Killam announces dividend



    /NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN
    THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY
    CONSTITUTE A VIOLATION OF U.S. SECURITIES LAWS./

    HALIFAX, Dec. 18 /CNW/ - Killam Properties Inc. (TSX:KMP) is pleased to
announce that its board of directors has declared a dividend pursuant to
Killam's monthly dividend policy. The dividend of $0.046668 per common share
will be paid on January 15, 2008 to shareholders of record on December 31,
2007.
    Killam previously announced that it has adopted a Dividend Reinvestment
Plan (the "Plan"). To participate in the Plan, eligible registered
shareholders must deliver a properly completed and signed Enrolment Form to
Computershare Trust Company of Canada, at the address specified in the form.
Under the Plan, enrolment forms must be delivered to Computershare not later
than 3:00 p.m. (Toronto time) on the fifth (5th) business day immediately
preceding a dividend record date in order for the cash dividend to which such
record date relates to be reinvested under the Plan.
    Beneficial shareholders (i.e., owners of shares that are held through a
nominee) who wish to participate in the Plan should contact the broker,
investment dealer, financial institution or other nominee who holds their
shares to enquire about the applicable enrolment deadline and to request
enrolment in the Plan.

    Registered and beneficial shareholders who are non-residents of Canada
    are not eligible to participate in the Plan.

    Copies of the Plan, a series of frequently asked questions, and the
Enrolment Form are available on Killam's website at www.killamproperties.com,
or directly from Killam by calling (902) 442-0388. Shareholders should
carefully read the complete text of the Plan before making any decisions
regarding their participation in the Plan.

    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.

    This news release shall not constitute an offer to sell or the
solicitation of an offer to buy securities in any jurisdiction. The common
shares of Killam have not and will not be registered under the United States
Securities Act of 1933, as amended (the "1933 Act"), or the securities laws of
any state of the United States, and may not be offered or sold in the United
States or to any U.S. person absent registration or an applicable exemption
therefrom under the 1933 Act and the securities laws of all applicable states.

    Note: The Toronto Stock Exchange has neither approved or disapproved of
    the information contained herein.




For further information:

For further information: Killam Properties Inc.: Dale Noseworthy,
Director, Investor & External Relations, (902) 442-0388, Fax: (902) 455-4525,
dnoseworthy@killamproperties.com, www.killamproperties.com

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Killam Properties Inc.

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