In a letter to the company the firm said:
It is abundantly clear that a share split would benefit current and prospective holders of the Company’s shares, as well as the Company, by providing additional liquidity for the Company’s share repurchase plan. Any costs associated with the share dividend, which would be minimal, would be dramatically offset by these benefits. We are perplexed as to why the Board of Trustees has been evaluating this option for so long when the decision is obvious – a share dividend must be effected immediately.
TPL 1-yr chart