OTTAWA, Ontario--(BUSINESS WIRE)--
InterRent Real Estate Investment Trust (TSX-IIP.UN) (“InterRent” or “REIT”) announced today that it has received approval from the Toronto Stock Exchange (“TSX”) for a Normal Course Issuer Bid (the “Bid”) commencing on May 23, 2023 up to and including May 22, 2024.
Under the terms of the Bid, InterRent may purchase up to 13,582,032 trust units (“Units”) (representing approximately 10% of the REIT’s public float of 135,820,320 Units). For the previous Bid effective May 16, 2022, the REIT sought and received approval to purchase up to 13,357,843 trust units of which none were repurchased.
As at May 12, 2023, InterRent has 142,418,903 Units issued and outstanding. For the past six months, the average daily trading volume of InterRent Units was 312,323. A maximum of 78,080 Units (being 25% of the average daily trading volume) may be purchased by InterRent on any one day under the Bid, except where purchases are made in accordance with “block purchases” exemptions under applicable TSX policies. Purchases pursuant to the Bid will be made through the facilities of the Toronto Stock Exchange and other Canadian alternative trading systems. InterRent will pay the market price at the time of acquisition for any Unit purchased through the facilities of the TSX and all Units acquired by the REIT under this Bid will be cancelled.
InterRent is pursuing the normal course issuer bid because it believes that, from time to time, the market price of its Units may not fully reflect the underlying value of its business and its future business prospects. The REIT believes that, in such circumstances, the purchase and cancellation of such Units represent an attractive investment for InterRent and its unitholders.
About InterRent
InterRent REIT is a growth-oriented real estate investment trust engaged in increasing Unitholder value and creating a growing and sustainable distribution through the acquisition and ownership of multi-residential properties.
InterRent's strategy is to expand its portfolio primarily within markets that have exhibited stable market vacancies, sufficient suites available to attain the critical mass necessary to implement an efficient portfolio management structure and, offer opportunities for accretive acquisitions.
InterRent's primary objectives are to use the proven industry experience of the Trustees, Management and Operational Team to: (i) to grow both funds from operations per Unit and net asset value per Unit through investments in a diversified portfolio of multi-residential properties; (ii) to provide Unitholders with sustainable and growing cash distributions, payable monthly; and (iii) to maintain a conservative payout ratio and balance sheet.
The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
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