Morguard Real Estate Investment Trust (TSX:MRT.UN) announces a share repurchase program. Under the bid, the company will repurchase up to 3,044,583 units, representing 5% of its outstanding shares. The price which will be paid for the units will be the market price at the time of the repurchase.

The units will be repurchased through the facilities of the Toronto Stock Exchange and/or alternative Canadian trading Systems. All units purchased under the bid will be cancelled. The company believes that the price of its units at times, trade in a price range which does not adequately reflect the value and repurchasing its outstanding units may represent an attractive investment. The actual number of units which may be repurchased and the timing of repurchases will be subject to compliance with the TSX guidelines.

The daily repurchase restriction for the units is 15,692. The bid will continue till January 27, 2017. As of January 15, 2016, the company has 60,891,654 units outstanding.