TORONTO – (BUSINESS WIRE) – November 17, 2021–
Choice Properties Real Estate Investment Trust (âChoice Propertiesâ or the âTrustâ) (TSX: CHP.UN) announced today that the Toronto Stock Exchange (âTSXâ) has accepted a notice filed by Choice of its intention to make a normal course buyback offer (âOPRAâ).
The TSX notice provides that Choice Properties may, during the 12-month period beginning November 19, 2021 and ending November 18, 2022, purchase up to 27,558,665 Choice Properties trust units (the â units â), representing approximately 10% of the free float of the units, by means of a public tender offer on the facilities of the TSX or through alternative trading systems or by any other means authorized by the TSX or under applicable laws. As of November 8, 2021, Choice Properties had 327,515,719 Units outstanding. Based on the average daily trade volume of 417,154 over the past six months, daily purchases will be limited to 104,288 units, with the exception of bulk purchase exceptions.
Purchases of Units will be made in open market transactions through the facilities of the TSX or through alternative trading systems. In addition, Choice Properties may enter into forward purchase contracts or swaps in respect of Units which may be settled by physical settlement, cash settlement, or a combination of both. The futures price will be based on the market price, dividend yield and market interest rates. Choice Properties may also purchase units under private agreements or unit repurchase programs if it receives an issuer bid exemption order allowing it to make such purchases. Any purchase of Units made through private agreements or under share buyback programs may be at a discount to the prevailing market price, as provided for in the relevant Tender Offer Exemption Order. .
Decisions regarding the timing of future purchases of Units will be based on market conditions, the price of the Units and other factors. Choice Properties may choose to suspend or discontinue its issuer bid at any time. Units purchased under the Offer will be canceled or used under the equity-settled incentive plans of the Trust. Choice Properties believes that the market price of the Units may be such that their purchase may be an attractive and appropriate use of the Company’s funds. Choice Properties may also use its issuer bid to acquire the number of units that are issued upon exercise of options to offset the dilutive effect of options that have been exercised. In accordance with its previous issuer bid, pursuant to which Choice Properties received approval from the TSX to purchase up to 25,846,904 units for the period November 19, 2020 to November 18, 2021. As of November 8, 2021, Choice Properties purchased 189,887 shares on the open market on the TSX and alternative trading systems at a weighted average price of $ 12.89.
From time to time, when Choice Properties does not have material non-public information about itself or its securities, it may enter into a pre-defined plan with its broker to allow the purchase of units at times when Choice Properties does not. would not normally be active in the market due to its own internal trading blackout periods and insider trading rules. Any such plans entered into with the broker of Choice Properties will be adopted in accordance with the requirements of applicable Canadian securities laws.
About Choice Properties Real Estate Investment Trust
Choice Properties is a leading real estate investment trust that creates lasting value through the ownership, operation and development of high quality commercial and residential properties.
We believe value comes from creating spaces that improve the way our tenants and communities come together to live, work and connect. We strive to understand the needs of our tenants and to manage our properties to the highest standards. We aspire to develop healthy and resilient communities through our commitment to social, economic and environmental sustainability. In everything we do, we are guided by a set of shared values ââbased on care, ownership, respect and excellence.
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CONTACT: Mario Barrafato
REIT Choice Properties
KEYWORD: NORTH AMERICA CANADA
INDUSTRY KEYWORD: RESIDENTIAL BUILDING AND REAL ESTATE COMMERCIAL AND REAL ESTATE BUILDING CONSTRUCTION AND REAL ESTATE REIT
SOURCE: Choice Properties Real Estate Investment Trust
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PUB: 11/17/2021 08:30 / DISC: 11/17/2021 08:31