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Press release from CNW Group

KILLAM PROPERTIES INC. ANNOUNCES MONTHLY DIVIDEND

Tuesday, May 17, 2011

KILLAM PROPERTIES INC. ANNOUNCES MONTHLY DIVIDEND15:55 EDT Tuesday, May 17, 2011HALIFAX, May 17 /CNW/ - Killam Properties Inc. ("Killam") (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 June 15, 2011 to shareholders of record on May 31, 2011.On May 10, 2011, the Board of Directors approved a 3.6% increase to Killam's dividend, increasing the annual dividend from $0.56 per share to $0.58 per share. The monthly dividend will be $0.04833 per share, up 3.6% from $.046668 per share. The increase will become effective for the June 2011 dividend, to be paid in July 2011.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.Note: The Toronto Stock Exchange has neither approved or disapproved of the information contained herein.  For further information: Killam Properties Inc. Dale Noseworthy Vice President, Investor Relations & Corporate Planning (902) 442-0388 dnoseworthy@killamproperties.com www.killamproperties.com