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, 2008, there were 33,609,365 common shares outstanding and
the public float was 31,201,083 common shares. Under the normal course issuer
bid, Killam may acquire up to 3,120,108 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 8,042 common
shares, other than block purchase exceptions, based on an average daily
trading volume for the last six calendar months of 32,171. Any shares acquired
will be cancelled.
    The normal course issuer bid will commence on August 22, 2008, and will
terminate on August 21, 2009.
    On August 20, 2007, Killam announced its intention to undertake a normal
course issuer bid, which would remain in effect during the 12-month period
ending August 21, 2008 (the "Prior Bid"). To date, Killam has purchased a
total of 171,600 common shares pursuant to the Prior Bid, at an average price
of $8.09 per common share.

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

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