NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES.
HALIFAX, May 24, 2011 /CNW/ - Killam Properties Inc. ("Killam") (TSX:
KMP) announced today that it has refiled its interim financial
statements for the three months ended March 31, 2011 to include
additional disclosure as required for the first interim reporting
period under International Financial Reporting Standards ("IFRS"). The
additional disclosure does not impact the consolidated balance sheet,
consolidated statements of income and comprehensive income,
consolidated statements of changes in equity or consolidated statements
of cash flows as previously filed.
The following disclosure has been added to the notes to the financial
The addition of the equity reconciliation for the interim period ended
March 31, 2010.
The addition of comprehensive income reconciliations for the three
months ended March 31, 2010 and the year ended December 31, 2010.
The equity reconciliations for January 1, 2010 and December 31, 2010
were revised to reconcile the change in total equity.
The addition of the deferred tax expense calculation for the three
months ended March 31, 2010.
This follows a review by the Nova Scotia Securities Commission (the
"NSSC") of the Company's preliminary short form prospectus relating to
the offering of convertible unsecured subordinated debentures (the
"Debentures") filed with the NSSC and certain other provincial
regulatory authorities on May 18, 2011. The revised interim financial
statements replace and supersede the interim financial statements
previously filed on SEDAR on May 11, 2011. The revised interim
financial statements can be accessed online at www.sedar.com or on the Company's website at www.killamproperties.com. The Company does not expect this refiling to delay the closing of the
This press release is not an offering of securities for sale in the
United States. The Debentures being offered have not been and will not
be registered under the United States Securities Act of 1933, as
amended, and state securities laws. Accordingly, the Debentures may
not be offered or sold in the United States absent registration or an
exemption from the registration requirements of that Act.
Killam Properties Inc., based in Halifax, Nova Scotia, is one of
Canada's largest residential landlords, owning and operating
multi-family apartments and manufactured home communities.
Note: The Toronto Stock Exchange has neither approved nor disapproved of
the information contained herein. Certain statements in this report may
constitute forward-looking statements relating to the offering, our
operations and the environment in which we operate, which are based on
our expectations, estimates, forecast and projections, which we believe
are reasonable as of the current date. Such forward-looking statements
involve risks, uncertainties and other factors which may cause actual
results, performance or achievements of Killam to be materially
different from any future results, performance or achievements
expressed or implied by such forward-looking statements. For more
exhaustive information on these risks and uncertainties, you should
refer to our most recently filed annual information form which is
available at www.sedar.com. Readers, therefore, should not place undue reliance on any such
forward-looking statements. 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. Other than as required by law, Killam
does not undertake to update any of such forward-looking statements.
SOURCE KILLAM PROPERTIES INC.
For further information:
Killam Properties Inc.
Robert Richardson, FCA
Executive Vice President & Chief Financial Officer