TORONTO,
March 19, 2013 /CNW/ - H&R Real
Estate Investment Trust and H&R Finance Trust ("H&R") today
announced that their respective Trustees have declared two
distributions payable in the month of April
2013 totalling $0.1125 per
stapled unit, representing $1.35 per
stapled unit on an annualized basis. Payment of the first
distribution, in the amount of $0.05625 per stapled unit, will be made on
April 15, 2013 to H&R unitholders
of record on March 28, 2013. Payment
of the second distribution, also in the amount of $0.05625 per stapled unit, will be made on
April 30, 2013 to H&R unitholders
of record on April 16, 2013.
The next distribution is being paid in two
tranches as a result of the expected closing, in early April, of
the previously announced acquisition (the "Acquisition") by H&R
of certain properties of Primaris Retail Real Estate Investment
Trust ("Primaris"). In connection with the Acquisition,
H&R expects to issue stapled units for delivery to electing
Primaris unitholders which unitholders will thereafter become
entitled to receive monthly distributions from H&R.
The timing of these distributions is intended to align the
distribution record dates and payment dates of H&R and
Primaris.
About H&R REIT and H&R Finance Trust
H&R REIT is an open-ended real estate
investment trust, which owns a North American portfolio of 41
office, 113 industrial and 138 retail properties comprising over 44
million square feet, with a fair value of approximately
$10 billion. The foundation of
H&R REIT's success since inception in 1996 has been a
disciplined strategy that leads to consistent and profitable
growth. H&R REIT leases its properties long term to
creditworthy tenants and strives to match those leases with
primarily long-term, fixed-rate financing.
H&R Finance Trust is an unincorporated
investment trust, which primarily invests in notes issued by a U.S.
corporation which is a subsidiary of H&R REIT. The
current note receivable is U.S. $162.5
million. In 2008, H&R REIT completed an internal
reorganization which resulted in each issued and outstanding
H&R REIT unit trading together with a unit of H&R Finance
Trust as a "Stapled Unit" on the Toronto Stock Exchange.
Forward-looking Statements
Certain statements in this news release contains
forward-looking information within the meaning of applicable
securities laws (also known as forward-looking statements).
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 discussed 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. Those
risks and uncertainties include, among other things, the completion
of the Acquisition and risks related to: prices and market value of
securities of H&R; availability of cash for distributions;
restrictions pursuant to the terms of indebtedness; liquidity;
credit risk and tenant concentration; interest rate and other debt
related risk; tax risk; ability to access capital markets;
dilution; lease rollover risk; construction risks; currency risk;
unitholder liability; co-ownership interest in properties;
competition for real property investments; environmental matters;
reliance on one corporation for management of substantially all of
the REIT's properties and changes in legislation and indebtedness
of H&R. Material factors or assumptions that were applied in
drawing a conclusion or making an estimate set out in the
forward-looking statements include that the general economy is
stable; local real estate conditions are stable; interest rates are
relatively stable; and equity and debt markets continue to provide
access to capital. H&R cautions that this list of factors is
not exhaustive. 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