MONTRÉAL, March 4,
2025 /CNW/ - BTB Real Estate Investment Trust (TSX:
BTB.UN) ("BTB", the "REIT" or the "Trust")
announced today that the Toronto Stock Exchange (the "TSX")
has approved the renewal of its normal course issuer bid
("NCIB") program authorized by its Board of Trustees to
repurchase for cancellation up to 6,063,797 units representing
approximately 7% of the REIT's public float comprised of 86,625,676
units as of February 26, 2025. There
were 88,229,140 units issued and outstanding as of February 26, 2025.
The average daily trading volume of BTB' units over the six
completed calendar months prior to the date hereof, as calculated
in accordance with TSX rules, is 106,094 units. Accordingly, under
TSX rules, BTB is entitled to purchase, on any trading day, up to
26,523 units, representing 25% of such average daily trading
volume.
The renewal of the NCIB will provide BTB with the ability to
repurchase units at its discretion and in accordance with TSX rules
from March 6, 2025 to March 5, 2026. Purchases under the NCIB will be
made through the facilities of the TSX and/or through alternative
Canadian trading systems and in accordance with applicable
regulatory requirements.
The REIT's Board of Trustees has authorized the renewal of the
NCIB program because it believes that the purchase for cancellation
of units falls within its criteria for capital allocation. The
renewal of the NCIB will provide the ability for the Trust to
purchase units from time to time at its discretion as part of its
mandate to increase unitholder value.
In connection with the NCIB, BTB has entered into an automatic
unit repurchase plan (the "Plan") to facilitate the purchase
of units pursuant to the NCIB and under which its broker may
purchase units according to a prearranged set of criteria. The Plan
will enable the purchase of units at any time, including when BTB
would not ordinarily be active in the market because of internal
trading blackout periods.
Under its previous normal course issuer bid that commenced on
February 29, 2024 and expired on
February 28, 2025, BTB received the
approval of the TSX to repurchase for cancellation up to 5,969,926
units. BTB did not repurchase any of its units under its previous
normal course issuer bid program.
About BTB
BTB is a real estate investment trust listed on the TSX. BTB
REIT invests in industrial, suburban office and necessity-based
retail properties across Canada
for the benefit of their investors. As of today, BTB owns and
manages 75 properties, representing a total leasable area of
approximately 6.1 million square feet.
For more detailed information, visit BTB's website at
www.btbreit.com.
Forward-Looking Statements
This news release contains forward-looking statements within the
meaning of applicable securities legislation. Forward-looking
statements are based on a number of assumptions and is subject to a
number of risks and uncertainties, many of which are beyond BTB's
control, that could cause actual results and events to differ
materially from those that are disclosed in or implied by such
forward-looking statements.
These statements generally can be identified by use of
forward-looking words such as "may", "will", "expect", "estimate",
"anticipate", "intends", "believe" or "continue" or the negative
thereof or similar variations. Such statements are expressly
qualified in their entirety by this cautionary statement and are
made as of the date of this news release. BTB does not undertake to
update any such forward-looking information whether as a result of
new information, future events.
Forward-looking statements are necessarily based on a number of
estimates and assumptions that, while considered reasonable by
management as of the date hereof, are inherently subject to
significant business, economic and competitive uncertainties and
contingencies. When relying on forward-looking statements to make
decisions, the REIT cautions readers not to place undue reliance on
these statements, as forward-looking statements involve significant
risks and uncertainties and should not be read as guarantees of
future performance or results, and will not necessarily be accurate
indications of whether or not the times at or by which such
performance or results will be achieved. A number of factors could
cause actual results to differ, possibly materially, from the
results discussed in the forward-looking statements.
Additional information about these assumptions and risks and
uncertainties is contained in the filings of the REIT with
securities regulators, including under "Risk Factors" in the REIT's
latest annual information form, which is available on SEDAR+ at
www.sedarplus.com.
SOURCE BTB Real Estate Investment Trust
