TORONTO,
March 21, 2022 /CNW/ -
Canadian Apartment Properties Real Estate Investment Trust
("CAPREIT") (TSX: CAR) 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, 2021, CAPREIT had approximately
$457.9 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 17,067,144 of
its units (the "Units"), representing approximately 10% of the
public float of 170,671,440 Units, during the twelve month
period commencing March 24, 2022 and
ending March 23, 2023. As at
March 15, 2022 there were 173,795,341
Units issued and outstanding. Under the normal course issuer bid,
other than purchases made under block purchase
exemptions, CAPREIT may purchase up to 91,823 Units on the TSX
during any trading day, which represents approximately 25% of
367,292 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 assurances 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
acquisition 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, 2022 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.
About CAPREIT
CAPREIT is Canada's largest
publicly-traded provider of quality rental housing. CAPREIT
currently owns or has interests in approximately 67,000 residential
apartment suites, townhomes and manufactured housing community
sites well-located across Canada
and the Netherlands with
approximately $17 billion of assets
under management globally. 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.
SOURCE CANADIAN APARTMENT PROPERTIES REAL ESTATE INVESTMENT
TRUST (CAP REIT)