The Toronto Stock Exchange approved H&R Real Estate Investment Trust's amended normal course issuer bid to repurchase an additional 10 million stapled units.
The company's original bid to repurchase up to 5 million stapled units was increased to 15 million stapled units, representing approximately 5.28% of the diversified REIT's public float as of Aug. 1, 2017.
This bid will continue until Aug. 14, and the price for any repurchased units will be the market price of the stapled units. Daily purchases will be limited to 113,640 stapled units, other than block purchase exemptions.
H&R had 289,686,775 outstanding stapled units as of Aug. 1, 2017, and to date the company has completed the purchase for cancellation of 4,365,140 stapled units at a weighted average price of C$20.87 per unit.
