CALGARY, June 29, 2016 /CNW/ - Boardwalk Real Estate Investment Trust ("BEI.UN" - TSX)
Boardwalk Real Estate Investment Trust ("Boardwalk") is pleased to announce that The Toronto Stock Exchange
has accepted its notice of intention to renew its normal course issuer
bid (the "Bid").
Boardwalk has 46,015,794 issued and outstanding trust units as of June
27, 2016. The public float of trust units of Boardwalk is 37,002,920.
The Bid allows Boardwalk to purchase up to 3,700,292 trust units,
representing 10% of its "public float" of trust units. The average
daily trading volume for the six calendar months prior to the date
hereof was 230,456 trust units (25% being 57,614 trust units, which
shall be the daily purchase limit under the Bid). The Bid will
commence on July 3, 2016 and will terminate on July 2, 2017 or such
earlier time as the Bid is complete. Purchases of trust units pursuant
to this Bid will be effected through the facilities of the TSX and any
alternative trading systems in Canada.
Boardwalk may also enter into an automatic purchase plan agreement
("APP") with a broker to allow for the purchase of its trust units
under the Bid at times when Boardwalk ordinarily would not be active in
the market due to self-imposed trading blackout periods. Before
entering into a blackout period, Boardwalk may, but will not be
required to, instruct the designated broker to make purchases under the
Bid in accordance with the terms of the APP. Such purchases will be
determined by the broker in its sole discretion based on parameters
established by Boardwalk prior to the blackout period in accordance
with TSX rules, applicable securities laws and the terms of the APP.
The terms of the APP will be pre-cleared by the TSX before execution.
Outside of these pre-determined blackout periods, trust units will be
purchased based on management's discretion, in compliance with TSX
rules and applicable securities laws.
Boardwalk has purchased 1,406,800 trust units within the past 12 months
at a weighted average price of $49.58 per trust unit.
Boardwalk believes that the current and recent market prices of its
trust units do not reflect their underlying value. Boardwalk's
management is continuing this program as it feels that, at current
market prices, an investment in Boardwalk's own high quality portfolio
will deliver strong returns for unitholders and represents an effective
use of its capital. At the same time, Boardwalk plans to continue its
property acquisition, development and capital improvement programs.
Boardwalk will purchase the trust units for cancellation with the
intention of increasing the proportionate interest of all remaining
Boardwalk REIT strives to be Canada's friendliest landlord and currently
owns and operates more than 200 communities with over 33,000
residential units totaling approximately 28 million net rentable square
feet. Boardwalk's principal objectives are to provide its Residents
with the best quality communities and superior customer service, while
providing Unitholders with sustainable monthly cash distributions, and
increase the value of its trust units through selective acquisitions,
dispositions, development, and effective management of its residential
multi-family communities. Boardwalk REIT is vertically integrated and
is Canada's leading owner/operator of multi-family communities with
1,400 Associates bringing Residents home to properties located in
Alberta, Saskatchewan, Ontario, and Quebec.
Boardwalk REIT's Trust units are listed on the Toronto Stock Exchange,
trading under the symbol BEI.UN.
Additional information about Boardwalk REIT can be found on the Trust's
website at www.BoardwalkREIT.com.
CAUTIONARY STATEMENTS REGARDING FORWARD-LOOKING STATEMENTS
Information in this news release that is not current or historical
factual information may constitute forward looking information within
the meaning of securities laws. Implicit in this information,
particularly in respect of Boardwalk's objectives for 2016 and future
periods, Boardwalk's strategies to achieve those objectives, as well as
statements with respect to management's beliefs, plans, estimates and
intentions, and similar statements concerning anticipated future
events, results, circumstances, performance or expectations are
estimates and assumptions subject to risks and uncertainties, including
those described in the Management's Discussion & Analysis of Boardwalk
REIT's 2015 Annual Report under the heading "Risks and Risk
Management", which could cause Boardwalk's actual results to differ
materially from the forward-looking information contained in this news
release. Specifically Boardwalk has assumed that the general economy
remains stable, interest rates are relatively stable, acquisition
capitalization rates are stable, competition for acquisition of
residential apartments remains intense, and equity and debt markets
continue to provide access to capital. These assumptions, although
considered reasonable by the Trust at the time of preparation, may
prove to be incorrect. For more exhaustive information on these risks
and uncertainties you should refer to Boardwalk's most recently filed
annual information form, which is available at www.sedar.com.
Forward-looking information contained in this news release is based on
Boardwalk's current estimates, expectations and projections, which
Boardwalk believes are reasonable as of the current date. You should
not place undue importance on forward-looking information and should
not rely upon this information as of any other date. While the Trust
may elect to, Boardwalk is under no obligation and does not undertake
to update this information at any particular time.
SOURCE Boardwalk Real Estate Investment Trust
For further information:
Boardwalk Real Estate Investment Trust
Sam Kolias, Chairman and CEO, (403) 531-9255;
Roberto Geremia, President, (403) 531-9255;
William Wong, CFO, (403) 531-9255.
Information can also be found at http://www.BoardwalkREIT.com.