TORONTO, Aug. 30, 2017 /CNW/ - H&R Real Estate
Investment Trust ("H&R REIT" or "H&R") (TSX: HR.UN;
HR.DB.D; and HR.DB.H) is providing a preliminary property
assessment of the impact of Tropical Storm Harvey on its properties
in and around Houston, Texas.
H&R, through its wholly owned division Lantower Residential,
owns two multi-family properties known as Magnolia Grove and South at Parc Green, located
in Houston. Residents continue to have access to both
properties, electricity and water services have not been
interrupted and damage has been minimal. In addition to the
Houston portfolio, Lantower
Residential continues to monitor its three multi-family properties
in Austin and one multi-family
property in San Antonio, which
have not been impacted by the storm.
Hess Tower, our 29-story office building located in downtown, is
also part of the H&R Houston portfolio. While no damage has
been reported and power and water supply have not been interrupted,
Hess Corporation has elected to keep the building closed until
Tuesday September 5th, 2017.
H&R also owns four retail properties in Houston totalling 57,346 square feet. All
four properties are leased on a triple net basis to Walgreens, who
is responsible for remedying any damage to the properties.
Philippe Lapointe, Dallas-based Chief Operating Officer of
Lantower Residential, commented, "While the forecast calls for rain
to remain over Houston in the
coming days, we are hopeful that the worst is behind us. We
will continue to support our on-site teams and monitor our
properties for any storm damage. Our priority continues to be the
well-being of our residents and employees. Lantower is committed to
providing assistance to our staff, residents and fellow Texans
during this difficult time."
About H&R REIT
H&R REIT is Canada's
largest diversified real estate investment trust with total assets
of approximately $14.1 billion at
June 30, 2017. 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 46
million square feet.
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 REIT's plans,
objectives, expectations and intentions, including the condition of
H&R's properties and the impact of Tropical Storm
Harvey. 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 risks 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. 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.
Additional information regarding H&R REIT is available at
http://www.hr-reit.com and on www.sedar.com.
SOURCE H&R Real Estate Investment Trust