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:
Name of
Nominee
|
Votes
For
|
% Votes
For
|
Votes
Withheld
|
% Votes
Withheld
|
Leonard
Abramsky
|
163,177,854
|
99.38 %
|
1,014,168
|
0.62 %
|
Lindsay
Brand
|
160,283,647
|
97.62 %
|
3,908,375
|
2.38 %
|
Jennifer A.
Chasson
|
158,786,795
|
96.71 %
|
5,405,227
|
3.29 %
|
Donald E.
Clow
|
159,673,128
|
97.25 %
|
4,518,894
|
2.75 %
|
Mark M.
Cowie
|
162,943,725
|
99.24 %
|
1,246,747
|
0.76 %
|
S. Stephen
Gross
|
159,508,557
|
97.15 %
|
4,683,465
|
2.85 %
|
Brenna
Haysom
|
148,716,741
|
90.57 %
|
15,475,281
|
9.43 %
|
Thomas J.
Hofstedter
|
148,361,029
|
90.36 %
|
15,830,993
|
9.64 %
|
Juli Morrow
|
162,905,631
|
99.22 %
|
1,286,391
|
0.78 %
|
Marvin
Rubner
|
160,016,456
|
97.46 %
|
4,175,566
|
2.54 %
|
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.
About H&R REIT
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