TORONTO, May 10, 2023
/CNW/ - H&R Real Estate Investment Trust ("H&R" or "the
REIT") (TSX: HR.UN) announced that, effective today, Philippe Lapointe has stepped down as President
of H&R and as an officer of H&R's subsidiary, Lantower
Residential. Effective immediately, Emily
Watson, Lantower's Chief Operating Officer, will assume
leadership and the strategic direction of Lantower Residential.
"During Philippe's almost 10-year tenure with H&R, he was
instrumental in the creation and growth of Lantower Residential,
where he oversaw H&R's residential team," said Tom Hofstedter, Executive Chair and Chief
Executive Officer. "H&R REIT and the Lantower team thank
Philippe for his service and wish him best of luck in his future
endeavours. Philippe leaves H&R in a strong position with a
highly skilled and experienced residential management platform at
Lantower that will continue H&R's successful execution against
our repositioning plan. Leading this team is Emily Watson, Lantower's Chief Operating
Officer, a strategic leader with over 25 years of multifamily
experience. Emily is responsible for driving operational execution
and performance including leading and overseeing portfolio and
property management, development, finance, operations and strategic
planning. She is a very experienced real estate executive and I am
thrilled to have someone of her caliber lead the Lantower team,
driving growth for unitholders. We look forward to having
Emily join us at our conference call on Friday."
"For almost 11 years I have had the privilege of working with
Tom and the H&R executive team, the Board of Trustees, and the
Lantower team," said Philippe
Lapointe. "During this time, I've worked with a team of
high-performing people who are incredibly dedicated to their work,
to each other and to Lantower. I am unbelievably proud of the
company we have built together, and the successes this company has
accomplished. Although the time has come for me to move on and
pursue entrepreneurial real estate opportunities closer to home, I
leave the company in excellent hands under the stewardship of my
skillful colleague and friend Emily
Watson. Emily is an incredible person and an exceptionally
strong and experienced real estate executive. She is a
collaborative leader and values the team and culture we have built
at Lantower. I look forward to watching the team's continued
success."
"On behalf of the Lantower team, I'd like to thank Philippe for
his leadership, guidance, and mentorship and we wish him success in
the future," said Emily Watson. "I
am very excited and look forward to continuing to lead the Lantower
team and making meaningful contributions to H&R's repositioning
plan. I look forward to working more closely with Tom and the
H&R executive team, and the Board of Trustees."
Emily joined Lantower in April
2020 as President of Property Management and was promoted to
Chief Operating Officer in October 2021. She has over 25
years of multifamily experience with previous roles as Managing
Director for Berkshire Residential, overseeing over 21,000 units in
20 major markets throughout the United
States, Equity Residential, McDowell Properties and
Buckingham Companies. Emily attended University of North Texas and holds a Business
Administration degree. She is a Certified Property Manager
(CPM) through the Institute of Real Estate Management and a
Certified Commercial Investment Member (CCIM).
Timing of First Quarter 2023
Earnings Release Remains the Same, Conference Call and Webcast
Timing Changed
As previously announced, H&R will release its financial
results for the three months ended March 31,
2023 on Friday, May 12, 2023.
The date and time of the conference call, at which management
will discuss H&R's first quarter financial results, has been
revised to Friday, May 12, 2023 at
3:00 p.m. Eastern Time.
Participants can join the call by dialing 1‐888‐886‐7786 or
1‐416‐764‐8658. For those unable to participate in the conference
call at the scheduled time, a replay will be available
approximately one hour following completion of the call. To access
the archived conference call by telephone, dial 1–416–764–8692 or
1–877–674–7070 and enter the passcode 779694 followed by the "#"
key. The telephone replay will be available until Friday, May 19, 2023 at midnight.
A live audio webcast will be available through
https://www.hr-reit.com/investor-relations/#investor-events. Please
connect at least 15 minutes prior to the conference call to
ensure adequate time for any software download that may be required
to join the webcast. The webcast will be archived on H&R's
website following the call date.
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
December 31, 2022. 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.
Forward-Looking
Disclaimer
Certain information in this news release contains
forward–looking information within the meaning of applicable
securities laws (also known as forward–looking statements)
including, among others, statements made or implied 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 execution against its repositioning plan.
Forward–looking statements generally can be identified by words
such as "outlook", "objective", "may", "will", "expect", "intend",
"estimate", "anticipate", "believe", "should", "plans", "project",
"budget" or "continue" or similar expressions suggesting future
outcomes or events. Such forward–looking statements reflect
H&R's current beliefs and are based on information currently
available to management.
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
including, for the purposes of expected Same-Property net operating
income (cash basis) growth, that there won't be any change in the
currency exchange rate. Additional risks and uncertainties include,
among other things, risks related to: real property ownership; the
current economic environment; credit risk and tenant concentration;
lease rollover risk; interest rate and other debt–related risk;
development risks; residential rental risk; capital expenditures
risk; currency risk; liquidity risk; risks associated with disease
outbreaks; cyber security risk; 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; Unit
price risk; potential conflicts of interest; availability of cash
for distributions; credit ratings; ability to access capital
markets; dilution; unitholder liability; redemption right risk;
risks relating to debentures; tax risk; additional tax risks
applicable to unitholders; investment eligibility; and statutory
remedies. 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 May 10, 2023 and the
REIT, except as required by applicable Canadian 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 is available at
www.hr-reit.com and on www.sedar.com
SOURCE H&R Real Estate Investment Trust