Canadian Apartment Properties Real Estate Investment Trust
TSX : CAR.UN

Canadian Apartment Properties Real Estate Investment Trust

June 19, 2009 08:56 ET

CAPREIT Announces Normal Course Issuer Bid

TORONTO, ONTARIO--(Marketwire - June 19, 2009) - Canadian Apartment Properties Real Estate Investment Trust ("CAPREIT")(TSX:CAR.UN) announced today that the Toronto Stock Exchange (the "Exchange") has approved its notice of intention to make a normal course issuer bid for its units ("Units") as appropriate opportunities arise from time to time. CAPREIT's normal course issuer bid will be made in accordance with the policies of the Exchange. CAPREIT may purchase its Units during the period from June 25, 2009 to June 24, 2010.

Pursuant to the notice, CAPREIT intends to acquire over the next 12 months up to 6,344,344 Units, representing 10% of the public float. The average daily trading volume for the six calendar months prior to the date of hereof was 144,489 Units (25% being 36,122 Units). There are 67,900,639 Units outstanding as of June 11, 2009. Purchases will be made at market prices through the facilities of the Exchange. CAPREIT has purchased 264,100 of its Units at an average price of $14.77 in the 12 months preceding the date of this notice pursuant to a normal course issuer bid that will expire on June 24, 2009. Any tendered Units taken up and paid for by CAPREIT will be cancelled. CAPREIT believes that the ongoing purchase of its outstanding Units is an appropriate use of its resources at this time and will afford liquidity to anyone who desires to sell their Units.

As one of Canada's largest residential landlords, CAPREIT (TSX:CAR.UN) is a growth-oriented investment trust owning interests in 27,614 residential suites and two land lease communities comprising 1,288 sites located in or near major urban centres from coast to coast. Since its initial public offering in May 1997, CAPREIT has grown monthly cash distributions per Unit by 51%. For more information about CAPREIT, its business and its investment highlights, please refer to our web site at www.capreit.net.

All statements in this press release that do not relate to historical facts constitute forward-looking statements. These statements represent CAPREIT's intentions, plans, expectations and beliefs and are subject to certain risks and uncertainties that could result in actual results differing materially from these forward-looking statements. These risks and uncertainties are more fully described in regulatory filings that can be obtained on SEDAR at www.sedar.com. Subject to applicable laws, CAPREIT does not undertake any obligation to publicly update or revise any forward-looking information.

Contact Information

  • CAPREIT
    Mr. Michael Stein
    Chairman
    (416) 861-5788
    or
    CAPREIT
    Mr. Thomas Schwartz
    President & CEO
    (416) 861-9404
    or
    CAPREIT
    Mr. Yazdi Bharucha
    CFO & Secretary
    (416) 861-5771