Mr. Larry Froom reports

H&R ANNOUNCES TSX ACCEPTANCE OF ITS NORMAL COURSE ISSUER BID

H & R Real Estate Investment Trust has received final acceptance from the Toronto Stock Exchange of its notice of intention to make a normal course issuer bid. Under the normal course issuer bid, H & R will have the ability to purchase, for cancellation, up to a maximum of 15 million units on the open market, representing approximately 5.35 per cent of the public float as of Dec. 1, 2018. As at Dec. 1, 2018, H & R had 285,653,922 outstanding units.

The normal course issuer bid will commence on Dec. 17, 2018, and remain in effect until the earlier of either Dec. 16, 2019, or the date on which H & R has purchased the maximum number of units permitted under the normal course issuer bid. Purchases of units under the normal course issuer bid will be made in accordance with TSX bylaws, rules and policies through the facilities of the TSX, as well as through alternative trading systems. The units purchased by H & R will be cancelled. The price paid for any repurchased units will be the market price of such units at the time of acquisition. Daily purchases will be limited to 149,577 units, other than block purchase exemptions.

H & R believes that its outstanding units represent an attractive investment and the continuing purchase of its outstanding units may benefit all persons who continue to hold units by increasing their equity interest in H & R.

H & R may establish an automatic purchase plan, under which its broker may purchase units according to a prearranged set of criteria. The plan would enable the purchase of units at any time, including when H & R would not ordinarily be active in the market because of internal trading blackout periods, insider trading rules or otherwise. The plan will terminate on the earliest of: (i) the date on which the purchase limits specified in the plan have been attained; (ii) the date on which the normal course issuer bid terminates; or (iii) the date on which the plan is terminated by a party in accordance with its terms. To H & R's knowledge, after reasonable inquiry, none of the trustees, officers or other insiders of H & R, or any associates of any such persons, or any associates or affiliates of H & R currently intend to sell units to H & R during the course of the issuer bid.

Under its previous normal course issuer bid, which was approved by the TSX on Aug. 10, 2017, and amended on March 14, 2018, to increase the number of stapled units that could be repurchased for cancellation to 15 million stapled units, H & R completed the purchase for cancellation through the facilities of the TSX of 7,364,840 stapled units at a weighted average price of $20.67 per stapled unit. H & R's previous normal course issuer bid expired on Aug. 14, 2018.

About H & R Real Estate Investment Trust

H & R is one of Canada's largest fully internalized real estate investment trusts with total assets of approximately $14.2-billion at June 30, 2018. H & R has ownership interests in a North American portfolio of high-quality office, retail, industrial and residential properties comprising over 41 million square feet.

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