TORONTO, May 14, 2019 /PRNewswire/ - Granite Real
Estate Investment Trust and Granite REIT Inc. (TSX: GRT.UN / NYSE:
GRP.U) ("Granite REIT" and "Granite GP", and,
collectively "Granite") today announced the acceptance by
the Toronto Stock Exchange (the "TSX") of Granite GP's
Notice of Intention to Make a Normal Course Issuer Bid
("NCIB"). Pursuant to the NCIB, Granite GP proposes to
purchase through the facilities of the TSX and any alternative
trading system in Canada, from
time to time over the next 12 months, if considered advisable, up
to an aggregate of 4,853,666 of Granite's issued and
outstanding stapled units (the "Stapled Units") (each
Stapled Unit consisting of one trust unit of Granite REIT and one
common share of Granite GP), being approximately 10% of Granite's
public float of Stapled Units as of May 10,
2019. Pursuant to a previous notice of intention to conduct
a NCIB, under which Granite sought and received approval from the
TSX to purchase up to 3,939,255 Stapled Units for the period of
May 18, 2018 to May 17, 2019, Granite has purchased, as of
April 30, 2019, 49,412 Stapled Units
on the open market at a weighted average purchase price of
$52.97 per Stapled Unit. As of
May 10, 2019, Granite had
49,443,103 Stapled Units issued and outstanding and a public
float of 48,536,662 Stapled Units.
The NCIB will commence on May 21,
2019 and will conclude on the earlier of the date on which
purchases under the bid have been completed and May 20, 2020. Pursuant to the policies of the
TSX, daily purchases made by Granite GP through the TSX may not
exceed 41,484 Stapled Units, being 25% of the average daily
trading volume of the Stapled Units on the TSX for the
six-month period ended April 30,
2019, subject to certain exceptions prescribed by the TSX,
including the "block purchase exemption".
Granite GP intends to enter into an automatic securities
purchase plan with a broker in order to facilitate repurchases of
the Stapled Units under the NCIB during Granite's scheduled
blackout periods. Under the automatic securities purchase plan,
Granite GP's broker may repurchase Stapled Units under the NCIB in
accordance with any advance instructions that Granite GP may elect
to deliver, including without limitation repurchases made at times
when Granite GP would ordinarily not be permitted to repurchase
Stapled Units due to regulatory restrictions or self-imposed
blackout periods. Purchases will be made by Granite GP's broker
based upon the parameters under the NCIB and the terms of the
parties' written agreement.
The Board of Trustees of Granite REIT and the Board of Directors
of Granite GP believe that the potential purchases at prices below
Granite's view of intrinsic value are in the best interests of
Granite and are a desirable use of Granite's funds. All Stapled
Units that are purchased under the NCIB will be cancelled.
ABOUT GRANITE
Granite is a Canadian-based REIT engaged in the acquisition,
development, ownership and management of industrial, warehouse and
logistics properties in North
America and Europe. Granite
owns over 80 investment properties representing approximately 34
million square feet of leasable area.
OTHER INFORMATION
Copies of financial data and other publicly filed documents are
available through the internet on Canadian Securities
Administrators' Systems for Electronic Document Analysis and
Retrieval (SEDAR) which can be accessed at www.sedar.com and on the
United States Securities and Exchange Commission's Electronic Data
Gathering, Analysis and Retrieval System (EDGAR) which can be
accessed at www.sec.gov. For further information, please see our
website at www.granitereit.com or contact Andrea Sanelli, Manager, Legal & Investor
Services, at 647-925-7504 or Ilias
Konstantopoulos, Chief Financial Officer, at
647-925-7540.
FORWARD LOOKING STATEMENTS
This press release may contain statements that, to the extent
they are not recitations of historical fact, constitute
''forward-looking statements'' or "forward-looking information"
within the meaning of applicable securities legislation, including
the United States Securities Act of 1933, as amended, the United
States Securities Exchange Act of 1934, as amended, and applicable
Canadian securities legislation. Forward-looking statements and
forward-looking information may include, among others, statements
regarding Granite's future distributions, Stapled Unit repurchases,
plans, goals, strategies, intentions, beliefs, estimates, costs,
objectives, economic performance, expectations, or foresight or the
assumptions underlying any of the foregoing. Words such as ''may'',
''would'', ''could'', ''will'', ''likely'', ''expect'',
''anticipate'', ''believe'', ''intend'', ''plan'', ''forecast'',
''project'', ''estimate'', "seek" and similar expressions are used
to identify forward-looking statements and forward-looking
information. Forward-looking statements and forward-looking
information should not be read as guarantees of future Stapled Unit
repurchases, events, performance or results and will not
necessarily be accurate indications of whether or the times at or
by which such future Stapled Unit repurchases, events or
performance will be achieved. Undue reliance should not be placed
on such statements. Forward-looking statements and forward-looking
information are based on information available at the time and/or
management's good faith assumptions and analyses made in light of
its perception of historical trends, current conditions and
expected future developments, as well as other factors management
believes are appropriate in the circumstances, and are subject to
known and unknown risks, uncertainties and other unpredictable
factors, many of which are beyond Granite's control, that could
cause actual events or results to differ materially from such
forward-looking statements and forward-looking information.
Important factors that could cause such differences include, but
are not limited to, the risks set forth in the annual information
form of Granite REIT and Granite GP dated March 6, 2019 (the "Annual Information
Form"). The ''Risk Factors'' section of the Annual Information
Form also contains information about the material factors or
assumptions underlying such forward-looking statements and
forward-looking information. Forward-looking statements and
forward-looking information speak only as of the date the
statements and information were made and unless otherwise required
by applicable securities laws, Granite expressly disclaims any
intention and undertakes no obligation to update or revise any
forward-looking statements or forward-looking information contained
in this press release to reflect subsequent information, events or
circumstances or otherwise.
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SOURCE Granite Real Estate Investment Trust