REVENUE OPTIMIZATION & DEVELOPMENT PROGRESS

2022 | 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

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