/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, Oct. 9, 2013 /CNW/ - H&R Real Estate Investment Trust ("H&R
REIT") (TSX: HR.UN; HR.DB.D; HR.DB.E; HR.DB.H) announced today that it
completed its previously announced offering of $235 million principal
amount of floating rate Series H senior unsecured debentures due
October 9, 2015 (the "Series H Debentures"). H&R REIT had previously
agreed with a syndicate of agents led by TD Securities Inc. to sell the
Series H Debentures on a private placement "best efforts" agency basis.
The Series H Debentures have been issued at par, bear interest at a
rate equal to 3-month CDOR plus 150 basis points payable quarterly in
arrears and mature on October 9, 2015. The net proceeds of the offering
will be used for the repayment of existing indebtedness and for general
trust purposes.
About H&R REIT
H&R REIT is an open-ended real estate investment trust, which owns a
North American portfolio of 41 office, 112 industrial and 165 retail
properties comprising over 53 million square feet and 2 development
projects, with a fair value of approximately $13 billion. In addition,
H&R REIT has a one-third interest in ECHO Realty LP which owns 176
properties totalling 7.4 million square feet. The foundation of H&R
REIT's success since inception in 1996 has been a disciplined strategy
that leads to consistent and profitable growth. H&R REIT leases its
properties for long terms to creditworthy tenants and strives to match
those leases with primarily long-term, fixed-rate financing.
Forward-looking Statements
Certain information in this news release contains forward-looking
information within the meaning of applicable securities laws (also
known as forward-looking statements) including, among others,
statements relating to the objectives of H&R REIT, strategies to
achieve those objectives, H&R REIT's beliefs, plans, estimates, and
intentions, and similar statements concerning anticipated future
events, results, circumstances, performance or expectations that are
not historical facts. Forward-looking statements generally can be
identified by words such as "outlook", "objective", "may", "will",
"expect", "intend", "estimate", "anticipate", "believe", "should",
"plans", "project", "budget" or "continue" or similar expressions
suggesting future outcomes or events. 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 risk 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 statement contained in this news release. Those risks
and uncertainties include, among other things, risks related to: prices
and market value of securities of H&R REIT; availability of cash for
distributions; restrictions pursuant to the terms of indebtedness;
liquidity; credit risk and tenant concentration; interest rate and
other debt related risk; tax risk; ability to access capital markets;
dilution; lease rollover risk; construction risks; currency risk;
unitholder liability; co-ownership interest in properties; competition
for real property investments; environmental matters; and changes in
legislation and indebtedness of H&R REIT. 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 REIT 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 REIT believes
are reasonable assumptions, there can be no assurance that actual
results will be consistent with those 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 www.hr-reit.com and on www.sedar.com.
SOURCE H&R Real Estate Investment Trust
Larry Froom, Chief Financial Officer, H&R Real Estate Investment Trust, 416-635-7520, or e-mail info@hr-reit.com.