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HUNTINGDON REIT ANNOUNCES PARTIAL REDEMPTION OF DEBENTURES DUE MARCH 31, 2012

^{Published on 2011-04-15 13:10:26 - Market Wire}
 

RICHMOND, BC, April 15 /CNW/ - Huntingdon Real Estate Investment Trust (the "Trust" or "HREIT") (TSX: HNT.UN) announced today that it has exercised its right to partially redeem its 5 Year 7.50% Series C Convertible Redeemable Debentures maturing on March 31, 2012 (the "Debentures") in accordance with the terms of the indenture governing the Debentures. On May 16, 2011 (the "Redemption Date"), the Trust will redeem Debentures in an aggregate principal amount of up to $10,000,000, representing approximately 21% of the current outstanding balance of the Debentures.  On redemption, the Trust will pay to the holders of redeemed Debentures the redemption price (the "Redemption Price") equal to the outstanding principal amount of the Debentures to be redeemed, together with all accrued and unpaid interest thereon up to but excluding the Redemption Date, for a total of $1,009.45 per $1,000 principal amount of Debentures.

The aggregate principal amount of Debentures currently outstanding is $48,016,000. The Trust intends to use available funds to pay the Redemption Price of the redeemed Debentures.

The Debentures to be redeemed shall be selected by the Debenture trustee on a pro rata basis to the nearest multiple of $1,000 in accordance with the principal amount of the Debentures registered in the name of each holder.

HREIT is a real estate investment trust which is listed on the Toronto Stock Exchange under the symbols HNT.UN (Trust Units) and HNT.DB.C (Series C Convertible Debentures).  HREIT owns, directly or indirectly, 77 income producing office, industrial, retail and standalone parking lot properties, including the aviation-related facilities at five of Canada's leading international airports that have a total gross leasable area of 5.5 million square feet; and two land parcels held for development, with other development and expansion opportunities within the portfolio.

Forward‐Looking Information:

Certain statements contained in this press release may constitute forward‐looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "anticipate", "plan", "expect", "may", "will", "intend", "should", and similar expressions. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward‐looking statements. These risks and uncertainties include, but are not limited to, general and local economic and business conditions; the financial condition of our tenants; our ability to refinance maturing debt; leasing risks, including those associated with the ability to lease vacant space; and interest and rate fluctuations. Forward‐looking statements may also include, without limitation, any statement relating to future events, conditions or circumstances. The forward‐looking statements are subject to risks, uncertainties and other factors that could cause actual results or events to differ materially from current expectations including, but not limited to, the risks detailed from time to time in HREIT's filings with Canadian provincial securities regulators, including its most recent annual information form and management's discussion and analysis. HREIT cautions you not to place undue reliance upon any such forward‐looking statements, which speak only as of the date they are made. Forward‐looking statements are based on management's current plans, estimates, projections, beliefs and opinions, and HREIT does not undertake any obligation to update forward‐looking statements should assumptions related to these plans, estimates, projections, beliefs and opinions change, except as required by applicable law.

The Toronto Stock Exchange has not reviewed nor approved the contents of this press release and does not accept responsibility for the adequacy or accuracy of this press release.