Killam Apartment REIT Announces Executive Team Change

HALIFAX, NOVA SCOTIA--(Marketwired - Feb. 17, 2017) - Philip Fraser, President and CEO of Killam Apartment REIT (TSX:KMP.UN) ("Killam") today announced an important change to Killam's executive team. Dale Noseworthy, CPA, CA, CFA has been appointed Chief Financial Officer of Killam Apartment REIT, effective April 1, 2017. Ms. Noseworthy, currently Vice President, Investor Relations and Corporate Planning, has been with Killam since 2006.

Robert Richardson will continue to serve on the Board of Trustees and as Executive Vice President, providing senior executive leadership to Killam's operations and capital investment strategies. "Robert's role as the CFO and EVP cannot be understated," noted Philip Fraser. "As one of the co-founders and original directors of Killam, and as CFO for the last 17 years, Robert has been instrumental in every milestone of Killam's growth. This new stage of focusing on operational management and capital investment strategies will benefit all unitholders."

Mr. Richardson commented "Dale is uniquely qualified to become Killam's next CFO. Her real estate knowledge, combined with over 20 years of accounting, finance, investor relations and strategic planning experience will be invaluable to Killam in her new role. The ability to promote from within speaks to Killam's mandate to develop senior real estate professionals that will further enable us to achieve our strategic goals."

About Killam Apartment REIT

Killam Apartment REIT, based in Halifax, Nova Scotia, is one of Canada's largest residential landlords, owning, operating and developing multi-family apartments and manufactured home communities. Killam's current portfolio includes $2 billion in real estate assets. Killam's strategy to maximize its value and long-term profitability includes concentrating on three key areas of growth: 1) increasing earnings from its existing portfolio, 2) expanding its portfolio and diversifying geographically through accretive acquisitions, with an emphasis on newer properties, and 3) developing high-quality properties in its core markets.

Note: The Toronto Stock Exchange has neither approved nor disapproved of the information contained herein. Certain statements in this press release may constitute forward-looking statements. Such forward-looking statements involve risks, uncertainties and other factors which may cause actual results, performance or achievements of Killam Apartment REIT 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 Apartment REIT does not undertake to update any of such forward-looking statements.