The Globe and Mail reports in its Thursday edition that on the morning of Aug. 11, H & R REIT unitholders learned of a finalized offer from a buyer to end the REIT's restructuring issues. The Globe's guest columnist Cole Smead writes that he believes this started as a buyout process that has turned into a vote of no confidence. Smead Capital Management holds about 0.2 per cent of H & R's units and intends to vote against the transaction. Shareholders were surprised that the current chief executive officer's family, through a company referred to as CRAL, would acquire H & R's remaining non-core assets and other institutions would acquire its industrial assets, leaving its apartment assets in the U.S. Sun Belt to current shareholders in a merger with GO Residential REIT. The proxy explained that CRAL holds about 16 per cent of units outstanding in H & R. Unitholders reading the circular filing for the background of this transaction were told that CRAL had roughly 8 per cent in February, 2025. They have now learned that this buyout group owns roughly 16 per cent in their take private portion of this transaction. There was no disclosure of this increase. RBC has also said it will vote against the deal.