HALIFAX, NS, May 30, 2022 /CNW/ - Killam Apartment REIT (TSX: KMP.UN) ("Killam" or the "REIT") today announced that the Toronto Stock Exchange ("TSX") has accepted Killam's notice of intention to make a normal course issuer bid (the "NCIB") for trust units of the REIT ("Units"). The NCIB is expected to commence on June 2, 2022 and terminate on June 1, 2023.
Killam believes the NCIB is an attractive and appropriate use of Killam's funds to purchase Units when the market price of such Units may not fully reflect their underlying value. Killam expects that the purchase of Units will benefit the remaining Unitholders of Killam by increasing their equity interest in Killam's assets. Management's decisions regarding any unit repurchases will be based on market conditions, the market price of the Units and other factors.
Under the NCIB, Killam is permitted acquire up to 3,000,000 Units, which represents approximately 2.59% of the 115,812,993 Units issued and outstanding as of May 19, 2022. Except as permitted under the TSX rules, Killam will not purchase on any given trading day more than 53,703 Units, being approximately 25% of the average daily trading volume of the Units on the TSX for the six most recently completed calendar months of 214,815 Units. All purchases will be made on the open market through the facilities of the TSX and/or alternative Canadian trading systems, at the market price of such Units at the time of acquisition. Any Units acquired through the NCIB will be cancelled. Killam has not purchased any Units in the previous 12-month period.
About Killam Apartment REIT
Killam Apartment REIT, based in Halifax, Nova Scotia, is one of Canada's largest residential real estate investment trusts, owning, operating, managing and developing a $4.7 billion portfolio of apartments, manufactured home communities and commercial properties. Killam's strategy to enhance value and profitability focuses on three priorities: 1) increasing earnings from existing operations, 2) expanding the portfolio and diversifying geographically through accretive acquisitions, with an emphasis on newer properties, and 3) developing high-quality properties in its core markets.
Note: The Toronto Stock Exchange has neither approved nor disapproved of the information contained herein. Certain statements in this press release may constitute forward-looking statements. In some cases, forward-looking statements can be identified by the use of words such as "may", "will", "expect", "plan", "intend", or the negative of these terms or other comparable terminology, and by discussions of strategies that involve risks and uncertainties. Such forward-looking statements may include, among other things, statements regarding: the number of Units to the acquired under the NCIB, the method of purchase, price and cancellation of Units, and the benefit of the NCIB for remaining Killam Unitholders.
Readers should be aware that these statements are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those anticipated or implied, or those suggested by any forward-looking statements, including: the effects, duration and government responses to the COVID-19 pandemic and the effectiveness of measures intended to mitigate the impact of COVID-19 and any variants thereof, including vaccines; competition; national and regional economic conditions and the availability of capital to fund further investments in Killam's business. For more exhaustive information on these risks and uncertainties, readers should refer to Killam's most recently filed annual information form, as well as Killam's most recently filed MD&A, each of which are available at www.sedar.com. Given these uncertainties, readers are cautioned not to place undue reliance on any forward-looking statements contained in this press release.
By their nature, forward-looking statements involve numerous assumptions, inherent risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and various future events may not occur. Although Management believes that the expectations reflected in the forward-looking statements are reasonable, there can be no assurance that future results, levels of activity, performance or achievements will occur as anticipated. Further, a forward-looking statement speaks only as of the date on which such statement is made and should not be relied upon as of any other date. While Killam anticipates that subsequent events and developments may cause Killam's views to change, Killam does not intend to update or revise any forward-looking statement, whether as a result of new information, future events, circumstances, or such other factors that affect this information, except as required by law. The forward-looking statements in this press release are provided for the limited purpose of enabling current and potential investors to evaluate an investment in Killam. Readers are cautioned that such statements may not be appropriate and should not be used for any other purpose. The forward-looking statements contained in this press release are expressly qualified by this cautionary statement.
SOURCE Killam Apartment Real Estate Investment Trust
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