CAPREIT renews normal course issuer bid in Toronto

Canadian Apartment Properties Real Estate Investment Trust (CAPREIT) has announced the renewal of its normal course issuer bid (NCIB) for its trust units. The Toronto Stock Exchange has approved this notice, allowing CAPREIT to buy back up to 16,047,885 of its units over the next twelve months. This buyback option is seen as a way to enhance the value for unitholders. CAPREIT plans to begin these purchases on March 25, 2025, and continue until March 24, 2026, or until they reach the maximum number of units. Currently, CAPREIT has 160,801,449 units outstanding. Under the renewed NCIB, CAPREIT is allowed to buy a maximum of 130,561 units per day on the TSX. This figure represents about 25% of the average daily trading volume over the past six months. Any units purchased will be canceled. As of March 11, 2025, under the current NCIB, CAPREIT has already bought 6,762,762 units at an average price of $44.37 each. While CAPREIT intends to make these purchases, there is no guarantee they will proceed as planned, as it will depend on market conditions. CAPREIT is the largest public provider of rental housing in Canada, owning approximately 46,900 residential units across Canada and the Netherlands. The total value of its properties is around $14.9 billion.