MONTRÉAL, Feb. 26,
2024 /CNW/ - BTB Real Estate Investment Trust (TSX:
BTB.UN) ("BTB", the "REIT" or the "Trust")
announced today that the Toronto Stock Exchange (the "TSX")
has approved the renewal of its normal course issuer bid
("NCIB") program authorized by its Board of Trustees to
repurchase for cancellation up to 5,969,926 units representing
approximately 7% of the REIT's public float comprised of 85,284,661
units as of February 15, 2024. There
were 86,940,067 units issued and outstanding as of February 15, 2024.
The average daily trading volume of BTB' units over the six
completed calendar months prior to the date hereof, as calculated
in accordance with TSX rules, is 89,628 units. Accordingly, under
TSX rules, BTB is entitled to purchase, on any trading day, up to
22,407 units, representing 25% of such average daily trading
volume.
The renewal of the NCIB will provide BTB with the ability to
repurchase units at its discretion and in accordance with TSX rules
from February 29, 2024 to
February 28, 2025. Purchases under
the NCIB will be made through the facilities of the TSX and/or
through alternative Canadian trading systems and in accordance with
applicable regulatory requirements.
The REIT's Board of Trustees has authorized the renewal of the
NCIB program because it believes that the purchase for cancellation
of units falls within its criteria for capital allocation. The
renewal of the NCIB will provide the ability for the Trust to
purchase units from time to time at its discretion as part of its
mandate to increase unitholder value.
In connection with the NCIB, BTB has entered into an automatic
unit repurchase plan (the "Plan") to facilitate the purchase
of units pursuant to the NCIB and under which its broker may
purchase units according to a prearranged set of criteria. The Plan
will enable the purchase of units at any time, including when BTB
would not ordinarily be active in the market because of internal
trading blackout periods.
Under its previous normal course issuer bid that commenced on
November 10, 2022 and expired on
November 9, 2023, BTB received the
approval of the TSX to repurchase for cancellation up to 5,838,023
units. BTB did not repurchase any of its units under its previous
normal course issuer bid program.
About BTB
BTB is a real estate investment trust listed on the Toronto
Stock Exchange. BTB is a property owner active in Canada and owns 77 properties,
representing a total leasable area of approximately 6.1
million square feet and a total asset value that surpasses
$1.2 billion.
BTB offers a distribution reinvestment plan to unitholders
whereby the participants may elect to have their monthly cash
distribution reinvested in additional units of BTB at a price based
on the weighted average price for BTB's Units on the Toronto Stock
Exchange for the five trading days immediately preceding the
distribution date, discounted by 3%.
For more detailed information, visit BTB's website at
www.btbreit.com
Forward-Looking Statements
This press release may contain forward-looking statements with
respect to BTB. These statements generally can be identified by use
of forward-looking words such as "may", "will", "expect",
"estimate", "anticipate", "intends", "believe" or "continue" or the
negative thereof or similar variations. The actual results and
performance of BTB could differ materially from those expressed or
implied by such statements. Such statements are qualified in their
entirety by the inherent risks and uncertainties surrounding future
expectations. Some important factors that could cause actual
results to differ materially from expectations include, among other
things, general economic and market factors, competition, changes
in government regulation and the factors described from time to
time in the documents filed by BTB with the securities regulators
in Canada. The cautionary
statements qualify all forward-looking statements attributable to
BTB and persons acting on their behalf. Unless otherwise stated or
required by applicable law, all forward-looking statements speak
only as of the date of this press release.
SOURCE BTB Real Estate Investment Trust