Killam Apartment REIT Announces Updates Relating to COVID-19 Pandemic

Killam Apartment REIT Announces Updates Relating to COVID-19 Pandemic

Canada NewsWire

HALIFAX, March 26, 2020 /CNW/ - Killam Apartment REIT (TSX: KMP.UN) recognizes the impact COVID-19 is having on all stakeholders. Our priority is the health and safety of our employees, residents, partners and communities. Killam recognizes that as a property owner, business operator, employer and community member, we have an important role to play in managing and controlling the spread of COVID-19. Killam has been actively monitoring the growing impact of the virus and has implemented its Pandemic Illness Plan to help lessen the spread of the virus and maintain the continued good health of our stakeholders.

Killam has activated the following actions in response to the COVID-19 pandemic:

Our Residents

  • We have increased the frequency and thoroughness of our cleaning of high-touch areas at our properties.
  • We have closed amenity spaces to assist with social distancing, including gyms, libraries, social rooms and theatres.
  • We will not evict any of our residents whose rental payments run into arrears because of financial hardship caused by COVID-19 during this period of crisis.
  • We will work with those of our residential and commercial tenants facing financial hardship to find flexible payment solutions on a case-by-case basis.
  • We have waived the collection of recent rental increases and will suspend collection of further rental increases during this period of crisis, beginning with the April 1, 2020 rent payment.

Our Employees

  • We are providing support to our Killam employees across the country, assisting them as they adjust their routines and cleaning practices in the face of this challenge. 
  • Our employees are working remotely where possible, thereby limiting the number of employees in any given office or property at one time.
  • We are providing paid time-off for all Killam employees who are required to self-isolate or who are ill, as well we have temporarily adjusted our Leave Policy.

Our Unitholders

We are committed to providing necessary updates to our unitholders and other stakeholders during the course of the COVID-19 Pandemic. We have addressed many stakeholders' questions through a question and answer (Q&A) document on our website and we will continue to update the Q&A on our website during this time of uncertainty.

We expect to issue a further press release on or around April 8, 2020 to update our stakeholders as to the impact of the COVID-19 pandemic on Killam's operating performance.

About Killam Apartment REIT

Killam Apartment REIT, based in Halifax, Nova Scotia, is one of Canada's largest residential landlords, owning, operating and developing a portfolio of apartments and manufactured home communities. Killam's strategy to enhance value and profitability focuses on three priorities: 1) increasing earnings from existing operations, 2) expanding the portfolio and diversifying geographically through accretive acquisitions, with an emphasis on newer properties, and 3) developing high-quality properties in its core markets.

Note: The Toronto Stock Exchange has neither approved nor disapproved of the information contained herein. Certain statements in this report may constitute forward-looking statements. Such forward-looking statements involve risks, uncertainties and other factors which may cause actual results, performance or achievements of Killam to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. For more exhaustive information on these risks and uncertainties, you should refer to Killam's most recently filed annual information form which is available at www.sedar.com. Readers, therefore, should not place undue reliance on any such forward-looking statements. Further, a forward-looking statement speaks only as of the date on which such statement is made and should not be relied upon as of any other date. Other than as required by law, Killam does not undertake to update any of such forward-looking statements.

SOURCE Killam Apartment Real Estate Investment Trust

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