TORONTO, June 6, 2014 /CNW/ - H&R Real Estate
Investment Trust ("H&R REIT" or the "REIT") and H&R Finance
Trust ("Finance Trust" and, collectively with the REIT, "H&R")
(TSX: HR.UN; HR.DB.D; HR.DB.E and HR.DB.H) today announced that
Institutional Shareholder Services and Glass Lewis, two leading
independent proxy firms, have recommended that unitholders of
H&R vote "FOR" all of matters proposed in the management
information circular (the "Circular") of H&R dated May 5, 2014 in connection with the annual and
special meetings (the "Meetings") of the REIT and Finance Trust to
be held on Thursday, June 19, 2014 at
1:00 p.m. (Toronto time).
H&R wishes to clarify that the maximum number of Special
Voting Units which will be issuable under the proposed amendments
to the REIT's Declaration of Trust will be 9,500,000. In
addition, H&R wishes to clarify that the REIT Advance Notice
Policy and the FT Advance Notice Policy (each, as defined in the
Circular) will be revised to delete the second sentence of proposed
Section 6.10(c)(ii) of each Declaration of Trust.
Specifically, the sentence "In no event shall any adjournment or
postponement of a meeting of Unitholders or the announcement
thereof commence a new time period for the giving of a Nominating
Unitholder's notice as described above" would not be included in
the new advance notice policy of each of the REIT and Finance
Trust.
The resolutions in respect of the Special Voting Unit
Amendments, the REIT Advance Notice Policy and the FT Advance
Notice Policy to be put before the unitholders at the Meetings will
be revised to incorporate the above-described changes.
Unitholders are encouraged to review the Circular, which
provides a detailed discussion of the proposed matters to be
considered at the Meetings. The Circular is available on SEDAR at
www.sedar.com.
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, 111 industrial
and 168 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 owns a 33.6% interest in ECHO Realty LP which owns 178
properties, excluding properties under development and vacant land,
comprising over 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.
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. As at March 31, 2014, the note receivable balance is
U.S. $219.8 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 contain forward-looking
information within the meaning of applicable securities laws (also
known as forward-looking statements) including, among others,
statements relating to H&R'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'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, risks
related to: prices and market value of securities of H&R; real
property ownership; 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; joint
arrangements risk; 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. 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