TORONTO, Nov. 17, 2020 /CNW/ - (TSX:
CHP.UN) – Choice Properties Real Estate Investment Trust
("Choice Properties" or the "Trust") announced today that the
Toronto Stock Exchange ("TSX") has accepted a notice filed by
Choice Properties of its intention to make a normal course issuer
bid ("NCIB").
The NCIB notice provides that Choice Properties may, during the
12-month period commencing November
19, 2020 and terminating November 18, 2021, purchase up to 25,846,904 of
Choice Properties trust units ("Units"), representing approximately
10% of the public float of the Units, by way of a NCIB over the
facilities of the TSX or through alternative trading systems. As of
November 6, 2020, Choice Properties
had 326,941,663 outstanding Units. Based on the average daily
trading volume of 469,982 during the last six months, daily
purchases will be limited to 117,495 Units, other than block
purchase exceptions.
Purchases of Units will be made in open market transactions over
the facilities of the TSX or through alternative trading systems.
In addition, Choice Properties may enter into forward purchase or
swap contracts in connection with Units which may be settled by
physical settlement, cash settlement or a combination thereof. The
forward price will be based on market price, dividend yield and
market interest rates. Choice Properties may also purchase Units
through private agreements or unit repurchase programs if it
receives an issuer bid exemption order permitting it to make such
purchases. Any purchases of Units made by way of private agreements
or under unit repurchase programs may be at a discount to the
prevailing market price as provided in the relevant issuer bid
exemption order.
Decisions regarding the timing of future purchases of Units will
be based on market conditions, Unit price and other factors. Choice
Properties may elect to suspend or discontinue its NCIB at any
time. Units purchased under the NCIB will be cancelled or used in
connection with the Trust's equity settled incentive plans. Choice
Properties believes that the market price of Units could be such
that their purchase may be an attractive and appropriate use of
corporate funds. Choice Properties may also use its NCIB to acquire
the number of Units that are issued pursuant to the exercise of
options in order to offset the dilutive effect of options that have
been exercised. Pursuant to its previous NCIB, under which
Choice Properties received approval from the TSX to purchase up to
25,856,839 Units for the period of November
19, 2019 to November 18, 2020,
Choice Properties purchased 160,946 Units through open market
purchases on the TSX and alternative trading systems at a weighted
average price of $14.72.
From time to time, when Choice Properties does not possess
material non-public information about itself or its securities, it
may enter into a pre-defined plan with its broker to allow for the
purchase of Units at times when Choice Properties ordinarily would
not be active in the market due to its own internal trading
blackout periods and insider trading rules. Any such plans entered
into with Choice Properties' broker will be adopted in accordance
with the requirements of applicable Canadian securities laws.
About Choice Properties Real Estate Investment Trust
Choice Properties, Canada's
preeminent diversified real estate investment trust, is the owner,
manager and developer of a high-quality portfolio comprising
725 properties totaling 66.1 million square feet of gross
leasable area. Choice Properties owns a portfolio comprised of
retail properties predominantly leased to necessity-based tenants;
industrial, office and residential assets concentrated in
attractive markets; and offers an impressive and substantial
development pipeline. Choice Properties' strategic alliance with
its principal tenant, Loblaw Companies Limited, the country's
leading retailer, is a key competitive advantage providing
long-term growth opportunities. For more information, visit Choice
Properties' website at www.choicereit.ca and Choice
Properties' issuer profile at www.sedar.com.
SOURCE Choice Properties Real Estate Investment Trust