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MISSISSAUGA, ON,
Feb. 25, 2015 /CNW/-
R&R Real Estate Investment Trust (the "REIT") (TSXV: RRR.UN)
today announced receipt of final acceptance from the TSX Venture
Exchange (the "TSXV") of the REIT's notice of intention to make a
normal course issuer bid ("NCIB"). Under the
NCIB, the REIT will have the ability to purchase for cancellation
up to a maximum of 1,000,000 Units on the open market, representing
approximately 1.2% of the outstanding Units (after giving effect to
the exchange of outstanding Class B units of subsidiary limited
partnerships of the REIT).
The NCIB will commence on March 2,
2015 and remain in effect until the earlier of March 2, 2016 or the date on which the REIT has
purchased the maximum number of Units permitted under the
NCIB. Purchases of Units under the NCIB will be
made in accordance with TSXV by-laws, rules and policies through
the facilities of the TSXV, or through other permitted means
(including through other published markets). The
Units so purchased will be cancelled. The price
paid for any repurchased units will be the market price of such
Units at the time of acquisition.
The REIT believes that its outstanding Units represent an
attractive investment, and the ongoing purchase of its outstanding
Units may increase unitholder value and constitutes a desirable use
of the REIT's funds.
To the REIT's knowledge, none of the trustees, officers or
other insiders of the REIT or any associate of any such persons, or
any associate or affiliate of the REIT currently intends to sell
Units to the REIT during the course of the NCIB.
About R&R REIT
R&R REIT is an open-ended real estate investment trust
focused on increasing unitholder value through the acquisition and
ownership of hotel properties located in the United States.
SOURCE R&R Real Estate Investment Trust