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Q3‐2018 Results Conference Call November 8, 2018 10AM Eastern Home. F or all.

Cautionary Statement This presentation may contain forward‐looking statements with respect to Killam Apartment REIT and its operations, strategy, financial performance and condition. These statements generally can be identified by use of forward‐looking words such as “may”, ”will”, “expect”, “estimate”, “anticipate”, “intends”, “believe” or “continue” or the negative thereof or similar variations. The actual results and performance of Killam Apartment REIT discussed herein could differ materially from those expressed or implied by such statements. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Important factors that could cause actual results to differ materially from expectations include, among other things, general economic and market factors, competition, changes in government regulation and the factors described under “Risk Factors” in Killam’s annual information form and other securities regulatory filings. The cautionary statements qualify all forward‐looking statements attributable to Killam Apartment REIT and persons acting on its behalf. Unless otherwise stated, all forward‐looking statements speak only as of the date to which this presentation refers, and the parties have no obligation to update such statements. 2

Q3‐2018 | Highlights Debt to Apartment 3.9% in Occupancy of Normalized Same 97.1% EBITDA of 10.4x Property Growth 4.0% FFO per unit 2.5% Growth Debt to Total Assets of Average $15M in 49.1% Increase in Fair Value Same Property Rents Gains 50 bps improvement in AFFO Payout Ratio 3.16x Interest of 73% SP NOI Margin Coverage 3

Q3‐2018 | Strategic Achievements 2018 Target YTD 2018 Performance Grow Same Property NOI by 1% to 2%  4.9% Same Property NOI growth in the first nine months of 2018. REVISED: 3% to 5% Acquire a minimum of $125M  $226.4 million of assets purchased during the first nine months of 2018. of assets  Additional $44.5 million completed in Q4‐2018. REVISED: Minimum of $225M Focus 75% of acquisitions and  77% of completed acquisitions are located outside Atlantic Canada. at least 26% of 2018 NOI  27% of 2018 forecasted NOI outside Atlantic Canada. outside Atlantic Canada Complete The Alexander,  Saginaw Park opened April 1 st.  The Alexander opened Sept 1 st and substantially complete in Oct 2018. Saginaw and break ground on  Expect to break ground on 2 developments in Q4‐2018. one additional development Maintain debt to total asset to  49.1% debt to assets ratio at September 30, 2018. below 52%. 4

Q3‐2018 | Financial Highlights • Q3‐2018 ‐ FFO per Q3 FFO & AFFO Per Unit YTD FFO & AFFO Per Unit unit up 4.0% & AFFO YTD‐2017 YTD‐2018 Q3‐2017 Q3‐2018 per unit up 4.8% • YTD‐2018 – FFO per unit up 6.0% & AFFO $0.25 $0.26 $0.21 $0.22 $0.67 $0.71 $0.53 $0.58 per unit up 9.4% FFO AFFO FFO AFFO Same Property Portfolio Performance For the three and nine months ended September 30, 2018 3.1% 3.9% 3.7% 1.9% 4.9% 1.7% Revenue Expense NOI Revenue Expense NOI 5 YTD‐2018 Q3‐2018

Q3‐2018 | Financial Highlights Strong revenue growth to increase same property earnings. • Rising rental rates: Rate increases on renewals of 1.7% and turns of 5.0%, averaged 2.5% in Q3‐2018. • Strong occupancy: Both Q3‐2018 and Q3‐2017 amongst Killam’s highest quarters. • Reduced incentives: 30 bps lower than Q3‐2017 as fewer inducements required with the current strong market fundamentals. Apt Same Property Apt Same Property Apt Same Property Occupancy 1 Incentive Offerings 2 Avg Rental Rate Increase 95.0% 95.0% 95.8% 97.1% 97.1% 1.3% 1.2% 1.4% 1.8% 2.5% 1.1% 0.7% 0.7% 0.7% 0.4% Q3‐14 Q3‐15 Q3‐16 Q3‐17 Q3‐18 Q3‐14 Q3‐15 Q3‐16 Q3‐17 Q3‐18 Q3‐14 Q3‐15 Q3‐16 Q3‐17 Q3‐18 1 Measured as dollar vacancy for the quarter. 2 Measured as a percentage of residential rent. 6

Q3‐2018 | Financial Highlights Managing expenses to increase same property earnings. • Investing in energy and water conservation initiatives. • Maximizing economies of scale. • Appealing rising property tax assessments. Same Property Expense Q3‐2018 Same Property Change by Category ($M) Expense Growth $24 12.0% 10.0% 2.5% $20 8.0% 5.3% 4.4% $16 1.7% 6.0% $12 4.0% 1.2% 0.9% 0.4% (0.2)% 2.0% $8 (0.6%) 0.3% 0.0% (3.0)% $4 (2.0)% $0 (4.0)% Q3‐14 Q3‐15 Q3‐16 Q3‐17 Q3‐18 Q3 YTD 2017 2018 % Change 7

Q3‐2018 | Financial Highlights Managing balance sheet with conservative leverage. Debt as a Percentage of Interest Coverage Debt to EBITDA Assets Ratio 55.8% 56.4% 53.5% 48.7% 49.1% 12.47 11.87 11.00 10.70 11.39 2.70 2.21 2.34 3.13 3.16 2014 2015 2016 2017 Q3‐2018 2014 2015 2016 2017 Q3‐2018 2014 2015 2016 2017 Q3‐2018 Debt to normalized EBITDA with stabilization of recent acquisitions and developments would be approximately 10.4x. 8

Q3‐2018 | Financial Highlights Apartment Mortgage Maturities by Year As at September 30, 2018 Mortgage Maturities Weighted Average Interest Rate (Apartments) Five‐year CMHC rate Ten‐year CMHC rate $250 6% Current Mortgage Maturities ($M) 5% Weighted $200 Average 4.57% 4% Interest Rate Interest Rate $150 3.44% of 2.94% 3.27% 3% 3.14% 3.11% 2.82% $100 2.60% 2.54% 2.53% 2.52% 84% of 2% Apartment $50 1% Mortgages CMHC $0 0% Insured 2018 2019 2020 2021 2022 2023 2024 2025 2026 thereafter Weighted Current rate for 5‐year Current rate for 10‐year Average Term to Maturity of CMHC insured debt is CMHC insured debt is 4.5 years approximately 3.35%. approximately 3.55%. 9

Q3‐2018 | Financial Highlights Increasing value of investment properties. Investment Properties ($ billions) Investment Properties under Construction Investment Properties $1.7 $1.8 $1.9 $2.3 $2.7 2014 2015 2016 2017 Q3‐2018 Weighted Average Apartment Cap‐Rates 5.52% 5.49% 5.37% 5.19% Q4‐15 Q4‐16 Q4‐17 Q3‐18 10

Q3‐2018 | Growing FFO & NAV Killam’s strategy to increase FFO, NAV and maximize value is focused on three priorities: Increase Expand the Develop high‐ earnings from quality portfolio and existing properties in diversify portfolio. core markets. geographically through accretive acquisitions. 11

Q3‐2018 | Increase Value in Existing Portfolio • Advancing Technology & Analytics • Providing Superior Customer Service • Driving Expense Management Practices • Repositioning Units • Enhancing Other Revenue Streams • Maximizing Rents on Renewals • Investing in Energy Efficiencies $ $ Increase Increase FFO NAV 12

Q3‐2018 | Increasing Revenues to Grow NOI Driving revenues through increased occupancy and rental rates, as well as fewer rental incentive offerings. Q3‐2018 Q3‐2017 Region SP Rent SP Rent % Change Halifax $1,035 $1,007 2.8% ↑ Ontario $1,370 $1,334 2.7% ↑ Moncton $862 $839 2.7% ↑ Fredericton $956 $933 2.5% ↑ Saint John $799 $778 2.7% ↑ St. John’s $979 $971 0.8% ↑ Charlottetown $945 $921 2.6% ↑ Alberta $1,138 $1,129 0.8% ↑ MHC $253 $246 2.7% ↑ Apartment Property Occupancy Q3‐2017 Q3‐2018 97.7% 97.4% 96.8% 97.8% 97.1% 97.9% 95.8% 97.2% 99.2% 99.3% 97.0% 97.0% 93.7% 92.6% 97.1% 95.7% 97.6% 98.0% 13 Halifax Moncton Fredericton Saint John Charlottetown Ontario St. John’s Alberta MHC

Q3‐2018 | Increasing Revenues to Grow NOI Driving revenues through unit repositionings to meet market demand. • Seeking higher rent lifts and ROI on each unit turn with an increased focus on unit repositioning. Total YTD 2018 2018 Target 2019 Target Opportunity • 134 Units vs 24 • 200 Unit • 300 Unit • 3000 Unit units YTD‐2017 Repositions Repositions Repositions • 14% ROI • $3‐4M • $5‐6M • $54‐60M Investment Investment Investment • $253 Avg Monthly • $0.6M • $0.9M • $9M Rental Rate Lift Annualized Annualized Annualized Increased Revenue Revenue • $22k Avg Revenue Investment 14

Q3‐2018 | Increasing Revenues to Grow NOI Accelerating capital investment in suites to maximum NOI growth and investment returns. YTD 2018 134 units | $2.9M investment | ↑$0.4M NOI Rivers Edge, Fort Howe, Saint Lorentz, Moncton Cambridge Brentwood, Halifax John Silver Spear, Harlington, Mississauga Torbay, St. John’s One Oak, Halifax Halifax Next 15 Months 15 360 units | $8M investment |↑$1.2M NOI

Q3‐2018 | Increasing Revenues to Grow NOI Rivers Edge, Cambridge (225 units) | Driving revenues through repositioning units $600k Increased Targeted Asset Value 14% Avg ROI 23 repositioned units AFTER targeted in 2018/19 $13K Avg Investment 9% Avg Rent Lift $150 Avg Monthly Increase BEFORE 16

Q3‐2018 | Increasing Revenues to Grow NOI Brentwood, Halifax (240 units)| Driving revenues through repositioning units $1.4M Increased Targeted Asset Value 15% Avg ROI 29 AFTER repositioned units targeted in 2018/19 $18K Avg Investment 26% Avg Rent Lift $220 Avg Monthly Increase 17 BEFORE