/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES/
TORONTO, Dec. 31 /CNW/ - H&R Real Estate Investment Trust (the "REIT";
TSX: HR.UN, HR.DB) announced today that its board of trustees has approved a
temporary partial waiver of the REIT's blackout policy that applies to
trustees, officers and other applicable persons ("Restricted Parties"). Under
the temporary partial waiver, Restricted Parties will be permitted to purchase
units provided that they are not in possession of material non-public
information relating to the REIT. The board has taken this extraordinary step
in light of recent extreme conditions in the financial and stock markets,
which have resulted in what the REIT believes is a significant and unwarranted
drop in the trading price of its units. The temporary partial waiver is
similar to waivers recently authorized by other real estate investment trusts.
The blackout policy is similar to those adopted by other public companies
and restricts the ability of Restricted Parties to purchase or sell units of
the REIT during certain periods such as when the REIT is engaged in the
preparation of its quarterly or annual financial statements. The temporary
partial waiver of the blackout is effective through January 23, 2009,
following which the blackout period relating to the release of 2008 annual
results will apply. Restricted Parties remain unable to trade in units of the
REIT if they are in possession of material undisclosed information relating to
the REIT.
About H&R REIT
The REIT is a TSX-listed, open-ended real estate investment trust, which
owns a North American portfolio of 34 office, 124 industrial and 122 retail
properties comprising 41 million square feet, with a net book value of $4.4
billion. The foundation of the REIT's success since inception in 1996 has been
a disciplined strategy that leads to consistent and profitable growth.
Additional information regarding the REIT is available at www.hr-reit.com and
on www.sedar.com.
Cautionary Notice
Certain information in this news release contains forward-looking
statements within the meaning of applicable securities laws including, among
others, statements relating to the REIT's objectives, strategies to achieve
those objectives, the REIT's beliefs, plans, estimates, and intentions, and
similar statements concerning anticipated future events, results,
circumstances, performance or expectations that are not historical facts.
Forward-looking statements generally can be identified by words such as
"outlook", "objective", "may", "will", "expect", "intend", "estimate",
"anticipate", "believe", "should", "plans" or "continue" or similar
expressions suggesting future outcomes or events. Such forward-looking
statements reflect the REIT's current beliefs and are based on information
currently available to management. These statements are not guarantees of
future performance and are based on the REIT's estimates and assumptions that
are subject to risk and uncertainties, including those discussed in the REIT's
materials filed with the Canadian securities regulatory authorities from time
to time, which could cause the actual results and performance of the REIT to
differ materially from the forward-looking statements contained in this news
release. Those risks and uncertainties include, among other things: Unit
prices; availability of cash for distributions; development and financing
relating to The Bow development; liquidity; credit and tenant concentration;
interest rates and financing; tax; ability to access capital markets;
dilution; lease rollover; construction; debentures; mezzanine financing
credit; currency risk; environmental matters; redemption right; and unitholder
liability. Material factors or assumptions that were applied in drawing a
conclusion or making an estimate set out in the forward-looking statements
include that the general economy remains stable; interest rates are relatively
stable; and equity and debt markets continue to provide access to capital. The
REIT cautions that this list of factors is not exhaustive. Although the
forward-looking statements contained in this news release are based upon what
the REIT 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 the REIT, 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.
%SEDAR: 00002857E
