TORONTO, Jan. 14, 2022 /CNW/ - H&R Real Estate
Investment Trust ("H&R REIT" or "H&R") (TSX: HR.UN) today
announced that it has established an automatic securities purchase
plan ("ASPP") in respect of its previously announced normal course
issuer bid ("NCIB"). Under the terms of the NCIB, which commenced
on December 16, 2021, H&R is
permitted to repurchase up to 14,000,000 of its units ("Units") by
December 15, 2022.
Under the terms of the ASPP, which will remain in effect until
the end of H&R's blackout period for its fourth quarter 2021
results, H&R's broker will be permitted to repurchase up to a
maximum of 3,600,000 Units according to a prearranged set of
criteria. The ASPP enables the purchase of Units at any time,
including periods when H&R would not ordinarily be active in
the market due to regulatory restrictions and customary
self-imposed blackout periods. The ASPP will terminate on the
earliest of: the date on which the purchase limits specified in the
ASPP have been attained, the date on which the NCIB terminates or
the date on which the ASPP is terminated by a party in accordance
with its terms.
Since the commencement of the NCIB through the close of trading
on January 13, 2022, H&R has
repurchased an aggregate of 1,030,300 Units at a weighted average
purchase price of $13.17. All such
Units were cancelled.
Earnings Release
H&R also announced today that it will release its financial
results for the three months and year ended December 31, 2021 on Monday, February 14, 2022. Management will host a
conference call to discuss the financial results for H&R REIT
on Tuesday, February 15, 2022 at
9.30 a.m. Eastern Time.
Conference Call and Webcast
Participants can join the call by dialing 1-888-510-2507 or
1-289-514-5065. For those unable to participate in the conference
call at the scheduled time, it will be archived for replay
beginning approximately one hour following completion of the call.
To access the archived conference call by telephone, dial
1-647-362-9199 or 1-800-770- 2030 and enter the passcode 3504623
followed by the pound key. The telephone replay will be available
until Tuesday, February 22, 2022 at
midnight.
A live audio webcast will be available through
https://www.hr-reit.com/investor-relations/#investor-events. Please
connect at least 15 minutes prior to the conference call to ensure
adequate time for any software download that may be required to
join the webcast. The webcast will be archived on H&R's website
following the call date.
Monthly Distributions Declared
H&R today declared distributions for the months of January
and February scheduled as follows:
|
Distribution per
Unit
|
Annualized
|
Record date
|
Distribution
date
|
January 2022
|
$0.0433
|
$0.520
|
January 31,
2022
|
February 15,
2022
|
February
2022
|
$0.0433
|
$0.520
|
February 28,
2022
|
March 15,
2022
|
About H&R REIT
H&R REIT is one of Canada's
largest real estate investment trusts with total post-Primaris
spin-off pro forma assets of approximately $10.7 billion. H&R REIT has ownership
interests in a North American portfolio comprised of high-quality
office, industrial, residential and retail properties comprising
over 29.4 million square feet post-Primaris spin off. H&R is
currently undergoing a five-year, strategic repositioning to
transform into a simplified, growth-oriented company focusing on
multi-residential and industrial properties to surface significant
value for unitholders.
Forward-Looking Disclaimer
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 with respect to
the purchase of Units under the NCIB, the timing of release of
financial results and the payment of distributions. 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.
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