Mr. Thomas Hofstedter reports

H&R REPORTS VOTING RESULTS FROM 2023 ANNUAL MEETING OF UNITHOLDERS, ANNOUNCES AUTOMATIC SECURITIES PURCHASE PLAN

Each of the trustee nominees listed in the management information circular dated April 25, 2023, for the annual meeting of unitholders of H & R Real Estate Investment Trust, held earlier today, was elected as a trustee of the REIT.

Each of the REIT trustees was re-elected with votes in favour ranging from approximately 90.4 per cent to 99.4 per cent of the votes cast at the meeting. Voting results for the individual trustees of the REIT are set out herein.

                     VOTING RESULTS FOR ELECTION OF TRUSTEES

Name of nominee          Votes for   % votes for   Votes withheld  % votes withheld
  
Leonard Abramsky       163,177,854         99.38%       1,014,168              0.62%           
Lindsay Brand          160,283,647         97.62%       3,908,375              2.38%           
Jennifer A. Chasson    158,786,795         96.71%       5,405,227              3.29%           
Donald E. Clow         159,673,128         97.25%       4,518,894              2.75%           
Mark M. Cowie          162,943,725         99.24%       1,246,747              0.76%           
S. Stephen Gross       159,508,557         97.15%       4,683,465              2.85%           
Brenna Haysom          148,716,741         90.57%      15,475,281              9.43%           
Thomas J. Hofstedter   148,361,029         90.36%      15,830,993              9.64%           
Juli Morrow            162,905,631         99.22%       1,286,391              0.78%           
Marvin Rubner          160,016,456         97.46%       4,175,566              2.54%           

In addition, the REIT is pleased to announce that a non-binding advisory resolution on the REIT's approach to executive compensation, as set out in the circular, was passed as an ordinary resolution of the unitholders by a majority on a vote conducted by way of ballot. The results of the ballot were 146,462,762 votes (89.2 per cent) voting in favour of the say-on-pay resolution.

All other matters set out in the circular were approved by the requisite majority of the unitholders at the meeting. Final results on all matters voted at the meeting will be filed shortly with the Canadian securities regulators.

H & R also today announced that it has established an automatic securities purchase plan in respect of its previously announced normal course issuer bid. Under the terms of the NCIB, which commenced on Feb. 16, 2023, H & R is permitted to repurchase up to 26,028,249 of its units by Feb. 15, 2024, through the facilities of the Toronto Stock Exchange and Canadian alternative trading systems.

Under the terms of the ASPP, effective as of today's date, the H & R's broker will be permitted to purchase units in accordance with certain prearranged trading limits, during periods when H & R would not ordinarily be active in the market because of internal trading blackout periods, insider trading rules or otherwise. The ASPP will terminate on the earliest of the date on which the purchase limits specified in the ASPP have been attained, the date on which the NCIB terminates or the date on which the ASPP is terminated by a party in accordance with its terms. The ASPP is expected to first become operational in connection with the REIT's regularly scheduled blackout in respect of the second quarter of 2023.

Since the commencement of the NCIB through the close of trading on June 14, 2023, H & R has repurchased for cancellation an aggregate of 1,798,500 units at a weighted-average purchase price of $10.32.

About H & R Real Estate Investment Trust

H & R is one of Canada's largest real estate investment trusts with total assets of approximately $11.4-billion as at March 31, 2023. H & R has ownership interests in a North American portfolio composed of high-quality residential, industrial, office and retail properties comprising over 28.7 million square feet. H & R's strategy is to create a simplified, growth-oriented business focused on residential and industrial properties to create sustainable long-term value for unitholders. H & R plans to sell its office and retail properties as market conditions permit. H & R's target is to be a leading owner, operator and developer of residential industrial properties, creating value through redevelopment and greenfield development in prime locations within Toronto, Montreal, Vancouver, and high-growth U.S. Sunbelt and gateway cities.

We seek Safe Harbor.