TORONTO, June 6, 2016 /CNW/ - H&R Real Estate
Investment Trust ("H&R REIT" or the "REIT") and H&R Finance
Trust ("Finance Trust" and together with the REIT, "H&R") (TSX:
HR.UN; HR.DB.D; HR.DB.E and HR.DB.H) would like to remind
unitholders of the upcoming annual and special meetings (the
"Meetings") of the REIT and Finance Trust to be held on
Friday, June 17, 2016 at 1:00 p.m. (Toronto time) at the TSX Gallery, 130 King
Street West, Toronto,
Ontario.
Among matters to be voted on at the Meetings, as a result of
H&R's ongoing review of its corporate governance matters and in
order to best serve unitholders, H&R has proposed to expand the
size of the board of the REIT in order to nominate Stephen Sender as a trustee of the REIT. Mr.
Sender has over 30 years of experience in the investment banking
industry and H&R believes that Mr. Sender will bring valuable
experience and insight to the board and assist the REIT in
continuing to bring value to unitholders. Additional biographical
information in respect of Mr. Sender is included in the management
information circular (the "Circular") of H&R dated May 6, 2016 and is excerpted below.
In addition to expanding the size of the board of the REIT, the
REIT's Board has introduced 10-year term limits for newly elected
trustees, and all current trustees (other than trustees that are
also members of management) are expected to tender their
resignation within five years, subject to waiver by the Board.
H&R has also proposed amendments to the respective
declarations of trust of the REIT and Finance Trust to be voted on
at the Meetings which amendments will provide unitholders with,
among other things, additional rights, remedies and procedures such
as an oppression remedy, dissent and appraisal rights, a mechanism
for submitting unitholder proposals, all as more particularly
described in the Circular. The amendments are intended to
further align the declarations of trust with evolving governance
best practices, which include introducing rights and remedies in
favour of unitholders consistent with those available to
shareholders of a corporation governed by the Canada Business
Corporations Act.
In addition, H&R will hold semi-annual conference calls with
the investor community to discuss its financial performance
beginning with the release of the Q2 2016 results.
Unitholders are encouraged to attend the Meetings in person or
via webcast at www.hr-reit.com and to provide their voting
instructions well in advance of the deadline for the deposit of
proxies of 5:00 p.m. (Toronto Time)
on June 15, 2016.
Stephen Sender -
Mr. Sender has over 30 years of experience in the investment
banking industry in Canada and
abroad. Most recently and since December
2005, he was Managing Director, Industry Head - Real Estate
in Scotiabank's Global Banking and Markets division representing
the bank's capital markets activities in the Canadian real estate
industry. Since the early 1990's he has specialized in the Canadian
real estate sector, providing investment banking advice to numerous
public entities with respect to capital markets activities. He has
been directly involved in raising equity and debt capital in a
large number of transactions and has provided financial advice in
numerous large transactions including mergers, takeovers and
related party transactions. Mr. Sender has been a frequent
moderator/speaker at conferences in Canada focusing on capital markets
developments in the real estate sector. Mr. Sender holds a B.Comm.
(Honours) degree from the University of Cape Town and qualified as a C.A. (S.A.) in
1984.
About H&R REIT and H&R Finance Trust
H&R REIT is Canada's
largest diversified real estate investment trust with total assets
of approximately $14.6 billion as at
March 31, 2016. H&R REIT is a
fully internalized real estate investment trust and has ownership
interests in a North American portfolio of high quality office,
retail, industrial and residential properties comprising over 47
million square feet.
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. The current note receivable
balance is U.S. $220.4 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). These forward-looking
statements include, but are not limited to H&R's plans,
objectives, expectations and intentions, including H&R's
expectations regarding future developments in corporate governance
matters, the expansion of the board and statements contained in
this release that are not historical facts. 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. 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