TORONTO, Nov. 27,
2024 /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 (the "2024-25 NCIB").
Under the 2024-25 NCIB, CT REIT may, during the 12-month period
commencing November 29, 2024 and
ending November 28, 2025, purchase up
to 1,875,000 CT REIT trust units ("Units"), representing
approximately 1.73% of its 108,695,207 issued and outstanding Units
as at November 15, 2024. Based on the
average daily trading volume on the TSX of 158,985 during the last
six months, daily purchases will be limited to 39,746 Units, other
than purchases made under block purchase exemptions.
Purchases of Units under the 2024-25 NCIB will be made in open
market transactions, at the prevailing market price at the time of
purchase, through the facilities of the TSX, through alternative
Canadian trading systems or by such other means as may be permitted
under applicable securities laws. 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. CT REIT's previous NCIB, in respect of which CT
REIT sought and received approval from the TSX, authorized the
purchase of up to 3,500,000 Units and will expire on November 28, 2024 (the "2023-24 NCIB"). A total
of 875,468 Units were repurchased through the facilities of the TSX
and alternative Canadian trading systems at a volume weighted
average price of C$13.4959 per Unit
under the 2023-24 NCIB for a total cost of $11.8 million, including commissions.
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 2024-25
NCIB, and CT REIT may elect to suspend or discontinue the 2024-25
NCIB at any time. Units purchased under the 2024-25 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 2024-25 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.
In connection with the 2024-25 NCIB, CT REIT has entered into an
automatic securities purchase plan (the "ASPP") with CT REIT's
designated 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.
Purchases under the ASPP will be made by CT REIT's designated
broker based upon parameters set by CT REIT when it is not in
possession of any material non-public information about itself or
its securities, and in accordance with the terms of the ASPP. The
ASPP has been entered into 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. 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 CT REIT's actual
results to differ from current expectations, refer to CT REIT's
public filings available at https://www.sedarplus.ca 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 more than 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)