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