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  • RioCan Real Estate Investment Trust (REI.UN) has received TSX approval for a normal course issuer bid (NCIB) of trust units
  • It is authorized to acquire up to a maximum of 31,616,150 of its trust units, representing approximately 10 per cent of the public float starting October 13
  • The number of units that can be purchase according to the bid is subject to a current daily maximum of 241,695 units, conditional upon RioCan’s ability to make one block purchase of units per calendar week
  • RioCan plans to fund the purchases from its available cash and undrawn credit facilities
  • It believes the trust unit purchases to be an appropriate use of its funds based on market conditions, unit price and other factors
  • RioCan Real Estate Investment trust (REI.UN) is up 0.89 per cent and is trading at $22.68 per share at 2:41 p.m. ET

RioCan Real Estate Investment Trust (REI.UN) has received TSX approval for a normal course issuer bid (NCIB) of trust units.

RioCan is authorized to acquire up to a maximum of 31,616,150 of its trust units which is approximately 10 per cent of the public float for the next year starting October 13.

Purchases under the NCIB will be made through the TSX or through a Canadian alternative trading system in compliance with applicable regulatory requirements.

The number of units that can be purchase according to the bid is subject to a current daily maximum of 241,695 units. This is conditional on RioCan’s ability to make one block purchase of units per calendar week.

Units purchased under the NCIB will be cancelled upon their purchase or can be used to satisfy RioCan’s obligation to deliver units under its restricted or performance equity plan.

RioCan plans to fund the purchases of its available cash and undrawn credit facilities. No units were purchased by the trust from its previous NCIB, which expires on October 21.

RioCan believes the trust unit purchases are an appropriate use of its funds based on market conditions, unit price and other factors.

RioCan Real Estate Investment trust (REI.UN) is up 0.89 per cent and is trading at $22.68 per share at 2:41 p.m. ET.

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