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:
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Distribution per Unit
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Annualized
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Record date
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Distribution date
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January 2022
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$0.0433
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$0.520
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January 31, 2022
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February 15, 2022
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February 2022
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$0.0433
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$0.520
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February 28, 2022
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March 15, 2022
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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
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