CAPREIT Announces Renewal of Normal Course Issuer Bid
20 Mars 2024 - 10:00PM
Canadian Apartment Properties Real Estate Investment Trust
(“
CAPREIT”) (TSX: CAR.UN) today announced that the
Toronto Stock Exchange (the “
TSX”) has accepted
CAPREIT’s notice of intention to renew its normal course issuer bid
(“
NCIB”) for its trust units
(“
Units”).
CAPREIT’s Board of Trustees believes that an
NCIB represents an appropriate and desirable use of its available
liquidity to increase unitholder value and is in the best interest
of CAPREIT and its unitholders.
Pursuant to the notice, CAPREIT may purchase up
to 16,724,759 of its Units, representing approximately 10% of the
public float of 167,247,599 Units (as at the close of business on
March 11, 2024), during the twelve month period commencing March
25, 2024 and ending March 24, 2025 (or such earlier date as CAPREIT
completes its purchases pursuant to the renewed NCIB). As at the
close of business on March 11, 2024, there were 167,560,401 Units
issued and outstanding. Under the NCIB, other than purchases made
under block purchase exemptions, CAPREIT may purchase up to 89,460
Units on the TSX during any trading day, which represents
approximately 25% of the average daily trading volume of the Units
on the TSX for the prior six calendar months (being 357,842 Units),
all as calculated in accordance with the rules of the TSX. Any
Units purchased under the NCIB will be cancelled.
Under its current NCIB, which expires on March
23, 2024, CAPREIT is authorized to acquire a total of 16,901,348
Units of which, as at the close of business on March 11, 2024,
881,985 Units have been purchased by CAPREIT at a weighted average
price of $47.53 per Unit.
Although CAPREIT intends to purchase Units under
its NCIB, there can be no assurance that any such purchases will be
made. Any purchases made under the normal course issuer bid will be
made by CAPREIT subject to favourable market conditions at the
prevailing market price at the time of acquisition and on the open
market through the facilities of the TSX, other designated
exchanges and/or alternative Canadian trading systems, or by such
other means as may be permitted by applicable securities laws.
CAPREIT will enter into an automatic purchase plan during the term
of the NCIB. The automatic purchase plan will allow for purchases
by CAPREIT’s broker of Units during certain pre-determined blackout
periods.
ABOUT CAPREIT
CAPREIT is Canada's largest publicly traded provider of quality
rental housing. As at December 31, 2023, CAPREIT owns approximately
64,300 residential apartment suites, townhomes and manufactured
home community sites that are well-located across Canada and the
Netherlands, with approximately $16.5 billion of investment
properties in Canada and Europe. For more information about
CAPREIT, its business and its investment highlights, please visit
our website at www.capreit.ca and our public disclosures which can
be found under our profile at www.sedarplus.ca.
CAUTIONARY STATEMENTS REGARDING
FORWARD-LOOKING STATEMENTSCertain statements contained in
this press release constitute forward-looking statements within the
meaning of applicable Canadian securities laws which reflect
CAPREIT’s current expectations and projections about future
results. Forward-looking statements generally can be identified by
the use of forward-looking terminology such as “outlook”,
“objective”, “may”, “will”, “expect”, “intent”, “estimate”,
“anticipate”, “believe”, “consider”, “should”, “plans”, “predict”,
“estimate”, “forward”, “potential”, “could”, “likely”,
“approximately”, “scheduled”, “forecast”, “variation” or
“continue”, or similar expressions suggesting future outcomes or
events. The forward-looking statements made in this press release
relate only to events or information as of the date on which the
statements are made in this press release. Actual results and
developments are likely to differ, and may differ materially, from
those expressed or implied by the forward-looking statements
contained in this press release. Any number of factors could cause
actual results to differ materially from these forward-looking
statements. Although CAPREIT believes that the expectations
reflected in forward-looking statements are reasonable, it can give
no assurances that the expectations of any forward-looking
statements will prove to be correct. Such forward-looking
statements are based on a number of assumptions that may prove to
be incorrect. Accordingly, readers should not place undue reliance
on forward-looking statements.
Forward looking statements in this press release
are subject to certain risks and uncertainties that could result in
actual results differing materially from these forward-looking
statements. These risks and uncertainties are more fully described
in regulatory filings that can be obtained on SEDAR+ at
www.sedarplus.ca.
Except as specifically required by applicable
Canadian securities law, CAPREIT does not undertake any obligation
to update or revise publicly any forward-looking statements,
whether as a result of new information, future events or otherwise,
after the date on which the statements are made or to reflect the
occurrence of unanticipated events. These forward-looking
statements should not be relied upon as representing CAPREIT’s
views as of any date subsequent to the date of this press
release.
For more information, please contact:
CAPREITMr. Mark KenneyPresident
and Chief Executive Officer(416) 861-9404 |
CAPREITMr. Stephen CoChief
Financial Officer(416) 306-3009 |
CAPREITMr. Julian SchonfeldtChief
Investment Officer(647) 535-2544 |
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