Killam announces dividend

/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES./

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, 2010 to shareholders of record on December 31, 2009.

Killam offers a Dividend Reinvestment Plan (the "Plan"). The Plan provides eligible shareholders with the opportunity to reinvest their cash dividends, on each dividend payment date, in additional common shares at the average market price of such shares. Average market price is defined in the Plan to be the volume weighted average trading price of the shares on the Toronto Stock Exchange for the ten trading days preceding the dividend payment date. Participating shareholders will also receive a "bonus" distribution of common shares representing 3% of the amount of the dividend reinvested pursuant to the Plan, based on the average market price.

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.

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.

%SEDAR: 00014891E

SOURCE Killam Properties Inc.

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

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