Monday, December 5 2022

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TORONTO, April 13, 2022 /CNW/ – H&R Real Estate Investment Trust (“HOUR“or the”REITs“) (TSX: HR.UN) announced today that it has received final approval from the Toronto Stock Exchange (“TSX“) to amend its normal course issuer bid (“ORCN“) to increase the number of H&R units (“Units“) that can be purchased upon cancellation from 14,000,000 to 28,269,228 Units, representing 10% of the public float at December 8, 2021, and the maximum number of Units H&R is permitted to purchase under applicable TSX rules and policies. The modification of the ORCN will take effect on April 19, 2022. Like a December 8, 2021H&R had 288,431,251 shares outstanding.

From the start of the current OPRC until the close of trading on April 8, 2022H&R repurchased a total of 10,774,500 units at a weighted average purchase price of $12.98.

“Management and the Board of Directors remain fully committed to H&R’s strategic repositioning plan and are actively evaluating opportunities to increase unitholder value and address the significant discount at which our units are trading against to the net asset value per unit of the REIT,” said Tom Hofstedter, Chief executive officer. “We expect to continue to repurchase units if the deep discount persists, as we strive to improve the profile of an investment in H&R’s units.”

The OPNA will continue until the earliest of the following dates: December 15, 2022 and the date on which H&R purchased the maximum number of Units permitted pursuant to the amended notice of intention filed with the TSX. Purchases of Units pursuant to the issuer bid will be made in accordance with the rules and policies of the TSX through the facilities of the TSX and Canadian alternative trading systems. Units so purchased will be cancelled. The price paid for any Units redeemed will be the market price of such Units at the time of acquisition. The average daily volume of transactions in the Units for the six months from June 1, 2021 for November 30, 2021 was 692,519 and therefore daily purchases will be limited to 173,129 Units other than bulk purchase exemptions.

H&R has set up an automatic share purchase program (“ASPP“) as part of its ORCN. The ASPP, announced on January 14, 2022, is intended to enable the purchase of units at any time, including times when H&R would not normally be active in the market due to regulatory restrictions and customary self-imposed blackout periods. Pursuant to the ASPP, prior to entering a blackout period, H&R may, but is not required to, instruct the Designated Broker to redeem Units under the Tender Offer based on a pre-determined set of criteria in accordance the terms of the ASPP, the rules of the TSX and applicable securities laws. Outside of pre-determined blackout periods, Units may be purchased under the issuer bid at the discretion of H&R management, in accordance with TSX rules and applicable securities laws.

Fair value increases and expected earnings Release

H&R also announced today that, based on relatively recent changes in the market values ​​of its industrial and residential real estate properties and based on external valuation reports, the REIT expects significant increases in the fair value of its portfolios. industrial and residential properties for the three months ended March 31, 2022.

H&R will publish its financial results for the three months ended March 31, 2022 on Thursday, May 12, 2022. Management will host a conference call to discuss H&R’s financial results on Friday, May 13, 2022 to 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, the conference call will be archived for replay approximately one hour after the conference call ends. To access the archived conference call by phone, dial 1-647-362-9199 or 1-800-770-2030 and enter the password 3504623 followed by the pound key. The telephone replay will be available until Friday, May 20, 2022 at midnight.

A live audio webcast will be available at https://www.hr-reit.com/investor-relations/#investor-events. Please tune in at least 15 minutes before the conference call to ensure enough time for any software downloads that may be required to join the webcast. The webcast will be archived on the H&R website after the date of the call.

Reported monthly distribution

H&R today declared an expected distribution for the month of April as follows:

Distribution per unit

annualized

Registration Date

Broadcasting date

April 2022

$0.0433

$0.520

April 29, 2022

May 16, 2022

About H&R REIT

H&R REIT is one of from Canada largest real estate investment trusts with total assets of approximately $10.5 billion like a December 31, 2021. H&R REIT holds interests in a North American portfolio of high-quality office, industrial, residential and retail properties covering over 29.5 million square feet. H&R is currently undergoing a five-year strategic repositioning to transform itself into a streamlined, growth-oriented company focused on residential and industrial properties to create significant value for unitholders.

Forward-looking disclaimer

Certain information contained in this press release contains forward-looking information within the meaning of applicable securities laws (also referred to as forward-looking statements), including, among other things, statements made or implied regarding objectives, beliefs, plans, estimates, projections and intentions of H&R. and similar statements regarding anticipated future events, results, circumstances, performance or expectations that are not historical facts, including H&R’s intention to repurchase Units pursuant to the Tender Offer, the H&R’s strategic repositioning plan and opportunities to increase unitholder value, expected increases in the fair value of the REIT’s assets, timing of the release of financial results, payment of distributions and others statements contained in this press release that are not historical facts. Forward-looking statements can generally be identified by words such as “outlook”, “goal”, “may”, “should”, “expect”, “intend”, “estimate”, “anticipate” , “believes”, “should”, “plans”, “project”, “budget”, or “continue” or similar expressions suggesting future results or events. These forward-looking statements reflect H&R’s current beliefs and are based on information currently available to management.

Forward-looking statements are provided for the purpose of presenting information about management’s current expectations and plans regarding the future, and readers are cautioned that such statements may not be appropriate for other purposes. These statements are not guarantees of future performance and are based on H&R’s estimates and assumptions which are subject to risks, uncertainties and other factors, including the risks and uncertainties contained in H&R’s filings. from time to time with the Canadian securities regulatory authorities, which could cause the actual results, performance or achievements of H&R to differ materially from the forward-looking statements contained in this press release. Important factors or assumptions that were applied in drawing a conclusion or making an estimate set forth in the forward-looking statements include that the economy is gradually recovering from the COVID-19 pandemic, the extent and duration of which are unknown; debt markets continue to provide access to capital at a reasonable cost, despite the ongoing economic downturn; and the assumptions made regarding the anticipated benefits of H&R’s strategic repositioning plan. Additional risks and uncertainties include, among others, risks related to: disease outbreaks and COVID-19; real estate property; current economic environment; credit risk and tenant concentration; lease renewals; interest rates and debt; development; residential rental; capital expenditure; currency; liquidity; cyber security; financing credit; environmental and climate change issues; general uninsured losses; co-ownership interest in properties; joint partnerships and investments; reliance on key personnel; potential acquisition, investment and divestiture opportunities and joint venture agreements; potential undisclosed liabilities associated with acquisitions; competition for real estate investments; and potential conflicts of interest; Unit price risk; the availability of cash for distributions; credit ratings; ability to access capital markets; dilution; liability of unitholders; redemption right risk; risks relating to the debentures and H&R’s inability to purchase senior debentures in the event of a change of control; tax risk and additional tax risk applicable to unitholders. H&R cautions that these lists of factors, risks and uncertainties are not exhaustive. Although the forward-looking statements contained in this press release are based on what H&R believes to be reasonable assumptions, there can be no assurance that actual results will be consistent with these forward-looking statements.

Readers are also urged to review H&R’s documents filed with Canadian securities regulators from time to time, as they may contain discussions of risks and uncertainties that could cause results and performance actual results of H&R differ materially from the forward-looking statements contained herein. Press release. All forward-looking statements contained in this press release are qualified by these cautionary statements. These forward-looking statements are made as of the current date and H&R, except as required by applicable Canadian law, undertakes no obligation to update or revise them to reflect new information or the occurrence of future events or circumstances. .

Additional information about H&R REIT is available at www.hr-reit.com and www.sedar.com.

SOURCE H&R Real Estate Investment Trust

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