Highlights

• H&R unitholders vote on 13 November on a deal offering C$4.28 cash plus 0.5688 GO REIT units each.

• The trust declared no distributions for September through December 2026 while the transaction moves towards closing.

• If closing slips past 1 January 2027, the trust intends to resume monthly payouts capped at C$0.05.

• Trailing Yield is about 4.59% on the 26 October close, and no indicated yield is presented during the pause.

Friday 13 November 2026 is the date that decides what H&R Real Estate Investment Trust (TSX:HR.UN) unitholders receive next. At 10:30 a.m. Toronto time, holders vote on an arrangement that would hand each unit C$4.28 in cash and 0.5688 of a GO Residential REIT unit. Until then, and for the rest of the year, the monthly C$0.05 distribution is switched off.

That pause, announced with the deal on 11 August, turns a once-steady income REIT into a transaction story in which the deal terms, not the distribution, now carry the value.

Terms of the arrangement

The package was valued at C$12.01 per unit using GO REIT's closing price and a C$/US$ rate of 1.3942 on 10 August 2026, a 14.5% premium to the unaffected price on 10 June. The deal implies an Equity value of about C$3.4 billion and an Enterprise value of roughly C$6.7 billion.

Only the cash slice is fixed. The unit slice is priced in GO REIT, which trades in US dollars, so its worth moves with that market and the exchange rate. Approval needs two-thirds of votes cast plus a simple majority excluding CRAL and its joint actors. The independent trustees recommend voting in favour. A final court order hearing in Alberta is set for 17 November, and the group also needs Competition Act clearance and a new Canadian-dollar listing for GO REIT units.

What the pause means for income

The trust paid the distribution declared in July, which went out on 14 August, and then stopped. No distributions will be declared or paid for September to December 2026. Should closing not occur by 1 January 2027, the trust intends to restart payments at no more than C$0.05 per unit per month until the deal completes.

Closing is targeted for the fourth quarter of 2026, but it is not assured. At least one unitholder, Mill Pond, has publicly opposed the arrangement and urged trustees to terminate it and restore monthly distributions if holders vote against.

Yield on a paused payout

The latest close obtained for this review was C$9.81 on 26 October 2026, rather than the 10 November session. Distributions with ex-dates from 11 November 2025 to 10 November 2026 total C$0.45, nine monthly payments of C$0.05, the last on 31 July. That produces a trailing yield of about 4.59%.

No indicated yield is presented, because nothing is currently being paid. Multiplying the old monthly rate by twelve would describe a distribution that does not exist today.

Key dates

The proxy deadline fell at 10:30 a.m. on 11 November, with the meeting two days later and the court hearing on 17 November. The vote outcome will determine whether the pause leads to an exit at the offered terms or to a return of monthly distributions under a standalone plan.