Homburg Canada REIT Recaps Active and Successful Year of Growth at First Annual Meeting of Unitholders

Homburg Canada Real Estate Investment Trust (REIT) held its first Annual and Special Meeting of Unitholders since becoming a publicly traded REIT.  In his address to unitholders, President and Chief Executive Officer Jim Beckerleg highlighted the REIT's successes during its first year as a publicly traded real estate investment trust.

Mr. Beckerleg underlined several important accomplishments. The REIT:

  • Successfully closed its Initial Public Offering (IPO) on May 25, 2010 and listed on the TSX under the trading symbol HCR.UN.
  • Completed six acquisitions, including four retail properties and two office properties, which added 18.2% to total square footage and almost 30% to total assets. In doing so, the REIT:
    • Built on its strong retail presence in Montreal with the acquisition of Place Longueuil in Longueuil, Quebec, creating a retail axis that extends from the South Shore through Place Alexis Nihon in Montreal, to Centre Laval in the City of Laval;
    • Added to its quality office portfolio in downtown Montreal with the acquisition of Papineau-Lévesque Complex;
    • Made a first acquisition in the heart of downtown Calgary, acquiring 50% of Scotia Centre, and became managers of this high quality property.
  • Completed two equity financings totalling $183.5 million.
  • Developed an active pipeline of potential transactions.
  • Built a strong balance sheet with debt levels well within targets.
  • Achieved a total return for unitholders of almost 36% since the IPO was completed, including $0.888 in distributions to the end of April, 2011.

"One of our key goals at the time of the IPO was to build a 'best-in-class' REIT with great assets, solid finances, solid governance and superior returns to unitholders," said Jim Beckerleg. "We have worked hard to achieve those goals and investors have earned a healthy return. With continued support from financial markets and a solid commercial real estate market, we intend to continue delivering value for our unitholders." 

on May 11, 2011