CT Real Estate Investment Trust Announces Normal Course Issuer Bid
TORONTO, Nov. 25, 2022 /CNW/ - (TSX: CRT.UN) – CT Real Estate Investment Trust ("CT REIT") announced today that the Toronto Stock Exchange ("TSX") has accepted CT REIT's notice of intention to proceed with a normal course issuer bid ("NCIB").
Under the NCIB, CT REIT may, during the 12-month period commencing November 29, 2022, and ending November 28, 2023, purchase up to 3,300,000 CT REIT trust units ("Units"), representing approximately 3.07% of its 107,394,085 issued and outstanding Units as at November 15, 2022. Based on the average daily trading volume of 134,428 during the last six months, daily purchases will be limited to 33,607 Units, other than purchases made under block purchase exemptions.
Purchases of Units under the NCIB will be made in open market transactions, at the prevailing market price at the time of purchase, over the facilities of the TSX, through alternative Canadian trading systems or by such other means as may be permitted under applicable securities laws and stock exchange rules. CT REIT may also purchase Units through private agreements if it receives an issuer bid exemption order permitting it to make such purchases. Any purchases of Units made by way of private agreements may be at a discount to the prevailing market price as provided in the relevant issuer bid exemption order.
Decisions regarding the timing of future purchases of Units will be based on market conditions, Unit price and other factors. CT REIT will not be obligated to acquire any Units under the NCIB, and CT REIT may elect to suspend or discontinue its NCIB at any time. Units purchased under the NCIB will be cancelled. CT REIT believes that the market price of Units could be such that their purchase by it under the NCIB may be an attractive and appropriate use of corporate funds. In effect, the NCIB will provide CT REIT with an incremental capital allocation tool that will allow it to prudently and selectively, in appropriate circumstances, take action in support of Unitholder value. CT REIT has not previously conducted an NCIB.
From time to time, when CT REIT does not possess material non-public information about itself or its securities, it may enter into an automatic purchase plan with its broker to allow for the purchase of Units at times when CT REIT ordinarily would not be active in the market due to its own internal trading blackout periods and insider trading rules. Any such plans entered into with CT REIT's broker will be adopted in accordance with the requirements of applicable Canadian securities laws and stock exchange rules.
This press release contains forward-looking statements and information that reflect management's current expectations concerning the timing, methods and quantity of any purchases of Units under the NCIB, as well as the entering into of any related automatic purchase plan. Forward-looking statements are provided for the purposes of providing information about management's current expectations and plans and allowing investors and others to get a better understanding of our future outlook, anticipated events or results and our operating environment, and such information may not be appropriate for other purposes. Forward-looking information contained herein is based on reasonable assumptions, estimates, analyses, beliefs and opinions of management as of the date hereof made in light of factors that management believes to be relevant and reasonable at the date such information is provided. By its very nature, forward-looking information requires the use of estimates and assumptions and is subject to inherent risks and uncertainties that could cause actual results to differ materially from management's expectations and plans as set forth in such forward-looking information. For more information on the risks, uncertainties and assumptions that could cause the REIT's actual results to differ from current expectations, refer to the REIT's public filings available at http://www.sedar.com and at http://www.ctreit.com. CT REIT does not undertake to update any forward-looking information, whether written or oral, that may be made from time to time by it or on its behalf, to reflect new information, future events or otherwise, except as is required by applicable securities laws.
CT REIT is an unincorporated, closed-end real estate investment trust formed to own income-producing commercial properties located primarily in Canada. Its portfolio is comprised of over 370 properties totalling approximately 30 million square feet of GLA, consisting primarily of net lease single-tenant retail properties located across Canada. Canadian Tire Corporation, Limited is CT REIT's most significant tenant. For more information, visit ctreit.com.
SOURCE CT Real Estate Investment Trust (CT REIT)