H&R Reports Solid Q2 Results and with Cenovus’s Occupancy of the Bow Announces Distribution Increases of 12.5%

H&R Reports Solid Q2 Results and with Cenovus’s Occupancy of the Bow Announces Distribution Increases of 12.5% by H&R Real Estate Investment Trust, August 14, 2012, Sacramento Bee
Development Highlights H&R REIT is currently developing the Bow in Calgary, AB. The Bow is a 2-million square foot head office complex, pre-leased on a triple net basis, to Encana Corporation for a term of 25 years. The North Block budget is currently $1.67 billion leaving approximately $87.4 million remaining to be spent. The first two tranches (floors 3 to 22) were delivered to Encana Corporation on May 2, 2012. Delivery of further tranches will occur throughout 2012. Encana Corporation is entitled to a 60-day rent free fixturing period and a rent credit equal to the delay penalty estimated to be $31.0 million in respect to all of the tranches.

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