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  • Morguard North American Residential REIT (MRG.UN) has announced a normal course issuer bid (NCIB)
  • Between January 10, 2023 and January 9, 2024, the REIT may purchase up to 1,474,371 units for cancellation
  • The REIT may also purchase for cancellation up to $4,024,000 principal amount of the 4.50% Convertible Unsecured Subordinated Debentures due March 31, 2023 (TSX:MRG.DB.A)
  • The REIT is an unincorporated, open-ended real estate investment trust 
  • Morguard North American Residential REIT is unchanged, trading at $16.53 at 1:45 pm ET

Morguard North American Residential REIT (MRG.UN) has announced a normal course issuer bid.

Between January 10, 2023, and January 9, 2024, the REIT may purchase up to 1,474,371 units for cancellation. Daily purchases are capped at 8,461 units.

Additionally, the REIT may purchase for cancellation up to $4,024,000 principal amount of the 4.50 per cent Convertible Unsecured Subordinated Debentures due March 31, 2023 (TSX:MRG.DB.A) 

Under its current bid, the company purchased 7,000 units at an average price of $16.36 per unit. No debentures were purchased under the current bid.

Under the current bid, the REIT was approved to purchase up to 1,478,869 Units and a $4,024,000 principal amount of debentures. A total of 7,000 units were purchased for cancellation at an average price of $16.36 per unit and no debentures were purchased for cancellation.

The REIT is an unincorporated, open-ended real estate investment trust which owns, through a limited partnership, interests in Canadian residential apartment communities.

Morguard North American Residential REIT is unchanged, trading at $16.53 at 1:45 pm ET.


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