H&R Reports Voting Results from 2023 Annual Meeting of Unitholders, Announces Automatic Securities Purchase Plan

TORONTO, June 15, 2023 /CNW/ - H&R Real Estate Investment Trust ("H&R REIT" or the "REIT") (TSX: HR.UN) is pleased to announce that each of the trustee nominees listed in the management information circular dated April 25, 2023 for the annual meeting of unitholders of the REIT (the "Circular") held earlier today was elected as a trustee of the REIT.

Each of the REIT trustees was re-elected with votes in favour ranging from approximately 90.4% to 99.4% of the votes cast at the meeting. Voting results for the individual trustees of the REIT are as follows:

In addition, the REIT is pleased to announce that a non-binding advisory resolution on the REIT's approach to executive compensation, as set out in the Circular, was passed as an ordinary resolution of the unitholders by a majority on a vote conducted by way of ballot. The results of the ballot were 146,462,762 votes (89.2%) voting in favour of the 'say on pay' resolution.

All other matters set out in the Circular were approved by the requisite majority of the unitholders at the meeting. Final results on all matters voted at the meeting will be filed shortly with the Canadian securities regulators.

H&R also today announced that 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 February 16, 2023, H&R is permitted to repurchase up to 26,028,249 of its units ("Units") by February 15, 2024 through the facilities of the TSX and Canadian alternative trading systems.

Under the terms of the ASPP, effective as of today's date, the H&R's broker will be permitted to purchase Units in accordance with certain prearranged trading parameters, during periods when H&R would not ordinarily be active in the market because of internal trading blackout periods, insider trading rules or otherwise. 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. The ASPP is expected to first become operational in connection with the REIT's regularly scheduled blackout in respect of the second quarter of 2023.

Since the commencement of the NCIB through the close of trading on June 14, 2023, H&R has repurchased for cancellation an aggregate of 1,798,500 Units at a weighted average purchase price of $10.32.

H&R REIT is one of Canada's largest real estate investment trusts with total assets of approximately $11.4 billion as at March 31, 2023. H&R REIT has ownership interests in a North American portfolio comprised of high-quality residential, industrial, office and retail properties comprising over 28.7 million square feet. H&R's strategy is to create a simplified, growth-oriented business focused on residential and industrial properties in order to create sustainable long term value for unitholders. H&R plans to sell its office and retail properties as market conditions permit. H&R's target is to be a leading owner, operator and developer of residential industrial properties, creating value through redevelopment and greenfield development in prime locations within Toronto, Montreal, Vancouver, and high growth U.S. sunbelt and gateway cities.

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 use of the ASPP and the expectation that will become operational during the blackout in respect of the second quarter of 2023. 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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