Business
Boardwalk Real Estate Investment Trust - TSX accepts renewal of normal course issuer bid
Boardwalk Real Estate Investment Trust - TSX accepts renewal of normal course issuer bid
About this update from Boardwalk Real Estate Investment Trust
[{"type":"text","content":"\n\n\n\n Aug. 19, 2010 (Canada NewsWire Group) -- \n\n \n \n \nTR.cnwUnderlinedCell TD {\n BORDER-BOTTOM: #000000 1px solid\n}\nTR.cnwDoubleUnderlinedCell TD {\n BORDER-BOTTOM: #000000 3px double\n}\nTR.cnwBoldUnderlinedCell TD {\n BORDER-BOTTOM: #000000 3px solid\n}\nTD.cnwUnderlinedCell {\n BORDER-BOTTOM: #000000 1px solid\n}\nTD.cnwDoubleUnderlinedCell {\n BORDER-BOTTOM: #000000 3px double\n}\nTD.cnwBoldUnderlinedCell {\n BORDER-BOTTOM: #000000 3px solid\n}\n\nCALGARY, Aug. 19 /CNW/ - Boardwalk Real Estate Investment Trust ("Boardwalk") is pleased to announce that The Toronto Stock Exchange has accepted its notice of intention to renew its normal course issuer bid (the "Bid").\nBoardwalk has 48,080,331 issued and outstanding trust units as of today's date. The public float of trust units of Boardwalk is 39,182,856. The Bid allows Boardwalk to purchase up to 3,918,286 trust units, representing 10% of its "public float" of trust units, through the facilities of The Toronto Stock Exchange. The average daily trading volume for the six calendar months prior to the date hereof was 85,028 trust units (25% being 21,257 trust units). The Bid will commence on August 24, 2010 and will terminate on August 23, 2011 or such earlier time as the Bid is complete.\nBoardwalk has purchased 207,400 trust units within the past 12 months at a weighted average price of $39.42 per trust unit.\nBoardwalk believes that the current and recent market prices of its trust units do not reflect their underlying value. Boardwalk's management is initiating this program as it feels that, at current market prices, an investment in Boardwalk's own high quality portfolio will deliver strong returns for unitholders and represents an effective use of its capital and steadily increasing cash flows. At the same time, Boardwalk plans to continue its property acquisition and capital improvement programs. Boardwalk will purchase the trust units for cancellation with the intention of increasing the proportionate interest of all remaining unitholders.\n\nCorporate Profile\n\nBoardwalk REIT is Canada's largest public owner/operator of multi-family rental communities. Boardwalk REIT currently owns and operates in excess of 230 properties with 35,686 rental units totaling approximately 30 million net rentable square feet. The Trust's portfolio i...