HALIFAX, NS, Nov. 21, 2024 /CNW/ - Killam Apartment REIT (TSX: KMP.UN) ("Killam" or the "REIT") is pleased to announce that the previously announced proposed plan of arrangement (the "Arrangement") was approved today by approximately 98.41% of votes cast by the REIT's trust unitholders and special voting unitholders, voting together as a single class. The Arrangement will simplify Killam's organizational structure by eliminating Killam Properties Inc. ("KPI"), a wholly-owned subsidiary of the REIT. The Arrangement is expected to reduce or eliminate potential corporate taxation in respect of income and capital gains allocated to KPI, thereby increasing future cash flow for distribution to the REIT. The Arrangement is also expected to reduce the complexity of accounting and legal reporting and of income tax compliance inherent in Killam's existing structure. The REIT has received an advance income tax ruling of the Canada Revenue Agency in connection with the Arrangement.
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