Morguard Real Estate Investment Trust Announces Special Distribution
17 Dec, 2021, 08:50 ET
MISSISSAUGA, ON, Dec. 17, 2021 /CNW/ - Morguard Real Estate Investment Trust (the "Trust") (TSX: MRT.UN) today announced that it has declared a special distribution of $0.115 per unit. The distribution will be payable in units ($0.10 per unit) and cash ($0.015 per unit) to all unitholders of record as at December 31, 2021.
The special distribution is principally being made to distribute to Trust unitholders (the "Unitholders") capital gains from an asset disposition realized by the Trust during the twelve-month period ended December 31, 2021. Net cash proceeds received from the transactions are reinvested in capital projects and value creation opportunities in line with the Trust's strategy.
The amount of the special distribution payable in units of the Trust (the "Units") will be paid at the close of business on December 31, 2021 solely by the issuance of additional Units that will have a fair market value equal to the dollar amount of the special distribution payable in Units and which will be based on the closing price of the Units on the Toronto Stock Exchange on December 31, 2021. Immediately following the special distribution, the outstanding units of the Trust will be consolidated such that each Unitholder will hold, after the consolidation, the same number of Units as such Unitholder held before the special distribution. The remaining portion of the special distribution will be paid in cash on January 14, 2022.
The Trust cautions that the foregoing comments are not intended to be, and should not be construed as, legal or tax advice to any Unitholder. The Trust recommends that the Unitholders consult their own tax advisors regarding the income tax consequences to them of this anticipated special distribution and related unit consolidation.
About Morguard Real Estate Investment Trust
The Trust is a closed-end real estate investment trust, which owns a diversified portfolio of 46 high quality retail, office and industrial income producing properties in Canada consisting of approximately 8.3 million square feet of leasable space.
For more information, please visit Morguard.com.
SOURCE Morguard Real Estate Investment Trust
For further information: Morguard Real Estate Investment Trust, K. Rai Sahi, President and Chief Executive Officer, T 905-281-4800; Andrew Tamlin, Chief Financial Officer, T 905-281-4800
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