The REDT was formed to partner with H&R's subsidiary Lantower Residential on two residential development projects in
(i) | a project to develop multifamily residential rental buildings comprising 271 residential rental units sitting on 8.4 acres of land in |
(ii) | a project to develop multifamily residential rental buildings comprising an aggregate of 330 residential rental units on 17.2 acres of land in Kissimmee, |
Development of the Projects is expected to commence shortly, with total budgeted costs for the Projects of approximately
Immediately following closing of the Offering, the REDT indirectly acquired an approximate 70.9% interest in the Projects, with H&R retaining an approximate 29.1% ownership interest in the Projects through Lantower Residential. The REDT and the Project are managed by affiliates of H&R.
H&R retains an option to acquire the Projects. The transaction is expected to lower cash flow requirements and leverage impact for the two development projects on H&R.
This press release does not constitute an offer to sell or the solicitation of an offer to buy securities of the Trust in
About H&R REIT
H&R REIT is one of
About
Lantower Residential, a subsidiary of H&R REIT, is a vertically integrated multifamily real estate company based in
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) relating to H&R's objectives, beliefs, plans, estimates, targets, projections and intentions and similar statements concerning anticipated future events, results, circumstances, performance or expectations that are not historical facts, including with respect to H&R's future plans and targets, the REIT's ability to take advantage of value-creating opportunities, H&R's strategy to grow its exposure to residential assets in
Forward-looking statements are provided for the purpose of presenting information about management's current expectations and plans relating to the future and readers are cautioned that such statements may not be appropriate for other purposes. These statements are not guarantees of future performance and are based on H&R's estimates and assumptions that are subject to risks, uncertainties and other factors including those risks and uncertainties discussed in H&R's materials filed with the Canadian securities regulatory authorities from time to time, which could cause the actual results, performance or achievements of H&R to differ materially from the forward-looking statements contained in this news release. Material factors or assumptions that were applied in drawing a conclusion or making an estimate set out in the forward-looking statements include assumptions relating to the general economy, including the effects of increased inflation; debt markets continue to provide access to capital at a reasonable cost, notwithstanding rising interest rates; and assumptions concerning currency exchange and interest rates. Additional risks and uncertainties include, among other things, those related to: real property ownership; the current economic environment; credit risk and tenant concentration; lease rollover risk; interest rate and other debt-related risks; development risks; residential rental risk; capital expenditure risk; currency risk; liquidity risk; cyber security risk; risks associated with disease outbreaks; financing credit risk; ESG and climate change risk; co-ownership interest in properties; general uninsured losses; joint arrangement and investment risks; dependence on key personnel and succession planning; potential acquisition, investment and disposition opportunities and joint venture arrangements; potential undisclosed liabilities associated with acquisitions; competition for real property investments; potential conflicts of interest; REIT unit prices; availability of cash for distributions; credit ratings; ability to access capital markets; dilution; unitholder liability; redemption right; investment eligibility; debentures; statutory remedies; and tax risks applicable to the REIT and to unitholders. H&R cautions that these lists of factors, risks and uncertainties are not exhaustive. 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.
Readers are also urged to examine H&R's materials filed with the Canadian securities regulatory authorities from time to time as they may contain discussions on risks and uncertainties which could cause the actual results and performance of H&R to differ materially from the forward-looking statements contained in this news release. All forward-looking statements contained in this news release are qualified by these cautionary statements. These forward-looking statements are made as of
Additional information regarding H&R REIT is available at www.hr-reit.com and on www.sedarplus.com.
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