Citing Taxes, Temple REIT Says It Plans To Become Corp.

Law360, New York (August 28, 2012, 8:14 PM EDT) -- Going against the recent trend for U.S. real estate firms, Canada's Temple Real Estate Investment Trust and its affiliates have entered into an agreement proposing to convert the REIT to a corporation to better take advantage of local tax laws, Temple said Tuesday.

Prompted by the mounting taxes it owes under the Canada Business Corporations Act, the Manitoba-based Temple says the conversion will boost its bottom line and plans to merge all its units into a newly incorporated company called Temple Hotels Inc. The news comes...
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