/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED
STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY
CONSTITUTE A VIOLATION OF U.S. SECURITIES LAW./
TORONTO, Dec. 10, 2019 /CNW/ - H&R Real Estate
Investment Trust ("H&R") (TSX: HR.UN) today announced
receipt of final acceptance from the Toronto Stock Exchange
("TSX") of H&R's notice of intention to make a normal
course issuer bid ("NCIB"). Under the NCIB, H&R will
have the ability to purchase for cancellation up to a maximum of
15,000,000 Units on the open market, representing approximately
5.33% of the public float as of December 2,
2019. As at December 2,
2019, H&R had 286,690,236 outstanding Units.
The NCIB will commence on December 17,
2019 and remain in effect until the earlier of December 16, 2020 and the date on which H&R
has purchased the maximum number of Units permitted under the NCIB.
Purchases of Units under the NCIB will be made in accordance with
TSX by-laws, rules and policies through the facilities of the TSX,
and through alternative trading systems. The Units so purchased
will be cancelled. The price paid for any repurchased Units will be
the market price of such Units at the time of acquisition. Daily
purchases will be limited to 128,407 Units other than block
purchase exemptions.
H&R believes that its outstanding Units represent an
attractive investment, and the ongoing purchase of its outstanding
Units may benefit all persons who continue to hold Units by
increasing their equity interest in H&R.
H&R may establish an automatic purchase plan under which its
broker may purchase Units according to a prearranged set of
criteria. The plan would enable the purchase of Units at any time,
including when H&R would not ordinarily be active in the market
because of internal trading blackout periods, insider trading rules
or otherwise. The plan will terminate on the earliest of: the date
on which the purchase limits specified in the plan have been
attained, the date on which the NCIB terminates or the date on
which the plan is terminated by a party in accordance with its
terms. To H&R's knowledge, after reasonable inquiry, none of
the trustees, officers or other insiders of H&R or any
associate of any such persons, or any associate or affiliate of
H&R currently intends to sell Units to H&R during the
course of the issuer bid.
H&R has not made any purchases of Units under its current
normal course issuer bid through the facilities of the TSX, under
which H&R sought and received approval from the TSX on
December 14, 2018 to purchase up to
15,000,000 Units for the period from December 17, 2018 to December 16, 2019.
About H&R REIT
H&R REIT is one of Canada's
largest fully internalized real estate investment trusts with total
assets of approximately $14.3 billion
at September 30, 2019. H&R REIT
has ownership interests in a North American portfolio of high
quality office, retail, industrial and residential properties
comprising over 41 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's plans,
objectives, expectations and intentions, including H&R's
expectations regarding future developments in connection with the
NCIB and the receipt of regulatory approvals, H&R's intention
to repurchase Units in the open market, H&R's beliefs regarding
the benefits of persons who hold Units and other 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. Those risks and uncertainties
include, among other things, risks related to: real property
ownership, credit risk and tenant concentration; lease rollover
risk, interest and other debt-related risk; construction risks;
currency risk; liquidity risk, financing credit risk, cyber
security risk, environmental risk; co-ownership interest in
properties, joint arrangement risks; unit price risk; availability
of cash for distributions; ability to access capital markets;
dilution; unitholder liability; redemption right risk; risks
relating to debentures, tax risk and tax consequences to U.S.
holders. 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.
Additional information regarding H&R REIT is available at
www.hr-reit.com and on www.sedar.com.
SOURCE H&R Real Estate Investment Trust