CALGARY,
AB, Nov. 20, 2024 /CNW/ - Boardwalk Real
Estate Investment Trust (TSX: BEI.UN)
Boardwalk Real Estate Investment Trust ("Boardwalk", the
"REIT" or the "Trust") announced today that it has
received approval from the Toronto Stock Exchange (the
"TSX") to renew its normal course issuer bid (the
"NCIB") for an additional one year period.
The NCIB allows the REIT to purchase up to 4,068,000 trust units
of the Trust (the "Units") (representing approximately 10%
of the public float of 40,680,056 Units issued and outstanding as
of November 8, 2024) over a period of
twelve months commencing on November 22,
2024. As of November 8, 2024,
there are 49,434,743 Units issued and outstanding. The NCIB
will expire no later than November 21,
2025. Under the NCIB, Units may be repurchased in open
market transactions on the TSX, and/or alternative Canadian trading
systems, or by such other means as may be permitted by the TSX and
applicable securities laws. In accordance with the rules of the TSX
governing normal course issuer bids, the total number of Units the
REIT is permitted to purchase is subject to a daily purchase limit
of 29,791 Units, representing 25% of the average daily trading
volume of Units on the TSX calculated for the six calendar
months ending October 31, 2024,
provided, however, that the REIT may make one block purchase per
calendar week which exceeds the daily repurchase restriction. All
Units purchased by the REIT pursuant to the NCIB will be
cancelled.
Purchases of Units will be made by Boardwalk in accordance with
the requirements of the TSX. In connection with the NCIB, the REIT
intends to enter into an automatic purchase plan with TD Securities
Inc. to allow for purchases of its Units during periods when the
REIT would ordinarily not be permitted to make purchases due to
regulatory restriction or self-imposed blackout periods. Purchases
will be made in accordance with the Trust's discretion and based
upon the parameters prescribed by the TSX.
Pursuant to a previous notice of intention to conduct a NCIB,
under which the Trust sought and received approval from the TSX to
purchase up to 3,696,000 Units for the period of November 22, 2023 to November 21, 2024, the Trust did not purchase any
Units.
Management of the REIT believes that proceeds from any non-core
asset sales can be deployed toward the purchase and cancellation of
the Units on an accretive basis. Boardwalk believes the Units
continue to trade at a price below their underlying value given
continued solid fundamentals and a positive outlook for affordable
housing. Boardwalk is committed to enhancing stakeholder value and
continually evaluates its capital allocation opportunities.
FORWARD-LOOKING STATEMENTS
This press release contains certain forward-looking statements.
The use of any of the words "expect", "anticipate", "may", "will",
"should", "believe", "intends", and similar expressions are
intended to identify forward-looking statements. Forward-looking
statements contained in this press release include our expectations
with respect to entering into an automatic purchase plan, the
amount of NCIB purchases to be effected over the next 12 months,
the expectation of solid housing fundamentals and positive market
outlook.
With respect to forward-looking statements contained in this
press release, we have made several assumptions including that the
Units will from time to time trade below their value, that the REIT
will complete purchases of Units pursuant to the NCIB and those
described in detail in our MD&A and the Annual Information Form
for the period ended December 31,
2023. Readers and investors are cautioned that the
assumptions used in the preparation of such forward-looking
information and statements, although considered reasonable at the
time of preparation, may prove to be imprecise and, as such, undue
reliance should not be placed on forward-looking statements. Our
actual results, performance, or achievements could differ
materially from those expressed in, or implied by, these
forward-looking statements. We can give no assurance that any of
the events anticipated will transpire or occur, or if any of them
do, what benefits we will derive from them.
By their nature, forward-looking statements are subject to
numerous risks and uncertainties, some of which are beyond our
control, including the market price of the Units being too high to
ensure that purchases benefit the REIT and its unitholders, impact
of general economic conditions, industry conditions, volatility of
commodity prices, stock market volatility and failure to execute
purchases under the NCIB. The foregoing and other risks are
described in more detail in the REIT's MD&A, and the Annual
Information Form for the period ended December 31, 2023, each of which is available at
www.sedarplus.ca.
Further, any forward-looking statement is made only as of the
date of this press release, and the REIT undertakes no obligation
to update or revise any forward-looking statement or statements to
reflect events or circumstances after the date on which such
statement is made or to reflect the occurrence of unanticipated
events, except as required by applicable securities laws. New
factors emerge from time to time, and it is not possible for the
REIT to predict all of these factors or to assess in advance the
impact of each such factor on the REIT's business or the extent to
which any factor, or combination of factors, may cause actual
results to differ materially from those contained in any
forward-looking statements.
The forward-looking statements contained in this document are
expressly qualified by this cautionary statement.
CORPORATE PROFILE
Boardwalk strives to be Canada's friendliest multi-family community
provider and is a leading owner/operator of multi-family rental
communities. Providing homes in more than 200 communities, with
over 34,000 residential units totaling over 29 million
net rentable square feet, Boardwalk has a proven long-term
track record of building better communities, where love always
lives™. Our three-tiered and distinct brands: Boardwalk
Living, Boardwalk Communities and Boardwalk Lifestyle, cater to a
large and diverse demographic and has evolved to capture the life
cycle of all Resident Members. Boardwalk's disciplined approach to
capital allocation, acquisition, development, purposeful
re-positioning, and management of apartment communities allows the
Trust to provide its brand of community across Canada creating exceptional Resident Member
experiences. Differentiated by its peak performance culture,
Boardwalk is committed to delivering exceptional service, product
quality and experience to our Resident Members who reward us with
high retention and market leading operating results, which in turn,
lead to higher free cash flow and investment returns, stable
monthly distributions, and value creation for all our
stakeholders.
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.bwalk.com/investors.
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SOURCE Boardwalk Real Estate Investment Trust
