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Crombie REIT declares cash-and-unit special distribution

Crombie Real Estate Investment Trust, as expected, said its board declared a special distribution of 56 Canadian cents per unit, payable in units at 46 cents apiece and in cash at 10 cents apiece.

The Canadian retail landlord said the payout stems from additional income generated by completed and planned capital recycling transactions in 2019. It used most of the net cash proceeds from the sale transactions to reinvest in value creation opportunities with Empire Company Ltd. and its major development projects.

The REIT said the amount payable in units will increase the tax cost basis of unit holders' consolidated units, while the remaining portion of the special distribution will be paid in cash Jan. 15, 2020. The company will make the distribution to all unit holders of record as at Dec. 31.