Killam Properties hikes dividend; first-quarter profit more than doubles

<p>HALIFAX – Killam Properties Inc. (TSX:KMP) is increasing its annual dividend by 3.6 per cent, the Halifax-based company announced Tuesday along with a big increase in its profit.</p> <p>Killam said its earned net income for the first quarter was $15.6 million or 35 cents per share, up from $6.4 million or 16 cents per share a year earlier.</p> <p>Property revenue was up 11.6 per cent while funds from operations – a measure used by the real-estate industry – increased by 12.5 per cent to $6.5 million from $5.8 million.</p> <p>The company said its annual dividend will increase to 58 cents per share, up from 56 cents per share. On a monthly basis, the dividend will be 4.833 cents per share, beginning with the June dividend to be paid in July.</p> <p>”We are enthusiastic about the growth potential for Killam in 2011,” said Philip Fraser, Killam’s president and Chief Executive Officer.</p> <p>”We have an active acquisition pipeline with potential acquisitions in Atlantic Canada and Ontario and look forward to announcing details on the assets once the purchases are finalized, predominately in the second half of 2011.”</p> <p>The financial report was issued a day ahead of Killam’s annual and special meeting for shareholders, to be held in Halifax on Wednesday afternoon.</p> <p>The company has nearly half of its apartment units in Halifax and most of the others throughout Atlantic Canada. Of the 9,726 apartment units in its portfolio, 4,325 are in Halifax and only 362 are outside the Atlantic region.</p> <p>Killam also has 9,290 units in its manufactured home community portfolio.</p>