TORONTO, Aug. 30, 2017 /CNW/ - H&R Real Estate Investment Trust ("H&R REIT" or "H&R") (TSX: HR.UN; HR.DB.D; and HR.DB.H) is providing a preliminary property assessment of the impact of Tropical Storm Harvey on its properties in and around Houston, Texas.
H&R, through its wholly owned division Lantower Residential, owns two multi-family properties known as Magnolia Grove and South at Parc Green, located in Houston. Residents continue to have access to both properties, electricity and water services have not been interrupted and damage has been minimal. In addition to the Houston portfolio, Lantower Residential continues to monitor its three multi-family properties in Austin and one multi-family property in San Antonio, which have not been impacted by the storm.
Hess Tower, our 29-story office building located in downtown, is also part of the H&R Houston portfolio. While no damage has been reported and power and water supply have not been interrupted, Hess Corporation has elected to keep the building closed until Tuesday September 5th, 2017.
H&R also owns four retail properties in Houston totalling 57,346 square feet. All four properties are leased on a triple net basis to Walgreens, who is responsible for remedying any damage to the properties.
Philippe Lapointe, Dallas-based Chief Operating Officer of Lantower Residential, commented, "While the forecast calls for rain to remain over Houston in the coming days, we are hopeful that the worst is behind us. We will continue to support our on-site teams and monitor our properties for any storm damage. Our priority continues to be the well-being of our residents and employees. Lantower is committed to providing assistance to our staff, residents and fellow Texans during this difficult time."
About H&R REIT
H&R REIT is Canada's largest diversified real estate investment trust with total assets of approximately $14.1 billion at June 30, 2017. H&R REIT is a fully internalized real estate investment trust and has ownership interests in a North American portfolio of high quality office, retail, industrial and residential properties comprising over 46 million square feet.
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 REIT's plans, objectives, expectations and intentions, including the condition of H&R's properties and the impact of Tropical Storm Harvey. Such forward-looking statements reflect H&R 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 H&R REIT's estimates and assumptions that are subject to risks and uncertainties, including those discussed in H&R REIT's materials filed with the Canadian securities regulatory authorities from time to time, which could cause the actual results and performance of H&R REIT 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 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 H&R 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.
SOURCE H&R Real Estate Investment Trust
For further information: please contact Larry Froom, Chief Financial Officer, H&R REIT (416) 635-7520, or e-mail [email protected]