RioCan Real Estate Investment Trust Announces Renewal of Normal Course Issuer Bid
TORONTO, Oct. 15, 2019 (GLOBE NEWSWIRE) — RioCan Real Estate Investment Trust (“RioCan”) (TSX:REI.UN) today announced that the Toronto Stock Exchange has approved its notice of intention to make a normal course issuer bid for a portion of its trust units (“Units”) as appropriate opportunities arise from time to time. RioCan’s normal course issuer bid will be made in accordance with the requirements of the Toronto Stock Exchange.
Pursuant to the notice, RioCan is authorized to acquire up to a maximum of 30,724,496 of its Units, or approximately 10% of the public float of 307,244,969 as of October 8, 2019 over the next 12 months. Purchases under the normal course issuer bid will be made through the facilities of the Toronto Stock Exchange or through a Canadian alternative trading system and in accordance with applicable regulatory requirements at a price per Unit equal to the market at the time of acquisition. The number of Units that can be purchased pursuant to the bid is subject to a current daily maximum of 145,737 Units (which is equal to 25% of 582,948, being the average daily trading volume during the last six months), subject to RioCan’s ability to make one block purchase of Units per calendar week that exceeds such limits.Any Units purchased under the normal course issuer bid will be cancelled upon their purchase, or used to satisfy RioCan’s obligation to deliver Units under RioCan’s Restricted Equity Unit Plan and/or Performance Equity Unit Plan. RioCan intends to fund the purchases out of its available cash and undrawn credit facilities. Pursuant to its previous normal course issuer bid, which expires October 21, 2019, RioCan purchased and cancelled 3,380,746 Units on the open market at a weighted average purchase price of $24.92 per unit. RioCan was authorized to acquire up to a maximum of 30,579,868 Units pursuant to such previous normal course issuer bid.RioCan may begin to purchase Units on or about October 22, 2019 and the bid will terminate on October 23 2020 or such earlier time as RioCan completes its purchases pursuant to the bid or provides notice of termination. RioCan believes that the purchase of its Units may represent an investment opportunity for the Trust and an appropriate and desirable use of its funds based on market conditions, unit price and other factors.About RioCanRioCan is one of Canada’s largest real estate investment trusts with a total enterprise value of approximately $14.3 billion as at June 30, 2019. RioCan owns, manages and develops retail-focused, increasingly mixed-use properties located in prime, high-density transit-oriented areas where Canadians want to shop, live and work. As at June 30, 2019, RioCan’s portfolio is comprised of 230 properties with an aggregate net leasable area of approximately 39.1 million square feet, including residential rental and 13 development properties. To learn more about how we deliver real vision on solid ground, visit www.riocan.com.Forward Looking InformationThis News Release contains forward-looking information within the meaning of applicable Canadian securities laws. This information reflects RioCan’s objectives, our strategies to achieve those objectives, as well as statements with respect to management’s beliefs, estimates and intentions concerning anticipated future events or expectations that are not historical facts. Forward-looking information generally can be identified by the use of forward-looking terminology such as “outlook”, “objective”, “may”, “will”, “would”, “expect”, “intend”, “estimate”, “anticipate”, “believe”, “should”, “plan”, “continue”, or similar expressions suggesting future outcomes or events. Such forward-looking information reflects management’s current beliefs and is based on information currently available to management. All forward-looking information in this News Release is qualified by these cautionary statements.Forward-looking information is not a guarantee of future events or performance and, by its nature, is based on RioCan’s current estimates and assumptions, which are subject to numerous risks and uncertainties, including those described in the “Risks and Uncertainties” section in RioCan’s MD&A for the period ended June 30, 2019 and in our most recent Annual Information Form, which could cause actual events or results to differ materially from the forward-looking information contained in this News Release.Although the forward-looking information contained in this News Release is based upon what management believes are reasonable assumptions, there can be no assurance that actual results will be consistent with this forward-looking information.The forward-looking statements contained in this News Release are made as of the date hereof, and should not be relied upon as representing RioCan’s views as of any date subsequent to the date of this News Release. Management undertakes no obligation, except as required by applicable law, to publicly update or revise any forward-looking information, whether as a result of new information, future events or otherwise.For further information contact:RioCan Real Estate Investment Trust
SVP and Chief Financial Officer