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TORONTO,
Oct. 23, 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 $60 million
principal amount of floating rate Series I senior unsecured
debentures due January 23, 2017 (the
"Series I Debentures"). H&R REIT had previously agreed with a
syndicate of agents led by TD Securities Inc. to sell the Series I
Debentures on a private placement "best efforts" agency basis. The
Series I Debentures have been issued at par, bear interest at a
rate equal to 3-month CDOR plus 165 basis points payable quarterly
in arrears and mature on January 23,
2017. 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.
SOURCE H&R Real Estate Investment Trust