TORONTO, June 17, 2016 /CNW/ - H&R Real Estate
Investment Trust ("H&R REIT") and H&R Finance Trust
(together, "H&R") (TSX: HR.UN; HR.DB.D, HR.DB.E and HR.DB.H)
are pleased to announce today that unitholders of H&R approved
certain amendments to the respective declarations of trust of
H&R REIT and H&R Finance Trust. The amendments are intended
to further align the declarations of trust with evolving governance
best practices. In particular, H&R will be granting rights and
remedies to unitholders to provide to investors protections
comparable to those provided to shareholders of corporation
entities under the Canada Business Corporations Act. These include
an oppression remedy, dissent and appraisal rights and a mechanism
for submitting unitholder proposals, as described in detail in the
management information circular dated May 6,
2016 for the joint annual and special meetings of
unitholders of H&R (the "Circular") held June 17, 2016 (the "Meetings").
In addition, unitholders approved a resolution to increase the
size of the board of trustees of H&R REIT from five trustees to
six trustees, and have elected Stephen
Sender and each of the incumbent trustees of H&R REIT.
The trustees received the following number of votes "FOR":
Thomas Hofstedter, 161,344,245;
Robert Dickson, 155,308,545;
Edward Gilbert, 159,143,900;
Laurence Lebovic, 89,822,036;
Ronald Rutman, 159,667,430; and
Stephen Sender, 161,640,832. The
total number of units and special voting units represented by
unitholders present in person or by proxy at the H&R REIT
meeting was 162,822,859 representing 55.96% of H&R REIT's
outstanding units and special voting units.
Unitholders also elected each of the incumbent trustees of
H&R Finance Trust up for election. The trustees received the
following number of votes "FOR": Marvin
Rubner, 151,390,038; Stephen
Gross, 151,919,206; and Neil
Sigler, 151,388,340. The total number of units represented
by unitholders present in person or by proxy at the H&R Finance
Trust meeting was 152,737,359 representing 54.26% of H&R
Finance Trust's outstanding units. Pursuant to H&R Finance
Trust's Declaration of Trust, Thomas
Hofstedter was also appointed by H&R REIT as a trustee
of H&R Finance Trust.
All other matters set out in the Circular were approved by the
requisite majority of the unitholders at the Meetings. Final
results on all matters voted at the Meetings will be filed shortly
with the Canadian securities regulators.
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