Press release from Marketwire
CAPREIT Announces Normal Course Issuer Bid
Thursday, July 04, 2013
CAPREIT Announces Normal Course Issuer Bid14:59 EDT Thursday, July 04, 2013
TORONTO, ONTARIO--(Marketwired - July 4, 2013) - Canadian Apartment Properties Real Estate Investment Trust ("CAPREIT") (TSX:CAR.UN) announced today that the Toronto Stock Exchange (the "TSX") has approved its notice of intention to make a normal course issuer bid for its units ("Units") as appropriate opportunities arise from time to time. CAPREIT's normal course issuer bid will be made in accordance with the policies of the TSX. CAPREIT may purchase its Units during the period from July 8, 2013 to July 7, 2014.
Pursuant to the notice and subject to the market price of its Units and other considerations, CAPREIT may acquire over the next 12 months up to 9,773,361 Units, representing 10% of the public float. The average daily trading volume ("ADTV") for the six calendar months prior to the date hereof was 163,925 Units and CAPREIT will be permitted to re-purchase up to 25% of the ADTV on any trading day (25% being 40,981 Units). There are 102,377,512 Units outstanding as of June 25, 2013. Any purchases will be made at market prices through the facilities of the TSX. Any tendered Units taken up and paid for by CAPREIT will be cancelled. CAPREIT believes that the ongoing purchase of its outstanding Units may be an appropriate use of its resources over the next 12 months, based upon the market price of its Units during such period.
As one of Canada's largest residential landlords, CAPREIT is a growth-oriented investment trust owning interests in 37,998 residential units, comprising 34,628 residential suites and 14 manufactured home communities comprising 3,370 land lease sites in and near major urban centres across Canada.
For more information about CAPREIT, its business and its investment highlights, please refer to our website at www.capreit.net and our public disclosure which can be found under our profile at www.sedar.com.
All statements in this press release that do not relate to historical facts constitute forward-looking statements. These statements represent CAPREIT's intentions, plans, expectations and beliefs and are subject to certain risks and uncertainties that could result in actual results differing materially from these forward-looking statements. These risks and uncertainties are more fully described in regulatory filings that can be obtained on SEDAR at www.sedar.com. Subject to applicable laws, CAPREIT does not undertake any obligation to publicly update or revise any forward-looking information.
FOR FURTHER INFORMATION PLEASE CONTACT:
Mr. Michael Stein
Mr. Thomas Schwartz
President & CEO
Mr. Scott Cryer
Chief Financial Officer