Yahoo Finance H&R REIT Announces Senior Leadership Changes; Revises Timing of First Quarter 2023 Conference Call and Webcast
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
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