REVENUE OPTIMIZATION & DEVELOPMENT PROGRESS

2022 | 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

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