Killam Apartment REIT Announces January 2019 Distribution, Payable on February 15, 2019; Purchases Remaining 50% of the Alexander Apartment Building
January 18, 2019 at 03:29 pm
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Killam Apartment REIT announced its January 2019 monthly distribution. The distribution of $0.05333 per unit will be paid on February 15, 2019, to unitholders of record on January 31, 2019. The company offers a distribution reinvestment plan. Eligible unitholders may reinvest their cash distributions, on each distribution payment date, in additional units. Participating unitholders will receive an additional distribution of units representing 3% of the amount of the distribution reinvested pursuant to the DRIP.
The company exercised its rights per an earlier agreement and acquired the remaining 50% of The Alexander development in Halifax, Nova Scotia in late December 2018, for $44.5 million. The 240-unit development reached substantial completion in October 2018 and is currently 100% leased. The purchase was satisfied by the issuance of 914,797 trust units at a price of $16.51 per unit ($15.1 million), and the assumption of the debt.
Killam Apartment REIT (Trust) is a Canada-based residential real-estate investment trust. The Trust owns, operates, and develops a portfolio of apartments and manufactured home communities. The Trust specializes in the acquisition, management and development of multi-residential apartment buildings, manufactured home communities (MHCs) and commercial properties in Canada. Its segments include Apartment, MHC, and Commercial. The Apartment segment acquires, operates, manages, and develops multi-family residential properties across Canada. The MHC segment acquires and operates MHC communities in Ontario and Eastern Canada. The Commercial segment acquires and operates stand-alone commercial properties in Ontario, Nova Scotia, and Prince Edward Island. The segment includes over eight commercial properties. The Company's subsidiaries include Killam Apartment General Partner Ltd., Killam Apartment Limited Partnership, Killam Properties Inc., and Killam Properties SGP Ltd., among others.
KILLAM APARTMENT REIT 
