|By Marketwired .||
|July 4, 2014 11:55 AM EDT||
TORONTO, ONTARIO -- (Marketwired) -- 07/04/14 -- 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, 2014 to July 7, 2015.
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 10,659,524 Units, representing 10% of the public float. The average daily trading volume ("ADTV") for the six calendar months prior to the date hereof was 258,670 Units and CAPREIT will be permitted to re-purchase up to 25% of the ADTV on any trading day (25% being 64,668 Units). There are 111,198,083 Units outstanding as of June 26, 2014. Any purchases will be made at market prices through the facilities of the TSX. CAPREIT has not made any purchases in the 12 months preceding the date of this notice pursuant to a normal course issuer bid that will expire on July 7, 2014. 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 41,216 residential units, comprising 35,034 residential suites and 29 manufactured home communities comprising 6,182 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.
Mr. Michael Stein
Mr. Thomas Schwartz
President & CEO
Mr. Scott Cryer
Chief Financial Officer