CAPREIT Announces Renewal of Normal Course Issuer Bid
22 March 2023 - 8:31AM
Canadian Apartment Properties Real Estate Investment Trust
(“CAPREIT”) (TSX: CAR.UN) today announced that the Toronto Stock
Exchange (the “TSX”) has accepted its notice of intention to
proceed with a normal course issuer bid.
CAPREIT’s Board of Trustees believes that a
normal course issuer bid 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. As at December
31, 2022, CAPREIT had approximately $381 million of liquidity,
representing cash and cash equivalents on hand and available
liquidity on CAPREIT’s Acquisition and Operating
Facility.
Pursuant to the notice, CAPREIT may purchase up
to 16,901,348 of its trust units (the “Units”), representing
approximately 10% of the public float of 169,013,488 Units, during
the twelve-month period commencing on March 24, 2023 and ending on
March 23, 2024. As at March 15, 2023 there were 169,322,513 Units
issued and outstanding. Under the normal course issuer bid, other
than purchases made under block purchase exemptions, CAPREIT may
purchase up to 100,017 Units on the TSX during any trading day,
which represents approximately 25% of 400,069 Units, which
represents the average daily trading volume on the TSX for the most
recently completed six calendar months prior to the TSX’s
acceptance of the notice of the normal course issuer bid. Any Units
purchased under the normal course issuer bid will be cancelled.
Although CAPREIT intends to purchase Units under
its normal course issuer bid, there can be no assurance that any
such purchases will be completed. 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 purchase and through the facilities of the TSX and/or
alternative Canadian trading systems. CAPREIT intends to enter into
an automatic purchase plan to be effective March 24, 2023 during
the term of the normal course issuer bid. The automatic purchase
plan will allow for purchases by CAPREIT of Units during certain
pre-determined blackout periods.
CAPREIT previously maintained a normal course
issuer bid for the twelve-month period commencing on March 24, 2022
and ending on March 23, 2023 (the “2022 NCIB”), under which CAPREIT
sought and received approval from the TSX to purchase up to
17,067,144 Units. As of March 20, 2023, CAPREIT has purchased
6,263,023 Units under the 2022 NCIB at a weighted average purchase
price of $45.54 per Unit through the facilities of the TSX and
alternative Canadian trading systems.
About CAPREIT
CAPREIT is Canada’s largest publicly traded
provider of quality rental housing. As at December 31, 2022,
CAPREIT owns or has interests in approximately 67,000 residential
apartment suites, townhomes and manufactured home community sites
well-located across Canada and the Netherlands, with approximately
$17 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 disclosure which can be found under our profile at
www.sedar.com.
Cautionary Statements Regarding
Forward-Looking Statements
All statements in this press release that do not
relate to historical facts constitute forward-looking statements.
These statements represent CAPREIT's intentions, plans,
expectations, and beliefs and 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.sedar.com.
The TSX has not reviewed and does not accept
responsibility for the adequacy or accuracy of this statement.
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 |
Canadian Apartment Prope... (TSX:CAR.UN)
Historical Stock Chart
From Mar 2024 to Apr 2024
Canadian Apartment Prope... (TSX:CAR.UN)
Historical Stock Chart
From Apr 2023 to Apr 2024