Announced a $300 million new issue at $49 per share representing a 3.9% discount from yesterday’s closing price
While the new issue was sold out quickly, the shares are still trading at $49.46 or almost 3% below yesterday’s close
Concurrently with the new issue announcement, the company announced the acquisition of $182 million of Manufactured Community Housing units.
The acquired properties are located in Atlantic Canada, Ontario and Alberta with an overall occupancy of 95.4%
This purchase is expected to be immediately accretive to their NFFO per unit.
This high quality apartment REIT’s portfolio still has a high concentration in the GTA, the most favourable apartment market in Canada.
Use the current price weakness to add to your positions.