Killam Properties Inc. Finalizes Conversion to a Real Estate Investment Trust

HALIFAX, NOVA SCOTIA--(Marketwired - Jan. 4, 2016) - Killam Apartment REIT is pleased to announce that the plan of arrangement (the "Arrangement") to convert Killam Properties Inc. (TSX:KMP) from a corporation to a real estate investment trust ("REIT") was completed effective January 1, 2016. The units of the REIT will begin trading on the Toronto Stock Exchange on Thursday, January 7, 2016, under the symbol KMP.UN. Under the terms of the Arrangement each outstanding common share of Killam Properties Inc. was exchanged for one unit of the REIT, unless a qualifying shareholder elected to receive exchangeable Class B limited partnership units ("Exchangeable Units") in a partnership controlled by the REIT in exchange for their common shares.

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 $1.8 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 the 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.

Cautionary Statement

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 does not undertake to update any of such forward-looking statements.