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rtis Real Estate Investment Trust (TSX: AX.UN) has received approval from the Toronto Stock Exchange to renew its normal course issuer bid for another year. Under this bid, Artis can purchase up to 10% of its public float of trust units and preferred units. The REIT will also be able to buy a maximum of 25% of the average daily trading volume on any given day.

    Purchases under the bid will be made through the TSX or alternative Canadian trading systems at market price, with all acquired units being cancelled. The normal course issuer bid period runs from December 19, 2024, to December 18, 2025, or until purchases are completed.

    The REIT is pursuing this bid as it believes that its shares may not always reflect their underlying value and future prospects. By buying back its own shares, Artis aims to create an attractive investment opportunity for itself when market prices are low.

    In the past year, Artis has purchased 6.8 million trust units at a weighted-average price of $7.01, as well as 309,400 Series E Preferred Units and 342,084 Series I Preferred Units through its current normal course issuer bid. The REIT will continue to monitor market conditions and make purchases accordingly.

    The following information pertains to the public float and daily trading volume limits for each series of units:

    * AX.UN: 49,759,179 units (4,975,917 purchase limit)

    * AX.PR.E: 2,915,609 units (291,560 purchase limit)

    * AX.PR.I: 4,217,756 units (421,775 purchase limit)

    In cases where the daily trading volume is less than 1,000, the purchase limit will be capped at 1,000.