Killam Properties Inc. announced that is has received shareholder approval of its plan of arrangement to convert Killam from a corporation to a real estate investment trust (“REIT”) to be named Killam Apartment REIT. Approval was received at a special meeting of shareholders held December 8th in Halifax. Approximately 99.5 per cent of the votes cast were voted in favour of the arrangement.

Killam will seek a final order from the Ontario Superior Court of Justice (Commercial List) approving the arrangement at a hearing expected to be held on December 11, 2015. Subject to obtaining all required approvals and satisfying all required conditions, the REIT conversion is expected to become effective on January 1, 2016.

Killam Properties Inc., based in Halifax, Nova Scotia, is one of Canada’s largest residential landlords, owning, operating and developing multi-family apartments in Atlantic Canada, Ontario and Alberta. Since its first acquisition in Ontario in 2002, Killam’s real estate portfolio has grown to $1.8 billion and includes 13,647 apartment units and 5,165 manufactured home community (MHC) sites.