HALIFAX,
NS, June 20, 2023 /CNW/ - Killam Apartment
REIT (TSX: KMP.UN) ("Killam" or the "REIT") today announced that
the Toronto Stock Exchange ("TSX") has accepted Killam's notice of intention to make a normal
course issuer bid (the "NCIB") for trust units of the REIT
("Units"). The NCIB is expected to commence on June 22, 2023 and terminate on June 21, 2024.
Under the NCIB, Killam is
permitted to acquire up to 3,000,000 Units, which represents
approximately 2.6% of the 117,444,108 Units issued and outstanding
as of June 8, 2023. Except as
permitted under the TSX rules, Killam will not purchase on any given trading
day more than 55,257 Units, being approximately 25% of 221,030
Units, the average daily trading volume of the Units on the TSX for
the six most recently completed calendar months, excluding any
purchases made through the facilities of the TSX under Killam's normal course issuer bid which
expired on June 1, 2023 (the "2022
NCIB"). All purchases will be made on the open market through the
facilities of the TSX and/or alternative Canadian trading systems,
at the market price of such Units at the time of acquisition. Any
Units acquired through the NCIB will be cancelled. Killam believe that the NCIB provides it with
the flexibility to utilize its capital to acquire Units from time
to time under the appropriate circumstances. Management's decisions
regarding any Unit repurchases will be based on market conditions,
the market price of the Units and other factors.
Killam sought and obtained
approval to purchase 3,000,000 Units under the 2022 NCIB. In the
12-months preceding the date hereof, Killam purchased 11,822 Units under the 2022
NCIB through the facilities of the TSX and other alternative
Canadian trading systems at a volume weighted average price of
$16.92.
About Killam Apartment
REIT
Killam Apartment REIT, based in Halifax, Nova Scotia, is one of Canada's largest residential real estate
investment trusts, owning, operating, managing and developing a
$4.9 billion portfolio of
apartments and manufactured home communities and commercial
properties. Killam's strategy to
enhance value and profitability focuses on three priorities: 1)
increasing earnings from existing operations, 2) expanding the
portfolio and diversifying geographically through accretive
acquisitions, with an emphasis on newer properties, and 3)
developing high-quality properties in its core markets.
Note: The Toronto Stock Exchange has neither approved nor
disapproved of the information contained herein. Certain statements
in this press release may constitute forward-looking statements. In
some cases, forward-looking statements can be identified by the use
of words such as "may", "will", "expect", "plan", "intend", or the
negative of these terms or other comparable terminology, and by
discussions of strategies that involve risks and uncertainties.
Such forward-looking statements may include, among other things,
statements regarding: the number of Units to the acquired under the
NCIB, the method of purchase, price and cancellation of Units, and
the benefit of the NCIB for remaining Killam Unitholders.
Readers should be aware that these statements are subject to
known and unknown risks, uncertainties and other factors that could
cause actual results to differ materially from those anticipated or
implied, or those suggested by any forward-looking statements,
including: competition; national and regional economic conditions
and the availability of capital to fund further investments in
Killam's business. For more
exhaustive information on these risks and uncertainties, readers
should refer to Killam's most
recently filed annual information form, as well as Killam's most recently filed MD&A, each of
which are available at www.sedar.com. Given these uncertainties,
readers are cautioned not to place undue reliance on any
forward-looking statements contained in this press
release.
By their nature, forward-looking statements involve numerous
assumptions, inherent risks and uncertainties, both general and
specific, that contribute to the possibility that the predictions,
forecasts, projections and various future events may not occur.
Although Management believes that the expectations reflected in the
forward-looking statements are reasonable, there can be no
assurance that future results, levels of activity, performance or
achievements will occur as anticipated. Further, a forward-looking
statement speaks only as of the date on which such statement is
made and should not be relied upon as of any other date. While
Killam anticipates that subsequent
events and developments may cause Killam's views to change, Killam does not intend to update or revise any
forward-looking statement, whether as a result of new information,
future events, circumstances, or such other factors that affect
this information, except as required by law. The forward-looking
statements in this press release are provided for the limited
purpose of enabling current and potential investors to evaluate an
investment in Killam. Readers are
cautioned that such statements may not be appropriate and should
not be used for any other purpose. The forward-looking statements
contained in this press release are expressly qualified by this
cautionary statement.
SOURCE Killam Apartment Real Estate Investment Trust