Killam announces Dividend Reinvestment Plan



    /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, March 21 /CNW/ - Killam Properties Inc. (TSX:KMP) is pleased to
announce it has adopted 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 five 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.
    Eligible shareholders may elect to participate in the Plan commencing
with the monthly cash dividend payable on April 16, 2007 to shareholders of
record on March 30, 2007.
    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. However, in connection with the initial dividend
payable by Killam on April 16, 2007 to shareholders of record on March 30,
2007, Computershare has indicated that it will accept Enrolment Forms from
registered shareholders who wish to reinvest pursuant to the Plan the cash
dividend payable on April 16, 2007 if such forms are delivered not later than
3:00 p.m. (Toronto time) on Thursday, March 29, 2007.
    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.
    No commissions, service charges or brokerage fees will be payable by Plan
participants in connection with their purchase of shares from treasury under
the Plan, but beneficial shareholders who wish to participate in the Plan
through the broker, investment dealer, financial institution or other nominee
who holds their shares should consult that nominee to confirm what fees, if
any, the nominee may charge to enroll in the Plan on their behalf or whether
the nominee's policies might result in any costs otherwise becoming payable by
the beneficial shareholder.

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

    Killam reserves the right to limit the amount of equity that will be made
available under the Plan on any particular dividend date. Accordingly,
participation may be prorated in certain circumstances.
    Participation in the Plan does not relieve shareholders of any liability
for taxes that may be payable on dividends. Shareholders should consult their
tax advisors concerning the tax implications of their participation in the
Plan having regard to their particular circumstances.
    Copies of the Plan, a series of frequently asked questions, and the
Enrolment Form will be 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.

    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.

    Killam Properties Inc. is a leading real estate company based in Halifax,
Nova Scotia. Killam is the largest owner and manager of multi-family
residential rental properties and manufactured home communities in Atlantic
Canada.

    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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