09:11 AM EST, 12/18/2024 (MT Newswires) -- Morguard Real Estate Investment Trust (MRT-UN.TO), trading shy of 52 week highs, on Wednesday declared a special distribution of $0.06 apiece. The distribution will be payable in units ($0.053 per unit) and cash ($0.007 per unit) to all unitholders of record as at December 31, 2024.

In a statement it said the special distribution is principally being made to distribute to Trust unitholders the taxable income and capital gains from an asset disposition realized by the Trust in 2024. It added net cash proceeds are to be reinvested in capital projects and value creation opportunities.

The amount of the special distribution will be paid at the close of business on Dec. 31, solely by the issuance of additional units that will have a fair market value equal to the dollar amount of the special distribution and which will be based on the closing price of the units on the Toronto Stock Exchange on Dec. 31, Morguard said in a statement. Following the distribution, the outstanding units will be consolidated such that each unitholder will hold the same number of units as such unitholder held before the distribution, it added.

The cremaining portion of the special distribution will be paid in cash on Jan. 15, 2025.

Shares of the company closed up $0.01 or 0.2%, to $5.51 on Tuesday on the Toronto Stock Exchange.