CAPREIT ANNOUNCES NORMAL COURSE ISSUER BID

About this update from Canadian Apartment Properties Real Estate Investment Trust

[{"type":"text","content":"\n \n \n \n CAPREIT ANNOUNCES NORMAL COURSE ISSUER BID\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n TORONTO\n \n \n ,\n \n \n March 21, 2022\n \n \n /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.\n \n \n 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\n \n December 31, 2021\n \n , CAPREIT had approximately\n \n $457.9 million\n \n of liquidity, representing cash and cash equivalents on hand and available liquidity on CAPREIT's Acquisition and Operating Facility.\n \n \n 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\n \n March 24, 2022\n \n and ending\n \n March 23, 2023\n \n . As at\n \n March 15, 2022\n \n 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.\n \n \n 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 ...

More updates from Canadian Apartment Properties Real Estate Investment Trust