08:14 AM EST, 12/17/2024 (MT Newswires) -- Artis Real Estate Investment Trust (AX-UN.TO) on Tuesday said it received approval from the Toronto Stock Exchange (TSX) to renew its normal course issuer bid (NCIB) for another year.

The company said under the terms, Artis may buy up to 10% of the public float of trust units and preferred units. A maximum of 25% of the average daily trading volume may be bought by the company on any one day under the NCIB, except where purchases are made following "block purchases" exemptions under applicable TSX policies.

The NCIB will run from Dec. 19 to Dec. 18, 2025, or an earlier date, should Artis complete its purchases.

The company added that on Dec. 19, it would implement an automatic purchase plan agreement with a broker to allow for the purchase of its units and preferred units under the NCIB at times when Artis ordinarily would not be active in the market due to self-imposed trading blackout periods.

Shares of the company closed down $0.05 or 1%, to $7.3 on Monday on the TSX.