Mr. Larry Froom reports

H&R COMPLETES $250MM SENIOR UNSECURED DEBENTURE FINANCING

H & R Real Estate Investment Trust has completed its previously announced offering of $250-million principal amount of 5.457 per cent Series T senior unsecured debentures due Feb. 28, 2029. H & R had previously agreed with a syndicate of agents co-led and bookrun by CIBC World Markets Inc., Scotia Capital Inc. and National Bank Financial Inc. and including BMO Capital Markets, RBC Dominion Securities Inc. and TD Securities Inc. to sell the Series T debentures on a private placement best-effort agency basis. The Series T debentures have been issued for $100 per $100 principal amount, carry a coupon rate of 5.457 per cent and will mature on Feb. 28, 2029. The net proceeds of the offering will be used for the repayment of outstanding indebtedness and for general trust purposes.

About H & R Real Estate Investment Trust

H & R is one of Canada's largest real estate investment trusts with total assets of approximately $10.8-billion at Dec. 31, 2023. H & R has ownership interests in a North American portfolio comprising high-quality residential, industrial, office and retail properties totalling approximately 26.9 million square feet. H & R's strategy is to create a simplified, growth-oriented business focused on residential and industrial properties in order 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 and 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.