TORONTO, ONTARIO--(Marketwired - Dec. 15, 2016) - Dream Industrial REIT (TSX:DIR.UN) announced today that the Toronto Stock Exchange accepted a notice filed by Dream Industrial REIT to renew its prior normal course issuer bid for a one year period. Under the bid, Dream Industrial REIT will have the ability to purchase for cancellation up to a maximum of 5,803,445 of its Units (the "Units") (representing 10% of Dream Industrial REIT's public float of 58,034,459 Units) through the facilities of the Toronto Stock Exchange. The bid will commence on December 19, 2016 and will remain in effect until the earlier of December 18, 2017 or the date on which Dream Industrial REIT has purchased the maximum number of Units permitted under the bid. Daily purchases will be limited to 29,969 Units which equals 25% of the average daily trading volume during the last six calendar months (being 119,878 Units per day), other than purchases pursuant to applicable block purchase exceptions. As of December 1, 2016, the number of issued and outstanding Units is 59,424,573.
Dream Industrial REIT has renewed its normal course issuer bid because it believes that Units may become available during the period of the bid at prices that would make the purchase of such Units for cancellation in the best interests of Dream Industrial REIT and its unitholders.
During the period from December 18, 2015 to December 14, 2016, under its prior normal course issuer bid which terminates on December 17, 2016, Dream Industrial REIT did not purchase for cancellation any Units.
About Dream Industrial Real Estate Investment Trust
Dream Industrial REIT is an unincorporated, open-ended real estate investment trust. Dream Industrial REIT owns a portfolio of 215 primarily light industrial properties comprising approximately 16.4 million square feet of gross leasable area in key industrial markets across Canada. Its objective is to build upon and grow its portfolio and to provide stable, sustainable and growing cash distributions to its unitholders. For more information, please visit www.dreamindustrialreit.ca.
Forward Looking Information
This press release may contain forward-looking information within the meaning of applicable securities legislation, including with respect to future purchases of Units by the Trust. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond the Trust's control, which could cause actual results to differ materially from those that are disclosed in or implied by such forward-looking information. These risks and uncertainties include, but are not limited to, general and local economic and business conditions; the financial condition of tenants; our ability to refinance maturing debt; leasing risks, including those associated with the ability to lease vacant space; and interest and currency rate functions. All forward-looking information in this press release speaks as of December 15, 2016. The Trust does not undertake to update any such forward looking information whether as a result of new information, future events or otherwise. Additional information about these assumptions and risks and uncertainties is disclosed in filings with securities regulators filed on SEDAR (www.sedar.com). These filings are also available at the Trust's website at www.dreamindustrialreit.ca.