Killam announces normal course issuer bid

    HALIFAX, Aug. 20 /CNW/ - Killam Properties Inc. (TSX:KMP/KMP:DB) is
pleased to announce that the Toronto Stock Exchange (the "TSX") has accepted
Killam's notice of intention to make a normal course issuer bid for its common
shares. Killam believes that the current market price of its common shares
does not accurately reflect their underlying value making the common shares an
attractive investment and an advantageous use of Killam's funds. Killam
expects that the purchase of common shares will benefit the remaining
shareholders of Killam by increasing their equity interest in Killam's assets.
    On August 15, 2007, there were 33,317,736 common shares outstanding and
the public float was 30,704,386 common shares. Under the normal course issuer
bid, Killam may acquire up to 3,070,438 common shares, which is 10% of the
public float. All purchases of common shares will be made through the
facilities of the TSX at the market price of the shares at the time of
acquisition. Daily repurchases by Killam will be limited to 55,607 common
shares, other than block purchase exceptions. Any shares acquired will be
    The normal course issuer bid will commence on August 22, 2007, and will
terminate on August 21, 2008.

    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 or disapproved of
the information contained herein. Certain statements in this report may
constitute forward-looking statements. 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. Killam does not undertake to update any of such
forward-looking statements.

For further information:

For further information: Killam Properties Inc.: Dale Noseworthy, CA,
CFA, Director, Investor and External Relations, (902) 442-0388, Fax: (902)

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