/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED
STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY
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TORONTO, Aug. 31, 2018 /CNW/ - H&R Real Estate
Investment Trust ("H&R REIT" or "H&R") (TSX:
HR.UN) has announced today that it has completed the previously
announced amended internal reorganization (the "Amended
Reorganization").
As a result of the Amended Reorganization the Stapled Unit
structure of H&R REIT and H&R Finance Trust has been
unwound. Unitholders now only hold units of H&R REIT to reflect
their investments. The units of H&R REIT will trade on the TSX
under the ticker symbol "HR.UN", the same ticker symbol that had
been used for the Stapled Units. The Amended Reorganization is
expected to occur without adverse tax consequences to Unitholders
resident in Canada. In addition,
Unitholders resident in the United
States will benefit from reduced rates of Canadian
withholding tax on their future distributions from H&R
REIT. Following the Amended Reorganization, H&R REIT will
be more comparable to other Canadian real estate investment trusts
due to this simplified structure.
Registered unitholders will be mailed a letter of transmittal
instructing them to surrender their certificate(s) representing
Stapled Units for replacement certificate(s) representing units of
H&R REIT. Such registered unitholders should complete the
letter of transmittal and return it, along with the certificate(s)
representing the Stapled Units, to AST Trust Company (Canada), the depositary for the Amended
Reorganization, in accordance with the instructions set forth in
the letter of transmittal. The letter of transmittal will also be
available on SEDAR at www.sedar.com and can be obtained by
contacting AST Trust Company (Canada) toll free at 1-888-433-6443 or via
e-mail to fulfilment@astfinancial.com.
Monthly Distribution Declared
Following implementation of the Amended Reorganization, H&R
REIT today declared a distribution for the month of September
scheduled as follows:
|
Distribution per
Unit
|
Annualized
|
Record
date
|
Distribution
date
|
September
2018
|
$0.11500
|
$1.38
|
September 14,
2018
|
September 28,
2018
|
About H&R REIT
H&R REIT is one of Canada's
largest fully internalized real estate investment trusts with total
assets of approximately $14.2 billion
at June 30, 2018. H&R REIT has
ownership interests in a North American portfolio of high quality
office, retail, industrial and residential properties comprising
over 41 million square feet.
Forward-looking Statements
Certain statements in this news release contain forward-looking
statements within the meaning of applicable securities laws (also
known as forward-looking statements). These forward-looking
statements include, but are not limited to the H&R's plans,
objectives, expectations and intentions, including the expected
trading of H&R's units and H&R's expectations regarding the
tax consequences and benefits to Unitholders as a result of the
Amended Reorganization. Such forward-looking statements reflect
H&R's current beliefs and are based on information currently
available to management. These statements are not guarantees of
future performance and are based on H&R's estimates and
assumptions that are subject to risks and uncertainties, including
those set forth in H&R's materials filed with the Canadian
securities regulatory authorities from time to time, which could
cause the actual results and performance of H&R to differ
materially from the forward-looking statements contained in this
news release. Although the forward-looking statements contained in
this news release are based upon what H&R believes are
reasonable assumptions, there can be no assurance that actual
results will be consistent with these forward-looking statements.
All forward-looking statements in this news release are qualified
by these cautionary statements. These forward-looking statements
are made as of today and H&R, except as required by applicable
law, assumes no obligation to update or revise them to reflect new
information or the occurrence of future events or
circumstances.
SOURCE H&R Real Estate Investment Trust