Smart Real Estate Investment Trust's board approved a 5-Canadian cent higher annual distribution of C$1.75 per unit.

The change will take effect in October, the company said in its second-quarter report.

During the quarter ended June 30, the trust took on the development of a 16-acre land parcel in Vaughan, Ontario, into approximately 230 freehold townhouses alongside joint venture partner Fieldgate.

On June 29, the trust off-loaded 50% of the development lands to Fieldgate, for gross proceeds of C$19.4 million, excluding the C$200,000 closing costs. The remaining 50% interest that the trust owns was concurrently transferred to residential development inventory from property under development. A separate co-ownership agreement was signed with Fieldgate for the development and sale of the residential inventory.

Moreover, the company said that its third 55-story condominium tower in Transit City, also in Vaughan, was "substantially" sold out as of July 26. The tower is a joint venture project with Mitchell Goldhar and CentreCourt Developments.