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.

During the third quarter, Killam completed new apartment developments in Nova Scotia and Ontario.