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TORONTO,
Oct. 9, 2013 /CNW/ - H&R Real
Estate Investment Trust ("H&R REIT") (TSX: HR.UN; HR.DB.D;
HR.DB.E; HR.DB.H) announced today that it completed its previously
announced offering of $235 million
principal amount of floating rate Series H senior unsecured
debentures due October 9, 2015 (the
"Series H Debentures"). H&R REIT had previously agreed with a
syndicate of agents led by TD Securities Inc. to sell the Series H
Debentures on a private placement "best efforts" agency basis. The
Series H Debentures have been issued at par, bear interest at a
rate equal to 3-month CDOR plus 150 basis points payable quarterly
in arrears and mature on October 9,
2015. The net proceeds of the offering will be used for the
repayment of existing indebtedness and for general trust
purposes.
About H&R REIT
H&R REIT is an open-ended real estate investment trust, which
owns a North American portfolio of 41 office, 112 industrial and
165 retail properties comprising over 53 million square feet and 2
development projects, with a fair value of approximately
$13 billion. In addition, H&R
REIT has a one-third interest in ECHO Realty LP which owns 176
properties totalling 7.4 million square feet. 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 statement 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; 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
those 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.
Additional information regarding H&R REIT is
available at www.hr-reit.com and on www.sedar.com.
SOURCE H&R Real Estate Investment Trust