CALGARY, ALBERTA -- (Marketwired) -- 04/29/16 -- Northview Apartment Real Estate Investment Trust (TSX: NVU.UN) ("Northview" or the "REIT") today announced plans to submit a Normal Course Issuer Bid application ("NCIB") for approval by the Toronto Stock Exchange ("TSX") for the ability to repurchase units in the capital of Northview ("Units").
The REIT's 2016 strategic initiatives include the disposition of non-core assets, with the proceeds used to reduce debt levels and repurchase Units. Management of Northview believes that from time to time market prices of Units do not reflect their underlying value. Accordingly, the REIT will purchase Units for cancellation with the intention of increasing the proportionate interest of all remaining unitholders. Commencement of the NCIB is conditional upon the approval of the TSX.
On April 1, 2016, Northview completed the internalization of the property management of 7,600 residential units in Ontario. "Northview is happy to announce the successful integration of the Ontario properties that were purchased in 2015," said Mr. Todd Cook, President & CEO. "We welcome the new team members to Northview, and thank the former property management companies for their prior services and co-operation during this transition."
About Northview
Northview is Canada's third largest publicly traded multi-family REIT with a portfolio of more than 24,000 quality residential suites in more than 60 markets across eight provinces and two territories. Northview's portfolio spans markets characterized by expanding populations, growing economies, high occupancy levels, and rising rents, which provides Northview the means to deliver stable and growing profitability and cash distributions over time. The REIT currently trades on the TSX under the ticker symbol: NVU.UN. Additional information concerning Northview is available at www.sedar.com or www.northviewreit.com.
Cautionary/Forward-Looking Statements
This news release contains forward-looking statements relating to our reduction of debt, disposition activity, and application for a NCIB. These statements are not guarantees of future events, performance or results and will not necessarily be accurate indications of whether, or the times at which, such events, performance or results will be achieved.
Forward-looking statements are based on information available at the time they are made, underlying estimates and assumptions made by management and management's good faith belief with respect to future events, performance and results, and are subject to inherent risks and uncertainties surrounding future expectations generally, which could cause actual results to differ materially from what is currently expected. Such risks and uncertainties include, but are not limited to, risks related to: availability of cash flow; debt financing; potential conflicts of interest; integration of acquired properties; and other risk factors more particularly described in our most recent Annual Information Form available on SEDAR at www.sedar.com. Additional risks and uncertainties not presently known to Northview or that Northview currently believes to be less significant may also adversely affect Northview.
Readers are cautioned that the above list of factors is not exhaustive and that should certain risks or uncertainties materialize, or should underlying estimates or assumptions prove incorrect, actual events, performance and results may vary significantly from those expected. There can be no assurance that the actual results, performance, events or activities anticipated by Northview will be realized or, even if substantially realized, that they will have the expected consequences to, or effect on, Northview. Readers, therefore, should not place undue importance on forward-looking information. Further, forward-looking statements speak only as of the date on which such statements are made. Northview disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required under applicable securities laws.
Contacts:
Northview Apartment Real Estate Investment Trust
Mr. Todd Cook
President & Chief Executive Officer
(403) 531-0725
Northview Apartment Real Estate Investment Trust
Leslie Veiner
Chief Operating Officer
(647) 725-0433
