06:56 AM EST, 12/23/2024 (MT Newswires) -- Melcor Real Estate Investment Trust (MR-UN.TO) over the weekend said it will pay a special non-cash dividend of $0.36 per outstanding unit to unitholders of record on Dec. 31.

The company said the special dividend is intended to reduce the REIT's taxable income for the 2024 taxation year to nil.

Immediately following the special distribution, the number of outstanding trust units will be consolidated so that each unitholder will hold exactly the same number of trust units after the consolidation as each unitholder held immediately prior to the special distribution, Melcor said in a statement.

Shares of the company closed down $0.01, or 0.2%, to $5.13 on Friday on the Toronto Stock Exchange.