Killam Apartment REIT’s yearly dispositions have surpassed $150 million following the sale of five Prince Edward Island properties.
Halifax-based Killam said it sold non-core assets located in and around Charlottetown for $27 million. The transaction encompassed 227 rental residential units across 11 buildings.
Earlier this year, Killam president and CEO Philip Fraser said the REIT was on track to sell $100 million worth of assets in 2023.
“In total, we have completed $157.4 million of dispositions this year at a premium to [lnternational Financial Reporting Standards] net asset values and increased our overall portfolio quality,” Fraser said Friday in a news release.
Killam has used the proceeds to reduce variable-rate debt, fund developments and improve the REIT’s balance sheet.
“We expect to complete one additional transaction before year-end, which will conclude our capital recycling program for 2023,” said Fraser in the news release.
Monte Stewart serves as Content Director - Canada for Connect Commercial Real Estate.
Based in Vancouver, British Columbia, Monte provides daily news coverage of major Canadian commercial real estate markets, including Vancouver, Toronto, Montreal and Calgary. He has written about the real estate sector for various media outlets and Avison Young since the early 2000s.
In addition, he has covered sports, general news and business for several leading wire services and publications, including The Canadian Press, The Associated Press, The Calgary Herald, The Globe and Mail, Research Money, The Daily Oil Bulletin, Natural Gas World and The Toronto Star.
Monte is active in his community as a youth basketball coach and raises funds for such charitable causes as Movember.