Morguard Real Estate Investment Trust's request for a normal course issuer bid was approved by the Toronto Stock Exchange.
The bid allows the company to purchase for cancellation up to 3,034,586, or about 5%, of its outstanding units from Feb. 7 to Feb. 6, 2019, with a daily repurchase restriction of 7,431 units.
The company may also purchase for cancellation up to C$11.5 million of its 4.50% convertible unsecured subordinated debentures due Dec. 31, 2021, at a daily repurchase restriction of C$12,825.
Morguard purchased 50,300 units at C$15.20 under its current normal course issuer bid, which will end Feb. 6.
