural gas costs, partially offset by lower electricity costs.
Page 8
8 Funds From Operations $0.93 $0.79$0.93 $0.79 $0.50 $0.60 $0.70 $0.80 $0.90 $1.00 FFO AFFO FFO & AFFO Per Unit Growth For the nine months ended September 30, 2026 YTD 2026 YTD 2025 $0.34 $0.29$0.34 $0.29 $0.25 $0.30 $0.35 FFO AFFO FFO & AFFO Per Unit Growth For the three months ended September 30, 2026 Q3-2026 Q3-2025 Quarterly results were impacted by the departure of a major office tenant at Westmount Place, which reduced FFO by approximately $0.8 million during the quarter. Excluding the impact of this vacancy, FFO per unit would have increased by 2.2% compared to Q3-2025.
Page 9
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 September 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 September 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 9 Brightwood – Waterloo, ON 11.21 10.29 9.69 9.66 9.87 2022 2023 2024 2025 Q3-2026 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 2.82 2022 2023 2024 2025 Q3-2026 Interest Coverage Ratio(1)
Page 10
Debt Ladder 10 Weighted Avg Apartment Mortgage Interest Rate Weighted Average Term to Maturity CMHC Insured Apartment Mortgages 3.59% 3.7 years 95.2% 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 (4.10%) and 10-year (4.50%) are as of November 4, 2026. 2.22% 3.49% 4.05% 3.72% 3.07% 3.43% 3.41% 4.04% 0% 1% 2% 3% 4% 5% $0 $100 $200 $300 $400 $500 $600 2026 2027 2028 2029 2030 2031 2032 Thereafter Apartment Mortgage Maturities by Year As at September 30, 2026 Mortgage Maturities ($) Weighted average interest rate (apartments) 5 year estimates CMHC-insured rate (4.10%) 10 year estimated CMHC-insured rate (4.50%)
Page 11
11 $16.38 $16.89 $16.37 $16.36 $18.06 $18.65 $18.83 $17.76 $17.53 $17.21 $0 $5 $10 $15 $20 $25 $0 $5,000,000 $10,000,000 $15,000,000 $20,000,000 $25,000,000 Jan 2026 Feb 2026 Mar 2026 Apr 2026 May 2026 Jun 2026 Jul 2026 Aug 2026 Sep 2026 Oct 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 $100M $50M 2026 Target: $150M+ (1) Includes the expected sale of 1,354 MHC sites in Nova Scotia for gross proceeds of $50.0 million with conditions waived and closing expected in Q4- 2026. (1) Killam has allocated $88.7 million towards repurchasing and cancelling its Trust Units at a discount to NAV since January 2026. Capital Recycling And Allocation Activity
Page 12
12 Brightwood – Waterloo, ON 69% leased
Page 13
Development Progress: Eventide – Halifax, NS 1313 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 – October 2026 38% Pre-leased Model Suite – October 2026
Page 14
14 Halifax Defence Investments Source: Extracted from the “Atlantic Economic Council Business Outlook Conference 2026” presentation.
Page 15
15 Strength in St. John’s, Newfoundland Chelsea Place Bennett House 279 Freshwater – Building Envelope in progress Torbay – Building Envelope in progress
Page 16
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 96.2% of the fair value of Killam's investment property portfolio as at September 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 Q3-2026 Management’s Discussion and Analysis for further details on these non-IFRS measures and, where applicable, reconciliations to the most directly comparable IFRS measure. 16
Page 17
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 September 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.