09:04 AM EDT, 05/16/2024 (MT Newswires) -- First Capital Real Estate Investment Trust (FCR-UN.TO) said Thursday that it has secured approval from the Toronto Stock Exchange to renew its normal course issuer bid. The bid allows the company to buy for cancellation up to 21.1 million of its outstanding Trust units, representing 10% of the REIT's public float.

As at the close of business on May 7, the REIT had about 212.2 million issued and outstanding units.

The purchases under the renewed NCIB may begin on May 21, 2024, and continue until May 20, 2025, or when the purchases are completed earlier.

In connection with the renewed NCIB, it will enter into an automatic unit repurchase plan to facilitate the purchase of Units.

First Capital owns, operates and develops grocery-anchored, open-air centres.