Latest news with #TheCarrick
Scotsman
09-05-2025
- Scotsman
I didn't choose the best time to visit this five-star luxury loch-side Scottish hotel
There were changes afoot when I stayed the weekend Sign up to our daily newsletter – Regular news stories and round-ups from around Scotland direct to your inbox Sign up Thank you for signing up! Did you know with a Digital Subscription to The Scotsman, you can get unlimited access to the website including our premium content, as well as benefiting from fewer ads, loyalty rewards and much more. Learn More Sorry, there seem to be some issues. Please try again later. Submitting... This is the perfect time to visit the five-star 208 bedroom Cameron House. Contributed When I went, last month, not so much. First of all, the spa was shut for refurbishment. It's due to open at the beginning of June, with a new swimming pool and other bells and whistles. Advertisement Hide Ad Advertisement Hide Ad Even without a glow-up, I adore that attraction, especially the rooftop infinity hydropool. Sadly, no visit this time. Also, Graeme Cheevers hadn't yet opened Loma, though it has since filled the slot that the excellent Tamburrini and Wishart restaurant once occupied. I'm a big fan of this chef's Glasgow venue, Unalome by Graeme Cheevers, and the Japanese meets Scottish menu at Cameron House looks tip-top. My main course would've been the North Sea turbot gilled over binchotan with Lore Valley asparagus, Ginjo sake and toasted rice. Oh well, another time. Advertisement Hide Ad Advertisement Hide Ad At least, rather than crying my eyes out, I did ALL the other things. Firstly, we checked into our Loch View Suite, with its roll-top bath in the plush boudoir, and a little stone balcony, where we could watch the shenanigans of the local oystercatchers and swish cars pulling up at reception. This room also has the biggest wet room, with showers pour deux, that I've ever seen. Contributed Then, we made the most of the other facilities. And that's a lot, even if you're not having a shot on their championship 18-hole golf course, The Carrick, or the smaller nine-hole Wee Demon. For example, they've got their own cinema, which was screening just-released films like Black Bag on our visit, or do a speed boat ride on the loch, try jet skis, 4x4 adventures, pony-trekking, play pool in The Tavern bar, or try archery or falconry. On my last visit, I did kayaking, and it was brilliant. Advertisement Hide Ad Advertisement Hide Ad However, in order to avoid terrifying The Scotsman's insurance department, we opted for the sedate Champagne cruise on their yacht, Celtic Warrior, which you'll find along their pier, parked near other boats with cheeky names like Jacqui Ohhh! and Still Nauti. We sat on deck, with tartan blankets over our knees and glasses of fizz in hand, as we listened to our captain tell us about Loch Lomond's islands, including Inchmurrin. This is the UK's largest inland island, and is home to The Scottish Outdoor Club - Scotland's oldest nudist club. Sadly, I couldn't confirm their existence, as there were no binoculars to hand. That oxygenated tour piqued our appetite and, even if Loma wasn't open, there were plenty of other decent meals to be had at Cameron House's eight restaurants. These include La Vista - their one-year old Italian-influenced eatery, which is in a single storey building situated past their self-catering lodges, and down at the marina. Advertisement Hide Ad Advertisement Hide Ad Its menu includes grilled swordfish, an extremely decadent ossobuco alla Milanese, as well as a selection of pizzas. For pudding, they've got all the crowd pleasers, such as tiramisu and my old-school favourite, rum baba. On our second night, we ate at the slightly smarter Cameron Grill. Contributed After a starter of pea espuma, angel hair, poached egg and thyme powder, I might've opted for the sophisticated-sounding duck breast, with beetroot, cherry ketchup, radicchio, and marmalade jus. However, all I really craved was a fillet steak. Zero regrets, especially as this medium rare slab came with confit garlic and herb butter. They also serve breakfast in this huge room. Advertisement Hide Ad Advertisement Hide Ad In the morning, there are tureens full of crispy bacon and egg, haggis and sausage, plus wheels of Arran Cheese and Continental meats, but they've made a real effort to include healthy options, with tons of different smoothies on offer, fresh fruit, yoghurts, kefir and skyr, and an excellent nutty granola. I was erring towards the virtuous end of the buffet, as I wanted to visit their gym afterwards. Nobody can do star jumps with a stomach full of sausies. Last time I stayed at Cameron House - in one of their smart self-catering apartments - I was so fixated on the spa, which is in a separate building, that I didn't even look at the in-house Leisure Club. Their technogym has an excellent selection of free weights and cardio machines, but I found myself in a vigorous kettle-bell class, with moves that were choreographed to Nineties house music. As the spa was shut - oh sorry, have I mentioned that already? - we used their family-friendly pool, which has a Jacuzzi and a kids' flume. I was desperate to have a shot, especially when I heard a member of staff saying that Ronaldo stayed at the hotel once, with the Portuguese national team, and had more than one go. Advertisement Hide Ad Advertisement Hide Ad In the end I was too self-conscious, so that's something that I can carry over to my next visit. And I hope there will be one, because Loma and the new spa remain on my wish list.
Cision Canada
07-05-2025
- Business
- Cision Canada
KILLAM APARTMENT REIT ANNOUNCES STRONG Q1-2025 OPERATING PERFORMANCE AND FINANCIAL RESULTS
HALIFAX, NS, /CNW/ - Killam Apartment REIT (TSX: ("Killam") today reported its results for the three months ended March 31, 2025. "We are pleased with our strong financial and operating performance for Killam's first quarter of 2025. Our financial results delivered FFO [funds from operations] growth, generating $0.28 per unit, an increase of 7.7% compared to Q1-2024," noted Philip Fraser, President and CEO. "Driving Killam's FFO growth is 7.8% same property NOI [net operating income] growth, supported by a 6.6% increase in same property revenue. Our diversified apartment portfolio has demonstrated resilience in the current rental market, maintaining same property occupancy levels of 97.5%, consistent with Q1-2024. Earnings growth was enhanced by our fully stabilized developments completed in the last two years, which continue to contribute positively to our financial performance. "Our three developments underway are progressing on schedule and in line with budgets. We are particularly excited about the pre-leasing progress for The Carrick, which is expected to open on June 1. As we enter the summer leasing season, we are pleased to note that the 139-unit building in Waterloo, Ontario is 26% pre-leased. "Our balance sheet metrics continue to improve, with the debt-to-total assets ratio reaching a record-low of 39.9%, and our debt-to-normalized EBITDA [earnings before interest, tax, depreciation and amortization] improving to 9.66x at March 31, 2025. "We are working towards meeting our disposition target of $100-$150 million in 2025. Year-to-date, we have completed $18.5 million in non-core asset sales in addition to the sale of a 50% interest in a development site in Calgary to an existing partner. Proceeds from these sales and future sales will be thoughtfully redeployed to create value through our development program, acquisitions, and debt reduction or NCIB [normal course issuer bid] program." Q1-2025 Financial & Operating Highlights Reported net income of $101.9 million compared to $127.2 million in Q1-2024. Killam recorded fair value gains on investment properties of $70.2 million in Q1-2025, compared to fair value gains of $116.3 million in Q1-2024. Generated net operating income of $59.0 million, a 7.2% increase from $55.0 million in Q1-2024. Achieved a 6.6% increase in same property revenue compared to Q1-2024 and generated 7.8% same property NOI growth compared to Q1-2024. 1 Earned FFO per unit of $0.28, a 7.7% increase from the $0.26 earned in Q1-2024. 2 Earned adjusted funds from operations (AFFO) per unit of $0.23, a 9.5% increase from $0.21 in Q1-2024 3, and reduced the rolling 12-month AFFO payout ratio by 300 basis points (bps) to 70%, from 73% in Q1-2024. 2 Same property occupancy remained consistent with Q1-2024 at 97.5%. Ended the first quarter with debt as a percentage of total assets of 39.9%, and debt to normalized EBITDA of 9.66x , the lowest debt ratio levels in Killam's operating history. 4 ____________________________ (1) Same property revenue, same property NOI, and same property apartment occupancy are supplementary financial measures. An explanation of the composition of these measures can be found under "Supplementary Financial Measures." Occupancy represents actual residential rental revenue, net of vacancy, as a percentage of gross potential residential rent. (2) FFO and AFFO, and applicable per unit amounts, are not defined by International Financial Reporting Standards (IFRS) and do not have a standardized meaning according to IFRS; therefore, they may not be comparable to similar measures presented by other companies. For information regarding non-IFRS measures, including reconciliations to the most comparable IFRS measure, if applicable, see "Non-IFRS Measures." (3) The maintenance capital expenditures used to calculate AFFO and AFFO payout ratio for the three months ended March 31, 2024, were updated to reflect the maintenance capex reserve of $1,100 per apartment unit, $310 per manufactured home community (MHC) site and $1.10 per square foot (SF) for commercial properties that were used in the calculation for the 12 months ended December 31, 2024. (4) Net debt to normalized adjusted earnings before interest, tax, depreciation and amortization (EBITDA) is a non-IFRS ratio. An explanation of the composition of this measure can be found under the heading "Non-IFRS Ratios." Debt as a percentage of total assets is a capital management financial measure. An explanation of the composition of this measure can be found under the heading "Capital Management Financial Measure." (1) FFO, FFO per unit, AFFO, AFFO per unit, and AFFO payout ratio are non-IFRS measures. A reconciliation from net income to FFO and a reconciliation from FFO to AFFO can be found under the heading "Non-IFRS Reconciliation." (2) The maintenance capital expenditures used to calculate AFFO and AFFO payout ratio for the three months ended March 31, 2024, were updated to reflect the maintenance capex reserve of $1,100 per apartment unit, $310 per MHC site and $1.10 per SF for commercial properties that were used in the calculation for the 12 months ended December 31, 2024. (3) Same property apartment occupancy, same property revenue, and same property NOI are supplementary financial measures. An explanation of the composition of these measures can be found under the heading "Supplementary Financial Measures." (1) Interest coverage ratio and debt to normalized EBITDA are non-IFRS ratios. An explanation of the composition of these measures can be found under the heading "Non-IFRS Ratios." Summary of Q1-2025 Results and Operations Achieved 7.7% FFO per Unit Growth and 9.5% AFFO per Unit Growth Killam achieved FFO per unit of $0.28 in Q1-2025, a 7.7% increase from $0.26 in Q1-2024. AFFO per unit increased 9.5% to $0.23, compared to $0.21 in Q1-2024. The growth in FFO and AFFO is attributable to strong same property NOI growth, coupled with contributions from Killam's development programs. This growth was partially offset by higher interest and G&A costs. AFFO per unit growth of 9.5% corresponds with the success of Killam's capital recycling program that focuses on selling older capital-intensive properties and replacing them through acquisitions and development with newer, more efficient buildings. Delivered Same Property NOI Growth of 7.8% Killam delivered same property NOI growth of 7.8% during the quarter and a same property operating margin increase of 70 bps. Killam's new developments, Civic 66 and The Governor, which were both completed in 2023, are included in the same property portfolio in 2025. Excluding these two properties, same property NOI was up 6.7% (Nolan Hill Phase II was not completed and available for full lease-up until February 2024 and will be included in Killam's 2026 same property portfolio). Same property revenue was up 6.6% following a 6.6% increase in apartment rental rates year-over-year. Same property occupancy remained consistent with Q1-2024 at 97.5%. The weighted average rental rate increase on units that renewed and turned in Q1-2025 was 5.1%, down 30 bps compared to Q1-2024. Total same property operating expenses were up 4.6% in Q1-2025, including a 7.9% increase in utility and fuel expenses. These higher energy costs were primarily attributable to higher natural gas pricing, along with increased consumption due to a colder winter heating season compared to Q1-2024. This was combined with a 4.8% increase in property tax expense due to higher assessments across the portfolio, and a 2.1% increase in general operating expenses. Following a strong first quarter, Killam is well positioned to meet the middle to upper range of the same property NOI growth target of 4.0%–7.0% for 2025. Generated Net Income of $101.9 Million In Q1-2025, Killam achieved net income of $101.9 million, compared to $127.2 million in Q1-2024. Killam recorded fair value gains on investment properties of $70.2 million during the quarter, compared to fair value gains of $116.3 million in the same period in 2024. The fair value gains on investment properties in Q1-2025 were a direct result of NOI growth ($4.0 million quarter-over-quarter) and the elimination of the consumer carbon tax from natural gas pricing, which will reduce operating costs going forward. Strengthened Balance Sheet During the quarter, Killam decreased its debt as a percentage of total assets to 39.9% as at March 31, 2025, down 50 bps from 40.4% as at December 31, 2024, the lowest in Killam's operating history. Killam's focus on strengthening its balance sheet and strong NOI growth has resulted in its debt to normalized EBITDA improving to 9.66x as at March 31, 2025, compared to 9.69x as at December 31, 2024. Refinanced Mortgages at 3.67% Killam manages interest rate risk through the strategic staggering of mortgage maturities. During Q1-2025, Killam refinanced $51.0 million of maturing mortgages with $97.1 million of new debt at a weighted average interest rate of 3.67%, 95 bps higher than the weighted average interest rate of the maturing debt but below rates on refinancings in 2024. Overall, Killam's weighted average mortgage interest rate increased 3 bps at the end of Q1-2025 to 3.48%, compared to 3.45% as at December 31, 2024. The weighted average term to maturity is 3.8 years. ESG Update During the quarter, Killam invested $0.8 million in energy initiatives, including the installation of PV solar panels, new boilers and heat pumps, and building upgrades across the portfolio. To date, Killam has installed PV solar arrays at 26 buildings across its portfolio, with an expected 2,900 megawatt hours of annual energy production. Killam plans to install additional PV solar arrays at 11 properties throughout the remainder of the year. In January, Killam revised its Employee Pregnancy and Parental Leave Policy as part of its ongoing commitment to fostering an inclusive and supportive workplace. The updated policy now includes a new parental leave top-up and enhanced benefits for parental leave. Additional Dispositions Subsequent to Quarter End On May 2, 2025, Killam completed the disposition of two MHC properties located in Gander and Corner Brook, NL, for gross proceeds of $4.8 million and net cash proceeds of $2.9 million. On May 2, 2025, conditions were waived on the sale of three properties located in Charlottetown, PEI, for gross proceeds of $15.7 million. The sales are expected to be completed in May 2025. On May 5, 2025, Killam completed the disposition of two apartment buildings located in Grand Falls, NL, for gross proceeds of $13.7 million and net cash proceeds of $11.5 million. On May 6, 2025, Killam signed a conditional agreement to acquire the remaining 50% interest in three assets located in Ottawa, ON, held through a joint venture partnership. The transaction is expected to close in Q3-2025. Financial Statements Killam's condensed consolidated interim Financial Statements and Management's Discussion and Analysis (MD&A) for the three months ended March 31, 2025, are posted under Financial Reports in the Investor Relations section of Killam's website at and are available on SEDAR+ at Readers are directed to these documents for financial details and a discussion of Killam's results. Results Conference Call Management will host a webcast and conference call to discuss these results and current business initiatives on Thursday, May 8, 2025, at 9:00 AM Eastern Time. The webcast will be accessible on Killam's website at the following link: A replay of the webcast will be available at the same link for one year after the event. The dial-in numbers for the conference call are as follows: North America (toll free): 1-888-699-1199 Overseas or local (Toronto): 1-416-945-7677 Profile Killam Apartment REIT, based in Halifax, Nova Scotia, is one of Canada's largest residential real estate investment trusts, owning, operating, managing and developing a $5.5 billion portfolio of apartments and manufactured home communities. Killam's strategy to enhance value and profitability focuses on three priorities: 1) increase earnings from its existing portfolio; 2) expand the portfolio and diversify geographically through accretive acquisitions which target newer properties and through the disposition of non-core assets; and 3) develop high-quality properties in its core markets. Non-IFRS Measures Management believes the following non-IFRS financial measures, ratios and supplementary information are relevant measures of the ability of Killam to earn revenue and to evaluate Killam's financial performance. Non-IFRS measures should not be construed as alternatives to net income or cash flow from operating activities determined in accordance with IFRS, as indicators of Killam's performance or the sustainability of Killam's distributions. These measures do not have standardized meanings under IFRS and, therefore, may not be comparable to similarly titled measures presented by other publicly traded organizations. Non-IFRS Financial Measures FFO is a non-IFRS financial measure of operating performance widely used by the Canadian real estate industry based on the definition set forth by REALPAC. FFO, and applicable per unit amounts, are calculated by Killam as net income adjusted for fair value gains (losses), interest expense related to Exchangeable Units, gains (losses) on disposition, deferred tax expense (recovery), internal commercial leasing costs, depreciation on an owner-occupied building, and change in principal related to lease liabilities. FFO is calculated in accordance with the REALPAC definition. A reconciliation between net income and FFO is included below. AFFO is a non-IFRS financial measure of operating performance widely used by the Canadian real estate industry based on the definition set forth by REALPAC. AFFO, and applicable per unit amounts and payout ratios, are calculated by Killam as FFO less an allowance for maintenance capital expenditures ("capex") (a three-year rolling historical average capital investment to maintain and sustain Killam's properties), internal and external commercial leasing costs and commercial straight-line rents. AFFO is calculated in accordance with the REALPAC definition. Management considers AFFO an earnings metric. A reconciliation from FFO to AFFO is included below. Adjusted earnings before interest, tax, depreciation and amortization ("adjusted EBITDA") is a non-IFRS financial measure calculated by Killam as net income before fair value adjustments, gains (losses) on disposition, deferred tax (recovery) expenses, financing costs, restructuring costs, depreciation and amortization. A reconciliation between net income and adjusted EBITDA is included below. Normalized adjusted EBITDA is a non-IFRS financial measure calculated by Killam as adjusted EBITDA that has been normalized for a full year of stabilized earnings from recently completed acquisitions, dispositions and developments, on a forward-looking basis. Transaction costs associated with the Plan of Arrangement are excluded from adjusted EBITDA. In addition, adjustments have been made to eliminate earnings associated with properties sold in the last twelve months. A reconciliation between adjusted EBITDA and normalized adjusted EBITDA is included below. Net debt is a non-IFRS financial measure used by Management in the computation of debt to normalized adjusted EBITDA. Net debt is calculated as the sum of mortgages and loans payable, credit facilities and construction loans (total debt) reduced by the cash balances at the end of the period. The most directly comparable IFRS measure to net debt is debt. A reconciliation between debt and net debt is included below. Non-IFRS Ratios Interest coverage is calculated by dividing adjusted EBITDA by mortgage, loan and construction loan interest and interest on credit facilities. Per unit calculations are calculated using the applicable non-IFRS financial measures noted above, i.e. FFO and AFFO, divided by the diluted number of units outstanding at the end of the relevant period. Payout ratios are calculated using the distribution rate for the applicable period divided by the applicable per unit amount, i.e. AFFO per unit. Debt to normalized adjusted EBITDA is calculated by dividing net debt by normalized adjusted EBITDA. Supplementary Financial Measures Same property NOI is a supplementary financial measure defined as NOI for stabilized properties that Killam has owned for equivalent periods in 2025 and 2024. Same property revenue is a supplementary financial measure defined as revenue for stabilized properties that Killam has owned for equivalent periods in 2025 and 2024. Same property results represent 97.5% of the fair value of Killam's investment property portfolio as at March 31, 2025. Excluded from same property results in 2025 are acquisitions, dispositions and developments completed in 2024 and 2025. Same property apartment occupancy is a supplemental financial measure defined as actual residential rental revenue, net of vacancy, as a percentage of gross potential residential rent for stabilized properties that Killam has owned for equivalent periods in 2025 and 2024. Capital Management Financial Measure Total debt as a percentage of total assets is a capital management financial measure and is calculated by dividing total debt by total assets, excluding right-of-use assets. This measure is reconciled in note 23 of the unaudited condensed consolidated interim financial statements. Non-IFRS Reconciliation (in thousands, except per unit amounts) Reconciliation of Net Income to FFO Three months ended March 31, 2025 2024 Net income $101,912 $127,240 Fair value adjustments (68,537) (113,823) Internal commercial leasing costs 75 90 Deferred tax expense — 16,969 Interest expense on Exchangeable Units (1) 702 682 Loss on disposition 67 191 Depreciation on owner-occupied building 24 25 Change in principal related to lease liabilities (2) 6 FFO $34,241 $31,380 FFO per unit – diluted $0.28 $0.26 (1) "Exchangeable Units" are Class B limited partnership units of Killam Apartment Limited Partnership. Exchangeable Units are intended to be economically equivalent to and are redeemable on a one-for-one basis for trust units of Killam at the option of the holder and are accompanied by Special Voting Units of Killam that provide their holders with equivalent voting rights to holders of trust units. (1) The maintenance capital expenditures for the three months ended March 31, 2024, were updated to reflect the maintenance capex-reserve of $1,100 per apartment unit, $310 per MHC site and $1.10 per SF for commercial properties that were used in the calculation for the 12-months ended December 31, 2024. (2) Based on Killam's annual distribution of $0.70831 for the 12-month period ended March 31, 2025, and $0.69996 for the 12-month period ended-March 31, 2024. Normalized Adjusted EBITDA Twelve months ended, March 31, 2025 December 31, 2024 % Change Net income $642,513 $667,844 (3.8) % Deferred tax recovery (295,943) (278,975) 6.1 % Financing costs 80,476 79,712 1.0 % Depreciation 1,069 1,065 0.4 % Loss on disposition 3,554 3,678 (3.4) % Restructuring costs 5,904 5,904 — % Fair value adjustment on unit-based compensation (909) (931) (2.4) % Fair value adjustment on Exchangeable Units (4,171) (3,352) 24.4 % Fair value adjustment on investment properties (206,279) (252,361) (18.3) % Adjusted EBITDA 226,214 222,584 1.6 % Normalizing adjustment (1) 1,203 2,352 (48.9) % Normalized adjusted EBITDA 227,417 224,936 1.1 % Total interest-bearing debt $2,208,883 $2,193,881 Cash and cash equivalents (11,904) (13,211) Net debt $2,196,979 $2,180,670 0.7 % Debt to normalized adjusted EBITDA 9.66x 9.69x (0.3) % (1) Killam's normalizing adjustment includes NOI adjustments for recently completed acquisitions, dispositions and developments to account for the difference between NOI booked in the period and stabilized NOI over the next 12 months. For information, please contact: Claire Hawksworth, CPA Senior Manager, Investor Relations [email protected] (902) 442-5322 Note: The Toronto Stock Exchange has neither approved nor disapproved of the information contained herein. Certain statements in this press release may constitute forward-looking statements. In some cases, forward-looking statements can be identified by the use of words such as "may," "will," "should," "expect," "plan," "anticipate," "believe, ""commit," "estimate, " "potential, ""continue," "remain," "forecast," "opportunity," "future","proposed" or the negative of these terms or other comparable terminology, and by discussions of strategies that involve risks and uncertainties. Such forward-looking statements may include, among other things, statements regarding: strengthening Killam's balance sheet; the effects of acquisitions and development projects on Killam's earnings and financial condition; Killam's weighted average mortgage interest rate; the expected amount and use of proceeds from dispositions and the timing thereof; unit repurchases under Killam 's normal course issuer bid; the continued expansion of Killam's portfolio, including through developments, and the timing thereof; Killam's capital recycling program and its impact on Killam's portfolio and long-term value creation; achievement of Killam's disposition and NOI growth targets; the impact of the elimination of the consumer carbon tax on Killam's business; the progress, completion, costs, capacity, total investment and timing of development projects; the anticipated energy production from Killam's photovoltaic (PV) solar arrays; Killam's commitment to fostering an inclusive and supportive workplace; and Killam's priorities. Readers should be aware that these statements are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those anticipated or implied, or those suggested by any forward-looking statements, including: the effects and duration of local, international and global events, any government responses thereto and the effectiveness of measures intended to mitigate any impacts thereof; competition; government legislation and the interpretation and enforcement thereof; litigation to which Killam may be subject; global, national and regional economic conditions (including interest rates and inflation); the availability of capital to fund further investments in Killam's business; and other factors identified under the "Risk Factors" section of Killam's most recently filed annual information form, under the "Risks and Uncertainties" of Killam's most recently filed MD&A, and in other documents Killam files from time to time with securities regulatory authorities in Canada, each of which is available on SEDAR+ at Given these uncertainties, readers are cautioned not to place undue reliance on any forward-looking statements contained in this press release. By their nature, forward-looking statements involve numerous assumptions, inherent risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and various future events may not occur. Although Management believes that the expectations reflected in the forward-looking statements are reasonable, there can be no assurance that future results, levels of activity, performance or achievements will occur as anticipated. 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. While Killam anticipates that subsequent events and developments may cause its views to change, Killam does not intend to update or revise any forward-looking statement, whether as a result of new information, future events, circumstances, or such other factors that affect this information, except as required by law. The forward-looking statements in this press release are provided for the limited purpose of enabling current and potential investors to evaluate an investment in Killam. Readers are cautioned that such statements may not be appropriate and should not be used for any other purpose. The forward-looking statements contained in this press release are expressly qualified by this cautionary statement.
