05:19 PM EDT, 06/19/2024 (MT Newswires) -- Killam Apartment REIT (KMP-UN.TO) on Tuesday said it received exchange approvals to buy back and cancel up to three million of its unit over 12 months through a normal-course issuer bid.

The REIT said the allowed amount represents 2.52% of its outstanding units. The NCIB is expected to commence on June 24, 2024 and terminate on June 23, 2025.

Killam said it acquired none of an allowed three-million units under its expiring NCIB

Killam Apartment REIT, based in Halifax, Nova Scotia, is one of Canada's largest residential real estate investment trusts, owning, operating, and developing a $5.2 billion portfolio of apartments and manufactured home communities.