The Globe and Mail

Go to the Globe and Mail homepage

Jump to main navigationJump to main content

Press release from CNW Group

KILLAM PROPERTIES INC. ANNOUNCES REFILING OF INTERIM FINANCIAL STATEMENTS FOR THE THREE MONTHS ENDED MARCH 31, 2011 WITH ADDITIONAL IFRS DISCLOSURE

Tuesday, May 24, 2011

KILLAM PROPERTIES INC. ANNOUNCES REFILING OF INTERIM FINANCIAL STATEMENTS FOR THE THREE MONTHS ENDED MARCH 31, 2011 WITH ADDITIONAL IFRS DISCLOSURE22:31 EDT Tuesday, May 24, 2011NOT 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 statements: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 Debenture offering.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.For further information: Killam Properties Inc. Robert Richardson, FCA Executive Vice President & Chief Financial Officer (902) 442-9001 rrichardson@killamproperties.com www.killamproperties.com