Killam Properties increases dividend to shareholders by 3.4 per cent

HALIFAX – Killam Properties Inc. (TSX:KMP) increased its monthly payment to shareholders on Monday to a nickel per share from 4.833 cents.

On an annual basis, the increased payment works out to 60 cents per share, up from 58 cents. Based on the company’s share price, the stock will yield about 5.9 per cent.

Killam also said that it has closed the acquisition of three properties in New Brunswick, Prince Edward Island and Nova Scotia for a total purchase price of $14.7 million.

“Each property enhances our portfolio in its respective market and allows us to benefit from our established property management infrastructure,” said Philip Fraser, Killam’s president and chief executive.

Killam shares closed up 11 cents at $10.21 on the Toronto Stock Exchange on Monday.