Business
H&R Reports Significant Increase in Q1 2013 FFO
TORONTO, May 13, 2013 /CNW/ - H&R Real Estate Investment Trust ("H&R REIT") and H&...
About this update from H&r Real Estate Investment Trust
[{"type":"text","content":"\n\n\n\n\n\nTORONTO, May 13, 2013 /CNW/ - H&R Real Estate Investment Trust (\"H&R\n REIT\") and H&R Finance Trust (collectively, \"H&R\") (TSX: HR.UN;\n HR.DB.C; HR.DB.D; HR.DB.E, HR.DB.F and HR.DB.H) announced their\n financial results for the three months ended March 31, 2013.\n\n\nOperating Highlights\nH&R REIT's average remaining term to maturity as at March 31, 2013 was\n 11.9 years for leases and 7.5 years for outstanding mortgages. \n Occupancy at March 31, 2013 was 99.0%, down slightly from 99.1% at\n March 31, 2012.  Leases representing 1.7% of total rentable area will\n expire during 2013.  As at March 31, 2013, the ratio of H&R's debt to\n fair market value of assets was 49.5% compared to 50.3% as at December\n 31, 2012.  H&R's debt excluding convertible debentures to fair market\n value of assets ratio was 46.0% compared to 46.9% as at December 31,\n 2012.\n\n\nCapital Transaction Highlights\nDuring the first quarter of 2013, H&R REIT sold three Canadian\n industrial properties and one Canadian office property totalling\n 427,029 square feet for gross proceeds of approximately $37.5 million;\n and repaid one Canadian mortgage totalling $69.5 million bearing\n interest at a rate of 8.16%.\n\n\nDevelopment Highlights\nH&R REIT's new 58-storey, downtown office complex in Calgary's financial\n district (The \"Bow\") has recently been recognized as one of the world's\n most spectacular corporate buildings. Germany-based Emporis, with its\n internationally renowned database of building and construction project\n information, formed a jury of building experts to select the world's\n most dazzling buildings in terms of innovative design, visual impact\n and function of significant corporate architecture. Among the 16\n buildings selected, The Bow is the most recently built and the only\n Canadian property. The Bow is a two-million-square-foot, Class AAA\n skyscraper with a unique, energy efficient, bow-shaped building\n footprint, and three \"Sky Garden\" common areas with trees. The Emporis\n Skyscraper Award is the world's most renowned prize for high-rise\n architecture.\n\n\nOn March 15, 2013, the final floors of The Bow were delivered to Encana\n Corporation and its 25-year lease term will mature on May 14, 2038. \n Rent escalations will be at 0.75% per annum ...