MISSISSAUGA, ON, Oct. 30 /CNW/ - Morguard Real Estate Investment Trust
(TSX: MRT.UN) today announced that it has declared a special distribution of
17 cents per unit which will be payable on November 24, 2008 to unitholders of
record as at November 14, 2008.
The special distribution represents the amount by which the taxable
income of Morguard REIT is expected to exceed its regular annual distributions
in 2008. This special distribution has been necessitated primarily as a result
of gains realized in 2008 on the disposition of certain properties. By making
the special distribution, Morguard REIT intends to ensure that, as required by
its Amended and Restated Declaration of Trust, it will not be liable to pay
income taxes in respect of its current taxation year ending December 31, 2008.
If the actual year-end taxable income of Morguard REIT is greater than
the distributions declared for 2008, an additional special distribution will
be deemed to have been made to unitholders of record on December 31, 2008 and
will be paid in the first quarter of 2009.
Morguard REIT is a closed-end real estate investment trust, which owns a
diversified portfolio of 50 high quality retail, office and industrial
properties in Canada with an approximate asset book value of $1.2 billion and
approximately 7.6 million square feet of leaseable space.
For further information:
For further information: Mr. K. (Rai) Sahi, Chief Executive Officer,
Morguard Real Estate Investment Trust, 55 City Centre Drive, Suite 1000,
Mississauga, ON, L5B 1M3, T: (905) 281-4800, F: (905) 281-4818, Email:
email@example.com; Website: www.morguardreit.com