RioCan Real Estate Investment Trust Announces Renewal of Normal Course Issuer Bid
November 03 2022 - 8:00AM
RioCan Real Estate Investment Trust (“RioCan”) (TSX:REI.UN) today
announced that the Toronto Stock Exchange has approved its notice
of intention to make a normal course issuer bid for a portion of
its trust units (“Units”) as appropriate opportunities arise from
time to time. RioCan's normal course issuer bid will be made in
accordance with the requirements of the Toronto Stock Exchange.
Pursuant to the notice, RioCan is authorized to
acquire up to a maximum of 30,247,803 of its 303,413,346
outstanding Units, or approximately 10% of the public float of
302,478,039 as of October 31, 2022 over the next 12 months.
Purchases under the normal course issuer bid will be made through
the facilities of the Toronto Stock Exchange or through a Canadian
alternative trading system and in accordance with applicable
regulatory requirements at a price per Unit equal to the market at
the time of acquisition. The number of Units that can be purchased
pursuant to the bid is subject to a current daily maximum of
207,826 Units (which is equal to 25% of 831,305, being the average
daily trading volume during the last six months), subject to
RioCan’s ability to make one block purchase of Units per calendar
week that exceeds such limits.
Units purchased under the normal course issuer
bid will be cancelled upon their purchase, or may be used to
satisfy RioCan’s obligation to deliver Units under RioCan’s
Restricted Equity Unit Plan and/or Performance Equity Unit Plan.
RioCan intends to fund the purchases out of its available cash and
undrawn credit facilities. Under its previous normal
course issuer bid, which expired on October 21, 2022, RioCan was
authorized to acquire a total of 31,616,150 Units of which
13,956,020 Units were purchased by RioCan at a weighted average
price of $21.9806 per Unit.
RioCan may begin to purchase Units on November
7, 2022 and the bid will terminate on November 6, 2023 or such
earlier time as RioCan completes its purchases pursuant to the bid
or provides notice of termination. RioCan believes that the
purchase of its Units may represent an investment opportunity for
the Trust and an appropriate and desirable use of its funds based
on market conditions, Unit price and other factors.
About RioCan
RioCan is one of Canada’s largest real estate
investment trusts. RioCan owns, manages and develops
retail-focused, increasingly mixed-use properties located in prime,
high-density transit-oriented areas where Canadians want to shop,
live and work. As at June 30, 2022, our portfolio is comprised of
202 properties with an aggregate net leasable area of approximately
35.9 million square feet (at RioCan's interest) including office,
residential rental and 12 development properties. To learn more
about us, please visit www.riocan.com.
Forward-Looking
Information
This News Release contains forward-looking
information within the meaning of applicable Canadian securities
laws. This information reflects RioCan’s objectives, our strategies
to achieve those objectives, as well as statements with respect to
management’s beliefs, estimates and intentions concerning
anticipated future events, results, circumstances, performance or
expectations that are not historical facts. Forward-looking
information generally can be identified by the use of
forward-looking terminology such as “outlook”, “objective”, “may”,
“will”, “would”, “expect”, “intend”, “estimate”, “anticipate”,
“believe”, “should”, “plan”, “continue”, or similar expressions
suggesting future outcomes or events. Such forward-looking
information reflects management’s current beliefs and is based on
information currently available to management. All forward-looking
information in this News Release is qualified by these cautionary
statements.
Forward-looking information is not a guarantee
of future events or performance and, by its nature, is based on
RioCan’s current estimates and assumptions, which are subject to
numerous risks and uncertainties, including those described in the
“Risks and Uncertainties” section in RioCan's MD&A for three
and six months ended June 30, 2022 and in our most recent Annual
Information Form, which could cause actual events or results to
differ materially from the forward-looking information contained in
this News Release. General economic conditions, including interest
rate fluctuations, may also have an effect on RioCan’s results of
operations.
The forward-looking statements contained in this
News Release are made as of the date hereof, and should not be
relied upon as representing RioCan’s views as of any date
subsequent to the date of this News Release. Management undertakes
no obligation, except as required by applicable law, to publicly
update or revise any forward-looking information, whether as a
result of new information, future events or otherwise.
For further information contact:
RioCan Real Estate Investment Trust
Dennis Blasutti
Chief Financial Officer
416-866-3033
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