TORONTO, Dec. 30, 2024 /CNW/ - Minto Apartment Real Estate Investment Trust (the "REIT") MI today announced that it has established an automatic securities purchase plan ("ASPP") in connection with its previously announced normal course issuer bid ("NCIB") applicable to its outstanding trust units ("Units"). The ASPP is intended to allow for the purchase of Units under the NCIB at times when the REIT would ordinarily not be permitted to purchase Units due to regulatory restrictions and customary self-imposed blackout periods.
Pursuant to the ASPP, purchases will be made by the REIT's designated broker based on pre-established purchasing parameters, in accordance with the rules of the Toronto Stock Exchange ("TSX"), applicable securities laws and the terms of the ASPP. The ASPP will be implemented effective today.
Outside of pre-determined blackout periods, Units may be purchased under the NCIB at such times as the REIT may determine in compliance with TSX rules and applicable securities laws. The NCIB commenced on September 27, 2024 and will terminate on September 26, 2025 or such earlier time as the REIT completes its purchases pursuant to the bid or provides notice of termination. The NCIB permits the REIT to purchase for cancellation up to a maximum of 3,283,584 of its Units. All purchases made under the ASPP will be included in computing the number of Units purchased under the NCIB.
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: 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. 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 third quarter of 2024, dated November 12, 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.
SOURCE Minto Apartment Real Estate Investment Trust
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