Business
TSX accepts renewal of normal course issuer bid
CALGARY, Aug. 20 /CNW/ - Boardwalk Real Estate Investment Trust ("Boardwalk") is pleased to annou...
About this update from Boardwalk Real Estate Investment Trust
[{"type":"text","content":"\n\n\n\nCALGARY, Aug. 20 /CNW/ - Boardwalk Real Estate Investment Trust\n("Boardwalk") is pleased to announce that The Toronto Stock Exchange has\naccepted its notice of intention to renew its normal course issuer bid (the\n"Bid").\n\n\nBoardwalk has 48,246,114 issued and outstanding trust units as of today's\ndate. The public float of trust units of Boardwalk is 39,322,114. The Bid\nallows Boardwalk to purchase up to 3,932,211 trust units, representing 10% of\nits "public float" of trust units, through the facilities of The Toronto Stock\nExchange. The average daily trading volume for the six calendar months prior\nto the date hereof was 132,753 (25% being 33,188). The Bid will commence on\nAugust 24, 2009 and will terminate on August 23, 2010 or such earlier time as\nthe Bid is complete.\n\n\nBoardwalk has purchased 1,436,000 trust units within the past 12 months\nat a weighted average price of $29.78.\n\n\nBoardwalk believes that the current and recent market prices of its trust\nunits do not reflect their underlying value. Boardwalk's management is\ninitiating this program as it feels that, at current market prices, an\ninvestment in Boardwalk's own high quality portfolio will deliver strong\nreturns for unitholders and represents an effective use of its capital and\nsteadily increasing cash flows. At the same time, Boardwalk plans to continue\nits property acquisition and capital improvement programs. Boardwalk will\npurchase the trust units for cancellation with the intention of increasing the\nproportionate interest of all remaining unitholders.\n\n\nCorporate Profile\n\n\nBoardwalk is Canada's largest public owner/operator of multi-family\nrental communities. Boardwalk currently owns and operates in excess of 260\nproperties with 36,652 rental units totaling approximately 31 million net\nrentable square feet. The Trust's portfolio is concentrated in the provinces\nof Alberta, British Columbia, Saskatchewan, Ontario and Quebec. Boardwalk's\nTrust units are listed on the Toronto Stock Exchange, trading under the symbol\nBEI.UN. The Trust's total Enterprise Value is over $3.0 billion. Additional\ninformation about Boardwalk can be found on the Company website at\nwww.boardwalkreit.com.\n\n\nCAUTIONARY STATEMENTS REGARDING FORWARD-LOOKING STATEMENTS\n\n\nInformation in this news release that is ...