TORONTO, Nov. 25,
2022 /CNW/ - (TSX: CRT.UN) – CT Real Estate
Investment Trust ("CT REIT") announced today that the Toronto Stock
Exchange ("TSX") has accepted CT REIT's notice of intention to
proceed with a normal course issuer bid ("NCIB").
Under the NCIB, CT REIT may, during the 12-month period
commencing November 29, 2022, and
ending November 28, 2023, purchase up
to 3,300,000 CT REIT trust units ("Units"), representing
approximately 3.07% of its 107,394,085 issued and outstanding Units
as at November 15, 2022. Based on the
average daily trading volume of 134,428 during the last six months,
daily purchases will be limited to 33,607 Units, other than
purchases made under block purchase exemptions.
Purchases of Units under the NCIB will be made in open market
transactions, at the prevailing market price at the time of
purchase, over the facilities of the TSX, through alternative
Canadian trading systems or by such other means as may be permitted
under applicable securities laws and stock exchange rules. CT REIT
may also purchase Units through private agreements if it receives
an issuer bid exemption order permitting it to make such purchases.
Any purchases of Units made by way of private agreements 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. CT
REIT will not be obligated to acquire any Units under the NCIB, and
CT REIT may elect to suspend or discontinue its NCIB at any time.
Units purchased under the NCIB will be cancelled. CT REIT believes
that the market price of Units could be such that their purchase by
it under the NCIB may be an attractive and appropriate use of
corporate funds. In effect, the NCIB will provide CT REIT with an
incremental capital allocation tool that will allow it to prudently
and selectively, in appropriate circumstances, take action in
support of Unitholder value. CT REIT has not previously conducted
an NCIB.
From time to time, when CT REIT does not possess material
non-public information about itself or its securities, it may enter
into an automatic purchase plan with its broker to allow for the
purchase of Units at times when CT REIT 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
CT REIT's broker will be adopted in accordance with the
requirements of applicable Canadian securities laws and stock
exchange rules.
Forward-Looking
Statements
This press release contains forward-looking statements and
information that reflect management's current expectations
concerning the timing, methods and quantity of any purchases of
Units under the NCIB, as well as the entering into of any related
automatic purchase plan. Forward-looking statements are provided
for the purposes of providing information about management's
current expectations and plans and allowing investors and others to
get a better understanding of our future outlook, anticipated
events or results and our operating environment, and such
information may not be appropriate for other purposes.
Forward-looking information contained herein is based on reasonable
assumptions, estimates, analyses, beliefs and opinions of
management as of the date hereof made in light of factors that
management believes to be relevant and reasonable at the date such
information is provided. By its very nature, forward-looking
information requires the use of estimates and assumptions and is
subject to inherent risks and uncertainties that could cause actual
results to differ materially from management's expectations and
plans as set forth in such forward-looking information. For more
information on the risks, uncertainties and assumptions that could
cause the REIT's actual results to differ from current
expectations, refer to the REIT's public filings available at
http://www.sedar.com and at http://www.ctreit.com. CT REIT does not
undertake to update any forward-looking information, whether
written or oral, that may be made from time to time by it or on its
behalf, to reflect new information, future events or otherwise,
except as is required by applicable securities laws.
About CT Real Estate Investment
Trust
CT REIT is an unincorporated, closed-end real estate investment
trust formed to own income-producing commercial properties located
primarily in Canada. Its portfolio
is comprised of over 370 properties totalling approximately 30
million square feet of GLA, consisting primarily of net lease
single-tenant retail properties located across Canada. Canadian Tire Corporation, Limited is
CT REIT's most significant tenant. For more information, visit
ctreit.com.
SOURCE CT Real Estate Investment Trust (CT REIT)