REVENUE OPTIMIZATION & DEVELOPMENT PROGRESS

2022 | 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

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