KILLAM PROPERTIES INC. ANNOUNCES MONTHLY DIVIDEND

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

HALIFAX, Dec. 16 /CNW/ - Killam Properties Inc. ("Killam") (TSX:KMP/KMP.DB.A) 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 17, 2011 to shareholders of record on December 31, 2010.

Killam offers a Dividend Reinvestment Plan (the "DRIP"). The DRIP provides eligible shareholders with the opportunity to reinvest their cash dividends, on each dividend payment date, in additional common shares. Participating shareholders will also receive an additional distribution of common shares representing 3% of the amount of the dividend reinvested pursuant to 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. 

SOURCE Killam Properties Inc.

For further information: For further information:

Killam Properties Inc.
Dale Noseworthy
Vice President, Investor Relations & Corporate Planning   
(902) 442-0388                                                                                           
dnoseworthy@killamproperties.com  
www.killamproperties.com

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Killam Properties Inc.

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