True North Commercial REIT T.TNT.UN

NCIB

[luscar99]

1. Starting April 18 the new daily max allowed number will be 16,113 units.

2. The REIT had 14,993,362 Units issued and outstanding as of April 4, 2024.

3. Under the REIT's normal course issuer bid (the "Prior Bid") that commenced on April 18, 2023, the REIT sought and received approval from the TSX to purchase up to 1,432,966 Units, and as at April 4, 2023 repurchased an aggregate of 1,049,431 Units at a weighted average price of $8.2776.  

[lancebryant]

I'd be curious to see if they step up the buybacks significantly and go from the 11k shares/day average up to 15k/day instead. This would be 100k shares a week and a little over 14 weeks to buyback the entire alotment.

[luscar99]

They are allowed about $1.49 million units under the new NCIB. At 16k per trading day, that's 93 trading days. Meaning roughly 20 weeks.  But I don't think the trading volumes will allow it. The pace of buybacks will be determined by trading volume and price.  If I'd be them I wouldn't increase the volume. It appears there are still quite a few people willing to sell

[luscar99]

I'm now almost certain there will be no distribution at all until October.  And I give less than 50% chance of a distribution being declared before the end of this year. As per what a distribution would look like starting January 2025, it will largely depend on the interest rate at which they will finance the debt coming due in the latest part of this year.