TORONTO,
May 24, 2013 /CNW/ - H&R Real
Estate Investment Trust ("H&R") (TSX: HR.UN; HR.DB.C, HR.DB.D,
HR.DB.E, HR.DB.F and HR.DB.H) announced its intention to redeem all
of its outstanding 6.00% Series C convertible unsecured debentures
maturing June 30, 2017 (the "2017
Convertible Debentures") on the earliest date permitted under the
second supplemental trust indenture dated December 30, 2009 (the "Supplemental Indenture"),
being July 2, 2013 (the "Redemption
Date") pursuant to and subject to the terms of the Supplemental
Indenture. As at the date hereof, the aggregate principal amount of
$167,675,000 was outstanding on the
2017 Convertible Debentures. The 2017 Convertible Debentures are
listed for trading on the TSX under the trading symbol HR.DB.C.
Each outstanding 2017 Convertible Debenture in
the principal amount of $1,000 will
be redeemed as at the Redemption Date upon payment by H&R of a
redemption amount of $1000.33, being
equal to the aggregate principal amount and all accrued and unpaid
interest thereon up to but excluding the Redemption Date, less any
applicable withholding taxes. The regular interest payment due
June 30, 2013 will be paid to holders
of the 2017 Convertible Debentures on such date pursuant to the
terms of the Supplemental Indenture.
Notice of the redemption will be delivered to
the trustee, CIBC Mellon Trust Company, and to the Canadian
Depository for Securities Limited ("CDS") today. Non-registered
holders (banks, brokerage firms or other financial institutions)
who maintain their interests in the 2017 Convertible Debentures
through CDS should contact their CDS customer service
representative with any questions about the redemption. Beneficial
holders with any questions about the redemption should contact
their respective brokerage firm or financial advisor.
About H&R REIT
H&R REIT is an open-ended real estate investment trust, which
owns a North American portfolio of 40 office, 112 industrial and
163 retail properties comprising over 53 million square feet and 3
development projects, with a fair value of approximately
$13 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 for long terms to
creditworthy tenants and strives to match those leases with
primarily long-term, fixed-rate financing.
Forward-looking Statements
Certain information in this news release contains forward-looking
information within the meaning of applicable securities laws (also
known as forward-looking statements) including, among others,
statements relating to the objectives of H&R REIT, strategies
to achieve those objectives, H&R REIT's beliefs, plans,
estimates, and intentions, and similar statements concerning
anticipated future events, results, circumstances, performance or
expectations that are not historical facts. Forward-looking
statements generally can be identified by words such as "outlook",
"objective", "may", "will", "expect", "intend", "estimate",
"anticipate", "believe", "should", "plans", "project", "budget" or
"continue" or similar expressions suggesting future outcomes or
events. Such forward-looking statements reflect H&R REIT'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 REIT's estimates and
assumptions that are subject to risk and uncertainties, including
those discussed in H&R REIT's materials filed with the Canadian
securities regulatory authorities from time to time, which could
cause the actual results and performance of H&R REIT to differ
materially from the forward-looking statements contained in this
news release. Those risks and uncertainties include, among other
things, risks related to: prices and market value of securities of
H&R REIT; 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 H&R REIT's
properties; and changes in legislation and indebtedness of H&R
REIT. 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 REIT 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 REIT 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 REIT, 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