#1INVESTOR PRESENTATION March 2023 K Killam APARTMENT REIT#2CAUTIONARY STATEMENT The Kay, Mississauga Killam APARTMENT REIT 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 effects and duration of the local, international or global events, such as the COVID-19 pandemic, and any government responses thereto; national and regional economic conditions (including rising interest rates and inflation), 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 three and twelve months ended December 31, 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. March 2023 | Page 2#3PORTFOLIO STATISTICS Best-in-class multi-family residential owner, operator and developer NOI by Segment Apartments 89% ■MHCS Commercial 6% 5% BC | 3.3% AB 8.2% Calgary Edmonton Victoria | Courtenay Market Capitalization (1) $2.1B 2023 Annual Distribution $0.70 per unit Yield(2) 3.90% Q4-2022 Occupancy 98.3% Apartment Units 19,527 MHC sites 5,975 Commercial Properties 0.94 million SF Avg Monthly Apartment Rent $1,289 ON | 24.3% Ottawa | London Toronto | KWC Portfolio Average Age 27 years K-Killam APARTMENT REIT NOI Contribution by Market as of December 31, 2022 (%) NL | 4.5% St. John's NB | 20.0% PEI | 6.1% Charlottetown NS | 33.5% Halifax Moncton | Fredericton Saint John (1) Includes exchangeable units. (2) As of March 1, 2023. March 2023| Page 3#4WHY INVEST IN KILLAM السلا Solid Operating Performance High Quality Portfolio -Killam APARTMENT REIT Growing the portfolio and expanding geographically through accretive acquisitions, growing FFO, AFFO and NAV per unit One of Canada's highest-quality and youngest apartment portfolios with 33% of NOI generated from apartments built in the last 10 years Experienced Developer $1.7 billion development pipeline to support future growth Strong Balance Sheet Technology & Data Driven Decisions Conservative balance sheet with capital flexibility Revenue growth and operating efficiency opportunities Commitment to ESG Continued progress on sustainability and ESG practices BBB Increasing Distributions Increasing distributions and declining payout ratios Engaged Team Experienced management team with broad knowledge of Killam's core markets March 2023 | Page 4#5LONG-TERM GROWTH STRATEGY Killam's strategy to increase FFO, NAV and maximize value is focused on three priorities: Saginaw Park, Cambridge Crossing at Belmont, Victoria The Kay, Mississauga Killam APARTMENT REIT Increase earnings from existing portfolio Expand the portfolio and diversify geographically through accretive acquisitions, targeting newer properties Develop high-quality properties in Killam's core markets March 2023 | Page 5#62022 PERFORMANCE Grow Same Property NOI Grow •2022 Target: 2.0% - 3.0% •2022 Performance: Achieved 4.7%. Expand the Portfolio through Acquisitions K-Killam APARTMENT REIT •2022 Target: Acquire a minimum of $150M. Expand •2022 Performance: $119 million with acquisitions in Halifax, Waterloo, Guelph, Victoria and Courtenay. Management made the decision to slow down its acquisition program in the latter half of 2022 due to rising interest rates and economic uncertainty. Diversify Develop Strengthen Diversify Geographically •2022 Target: Earn >35% of 2022 NOI outside Atlantic Canada. •2022 Performance: 35.8% of NOI earned outside Atlantic Canada. Develop High-Quality Properties •2022 Target: Complete four developments and break ground on two additional developments. •2022 Performance: Three developments completed; Latitude (Q1-2022), The Kay (Q2-2022), and Luma (Q3-2022). Due to construction delays, The Governor, a 12-unit building located in Halifax, is expected to be completed mid-2023. Killam also broken ground on The Carrick, a 139-unit building in Waterloo, ON, and the second phase of Nolan Hill in Calgary. Strengthen the Balance Sheet •2022 Target: Maintain debt as a % of assets ratio below 45%. •2022 Performance: 45.3% Improve Sustainability Improve •2022 Target: Invest a minimum $8.0M in energy initiatives to reduce Killam's carbon footprint. •2022 Performance: Invested $8.5 million in new boilers, building improvements, window replacements, solar panel investments and electric vehicle chargers. March 2023 | Page 6#72023 STRATEGIC TARGETS Growth in Same Property NOI Average 3.0%-5.0%. To Capital Recycling $ Sell a minimum of $100 million of non-core assets. K-Killam APARTMENT REIT IM. Geographic Diversification Earn at least 36% of 2023 NOI outside of Atlantic Canada. Development of High-Quality Properties Complete construction of two development projects and break ground on one additional development in 2023. Strengthened Balance Sheet Reduce debt as a percentage of total assets to below 45%. Sustainability Invest a minimum of $8.0 million in energy initiatives in 2023. March 2023 | Page 7#8PROVEN RECORD OF STRONG GROWTH Revenues ($M) Killam APARTMENT REIT Net Income ($M) Investment Properties ($B) Investment Properties under Construction Investment Properties 14.4% CAGR $216 $242 $262 $291 $329 $175 $284 $146 $286 $123 2018 2019 2020 2021 2022 2018 2019 2020 2021 2022 2018 2019 2020 2021 2022 FFO & Distribution Per Unit (1) FFO Per Unit Distribution AFFO Payout Ratio (2) $1.10 4.2% CAGR (FFO) $0.95 $0.80 $0.65 $0.50 $0.94 $0.64 $0.98 $0.66 $1.00 $0.68 $1.07 $0.69 $1.11 $0.70 $0.35 90% 80% 70% 60% 50% 84% 82% 82% 76% 75% 40% 2018 2019 2020 2021 2022 2018 2019 2020 2021 2022 (1) FFO per unit is a non-IFRS financial ratio. For a full description and reconciliation of non-IFRS measures, see slide 45 and page 35 of Killam's Management Discussion and Analysis for the year ended December 31, 2022. (2) AFFO per unit and AFFO payout ratio are non-IFRS ratios. For a full description and reconciliation of non-IFRS measures, see slide 45 and page 35 of Killam's Management Discussion and Analysis for the year ended December 31, 2022. March 2023 | Page 8#9CAPITAL ALLOCATION Killam APARTMENT REIT DEVELOPMENT Invest in developing high-quality energy efficient assets. ACQUISITIONS Acquire high-quality multi-residential assets. JV INVESTMENT Invest in joint development opportunities to maximize growth potential. DISPOSITIONS Dispose of select properties to provide capital to strengthen balance sheet and acquire newer/higher earning assets. INTENSIFICATION Intensifying existing assets with multi-residential developments. NOI ENHANCING CAPEX Invest in energy-efficiency initiatives, suite renovations and building upgrades. March 2023 | Page 9#10FFO & AFFO PER UNIT GROWTH Same Property Portfolio Performance For the three months ended December 31, 2022 Q4 FFO & AFFO Per Unit Q4-2022 ■Q4-2021 Killam APARTMENT REIT 4.9% 4.4% 4.1% $0.27 $0.27 $0.23 $0.22 Revenue Expense ΝΟΙ FFO AFFO Same Property Portfolio Performance For the year ended December 31, 2022 Annual FFO & AFFO Per Unit 2022 ■2021 5.4% 5.0% 4.7% $1.11 $1.07 $0.93 $0.90 Revenue Expense ΝΟΙ FFO AFFO March 2023 | Page 10#11Killam APARTMENT REIT 7.7% 6.6% 5.3% 4.9% 4.1% 3.2% 3.0% CONSISTENT GROWTH FROM EXISTING PORTFOLIO 6.0% Q4-2018 Q1-2019 Q2-2019 Q3-2019 Q4-2019 5.0% 4.5% 4.3% 4.0% 3.9% 3.7% 2.7% 0.9% 0.4% Same Property NOI Growth by Quarter 6.1% Halifax Ontario New Brunswick St. John's Charlottetown Alberta British Columbia Total 9.5% Strength across all markets drove strong revenue and net operating income in 2022. 2022 Same Property Apartment Revenue and NOI Growth by Market Revenue Π ΝΟΙ 4.8% 4.3% 4.2% 4.5% 4.8% 4.5% 2.6% 1.9% Q1-2020 Q2-2020 Q3-2020 Q4-2020 Q1-2021 Q2-2021 7.4% 6.6% 5.8% 5.1% 4.5% 4.5% 3.1% 3.1% Q3-2021 Q4-2021 YoY Same Property NOI Growth by Segment Commercial MHCS Apartments Q1-2022 Q2-2022 Q3-2022 Q4-2022 8% Commercial 6% T MHCS 5% Apartments Avg 4.4% % 4.9% 4.8% Q3-2017 Q4-2017 Q1-2018 Q2-2018 Q3-2018 March 2023 | Page 11#12REVENUE OPTIMIZATION Northfield Gardens - After ]] Northfield Gardens - Before [[ ]] KKillam APARTMENT REIT 2022 Program 617 suite repositions ~$19M investment ~$2.5M annualized revenue growth 617 suites repositioned in 2022 Total Opportunity 5,500 suite repositions ~$138-165M investment ~$21-23M annualized revenue March 2023 | Page 12#13Halifax 97.1% 2018 2019 STRONG OCCUPANCY ACROSS APARTMENT PORTFOLIO K-Killam APARTMENT REIT Apt Same Property Occupancy (1) 99% 98% 97% 96% 95% 97.3% 96.7% 97.0% 98.3% 94% 93% 2020 2021 2022 Q2/15 Q3/15 Q4/15 Q1/16 Q2/16 Q3/16 Q4/16 Q1/17 Q2/17 Q3/17 99.0% 99.4% 99.5% 99.4% 97.7% 98.1% 98.2% 98.9% St John's (1) Measured as dollar vacancy for the period. Fredericton Saint John Moncton Apt Same Property Occupancy (1) by Region Charlottetown KWC 12022 London 2021 Ottawa Q4/17 Q1/18 Q2/18 Q3/18 Q4/18 Q1/19 Q2/19 97.9% 99.3% 97.7% Calgary Edmonton Victoria Same Property Occupancy (1) Q3/19 Q4/19 Q1/20 Q2/20 97.3% March 2023 | Page 13 Q3/20 Q4/20 Q1/21 Q2/21 Q3/21 Q4/21 Q1/22 Q2/22 Q3/22 Q4/22 98.30%#14Q4-2020 GROWING MARKET RENTS Apt Same Property Avg Rental Rate Increase 2.7% 3.6% 3.4% 3.0% 3.7% 2018 2019 2020 2021 2022 Apt Same Property Incentive Offerings (2) Q1-2021 Q2-2021 Q3-2021 Q4-2021 Q1-2022 0.7% 0.7% 0.6% 0.5% (2) Measured as a percentage of residential rent. Q2-2022 Q3-2022 Q4-2022 4% 2% of ove do 6% 8% 10% 3.5% 12% 2.8% Weighted Average Rental Increases Achieved by Quarter Upon Lease Renewal Upon Unit Turn ■Combined Average Increase % For tenants with lease renewals in Q4, rents increased by 2.1%. For new tenants moved in during Q4, rents increased 12.4% 3.3% 2.9% 3.1% 3.4% 3.0% 0% Q2-2020 Q3-2020 Q4-2020 Q1-2021 Q2-2021 Q3-2021 Q4-2021 Q1-2022 Q2-2022 Q3-2022 Q4-2022 Latitude, Ottawa 2.3% 3.7% • • • • Net Consolidated Same Property Revenue Growth of 5.0% in 2022 Apt rental rate growth of 3.7% Apt occupancy increase of 130 bps MHC revenue growth of 7.7%, including 12.7% for seasonal resorts Commercial revenue growth of 6.3% with increased occupancy March 2023 | Page 14 4.2% 4.3% -Killam APARTMENT REIT#152023 RENT CONTROL BY PROVINCE Province (1) British Columbia Ontario (2) Nova Scotia (3) Prince Edward Island New Brunswick Manitoba Apartments 2023 2.0% 2.5% 2.0% 0% Quebec (4) 0% N/A Newfoundland, Alberta, and Saskatchewan do not have rent control restrictions. Killam APARTMENT REIT (1) The listed provinces only have rent control on renewals (current tenants) and rents can move to market on new leasing, except for Prince Edward Island (PEI). Rent control in PEI is at the unit-level. (2) The Ontario government announced a 2.5% 2023 Allowable Guideline Increase (AGI) for lease renewals (for pre-2018 rentals). (3) The Government of Nova Scotia has placed a temporary 2.0% cap of rental increases for existing tenants. The rent cap will remain in place until December 31, 2023. The province does not currently have legislated rent control. (4) In Quebec, landlords may set rent increases as they see fit; however, each year, the Tribunal Administratif du Logement of Quebec calculates a recommended basic increase. For 2023, the advised percentages are 2.3% for an unheated dwelling, 2.8% when heated by electricity, 4.5% when heated by gas, and 7.3% when heated by oil. March 2023 | Page 15#16FUEL COSTS DRIVING EXPENSE GROWTH IN 2022 K-Killam APARTMENT REIT Total same property operating expenses were up 5.4% in 2022. The increase was driven by higher natural gas, oil, and propane prices across our core markets which increased our utility and fuel expenses by 13.3%. Same Property Expense Growth 2.4% 2.1% 1.6% 1.4% 5.4% 2018 2019 2020 2021 2022 EXPENSE MANAGEMENT Same Property Expense by Category ($M) 2022 ■2021 % Increase/(Decrease) 13.3% $50 3.6% . improvement Focused economies of scale strategies and process $40 . • Risk management plan Energy and water efficiency investments $30 $20 • Continual property tax appeals . Employee investment and training . • Property-level NOI enhancing technology $10 $0 General Operating Utility and Fuel Property Taxes 2.2% March 2023 | Page 16#17DEBT LADDER Mortgage Maturities ($M) Apartment Mortgage Maturities by Year As at December 31, 2022 KKillam APARTMENT REIT | Mortgage Maturities Weighted Average Interest Rate (Apartments) - 5 year estimated CMHC insured interest rate 4.22% $375 $300 $225 2.99% $150 $75 6% 5% 4% 3.48% 3.40% 2.56% 3% 2.35% 2.06% 2.85% 2.55% 2% $0 2023 2024 2025 2026 2027 2028 2029 Thereafter Current Weighted Average Mortgage Interest Rate 2.74% Weighted Average Term to Maturity Apartment Mortgages CMHC Insured 3.8 years 77.2% 1% 90 Interest Rate January 2023 | Page 17#18STRONG BALANCE SHEET Increasing value of investment properties with conservative debt metrics. Total Debt as a % of Assets (1) Killam APARTMENT REIT Interest Coverage Ratio (2) Debt to Normalized EBITDA (3) 49.8% 43.4% 44.6% 45.0% 45.3% 3.22 3.20 3.36 3.53 3.31 10.62 10.15 10.78 11.33 11.21 2018 2019 2020 2021 2022 2018 2019 2020 2021 2022 2018 2019 2020 2021 2022 Sources of Liquidity at Q3-2022 $80-100 million in estimated upfinancing over the next 15 months. $80 million of additional capital through credit facilities. $75 million of unencumbered assets. (1) Total debt as a percentage of total assets is a capital management financial measure. For a full description of total debt as a percentage of total assets, see slide 45. (2) Interest coverage ratio is a non-IFRS ratio. For a full description and calculation of the non-IFRS measures, see slide 45 and page 35 of Killam's Management Discussion and Analysis for the year ended December 31, 2022. (3) Debt to normalized EBITDA is a non-IFRS ratio. For a full description and calculation of the non-IFRS measures, see slide 45 and page 35 of Killam's Management Discussion and Analysis for the year ended December 31, 2022. March 2023 | Page 18#19IT HOLIDAY RAWINGO EVENT 2022 | COMMERCIAL (0.8%) (2.7%) 2019 Total commercial occupancy increased 240 bps in 2022 to 92.4%. In Q4-2022, Killam signed several new commercial tenants, including Pet Valu, Sotheby's International Realty, and Access PEI. Same Property Commercial NOI Growth Revenue ΝΟΙ SEPHORA (1.9%) (5.8%) 7.4% 17.6% 5.9% 7.9% 2020 2021 2022 Beam KEITHA BHEAPRY BREW MARK da Maurizio THE BREWER SHOPS AND RESTAURANTS daffaurizio Brewery Market, Halifax Commercial Portfolio 946,372 SF Brewery ROYALTY CROSSING Market, Halifax Other Westmount Place, Waterloo Royalty Crossing, Charlottetown March 2023 | Page 19 Killam APARTMENT REIT#20Camper's City, New Brunswick 2022 | MANUFACTURED HOME COMMUNITIES (MHC) -Killam APARTMENT REIT ON NS NB Holiday Harbour, Ontario NL 2.8% 3.5% Same Property MHC NOI Growth Revenue Π ΝΟΙ 2.6% 3.5% (%80) (0.2%) 6.8% 9.3% 2018 2019 2020 2021 2022 5,165 5,427 MHC Site Count 2017 2018 2019 2020 2021 2022 YTD March 2023 | Page 20 5.8% 6.0%#212022 | MANUFACTURED HOME COMMUNITIES (MHC) KKillam APARTMENT REIT Strong growth in revenue from Killam's nine seasonal resort communities, including 12.4% increase in revenue for 2022. Gains are being realized from both seasonal sites and short-term sites. 2022 2021 2020 Seasonal Resorts Revenue ($ thousands) $4,863 $5,825 $6,546 Camper's City, New Brunswick Holiday Park, Ontario Mississippi Lake, Ontario March 2023 | Page 21#22ACCRETIVE ACQUISITIONS In 2022, 35.8% of Killam's NOI was generated outside of Atlantic Canada. NOI Generated Outside Atlantic Canada Killam APARTMENT REIT 40% 36% 33% 32% 30% 27% 23% 20% 21% 15% 12% 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2025 Target Annual Acquisitions ($ millions) $315 $399 $211 Average $135M $200 $200 $191 $160 -$167 $125 $103 $115 $106 $121 $85 $72 $16 $45 $36 $3 $54 $119 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 March 2023 | Page 22#23ACCRETIVE ACQUISITIONS Killam APARTMENT REIT The Residences, Courtenay BC The Shores, Courtenay BC Units Avg Monthly Rent Acquisition Date Purchase Price 56 100% leased $1,608 Units May 18, 2022 Cap Rate $21.9 million 3.75% Avg Monthly Rent Acquisition Date Purchase Price 94 | 100% leased $1,641 May 18, 2022 $33.7 million Units Avg Monthly Rent Acquisition Date Purchase Price Woolwich, Guelph ON 84 100% leased $1,218 Cap Rate 3.94% Cap Rate April 29, 2022 $25.0 million* 3.20% *Purchase price allocation: $21M-investment property $4M-development land March 2023 | Page 23#24CAPITAL INVESTMENT -Killam APARTMENT REIT Total Capital Investment ($M/yr) Capital Investment per Apt Unit ($) $6,000 $100 $5,000 $80 $4,000 $60 $3,000 $40 $2,000 $20 $1,000 $0 $0 2017 2018 2019 2020 2021 2022 2017 2018 2019 2020 2021 2022 Suite Renovations 31% Building Improvements 34% 2022 Capital Investment Commercial 7% Curb Appeal 6% Energy 7% Maintenance 8% March 2023 | Page 24#252022 CAPITAL PROJECTS -Killam APARTMENT REIT Quinpool Towers, Halifax Before 2022 retrofit Fitness Center After 2022 retrofit Social Room March 2023 | Page 25#262022 CAPITAL PROJECTS Brentwood, Halifax Before recladding Recladding in progress Killam APARTMENT REIT Belvedere, Charlottetown Before recladding After recladding March 2023 | Page 26#27HIGH QUALITY DEVELOPMENTS COMPLETED More than $400 million of developments completed. Killam APARTMENT REIT 70 units Halifax, NS units-Halifax, 101 units Fredericton, NB 122 units Cambridge, ON 94 units - Cambridge, ON 102 units St. John's, N 71 units St. John's, NL 78 units - Charlottetown, PE 47 units - Charlottetown 63 units Halifax 38 units Charlottetown, PE 240 units Halifax, NS 228 units Oft 168 units Ottawa, ON 128 units Mississauga, - 104 units Ottawa, ON March 2023 | Page 27#282022 | STRONG LEASING OF NEW DEVELOPMENTS Killam APARTMENT REIT Latitude, Ottawa 97% leased (1) The Kay, Mississauga 100% leased (1) 84% leased (1) Luma, Ottawa 208 suites | January 2022 128 suites | April 2022 168 suites | June 2022 (1) As of March 17, 2023 March 2023 | Page 28#292022 | STRONG DEVELOPMENT LEASING THE KAY Avg Rent: $3.04/ft² The Kay Leasing Activity Killam APARTMENT REIT 24% April 22 May 22 52% 73% 93% June 22 100% July 22 Aug 22 March 2023 | Page 29#302022 | STRONG DEVELOPMENT LEASING LATITUDE ED Avg Rent: $3.05/ft² HONTARIATION CELE -Killam APARTMENT REIT Geothermal heating and cooling 97% leased at Mar 17, 2023 17,500 ft² of amenity space LATITUDE - 208-unit development in Ottawa adjacent to the Frontier March 2023 | Page 30#312022 | STRONG DEVELOPMENT LEASING LUMA Avg Rent: $2.82/ft² Luma Leasing Activity -Killam APARTMENT REIT 84% 67% 50% 42% 26% 10% July 22 Aug 22 Sept 22 Oct 22 Dec 22 Mar 2023 LUMA-168-unit development in Ottawa March 2023 | Page 31#322022 | DEVELOPMENT PROGRESS Cost Killam APARTMENT REIT Killam currently has three developments underway, which will add an additional 320 new high-quality suites to Killam's portfolio in the next two years.(1) Governor | 12 units Halifax $24M Q2-2023 $70M Civic 66 | 169 units Kitchener The Carrick | 139 units Waterloo (1) Q2-2023 $84M 2024 (1) In addition, Killam has a 10% interest in the second phase (234 units) of the Nolan Hill development in Calgary, AB, which broke ground during the fourth quarter of 2021 and is expected to be completed in 2024. Killam has a $65.0 million commitment in place to purchase the remaining 90% interest of the second phase, following completion of construction and the achievement of certain conditions. March 2023 | Page 32#332022 | DEVELOPMENT ACTIVITY - HALIFAX Killam APARTMENT REIT THE GOVERNOR Luxury suites adjacent to existing properties; The Alexander & Brewery Market Key Statistics Number of units 12 Start date Q1-2021 Est. completion date Q2-2023 Project budget ($M) $24.3 Expected yield 4.00%-4.25% THE ALEXANDER Expected value cap-rate 3.75% THE GOVERNOR Avg unit size 2,350 SF +(330 SF terrace) Avg rent $3.30 per SF March 2023 | Page 33#342022 | DEVELOPMENT ACTIVITY - HALIFAX Killam APARTMENT REIT The Governor-12 luxury suites and 3,500 square foot ground floor commercial development in downtown Halifax FE Progress shots as of February 2023 For Lease MARCO MARCO CAUTION B 902 490 207 March 2023 | Page 34#352022 | DEVELOPMENT ACTIVITY - KITCHENER CIVIC 66 169-unit development in Kitchener that broke ground in Q3-2020 and is expected to be completed in Q2-2023. Key Statistics Number of units 169 Start date Q3-2020 Est. completion date Q1-2023 Project budget ($M) $69.7 Cost per unit $412,000 Expected yield 4.75%-5.00% Expected value cap-rate 3.5% Avg unit size Avg rent 780 SF $2.77 per SF GREEN FEATURES: Sub-metered water, geothermal heating and cooling Killam APARTMENT REIT March 2023 | Page 35#362022 | DEVELOPMENT PROGRESS - KITCHENER Killam APARTMENT REIT Progress shots as of February 2023 March 2023 | Page 36#372022 | DEVELOPMENT ACTIVITY - WATERLOO WESTMOUNT PHASE 1 (The Carrick) - Broke ground on the 139-unit development in Waterloo in Q2-2022. TH H Key Statistics Killam APARTMENT REIT Number of units 139 Start date Q2-2022 Est. completion date 2024 Project budget ($M) Cost per unit $83.5 $601,000 Expected yield 4.00%-4.25% Expected value cap-rate Avg unit size Avg rent Progress shots as of February 2023 3.99% 870 SF $2.90 $3.00 per SF March 2023 | Page 37#38AFFORDABILITY AND VALUE DELIVERY Killam APARTMENT REIT Killam delivers affordable, safe, clean and high-quality housing to our residents across Canada: 52% of Killam's portfolio rents for less than $1,200 per month. Average rent is $1.44 per SF across the portfolio. Killam supports affordable housing with more than 1,100 suites protected as long-term affordable units through community & government partnerships and programs. 64% of Killam's portfolio meets CMHC's affordability threshold (monthly rents less than 30% local median household income). Killam's portfolio offers affordable units across all regions, with majority of regions' avg rent less than CMHC's affordability threshold. Ensure we provide our residents with exceptional service, and they are happy with their Killam home. 84% of residents are pleased with the value for their money. Killam's Avg Rent Region as a % of Median Household Income 86% are happy to rent from 88% Halifax 20.1% are happy with the Ottawa 23.7% physical condition of Killam. their apartment. London 23.5% are pleased with their on-site resident manager. (1) Performed by Narrative Research, a third-party provider, with ~4,000 participants. 87% are pleased with the cleanliness of their common areas. 2022 Resident Survey Results(1) 85% 91% are satisfied with the professionalism of Killam's maintenance staff. Kitchener 20.4% New Brunswick 18.5% Prince Edward Island 18.1% St. John's 14.7% Calgary Edmonton Victoria 15.4% 18.0% 26.0% March 2023 | Page 38#39COMMITMENT TO GREEN ecopilot® Killam Civic 66, Waterloo 75 Knightsridge, Halifax Increasing earnings from operations through energy efficiency. Includes increasing the installations of photovoltaic solar panels, smart metering, decreasing peak electric demand, water conservation projects and heating efficiencies at Killam's existing properties. Visit Killam's 2021 ESG report killamreit.com/esg ENVIRONMENTAL, SOCIAL & GOVERNANCE REPORT 2021 Killam APARTMENT REIT Killam LAPARTMENT REIT March 2023 | Page 39#40COMMITMENT TO GREEN -Killam APARTMENT REIT ✓ Killam earned a green, three-star designation for the 2022 GRESB real estate assessment. Killam achieved a 15% score improvement from its 2021 rating. ✓ Killam has also maintained its GRESB Public Disclosure survey rating of "A". Geothermal Systems Installed at 6 properties Level II EV Chargers 370 chargers across 24 properties PV Solar Panels 18 installations to date Committed to Affordability Over 1,000 units with a long-term affordability commitment Building Certifications Over 2,400 units certified Civic 66 PV Solar Arrays Killam The Kay-Geothermal Heating & Cooling March 2023 | Page 40#41SOLAR *Killam APARTMENT REIT As of January 2023, a total of 18 online projects with 1,781 MWh of annual production – equivalent to the average annual consumption of ~171 single family homes $3.3M total capital invested in solar to date 8% estimated ROI in Year 1 based on expected annual production Four projects online for more than one year have produced approximately 93.75% of expected electricity $6,000,000 $5,000,000 Investment in Solar $4,000,000 $3,000,000 $2,000,000 $1,000,000 1.75$ budgetted in 2023 2020 2021 2022 2023E By the end of 2023, Killam is targeting to achieve 5% electricity consumption offset through renewables March 2023 | Page 41#42SUSTAINABLE COMMUNITIES -Killam APARTMENT REIT Killam works towards minimizing its impact on the environment by investing in sustainable solutions, renovations, and technologies. Renewable Energy » >>> » Six properties with geothermal heating and cooling systems 1.1MW of installed solar photovoltaic systems across 12 properties ~$33 million invested in the past 6 years in energy efficiency projects Natural Resources » 70% of properties have low-flow water fixtures >> 70% of properties have >>> >>> waste reduction programs 51% of properties have a composting program 13,000 low-flow toilets saving 1.0 billion litres of water to-date ☑ Building Certifications Three healthy-living and green building certifications successfully piloted in 2021: BOMA Best, Certified Rental Building Program and FitWel certifications. Sustainable Transport >>> 40 properties have a walk score over 70 (very walkable) >>> 55 average bike score >> 48 average transit score >> 11 properties with EV Charging Stations (with 50 additional properties in 2022). March 2023 | Page 42#43COMMITMENT TO GREEN | LONG-TERM TARGETS Killam APARTMENT REIT ESG Environmental Social Governance LONG-TERM TARGETS Reduce GHG emissions by 15% (1) by 2030. Produce a minimum of 10% of electricity (2) consumed by portfolio through renewable energy sources by 2025. Pursue building certifications across a minimum of 20% of Killam's portfolio by 2025. LONG-TERM TARGETS Increase employee volunteer hours by 25% by 2025. Increase number of affordable housing suites by 20% by 2025. Maintain resident satisfaction score above 85%, annually. LONG-TERM TARGETS Continue to participate in GRESB(3) survey annually, targeting a minimum increase of 5% each year to reach GRESB 4 Star ranking by 2025, and continue to expand ESG disclosure. Increase the diversity of employees, including a 25% increased representation of employees who identify as racialized, as persons with a disability, and as LGBTQ2+ by 2025. (1) Scope 1 and 2 emissions from 2020 levels. (2) Operational controlled electricity. (3) GRESB is a mission-driven and investor-led organization that provides actionable and transparent ESG data to financial markets. March 2023 | Page 43#44COMMITMENT TO GREEN | 2021 PERFORMANCE Killam APARTMENT REIT • . Environmental ESG Social Governance 2021 PERFORMANCE Invested $8.2M in energy efficiency projects. Achieved 5.6% reduction in like-for-like energy consumption. Reduced greenhouse gas intensity (tCO2e per SF) by 8.6%. Completed nine solar photovoltaic installs, which will produce 1,000 MWh of annual renewable energy. Achieved building certifications on eight properties (927 units). Recognized as one of Canada's Greenest Employers. Completed an independent review of its 2021 energy consumption and greenhouse gas inventory. 2021 PERFORMANCE Supported affordable housing with more than 850 subsidized units through community partnerships. Achieved an 84% employee satisfaction score. Partnered with the Canadian Centre for Diversity and Inclusion to complete its bi- annual diversity survey. Increased employee volunteer time by 20% from 2019. Added 108 units to its supported affordable housing portfolio. Achieved an 86% resident satisfaction score. • 2021 PERFORMANCE Improved GRESG score by 6% in 2021, in addition to 40% since initial participation. Reported under TCFD framework and aligned with SASB and GRI standards. Conducted an extensive stakeholder engagement process to review its ESG materiality. Aligned Killam's strategy and targets with two additional UN Sustainable Development goals: Gender Equality and Climate Action. Earned a GRESB Public Disclosure survey rating of "A". March 2023 | Page 44#45NON-IFRS MEASURES -Killam APARTMENT REIT 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, interest expense related to lease liabilities, and non-controlling interest. 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, income taxes, interest, depreciation and amortization. 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 2022 and 2021. Same property results represent 85.8% of the fair value of Killam's investment property portfolio as at December 31, 2022. Excluded from same property results in 2022 are acquisitions, dispositions and developments completed in 2021 and 2022, and non-stabilized commercial properties linked to development projects. Same property 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 2022 and 2021. 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 2022 Management's Discussion and Analysis for further details on these non-IFRS measures and, where applicable, reconciliations to the most directly comparable IFRS measure. March 2023 | Page 45#46WhyFool Killam APARTMENT REIT Appendices 11 [ I EXPattisool#47Population HALIFAX POPULATION GROWTH • Vacancy at historic lows in Halifax as demand for housing outpaces new rental supply. Killam APARTMENT REIT Halifax's accelerated growth has been driven by immigration and urbanization with strong economic growth, with 3.5% GDP growth in 2021 and estimating 1.9% GDP growth for 2022(¹). 480,000 455,000 Halifax Population Growth Annual (July 1-June 30) 430,000 0.9% 0.3% 0.4% 0.2% 405,000 0.6% 3.0% 2.5% 2.3% 2.1% 2.5% 1.9% 1.9% 2.0% 1.5% 1.5% 1.0% 0.5% 380,000 0.0% 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Population Population Growth (%) Source: Statistic Canada Population Growth % (1) Nova Scotia Economic Forecasts, TD Economics Report, June 22, 2022 [Provincial Economic Forecast (td.com)] 2020-21 Halifax Population Growth by Source 28.1% 5.2% 6.4% Total Growth 9,279 60.3% ■ Natural ■ Intraprovincial Interprovincial ■ International Source: Statistic Canada March 2023 | Page 47#48HALIFAX HOUSING FUNDAMENTALS New supply has been absorbed by population growth from immigration, migration, and shift in apartment rental demand. 4,000 3,000 Halifax Housing Starts - Apt & Single Total Apartments/Condos Total Singles/Semi-Detached/Row Average Total Starts 2,000 1,000 0 2009 2010 2011 Source: CMHC 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 YTD 2022 Total housing starts have averaged 2,600 dwellings over the past decade, however the portion of multi-family units has increased from 1/3 to 2/3 of starts. L 4,000 3,000 2,000 1,000 0 2008 2009 2010 Source: CMHC 2011 2012 2013 Halifax Housing Starts & Vacancy Trend Total Starts Vacancy (CMHC) 2014 2015 2016 2017 2018 2019 2020 2021 Vacancy at historic lows in Halifax as demand for housing outpaces new rental supply. YTD 2022 March 2023 | Page 48 4.0% 3.0% 2.0% 1.0% 0.0% Killam APARTMENT REIT#49HALIFAX | PERMANENT RESIDENTS 8k 6k 4k 2k PERMANENT RESIDENT ADMISSIONS BY SOURCE COUNTRY Persons, Halifax, 2015 to 2021 0 2015 2016 2017 2018 2019 Rest of the World Nigeria Philippines China India Killam APARTMENT REIT 2020 2021 India remains number one source of new permanent residents in Halifax • India and China together accounted for almost half of 2021 figure March 2023 | Page 49#50-5,000 ■ HALIFAX | GROWTH BY SOURCE ☐ Killam Halifax population growth of over 20,000 in 2021-22 Interprovincial migration overtakes international migration Halifax population rose to 480,523 in 2022, representing 47% of the provincial population Net Natural 20,000 15,000 10,000 5,000 0 2008-09 2009-10 2010-11 2011-12 2012-13 Halifax Population Growth by Source (July-July) International Interprovincial Intraprovincial 2013-14 2014-15 2015-16 2016-17 2017-18 2018-19 2019-20 2020-21 2021-22 March 2023 | Page 50 APARTMENT REIT#51Population NEW BRUNSWICK POPULATION GROWTH New Brunswick's outlook is positive, with GDP growth of 3.4% in 2021 and estimating 2.0% in 2022 (¹). This growth is expected to remain strong given demand for lumber and energy exports, housing, and tourism services. Moncton, Saint John & Fredericton Population Growth Annual (July 1- June 30) 420,000 360,000 300,000 1.2% 240,000 0.8% 180,000 0.5% 120,000 0.4% 0.3% 60,000 1.2% 1.1% 1.1% 1.6% 1.5% 2.0% 1.6% 1.1% 1.2% 0.8% 0.4% Population Growth % -Killam APARTMENT REIT 2020-21 Saint John & Moncton Population Growth by Source 67.6% 5.5% 11.4% Total Growth 4,071 15.5% 0 0.0% 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Moncton Saint John Fredericton Population Growth % ■Natural Intraprovincial Interprovincial ■ International Source: Statistic Canada Source: Statistic Canada (1) New Brunswick Economic Forecast, TD Economics Report, June 22, 2022 [Provincial Economic Forecast (td.com)] March 2023 | Page 51#524,000 3,000 2,000 1,000 0 + 2008 2009 NEW BRUNSWICK HOUSING FUNDAMENTALS -Killam APARTMENT REIT New supply has been absorbed by population growth from immigration, migration, and shift in apartment rental demand. Saint John, Moncton, Fredericton Housing Starts - Apt & Single Total Singles/Semi-Detached/Row Total Apartments/Condos Average Total Starts Saint John, Moncton, Fredericton Housing Starts & Vacancy Trend Total Starts Vacancy (CMHC) 2010 2011 Source: CMHC 2012 2013 2014 2015 2016 2017 2018 2019 2020 Total housing starts have averaged 2,100 dwellings over the past decade, however the portion of multi-family units has increased from 1/4 to 1/2 of starts. 2021 YTD 2022 4,000 3,000 2,000 1,000 0 2008 2009 2010 Source: CMHC 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Vacancy at historic lows in New Brunswick region as demand for housing outpaces new rental supply. 2021 March 2023 | Page 52 10.0% 8.0% 6.0% 4.0% 2.0% 0.0%#53INTERPROVINCIAL MIGRATION BY PROVINCE 8,000 6,000 4,000 2,000 0 -2,000 30,000 20,000 10,000 -10,000 -20,000 -30,000 0 Q1 2019 Q2 2019 Q3 2019 Net Migration - Atlantic Canada ⚫NS NB ΡΕΙ NL Q4 2019 Q1 2020 Q2 2020 Q3 2020 Net Migration - Rest of Canada ⚫ON AB BC Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q3 2022 Killam APARTMENT REIT All four Atlantic provinces have been achieving net positive interprovincial migration since Q1-21. Nova Scotia leads the group, seeing its highest immigration levels every June. Q2 2022 Q3 2022 Alberta has rebounded, achieving net positive interprovincial migration since Q3-21. Ontario has been seeing a declining migration trend since Q1-20, largely correlated to the COVID-19 pandemic. March 2023 | Page 53#54IMMIGRATION BY PROVINCE 10,000 8,000 6,000 4,000 2,000 -2,000 -4,000 Q1 2019 Q2 2019 Q3 2019 200,000 150,000 100,000 50,000 -50,000 Q1 2019 Net Immigration Trending - Atlantic Canada NS NB ΡΕΙ NL Q4 2019 Q1 2020 Q2 2020 Net Immigration Trending - Rest of Canada Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 ON AB Q4 2021 Q1 2022 BC Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q2 2022 Q3 2022 Q4 2021 Q1 2022 Q2 2022 Q3 2022 March 2023 | Page 54 Killam APARTMENT REIT#55ANNUAL TURNOVER 33.3% Annual Tenant Turnover (%) 31.5% 30.5% 28.7% 25.9% IIIII 22.1% 2017 2018 2019 2020 2021 2022 Killam APARTMENT REIT March 2023 | Page 55#560% Moncton 10% 20% Fredericton 30% Saint John 40% 21% Halifax 50% 60% 30% 27% 20% St. John's Charlottetown Other Atlantic 25% 14% Ottawa ANNUAL TURNOVER BY REGION London 17% GTA/KWC Annual Turnover by Region 2020 2021 2022 22% Calgary 22% 10% Edmonton March 2023 | Page 56 Victoria 36% 38% 23% Killam APARTMENT REIT#570% 10% Halifax 20% 30% Moncton 40% Fredericton Saint John MARK-TO-MARKET RENTS Ottawa London KWC/GTA Mark-to-Market Rent by Region Q1-2022 Q2-2022 Q3-2022 Q4-2022 Charlottetown St. John's 1% %9 Calgary 5% Edmonton March 2023 | Page 57 2% Victoria 12% Killam APARTMENT REIT#58INVESTOR PRESENTATION March 2023 K Killam APARTMENT REIT