CALGARY, ALBERTA–(Marketwired – May 27, 2016) – Northview Apartment Real Estate Investment Trust (TSX:NVU.UN) (“Northview”) today announced that the Toronto Stock Exchange (“TSX”) has approved its notice of intention to apply for a normal course issuer bid (“NCIB”) for its trust units (“Units”) as appropriate opportunities arise from time to time. Northview’s NCIB will be made in accordance with the policies of the TSX. Northview may purchase Units during the period from June 1, 2016 to May 31, 2017, or an earlier date should Northview complete its purchases. Northview will pay the market price at the time of acquisition for any Units in accordance with the rules and policies of the TSX and applicable securities laws. Purchases under the NCIB will be funded out of Northview’s working capital. Although Northview has a present intention to acquire Units, it is not obligated to make any purchases pursuant to the NCIB. Northview acquired 116,700 of its own Units within the last NCIB which ran for the period August 6, 2014, to August 5, 2015, with a weighted average unit price of $26.38.
As at May 26, 2016, Northview has 46,321,818 issued and outstanding Units, of which the public float is 38,522,492 Units. Northview is authorized to purchase, in a 12 month period, up to 3,852,249 Units, representing 10% of its public float, through the facilities of the TSX and other Canadian trading platforms. On any trading day, Northview will not purchase more than 32,646 Units, which is equal to 25% of Northview’s average daily trading volume over the last six months, except where such purchases are made in accordance with the block purchase exemptions under the TSX rules.
Northview has made significant progress on its strategic initiative to dispose of non-core assets with $68 million of assets under contract and expected to be completed by August 31, 2016. Northview may use a portion of the proceeds from the sale of non-core assets for the purchase of Northview Units. Management believes that from time to time market prices of its Units do not reflect their underlying value. Northview will purchase the Units for cancellation with the intention of increasing the proportionate interest of all remaining unitholders.
A copy of Northview’s notice of its intention to make a NCIB filed with the TSX can be obtained from Northview’s Corporate Secretary without charge.
Northview is Canada’s third largest publicly traded multi-family REIT with a portfolio of more than 24,000 quality residential suites in more than 60 markets across eight provinces and two territories. Northview’s portfolio spans markets characterized by expanding populations, growing economies, high occupancy levels, and rising rents, which provides Northview the means to deliver stable and growing profitability and cash distributions over time. The REIT currently trades on the TSX under the ticker symbol: NVU.UN. Additional information concerning Northview is available at www.sedar.com or www.northviewreit.com.
This news release contains forward‐looking statements relating to our reduction of debt, disposition activity, and application for a NCIB. These statements are not guarantees of future events, performance or results and will not necessarily be accurate indications of whether, or the times at which, such events, performance or results will be achieved.
Forward-looking statements are based on information available at the time they are made, underlying estimates and assumptions made by management and management’s good faith belief with respect to future events, performance and results, and are subject to inherent risks and uncertainties surrounding future expectations generally, which could cause actual results to differ materially from what is currently expected. Such risks and uncertainties include, but are not limited to, risks related to: availability of cash flow; debt financing; potential conflicts of interest; integration of acquired properties; and other risk factors more particularly described in our most recent Annual Information Form available on SEDAR at www.sedar.com. Additional risks and uncertainties not presently known to Northview or that Northview currently believes to be less significant may also adversely affect Northview.
Readers are cautioned that the above list of factors is not exhaustive and that should certain risks or uncertainties materialize, or should underlying estimates or assumptions prove incorrect, actual events, performance and results may vary significantly from those expected. There can be no assurance that the actual results, performance, events or activities anticipated by Northview will be realized or, even if substantially realized, that they will have the expected consequences to, or effect on, Northview. Readers, therefore, should not place undue importance on forward-looking information. Further, forward‐looking statements speak only as of the date on which such statements are made. Northview disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required under applicable securities laws.
Chief Financial Officer