Monthly Distributions Declared
H&R today declared distributions for the months of November and December scheduled as follows:
| | Distribution/Unit | Annualized | Record date | Distribution date |
| November 2021 | $0.0575 | $0.690 | November 23, 2021 | December 7, 2021 |
| December 2021 | $0.0575 | $0.690 | December 31, 2021 | January 12, 2022 |
Special Distribution
The REIT also announced today that it has declared a special distribution of $0.73 per Unit. The distribution will be payable in Units ($0.63 per Unit) and cash ($0.10 per Unit) to all Unitholders of record as at December 31, 2021.
The special distribution is principally being made to distribute to Unitholders the capital gains realized by the REIT from transactions completed during the twelve-month period ended December 31, 2021. The REIT is making the special distribution payable partially in cash and partially in Units, in order to provide Unitholders with cash to help fund any additional tax that may arise associated with the special distribution. Most of the net cash proceeds generated by the sale transactions have been used to repay debt to enable the Primaris Spin-Off.
Tax Implications
Immediately following the special distribution, the outstanding Units of the REIT will be consolidated such that each Unitholder will hold, after the consolidation, the same number of Units as such Unitholder held before the special distribution. The amount of the special distribution payable in Units will increase the tax cost basis of Unitholders' consolidated Units. The remaining portion of the special distribution will be paid in cash on January 12, 2022.
The REIT cautions that the foregoing comments are not intended to be, and should not be construed as, legal or tax advice to any Unitholder. The REIT recommends that Unitholders consult their own tax advisors regarding the income tax consequences to them of this anticipated special distribution and related Unit consolidation.