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Granite REIT declares special, monthly distributions

Granite REIT's board of trustees declared a special distribution of C$1.20 per stapled unit.

The distribution consists of 30.0 cents per unit payable in cash and 90.0 cents per unit payable through the issuance of units based on the Dec. 31 closing market price of the stapled units on the Toronto Stock Exchange.

Additionally, the board agreed to distribute 23.3 cents per stapled unit for December, up from 22.7 cents declared in November.

The real estate investment trust's board had earlier approved an increase inits targeted yearly distribution by 2.9% to C$2.80 per stapled unit, or 23.3 cents per stapled unit on a monthly basis.

Unit holders on record as of Dec. 31 will receive the special and monthly distributions Jan. 15, 2019, according to a release.