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TORONTO,
July 28, 2015 /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 $200 million
principal amount of floating rate Series K senior unsecured
debentures due March 1, 2019 (the
"Series K Debentures"). H&R REIT had previously agreed with a
syndicate of agents co-led by RBC Capital Markets, TD Securities
and CIBC to offer for sale by way of a public offering the Series K
Debentures. The Series K Debentures bear interest at a rate equal
to 3-month CDOR plus 143 basis points, payable quarterly in
arrears, and will mature on March 1,
2019. The net proceeds from the offering of the Series K
Debentures will be utilized by H&R REIT to repay outstanding
indebtedness and for general trust purposes.
About H&R REIT
H&R REIT is Canada's largest diversified real estate
investment trust with total assets of approximately $13.5 billion as at March
31, 2015. H&R REIT is a fully internalized REIT and has
ownership interests in a North American portfolio of high quality
office, retail, industrial and residential properties comprising
over 46 million square feet.
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 expected date
of closing for the offering, 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; 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