TORONTO, March 20, 2024 (GLOBE NEWSWIRE) -- 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 STATEMENTS
Certain 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:
| CAPREIT Mr. Mark Kenney President and Chief Executive Officer (416) 861-9404 | CAPREIT Mr. Stephen Co Chief Financial Officer (416) 306-3009 | CAPREIT Mr. Julian Schonfeldt Chief Investment Officer (647) 535-2544 |
