OTTAWA,
ON, Sept. 25, 2024 /CNW/ - Minto Apartment
Real Estate Investment Trust (TSX: MI.UN) (the "REIT") today
announced that the Toronto Stock Exchange ("TSX") has accepted its
notice to make a normal course issuer bid ("NCIB") for a portion of
its trust units ("Units") as appropriate opportunities arise from
time to time. The REIT's previous normal course issuer bid expired
on September 19, 2024.
The NCIB will be active from September
27, 2024 to September 26, 2025
and permits the REIT to acquire up to 3,283,584 Units, representing
approximately 5% of the REIT's 65,671,690 issued and outstanding
securities (on a fully diluted basis assuming the exchange of all
25,755,029 Class B limited partner units of Minto Apartment Limited
Partnership) and approximately 9% of its public float. Under the
terms of the NCIB, the REIT may acquire up to 22,703 Units on any
given trading day representing approximately 25% of the REIT's
average daily trading volume for the six most recently completed
calendar months of 90,813 Units. Purchases under the NCIB will be
made by the REIT for cancellation and will made in the open market
through the facilities of the TSX or through Canadian Alternative
Trading Systems. Of the 3,282,682 Units approved for purchase under
its former normal course issuer bid, the REIT did not acquire any
Units.
The REIT's Board of Trustees has authorized the NCIB because it
believes that, from time to time, the purchase of Units at prices
below the REIT's net asset value may be an attractive and
appropriate use of the REIT's funds, benefitting remaining
unitholders by increasing the net asset value per unit of the REIT.
Decisions regarding the timing of purchases of Units will be based
on market conditions, Unit price and other factors.
About Minto Apartment Real Estate Investment Trust
Minto Apartment Real Estate Investment Trust is an
unincorporated, open-ended real estate investment trust established
pursuant to a declaration of trust under the laws of the Province
of Ontario to own income-producing
multi-residential properties located in urban markets in
Canada. The REIT owns a portfolio
of high-quality income-producing multi-residential rental
properties located in Toronto,
Montreal, Ottawa, and Calgary. For more information on Minto
Apartment Real Estate Investment Trust, please visit the REIT's
website at: https://www.mintoapartmentreit.com/.
Forward-Looking Information
This news release may contain forward-looking information within
the meaning of applicable securities legislation, which reflects
the REIT's current expectations regarding future events and in some
cases can be identified by such terms as "will", "may" and
"believes". In particular, this news release contains
forward-looking information in relation to the NCIB, including the
number of Units that may be acquired, price and the potential
impact for remaining unitholders. Forward-looking information
reflects management's current beliefs and is based on a number of
assumptions that the REIT believes are reasonable and is subject to
a number of risks and uncertainties, many of which are beyond the
REIT's control that could cause actual results and events to differ
materially from those that are disclosed in or implied by such
forward-looking information. Such risks and uncertainties include,
but are not limited to, the factors discussed under "Risks and
Uncertainties" in the REIT's Management Discussion & Analysis
for the second quarter of 2024, dated August
13, 2024, which is available on SEDAR+ (www.sedarplus.ca).
The REIT does not undertake any obligation to update such
forward-looking information, whether as a result of new
information, future events or otherwise, except as expressly
required by applicable law. This forward-looking information speaks
only as of the date of this news release.
The Toronto Stock Exchange has neither approved nor
disapproved of the information contained in this news
release.
SOURCE Minto Apartment Real Estate Investment Trust