H and R Real Estate Investment Trust (HR.UN)

H&R Announces Date of Second Quarter 2026 Earnings Release, Conference Call and Webcast and Declares June 2026 DistributionJune 22, 2026 2:37 PM
PR Newswire (Canada) TORONTO, June 22, 2026 /CNW/ - H&R Real Estate Investment Trust ("H&R" or the "REIT") (TSX: HR. UN) today announced that it will release its financial results for the three and six months ended June 30, 2026 on Wednesday, August 12, 2026.  Management will host a conference call to discuss the financial results for H&R REIT on Thursday, August 13, 2026 at 9.30 a.m. Eastern Time.Conference CallParticipants can join the call by dialing 1-800-717-1738 or 1-289-514-5100. For those unable to participate in the conference call at the scheduled time, a replay will be available approximately one hour following completion of the call. To access the archived conference call by telephone, dial 1-289-819-1325 or 1-888-660-6264 and enter the passcode 78930 followed by the "#" key. The telephone replay will be available until Thursday, August 20, 2026 at midnight.Webcast                                                                                      A live audio webcast will be available through https://www.hr-reit.com/investor-relations/#investor-events. Please connect at least 15 minutes prior to the conference call to ensure adequate time for any software download that may be required to join the webcast. The webcast will be archived on H&R's website following the call date.Monthly Distribution DeclaredH&R today declared a distribution for the month of June scheduled as follows:
Distribution per UnitAnnualizedRecord dateDistribution dateJune 2026$0.05$0.60June 30, 2026July 15, 2026About H&R REITH&R is one of Canada's largest real estate investment trusts. H&R has ownership interests in a Canadian and U.S. portfolio primarily comprised of high-quality residential (operating as Lantower Residential), industrial and office properties totalling approximately 20.3 million square feet.Forward-Looking DisclaimerCertain statements in this news release contain forward-looking information within the meaning of applicable securities laws (also known as forward-looking statements). These forward-looking statements include, but are not limited to, H&R's plans, objectives, expectations and intentions, including with respect to the timing of release of financial results and the payment of distributions. Such forward-looking statements reflect H&R's current beliefs and are based on information currently available to management. These statements are not guarantees of future performance and are based on H&R's estimates and assumptions that are subject to risks and uncertainties, including those discussed in H&R's materials filed with the Canadian securities regulatory authorities from time to time, which could cause the actual results and performance of H&R to differ materially from the forward-looking statements contained in this news release. Although the forward-looking statements contained in this news release are based upon what H&R believes are reasonable assumptions, there can be no assurance that actual results will be consistent with these forward-looking statements. All forward-looking statements in this news release are qualified by these cautionary statements. These forward-looking statements are made as of today and H&R, except as required by applicable law, assumes no obligation to update or revise them to reflect new information or the occurrence of future events or circumstances.Additional information regarding H&R REIT is available at www.hr-reit.com and on www.sedarplus.com.  SOURCE H&R Real Estate Investment Trust Original: H&R Announces Date of Second Quarter 2026 Earnings Release, Conference Call and Webcast and Declares June 2026 Distribution

H&R REIT Addresses Recent Media ReportsJune 11, 2026 8:31 PM
PR Newswire (Canada) TORONTO, June 11, 2026 /CNW/ - H&R Real Estate Investment Trust ("H&R" or "the REIT") (TSX: HR.UN) – The REIT acknowledges recent media reports regarding discussions with affiliates of Blackstone, Inc. ("Blackstone"). In response to a request from the Canadian Investment Regulatory Organization concerning the recent trading activity in the REIT's units and recent media reports, the REIT confirms that it has had preliminary, non-exclusive discussions with Blackstone regarding a potential sale of certain assets of the REIT. The REIT has not entered into any arrangements with Blackstone and there are no assurances that the REIT will be proceeding with any sale or other transaction.The REIT intends to provide further updates only as circumstances warrant and in accordance with applicable securities laws.About H&R REITH&R is one of Canada's largest real estate investment trusts. H&R has ownership interests in a Canadian and U.S. portfolio primarily comprised of high-quality residential (operating as Lantower Residential), industrial and office properties totalling approximately 20.3 million square feet.Additional information regarding H&R is available at www.hr-reit.com and on www.sedarplus.com.SOURCE H&R Real Estate Investment Trust Original: H&R REIT Addresses Recent Media Reports

Canadian Investment Regulatory Organization Trade Resumption - HR.UNJune 11, 2026 3:46 PM
PR Newswire (Canada) TORONTO, June 11, 2026 /CNW/ - Trading resumes in:Company: H&R Real Estate Investment Trust TSX Symbol: HR.UN All Issues: No Resumption (ET): 3:25:28 PMCIRO can make a decision to impose a temporary suspension (halt) of trading in a security of a publicly-listed company. Trading halts are implemented to ensure a fair and orderly market. CIRO is the national self-regulatory organization which oversees all investment dealers and trading activity on debt and equity marketplaces in Canada..SOURCE Canadian Investment Regulatory Organization (CIRO) – Halts/Resumptions Original: Canadian Investment Regulatory Organization Trade Resumption - HR.UN

L'Organisme canadien de réglementation des investissements permet la reprise de la négociation - HR.UNJune 11, 2026 3:49 PM
PR Newswire (Canada) TORONTO, le 11 juin 2026 /CNW/ - Reprise des négociations pour :Société : H&R Real Estate Investment Trust Symbole TSX : HR.UN Les titres : Non Reprise : 15 h 25:28 L'OCRI peut prendre la décision de suspendre (ou d'arrêter) temporairement les opérations à l'égard d'un titre d'une société cotée en bourse. Les arrêts des opérations sont mis en oeuvre afin d'assurer le bon fonctionnement d'un marché équitable. L'OCRI est l'organisme d'autoréglementation national qui surveille l'ensemble des courtiers en placement et l'ensemble des opérations effectuées sur les marchés des titres de capitaux propres et les marchés des titres de créance au Canada.SOURCE L’Organisme canadien de règlementation des investissements (OCRI) - Arrêts/Reprises Original: L'Organisme canadien de réglementation des investissements permet la reprise de la négociation - HR.UN

Canadian Investment Regulatory Organization Trading Halt - HR.UNJune 11, 2026 3:34 PM
PR Newswire (Canada) TORONTO, June 11, 2026 /CNW/ - The following issues have been halted by CIRO:Company: H&R Real Estate Investment TrustTSX Symbol: HR.UN All Issues: NoReason: Single Stock Circuit Breaker Halt Time (ET): 3:20:28 PMCIRO can make a decision to impose a temporary suspension (halt) of trading in a security of a publicly-listed company. Trading halts are implemented to ensure a fair and orderly market. CIRO is the national self-regulatory organization which oversees all investment dealers and trading activity on debt and equity marketplaces in Canada.SOURCE Canadian Investment Regulatory Organization (CIRO) – Halts/Resumptions Original: Canadian Investment Regulatory Organization Trading Halt - HR.UN

Suspension de la négociation par l'Organisme canadien de réglementation des investissements - HR.UNJune 11, 2026 3:39 PM
PR Newswire (Canada) TORONTO, le 11 juin 2026 /CNW/ - L'OCRI a suspendu la négociation des titres suivants :Société : H&R Real Estate Investment TrustSymbole TSX : HR.UN Les titres : NonMotif : Coupe-circuits pour titre individuelHeure de la suspension (HE) : 15 h 20:28 L'OCRI peut prendre la décision de suspendre (ou d'arrêter) temporairement les opérations à l'égard d'un titre d'une société cotée en bourse. Les arrêts des opérations sont mis en oeuvre afin d'assurer le bon fonctionnement d'un marché équitable. L'OCRI est l'organisme d'autoréglementation national qui surveille l'ensemble des courtiers en placement et l'ensemble des opérations effectuées sur les marchés des titres de capitaux propres et les marchés des titres de créance au Canada.SOURCE L’Organisme canadien de règlementation des investissements (OCRI) - Arrêts/Reprises Original: Suspension de la négociation par l'Organisme canadien de réglementation des investissements - HR.UN

H&R Announces Appointment of Interim Chief Financial OfficerJune 1, 2026 8:51 PM
PR Newswire (Canada) TORONTO, June 1, 2026 /CNW/ - H&R Real Estate Investment Trust ("H&R") (TSX: HR.UN) today announced that Larry Froom, Chief Financial Officer of H&R, will have a reduced workload over the coming weeks as he recovers from recent medical procedures. During such time, Cheryl Fried, Executive Vice President, Finance of H&R, will act as Interim Chief Financial Officer of H&R. Ms. Fried joined H&R in 2006, and previously served as H&R's Controller and Vice President, Accounting and was appointed Executive Vice President, Finance of H&R in 2014. Ms. Fried is responsible for overseeing corporate finance, accounting and public reporting.  Ms. Fried earned a Bachelor of Arts at The City University of New York and holds a Chartered Accountant designation. Her prior experience and deep institutional knowledge and understanding of H&R's business and strategy, positions her to ensure continuity and a seamless and uninterrupted execution during this period."On behalf of the Board of Trustees and everyone at H&R, we wish Larry well during his recovery", stated Tom Hofstedter, H&R's Executive Chairman and Chief Executive Officer. "We are confident that Cheryl will provide strong leadership overseeing H&R's finance function during this period so that we continue to execute our strategy while Larry recovers."About H&R REITH&R is one of Canada's largest real estate investment trusts. H&R has ownership interests in a Canadian and U.S. portfolio primarily comprised of high-quality residential (operating as Lantower Residential), industrial and office properties totalling approximately 20.3 million square feet.Additional information regarding H&R REIT is available at www.hr-reit.com and on www.sedarplus.com.SOURCE H&R Real Estate Investment Trust Original: H&R Announces Appointment of Interim Chief Financial Officer

H&R REIT Reports First Quarter 2026 Financial ResultsMay 14, 2026 3:04 PM
PR Newswire (Canada) TORONTO, May 14, 2026 /CNW/ - H&R Real Estate Investment Trust ("H&R" or "the REIT") (TSX: HR.UN) is pleased to announce its financial results for the three months ended March 31, 2026.  During the quarter, the REIT continued to successfully execute on its strategic plan,  continuing to sell assets during the quarter to focus on residential and industrial properties. See "Completion of $1.5 Billion of Retail and Office Property Sales" below.(1)At the REIT's proportionate share, excluding assets classified as held for sale. Refer to the "Non-GAAP Measures" section of this news release.(2)June 30, 2021 has been used as a benchmark since H&R's strategic repositioning plan was announced prior to the release of H&R's Q3 2021 results.(3)Excludes the Bow and 100 Wynford, which were legally sold in October 2021 and August 2022, respectively.FINANCIAL HIGHLIGHTS
March 31December 31
20262025Total assets (in thousands)$8,065,061$9,108,286Debt to total assets per the REIT's Financial Statements(1)31.7 %38.4 %Debt to total assets at the REIT's proportionate share(1)(2)42.6 %49.8 %Debt to Adjusted EBITDA at the REIT's proportionate share(1)(2)(3)7.0x9.3xUnitholders' equity (in thousands)$4,117,616$4,135,718Units outstanding (in thousands)264,567264,558Exchangeable units outstanding (in thousands)15,44215,442Unitholders' equity per Unit$15.56$15.63Net Asset Value ("NAV") per Unit(2)(4)$15.96$16.09 
Three months ended March 31(in thousands except for per Unit amounts)20262025Rentals from investment properties$184,253$205,639Net operating income$85,869$82,963Same-Property net operating income (cash basis)(5)$90,107$93,403Net loss from equity accounted investments($7,264)($10,082)Fair value adjustment on real estate assets($79,053)($52,698)Net loss($34,870)($52,018)Funds from Operations ("FFO")(5)$76,265$83,098Adjusted Funds from Operations ("AFFO")(5)$65,499$68,013Weighted average number of Units and exchangeable units280,003279,990FFO per basic and diluted Unit(2)$0.272$0.297AFFO per basic and diluted Unit(2)$0.234$0.243Cash distributions per Unit$0.150$0.150Payout ratio as a % of FFO(2)55.1 %50.5 %Payout ratio as a % of AFFO(2)64.1 %61.7 %(1)Debt includes mortgages payable, debentures payable, unsecured term loans and lines of credit.(2)These are non-GAAP ratios. Refer to the "Non-GAAP Measures" section of this news release.(3)Adjusted EBITDA is based on the trailing 12 months and is calculated on page 7 of this news release.(4)See page 9 of this news release for a detailed calculation of NAV per Unit.(5)These are non-GAAP measures. Refer to the "Non-GAAP Measures" section of this news release.COMPLETION OF $1.5 BILLION OF RETAIL AND OFFICE PROPERTY SALESThe assets listed below were sold for approximately $1.5 billion in Q1 2026. Total debt assumed by the purchaser of the REIT's interest in ECHO Realty, L.P. ("ECHO") was approximately $424.5 million. The net proceeds of approximately $1.0 billion were used to repay corporate debt, including $375.0 million of unsecured term loans, and the remaining balance was used to repay unsecured operating lines of credit.1)H&R's non-managing 33.1% ownership interest in ECHO;2)26 Canadian retail properties;3)145 Wellington Street West, a downtown Toronto office property;4)88 McNabb Street, an office property in the Greater Toronto Area; and5)Hess Tower, a Houston, TX office property.In aggregate, the assets sold in Q1 2026 contributed the following:
Three months ended March 31(in thousands of Canadian dollars)20262025ChangeNet operating income per the REIT's Financial Statements$8,439$6,534$1,905Net operating income from equity accounted investments(1)9,19812,122(2,924)Net operating income at the REIT's proportionate share(1)17,63718,656(1,019)Adjusted for:


Straight-lining of contractual rent at the REIT's proportionate share(1)181684(503)Realty taxes in accordance with IFRIC 21 at the REIT's proportionate share(1)(2)—14,173(14,173)Net operating income (cash basis) at the REIT's Proportionate share(1)17,81833,513(15,695)FFO(1)(3)$14,568$25,686($11,118)(1)These are non-GAAP measures. Refer to the "Non-GAAP Measures" section of this news release.(2)Realty taxes in accordance with IFRIC 21 was $10,333 per the REIT's Financial Statements and $3,840 from equity accounted investments.(3)Excludes finance costs savings from repayment of corporate debt.As the proceeds from these sales were used to repay corporate debt, finance costs were lower in Q1 2026 compared to Q4 2025 by approximately $7.0 million. H&R expects a further reduction in finance costs in Q2 2026 compared to Q1 2026 by approximately $3.0 million.LANTOWER RESIDENTIAL UPDATEEffective April 1, 2026, Lantower Residential, the REIT's residential division, externalized its property management operations and entered into a master management agreement with Greystar Real Estate Partners ("Greystar"). This strategic action is intended to enhance operating efficiency, improve cost structure, and increase strategic flexibility across the residential platform. The transition to a third-party management model is expected to yield cost savings of approximately U.S. $5.0 million annually.Greystar hired the majority of Lantower's onsite property management employees and key home office associates, supporting operational continuity at the property level. Emily Watson is continuing as Chief Operating Officer of Lantower Residential, and Hunter Webb continues to lead the development platform, ensuring continuity of leadership, strategy, and execution. Lantower Residential has retained approximately 20 employees in asset management, development and accounting functions for Lantower Residential's properties.Included in trust expenses for the three months ended March 31, 2026 were employee termination costs, legal costs and other one-time costs relating to Lantower Residential externalizing its property management operations, totalling approximately $2.6 million.DEBT & LIQUIDITY HIGHLIGHTSLiquidityAs at March 31, 2026, H&R had cash and cash equivalents of $68.5 million and $897.0 million available under its unused lines of credit. H&R has an unencumbered property pool of approximately $3.2 billion, which is 2.99x unsecured debt.As at March 31, 2026, debt to total assets per the REIT's Financial Statements was 31.7% compared to 38.4% as at December 31, 2025. As at March 31, 2026, debt to total assets at the REIT's proportionate share (a non-GAAP ratio, refer to the "Non-GAAP Measures" section of this news release) was 42.6% compared to 49.8% as at December 31, 2025. Debt to Adjusted EBITDA at the REIT's proportionate share (a non-GAAP ratio,  refer to the "Non-GAAP Measures" section of this news release) was 7.0x as at March 31, 2026.MONTHLY DISTRIBUTION DECLAREDH&R today declared a distribution for the month of May scheduled as follows:
    Distribution per UnitAnnualizedRecord dateDistribution dateMay 2026$0.05$0.60May 29, 2026June 15, 2026CONFERENCE CALL AND WEBCAST Management will host a conference call to discuss the financial results of the REIT on Friday, May 15, 2026 at 9.30 a.m. Eastern Time. Participants can join the call by dialing 1-800-717-1738 or 1-289-514-5100. For those unable to participate in the conference call at the scheduled time, a replay will be available approximately one hour following completion of the call. To access the archived conference call by telephone, dial 1-289-819-1325 or 1-888-660-6264 and enter the passcode 46736 followed by the "#" key. The telephone replay will be available until Friday, May 22, 2026 at midnight.A live audio webcast will be available through www.hr-reit.com/investor-relations/#investor-events. Please connect at least 15 minutes prior to the conference call to ensure adequate time for any software download that may be required to join the webcast. The webcast will be archived on H&R's website following the call date.The investor presentation is available on H&R's website at www.hr-reit.com/investor-relations/#investor-presentation.ABOUT H&R REITH&R is one of Canada's largest real estate investment trusts. H&R has ownership interests in a Canadian and U.S. portfolio primarily comprised of high-quality residential (operating as Lantower Residential), industrial and office properties totalling approximately 20.3 million square feet.FORWARD-LOOKING DISCLAIMER Certain information in this news release contains forward-looking information within the meaning of applicable securities laws (also known as forward-looking statements) including, among others, statements made or implied relating to H&R's objectives, beliefs, plans, estimates, targets, projections and intentions and similar statements concerning anticipated future events, results, circumstances, performance or expectations that are not historical facts, including the statements made under the heading "Completion of $1.5 Billion of Retail and Office Property Sales" including with respect to H&R's future plans and targets, future reductions in finance costs, the benefits of the externalization of Lantower Residential's property management operations, the value of assets and liabilities held for sale, capitalization rates and cash flow models used to estimate fair values, expectations regarding future operating fundamentals, management's expectations regarding future distributions by the REIT, and management's expectation to be able to meet all of the REIT's ongoing obligations. Forward-looking statements generally can be identified by words such as "outlook", "objective", "may", "will", "expect", "intend", "estimate", "anticipate", "believe", "should", "plans", "project", "budget" or "continue" or similar expressions suggesting future outcomes or events. Such forward-looking statements reflect H&R's current beliefs and are based on information currently available to management.  Forward-looking statements are provided for the purpose of presenting information about management's current expectations and plans relating to the future, and readers are cautioned that such statements may not be appropriate for other purposes. These statements are not guarantees of future performance and are based on H&R's estimates and assumptions that are subject to risks, uncertainties and other factors including those risks and uncertainties described below under "Risks and Uncertainties" and those discussed in H&R's materials filed with the Canadian securities regulatory authorities from time to time, which could cause the actual results, performance or achievements of H&R to differ materially from the forward-looking statements contained in this news release. Material factors or assumptions that were applied in drawing a conclusion or making an estimate set out in the forward-looking statements include assumptions relating to the general economy, including debt markets continuing to provide access to capital at a reasonable cost; and assumptions concerning currency exchange and interest rates. Additional risks and uncertainties include, among other things, those related to: real property ownership; the current economic environment; tariffs and other international trade disputes; property valuations; credit risk and tenant concentration; lease rollover risk; interest rate and other debt-related risks; inflation risk; development risks; residential rental risk; capital expenditure risk; currency risk; liquidity risk; cyber security risk and breach of privacy or information security systems; artificial intelligence and related technologies; expanding social media vehicles; financing credit risk; ESG and climate change risk; public health crises; co-ownership interest in properties; business continuity; general uninsured losses; joint arrangement and investment risks; talent management and succession planning; potential acquisition, investment and disposition opportunities and joint venture arrangements; potential undisclosed liabilities associated with acquisitions; competition for real property investments; potential conflicts of interest; litigation and regulatory risk; Unit prices; availability of cash for distributions; credit ratings; ability to access capital; dilution; unitholder liability; redemption right; investment eligibility; debentures; statutory remedies; unitholder activism; tax risk; and additional tax risks applicable to the REIT and to unitholders. H&R cautions that these lists of factors, risks and uncertainties are not exhaustive. Although the forward-looking statements contained in this news release are based upon what H&R believes are reasonable assumptions, there can be no assurance that actual results will be consistent with these forward-looking statements.Readers are also urged to examine H&R's materials filed with the Canadian securities regulatory authorities from time to time as they may contain discussions on risks and uncertainties which could cause the actual results and performance of H&R to differ materially from the forward-looking statements contained in this news release. All forward-looking statements in this news release are qualified by these cautionary statements. These forward-looking statements are made as of May 14, 2026 and the REIT, except as required by applicable Canadian law, assumes no obligation to update or revise them to reflect new information or the occurrence of future events or circumstances.NON-GAAP MEASURESThe unaudited condensed consolidated financial statements of the REIT and related notes for the three months ended March 31, 2026 (the "REIT's Financial Statements") were prepared in accordance with IFRS Accounting Standards ("IFRS"). However, H&R's management uses a number of measures, including NAV per Unit, FFO, AFFO, FFO and AFFO per basic and diluted Unit, payout ratio as a % of FFO, payout ratio as a % of AFFO, debt to total assets at the REIT's proportionate share, debt to Adjusted EBITDA at the REIT's proportionate share, Same-Property net operating income (cash basis) and the REIT's proportionate share, which do not have meanings recognized or standardized under IFRS or GAAP. These non-GAAP measures and non-GAAP ratios should not be construed as alternatives to financial measures calculated in accordance with GAAP. Further, H&R's method of calculating these supplemental non-GAAP measures and ratios may differ from the methods of other real estate investment trusts or other issuers, and accordingly may not be comparable. H&R uses these measures to better assess H&R's underlying performance and provides these additional measures so that investors may do the same.For information on the most directly comparable GAAP measures, composition of the measures, a description of how the REIT uses these measures and an explanation of how these measures provide useful information to investors, refer to the "Non-GAAP Measures" section of the REIT's management's discussion and analysis as at and for the three months ended March 31, 2026 available at www.hr-reit.com and on the REIT's profile on SEDAR+ at www.sedarplus.com, which is incorporated by reference into this news release.FINANCIAL POSITIONThe following table reconciles the REIT's Statement of Financial Position from the REIT's Financial Statements to the REIT's proportionate share (a non-GAAP measure):
March 31, 2026December 31, 2025(in thousands of Canadian dollars)REIT's FinancialStatementsEquity
accountedinvestmentsREIT's
proportionate
shareREIT's FinancialStatementsEquity
accountedinvestmentsREIT's
proportionate
shareAssets





Real estate assets





Investment properties$6,343,489$1,050,380$7,393,869$6,370,453$1,053,283$7,423,736Properties under development771,599262,7711,034,370785,184240,9301,026,114
7,115,0881,313,1518,428,2397,155,6371,294,2138,449,850Equity accounted investments489,424(489,424)—484,702(484,702)—Assets classified as held for sale91,500—91,5001,142,900—1,142,900Other assets300,5297,030307,559272,9106,979279,889Cash and cash equivalents68,52013,54582,06552,1376,50358,640
$8,065,061$844,302$8,909,363$9,108,286$822,993$9,931,279Liabilities and Unitholders' Equity





Liabilities





Debt$2,553,815$823,631$3,377,446$3,501,891$800,889$4,302,780Exchangeable units150,865—150,865157,968—157,968Deferred revenue850,637—850,637862,139—862,139Deferred tax liability199,241—199,241212,781—212,781Accounts payable and accrued liabilities192,88720,671213,558237,78922,104259,893
3,947,445844,3024,791,7474,972,568822,9935,795,561Unitholders' equity4,117,616—4,117,6164,135,718—4,135,718
$8,065,061$844,302$8,909,363$9,108,286$822,993$9,931,279DEBT TO ADJUSTED EBITDA AT THE REIT'S PROPORTIONATE SHAREThe following table provides a reconciliation of Debt to Adjusted earnings before interest, taxes, depreciation and amortization ("Adjusted EBITDA") at the REIT's proportionate share (a non-GAAP ratio):
March 31December 31(in thousands of Canadian dollars)20262025Debt per the REIT's Financial Statements(1)$2,553,815$3,501,891Debt - REIT's proportionate share of equity accounted investments(1)823,631800,889Debt at the REIT's proportionate share(1)3,377,4464,302,780H&R's share of ECHO's debt classified within assets held for sale(1)(2)—361,423Total Debt(1)3,377,4464,664,203


(Figures below are for the trailing 12 months)

Net loss per the REIT's Financial Statements(774,416)(791,564)Net (income) loss from equity accounted investments (within equity accounted investments)101(57)Finance costs - operations241,417253,893Fair value adjustments on financial instruments and real estate assets1,318,6101,324,237Loss on sale of real estate assets, net of related costs10,130748Loss on foreign exchange (within equity accounted investments)878879Income tax recovery(191,103)(182,420)Non-controlling interest9411,171Adjustments:

The Bow and 100 Wynford non-cash rental income adjustments(94,766)(94,559)Straight-lining of contractual rent(13,458)(13,898)IFRIC 21 - realty tax adjustment(16,324)
Fair value adjustment to unit-based compensation1,3693,168Adjusted EBITDA at the REIT's proportionate share$483,379$501,598Debt to Adjusted EBITDA at the REIT's proportionate share(1)7.0x9.3x(1)Debt includes mortgages payable, debentures payable, unsecured term loans, lines of credit and liabilities classified as held for sale.(2)For the year ended December 31, 2025, H&R included ECHO's debt classified within assets held for sale within Total Debt.RESULTS OF OPERATIONSThe following table reconciles the REIT's Results of Operations from the REIT's Financial Statements to the REIT's proportionate share (a non-GAAP measure):
Three months ended March 31, 2026Three months ended March 31, 2025(in thousands of Canadian dollars)REIT's FinancialStatementsEquityaccountedinvestmentsREIT'sproportionateshareREIT's FinancialStatementsEquity
accountedinvestmentsREIT's
proportionate
shareRentals from investment properties$184,253$29,246$213,499$205,639$41,566$247,205Property operating costs(98,384)(9,372)(107,756)(122,676)(14,722)(137,398)Net operating income85,86919,874105,74382,96326,844109,807Net income (loss) from equity accounted investments(7,264)7,160(104)(10,082)10,13654Finance costs - operations(43,199)(8,722)(51,921)(52,009)(12,388)(64,397)Finance income5,2584315,6893,1902223,412Trust expenses, net(6,630)(939)(7,569)(7,237)(2,045)(9,282)Fair value adjustment on financial instruments3,278893,367(22,105)(96)(22,201)Fair value adjustment on real estate assets(79,053)(17,471)(96,524)(52,698)(23,885)(76,583)Gain (loss) on sale of real estate assets, net of related costs(8,891)(2)(8,893)(1,103)1,592489Gain on foreign exchange—11———Transaction costs—(255)(255)———Net income (loss) before income taxes and non-controlling interest(50,632)166(50,466)(59,081)380(58,701)Income tax (expense) recovery15,762(35)15,7277,063(19)7,044Net income (loss) before non-controlling interest(34,870)131(34,739)(52,018)361(51,657)Non-controlling interest—(131)(131)—(361)(361)Net loss(34,870)—(34,870)(52,018)—(52,018)Other comprehensive income (loss):





Items that are or may be reclassified subsequently to net loss56,355—56,355(62)—(62)Total comprehensive income (loss) attributable to unitholders$21,485$—$21,485($52,080)$—($52,080)SAME-PROPERTY NET OPERATING INCOME (CASH BASIS)The following table reconciles net operating income per the REIT's Financial Statements to Same-Property net operating income (cash basis) (a non-GAAP measure):
Three months ended March 31(in thousands of Canadian dollars)20262025ChangeRentals from investment properties$184,253$205,639($21,386)Property operating costs(98,384)(122,676)24,292Net operating income per the REIT's Financial Statements85,86982,9632,906Adjusted for:


Net operating income from equity accounted investments19,87426,844(6,970)Straight-lining of contractual rent at the REIT's proportionate share(3,218)(3,658)440Realty taxes in accordance with IFRIC 21 at the REIT's proportionate share32,87049,194(16,324)Net operating income (cash basis) from Transactions at the REIT's proportionate share(45,288)(61,940)16,652Same-Property net operating income (cash basis)$90,107$93,403($3,296)NAV PER UNITThe following table reconciles Unitholders' equity per Unit to NAV per Unit (a non-GAAP ratio):Unitholders' Equity per Unit and NAV per UnitMarch 31December 31(in thousands except for per Unit amounts)20262025Unitholders' equity$4,117,616$4,135,718Exchangeable units150,865157,968Deferred tax liability199,241212,781Total$4,467,722$4,506,467


Units outstanding264,567264,558Exchangeable units outstanding15,44215,442Total280,009280,000Unitholders' equity per Unit(1)$15.56$15.63NAV per Unit$15.96$16.09(1)Unitholders' equity per Unit is calculated by dividing unitholders' equity by Units outstanding.FUNDS FROM OPERATIONS AND ADJUSTED FUNDS FROM OPERATIONSThe following table reconciles net loss per the REIT's Financial Statements to FFO and AFFO (non-GAAP measures):FFO AND AFFOThree Months ended March 31(in thousands of Canadian dollars except per Unit amounts)20262025Net loss per the REIT's Financial Statements($34,870)($52,018)Realty taxes in accordance with IFRIC 2131,13645,354FFO adjustments from equity accounted investments20,59827,110Exchangeable unit distributions2,3162,614Provision for expected credit loss—268Fair value adjustments on financial instruments and real estate assets75,77574,803Fair value adjustment to unit-based compensation(285)1,514Loss on sale of real estate assets, net of related costs8,8911,103Deferred income tax recovery applicable to U.S. Holdco(16,407)(7,495)Incremental leasing costs613589The Bow and 100 Wynford non-cash rental income and accretion adjustments(11,502)(10,744)FFO$76,265$83,098Straight-lining of contractual rent(2,926)(3,612)Rent amortization of tenant inducements8111,150Capital expenditures(5,610)(10,357)Leasing expenses and tenant inducements(586)(657)Incremental leasing costs (613)(589)AFFO adjustments from equity accounted investments(1,842)(1,020)AFFO  $65,499$68,013Basic and diluted weighted average number of Units and exchangeable units (in thousands of Units)(1)280,003279,990FFO per basic and diluted Unit$0.272$0.297AFFO per basic and diluted Unit$0.234$0.243Cash distributions per Unit$0.150$0.150Payout ratio as a % of FFO55.1 %50.5 %Payout ratio as a % of AFFO64.1 %61.7 %(1)For the three months ended March 31, 2026 and 2025, included in the weighted average and diluted weighted average number of Units are the weighted average number of exchangeable units of 15,441,644 and 17,473,075, respectively.Additional information regarding H&R is available at www.hr-reit.com and on www.sedarplus.com.  SOURCE H&R Real Estate Investment Trust Original: H&R REIT Reports First Quarter 2026 Financial Results

H&R Reports Voting Results from 2026 Annual Meeting of UnitholdersApril 30, 2026 4:30 PM
PR Newswire (Canada)

TORONTO, April 30, 2026 /CNW/ - H&R Real Estate Investment Trust ("H&R REIT" or the "REIT") (TSX: HR.UN) is pleased to announce that each of the trustee nominees listed in the management information circular dated March 16, 2026 for the annual meeting of unitholders of the REIT (the "Circular") 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 98.97% to 92.44% of the votes cast at the meeting. Voting results for the individual trustees of the REIT are as follows:Name of NomineeVotes For% Votes ForVotes Withheld% Votes WithheldLindsay Brand158,656,12598.54 %2,350,7121.46 %Mark M. Cowie159,343,67498.97 %1,663,1631.03 %S. Stephen Gross158,643,52598.53 %2,363,3121.47 %Brenna Haysom148,834,32492.44 %12,172,5137.56 %Thomas J. Hofstedter151,363,25794.01 %9,643,5795.99 %Juli Morrow159,285,56798.93 %1,721,2701.07 %Marvin Rubner159,163,04398.85 %1,843,7941.15 %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 151,249,540 votes (93.94%) 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.About H&R REIT H&R is one of Canada's largest real estate investment trusts. H&R has ownership interests in a Canadian and U.S. portfolio primarily comprised of high-quality residential (operating as Lantower Residential), industrial and office properties totalling approximately 21.2 million square feet.Additional information regarding H&R REIT is available at www.hr-reit.com and on www.sedarplus.com.SOURCE H&R Real Estate Investment Trust

Original: H&R Reports Voting Results from 2026 Annual Meeting of Unitholders

H&R Announces Date of First Quarter 2026 Earnings Release, Conference Call and Webcast and Declares April 2026 DistributionApril 13, 2026 8:24 AM
PR Newswire (Canada)

TORONTO, April 13, 2026 /CNW/ - H&R Real Estate Investment Trust ("H&R" or the "REIT") (TSX: HR.UN) today announced that it will release its financial results for the three months ended March 31, 2026 on Thursday, May 14, 2026. Management will host a conference call to discuss the financial results for H&R REIT on Friday, May 15, 2026 at 9.30 a.m. Eastern Time.Conference CallParticipants can join the call by dialing 1-800-717-1738 or 1-289-514-5100. For those unable to participate in the conference call at the scheduled time, a replay will be available approximately one hour following completion of the call. To access the archived conference call by telephone, dial 1-289-819-1325 or 1-888-660-6264 and enter the passcode 46736 followed by the "#" key. The telephone replay will be available until Friday, May 22, 2026 at midnight.Webcast                                                                                        A live audio webcast will be available through https://www.hr-reit.com/investor-relations/#investor-events. Please connect at least 15 minutes prior to the conference call to ensure adequate time for any software download that may be required to join the webcast. The webcast will be archived on H&R's website following the call date.Monthly Distribution DeclaredH&R today declared a distribution for the month of April scheduled as follows:
Distribution per UnitAnnualizedRecord dateDistribution dateApril 2026$0.05$0.60April 30, 2026May 15, 2026About H&R REITH&R is one of Canada's largest real estate investment trusts. H&R has ownership interests in a Canadian and U.S. portfolio primarily comprised of high-quality residential (operating as Lantower Residential), industrial and office properties totalling approximately 21.2 million square feet.Forward-Looking DisclaimerCertain statements in this news release contain forward-looking information within the meaning of applicable securities laws (also known as forward-looking statements). These forward-looking statements include, but are not limited to, H&R's plans, objectives, expectations and intentions, including with respect to the timing of release of financial results and the payment of distributions. Such forward-looking statements reflect H&R's current beliefs and are based on information currently available to management. These statements are not guarantees of future performance and are based on H&R's estimates and assumptions that are subject to risks and uncertainties, including those discussed in H&R's materials filed with the Canadian securities regulatory authorities from time to time, which could cause the actual results and performance of H&R to differ materially from the forward-looking statements contained in this news release. Although the forward-looking statements contained in this news release are based upon what H&R believes are reasonable assumptions, there can be no assurance that actual results will be consistent with these forward-looking statements. All forward-looking statements in this news release are qualified by these cautionary statements. These forward-looking statements are made as of today and H&R, except as required by applicable law, assumes no obligation to update or revise them to reflect new information or the occurrence of future events or circumstances.Additional information regarding H&R REIT is available at www.hr-reit.com and on www.sedarplus.com.  SOURCE H&R Real Estate Investment Trust

Original: H&R Announces Date of First Quarter 2026 Earnings Release, Conference Call and Webcast and Declares April 2026 Distribution

H&R REIT Reports Fourth Quarter 2025 Financial ResultsFebruary 12, 2026 5:01 PM
PR Newswire (Canada)

TORONTO, Feb. 12, 2026 /CNW/ - H&R Real Estate Investment Trust ("H&R" or "the REIT") (TSX: HR.UN) is pleased to announce its financial results for the three months and year ended December 31, 2025.Tom Hofstedter, Executive Chair and Chief Executive Officer said "We continue to successfully execute our strategic plan to reposition H&R to be a more simplified growth and income-oriented REIT focused on residential and industrial properties. From the announcement of this plan to December 31, 2025, H&R completed the spin-off of the REIT's 27 enclosed shopping centres and sold ownership interests in 69 properties totaling approximately $5.4 billion. In addition, properties sold and under contract to be sold in 2026 total approximately $1.6 billion. As a result of these sales and properties under contract to be sold, H&R's residential and industrial real estate assets combined will grow from 34% of the total portfolio to 84% and geographically, our real estate assets in the United States will grow from 45% of the total portfolio to 68%."  (1)  At the REIT's proportionate share, excluding assets classified as held for sale. Refer to the "Non-GAAP Measures" section of this news release.(2)  June 30, 2021 has been used as a benchmark since H&R's strategic repositioning plan was announced prior to the release of H&R's Q3 2021 results.(3)  Excludes the Bow and 100 Wynford, which were legally sold in October 2021 and August 2022, respectively.STRATEGIC REPOSITIONING HIGHLIGHTS SINCE JUNE 30, 2021(1)H&R completed a spin off, on a tax-free basis, of 27 properties including all of the REIT's enclosed shopping centres to a new publicly-traded REIT, Primaris REIT, which properties were valued at approximately $2.4 billion at the time of the spin off;H&R sold 69 real estate assets totalling approximately $3.0 billion through December 31, 2025, including the Bow and 100 Wynford;H&R has sold $1.1 billion and contracted to sell a further $0.4 billion of assets in 2026;H&R increased its percentage of residential and industrial real estate assets at the REIT's proportionate share(2) excluding assets classified as held for sale, from 34% as at June 30, 2021 to 84% as at December 31, 2025;H&R increased its percentage of real estate assets held in the United States at the REIT's proportionate share(2) excluding assets classified as held for sale, from 45% as at June 30, 2021 to 68% as at December 31, 2025 (excluding the Bow and 100 Wynford);H&R reduced its office portfolio at the REIT's proportionate share(2) excluding assets classified as held for sale, from approximately $5.0 billion as at June 30, 2021 to approximately $0.9 billion as at December 31, 2025 (excluding the Bow and 100 Wynford);H&R reduced its retail portfolio at the REIT's proportionate share(2) excluding assets classified as held for sale, from approximately $4.0 billion as at June 30, 2021 to approximately $0.3 billion as at December 31, 2025;H&R completed five single-tenant industrial developments in the Greater Toronto Area ("GTA") totalling 641,920 square feet and two residential developments in Dallas, TX, totalling 763 residential rental units;H&R increased average contractual rent for U.S. residential properties from U.S. $21.16 per square foot as at June 30, 2021 to U.S. $27.18 per square foot as at December 31, 2025;H&R increased average contractual rent for Canadian industrial properties from $7.17 per square foot as at June 30, 2021 to $10.05 per square foot as at December 31, 2025;H&R reduced debt per the REIT's Financial Statements(3) from approximately $6.1 billion as at June 30, 2021 to approximately $3.5 billion as at December 31, 2025;H&R improved debt to total assets at the REIT's proportionate share(3)(4) from 50.0% as at June 30, 2021 to 49.8% as at December 31, 2025;H&R improved its unencumbered asset to unsecured debt coverage ratio(5) from 1.65x as at June 30, 2021 to 1.92x as at December 31, 2025;H&R improved debt to Adjusted EBITDA (based on trailing 12 months) at the REIT's proportionate share(3)(4)(6) from 10.4x as at June 30, 2021 to 9.3x as at December 31, 2025. (1)  June 30, 2021 has been used as a benchmark as H&R's Strategic Repositioning Plan was announced prior to the release of Q3 2021 results.(2)  These are non-GAAP measures. Refer to the "Non-GAAP Measures" section of this news release.(3)  Debt includes mortgages payable, debentures payable, unsecured term loans and lines of credit.(4)  These are non-GAAP ratios. Refer to the "Non-GAAP Measures" section of this news release.(5)  Unencumbered assets are investment properties and properties under development without encumbrances for mortgages or lines of credit. Unsecured debt includes debentures payable, unsecured term loans and unsecured lines of credit.(6)  Adjusted earnings before interest, taxes, depreciation and amortization ("Adjusted EBITDA") is defined in the "Non-GAAP Measures" section of this news release. FINANCIAL HIGHLIGHTS
December 31December 31
20252024Total assets (in thousands)$9,108,286$10,620,487Debt to total assets per the REIT's Financial Statements(1)38.4 %33.4 %Debt to total assets at the REIT's proportionate share(1)(2)49.8 %43.7 %Debt to Adjusted EBITDA at the REIT's proportionate share(1)(2)(3)           9.3x          9.4xUnitholders' equity (in thousands)$4,135,718$5,278,743Units outstanding (in thousands)264,558262,016Exchangeable units outstanding (in thousands)15,44217,974Unitholders' equity per Unit$15.63$20.15Net Asset Value ("NAV") per Unit(2)(4)$16.09$20.92 
Three months ended December 31Year ended December 31(in thousands except for per Unit amounts)2025202420252024Rentals from investment properties$203,750$202,350$815,128$816,990Net operating income$143,107$141,149$509,083$519,918Same-Property net operating income (cash basis)(5)$123,148$122,651$489,739$481,813Net income (loss) from equity accounted investments($241,748)$82,308($271,064)$2,477Fair value adjustment on real estate assets($216,378)($53,265)($969,275)($425,884)Net income (loss)($250,308)$130,882($791,564)($119,714)Funds from Operations ("FFO")(5)$87,278$83,417$339,278$334,427Adjusted Funds from Operations ("AFFO")(5)$72,936$61,594$278,585$266,962Weighted average number of Units and exchangeable units279,993279,990279,990279,933FFO per basic and diluted Unit(2)$0.312$0.298$1.212$1.195AFFO per basic and diluted Unit(2)$0.260$0.220$0.995$0.954Cash distributions per Unit$0.150$0.150$0.600$0.600Special December cash distribution per Unit$—$0.120$—$0.120Payout ratio as a % of FFO(2)48.1 %90.6 %49.5 %60.3 %Payout ratio as a % of AFFO(2)57.7 %122.7 %60.3 %75.5 % (1)  Debt includes mortgages payable, debentures payable, unsecured term loans, lines of credit and liabilities classified as held for sale.(2)  These are non-GAAP ratios. Refer to the "Non-GAAP Measures" section of this news release.(3)  Adjusted EBITDA is based on the trailing 12 months and is calculated on page 9 of this news release.(4)  See page 12 of this news release for a detailed calculation of NAV per Unit.(5)  These are non-GAAP measures. Refer to the "Non-GAAP Measures" section of this news release.SUMMARY OF SIGNIFICANT 2025 ACTIVITYNet Operating Income Highlights:
Three months ended December 31Year ended December 31(in thousands of Canadian dollars)20252024% Change20252024% ChangeOperating Segment:





Same-Property net operating income (cash basis) - Residential(1)$44,033$43,5591.1 %$170,394$168,4171.2 %Same-Property net operating income (cash basis) - Industrial(1)15,83117,396(9.0 %)65,34367,851(3.7 %)Same-Property net operating income (cash basis) - Office(1)38,55337,9981.5 %154,682152,4481.5 %Same-Property net operating income (cash basis) - Retail(1)24,73123,6984.4 %99,32093,0976.7 %Same-Property net operating income (cash basis)(1) 123,148122,6510.4 %489,739481,8131.6 %Net operating income (cash basis) from Transactions at the REIT's proportionate share(1)(2)32,87331,0735.8 %126,390134,486(6.0 %)Realty taxes in accordance with IFRIC 21 at the REIT's proportionate share(1)(3)15,78114,6867.5 %——— %Straight-lining of contractual rent at the REIT's proportionate share(1)3,2843,527(6.9 %)13,89818,256(23.9 %)Net operating income from equity accounted investments(1) (31,979)(30,788)3.9 %(120,944)(114,637)5.5 %Net operating income per the REIT's Financial Statements$143,107$141,1491.4 %$509,083$519,918(2.1 %) (1)  These are non-GAAP measures. Refer to the "Non-GAAP Measures" section of this news release.(2)  Transactions includes acquisitions, dispositions, and transfers of investment properties to or from properties under development during the two-year period ended December 31, 2025.(3)  Realty taxes in accordance with IFRS Interpretations Committee Interpretation 21, Levies ("IFRIC 21") relates to the timing of the liability recognition for U.S. realty taxes. By excluding the impact of IFRIC 21, U.S. realty tax expenses are evenly matched with realty tax recoveries received from tenants throughout the period. Fair Value Adjustment on Real Estate AssetsThree months ended December 31Year ended December 31(in thousands of Canadian dollars)20252024Change20252024ChangeOperating Segment:





Residential($302,175)$56,099($358,274)($361,874)($39,312)($322,562)Industrial(16,975)5,225(22,200)(85,971)(24,872)(61,099)Office(126,531)(36,869)(89,662)(563,130)(275,732)(287,398)Retail(11,845)(14,385)2,540(96,660)(114,684)18,024Land and properties under development(18,437)485(18,922)(198,588)(27,178)(171,410)Fair value adjustment on real estate assets per the REIT's proportionate share(1)(475,963)10,555(486,518)(1,306,223)(481,778)(824,445)Less: equity accounted investments259,585(63,820)323,405336,94855,894281,054Fair value adjustment on real estate assets per the REIT's Financial Statements($216,378)($53,265)($163,113)($969,275)($425,884)($543,391) (1)  The REIT's proportionate share is a non-GAAP measure defined in the "Non-GAAP Measures" section of this news release.During the three months and year ended December 31, 2025, the fair value adjustments on real estate assets were primarily due to one office property and one residential property, both in Long Island City, NY. These adjustments were driven by feedback from the Strategic Review process and uncertainty surrounding the change in municipal political policies and the potential impact on New York City, its residents and investors.During the year ended December 31, 2025, additional fair value adjustments on real estate assets were primarily due to the following: (i) properties classified as held for sale, to be in line with the expected selling prices of these properties; (ii) a reduction in valuations of certain industrial properties due to lower market rent assumptions for renewals and vacant properties; and (iii) a reduction in valuations of the REIT's U.S. land parcels, primarily due to softening economic conditions for development projects as well as persistently high interest rates for construction financing, resulting in higher construction costs.Transaction HighlightsProperty DispositionsDuring the year ended December 31, 2025, H&R sold its ownership interests in eight Canadian retail properties, two U.S. retail properties, one Canadian office property and one commercial unit adjacent to a Canadian office property totalling 601,090 square feet for $121.0 million, all at H&R's ownership interest.In November 2025, H&R announced it had entered into binding agreements with multiple buyers to sell certain retail and office properties in Canada and the United States for approximately $1.5 billion.The following assets were sold for approximately $1.1 billion in January 2026. Net proceeds of approximately $727.3 million have been used to repay corporate debt.1) H&R's non-managing 33.1% ownership interest in ECHO Realty, L.P. ("ECHO");
2) 23 Canadian retail properties;
3) 145 Wellington Street West, a downtown Toronto office property; and
4) 88 McNabb Street, an office property in the GTA.The following assets are under contract to be sold and expected to close in Q1 2026:1) Hess Tower, a Houston, TX office property; and
2) Remaining 3 Canadian retail properties.Leasing UpdateIn June 2025, 6900 Maritz Drive in Mississauga, ON, a newly constructed 122,320 square foot industrial building reached substantial completion, at which point it was transferred from properties under development to investment properties. In September 2025, H&R entered into a binding letter of intent with a tenant to lease the full building at market rents commencing January 2026. The tenant has a 4-month rent free period commencing at the start of the lease term.In Q3 2025, H&R completed lease renewals at two single tenanted Canadian office properties located in Markham, ON and Sydney, NS, totalling 143,641 square feet, with annual contractual rent increasing by an average of $6.15 per square foot commencing in Q4 2025.In Q4 2025, H&R leased its remaining two industrial properties under development, 560 & 600 Slate Drive in Mississauga, ON. Both properties were leased at market rents for approximately 11 years to a single tenant. The leases will commence at 560 Slate Drive in March 2026 and in October 2026 for 600 Slate Drive, with a 5-month rent free period at both properties commencing at the start of the respective lease term. These properties are expected to be substantially completed and transferred from properties under development to investment properties in Q1 2026.The Royal Bank of Canada's 188,526 square foot lease at 330 Front Street West, in Toronto, ON matured on December 31, 2025. H&R is in negotiations with several prospective tenants for part of this space.Debt & Liquidity HighlightsDebenturesIn June 2025, H&R redeemed all of its $400.0 million, Series Q Senior Debentures upon maturity, which bore interest at 4.071% per annum.LiquidityAs at December 31, 2025, H&R had cash and cash equivalents of $52.1 million, $316.8 million available under its unused lines of credit and an unencumbered property pool of approximately $3.9 billion. In January 2026, H&R received net proceeds before closing costs of $727.3 million from the sale of ECHO and certain Canadian properties. $375.0 million of the proceeds were used to repay unsecured term loans. The majority of the remaining proceeds were used to repay lines of credit, further bolstering H&R's liquidity.2025 Cash Distributions H&R's cash distributions amounted to $0.60 per Unit during 2025 (2024 - $0.72 per Unit) which was comprised of monthly cash distributions which annualized to an aggregate amount of $0.60 per Unit (2024 - $0.60 per Unit). A special cash distribution of $0.12 per Unit was paid in 2024 (2025 - nil).For the year ended December 31, 2025, H&R's payout ratio as a percentage of Adjusted Funds from Operations ("AFFO") (a non-GAAP ratio, refer to the "Non-GAAP Measures" section of this news release) was 60.3% (2024 - 75.5%).2025 Taxation Consequences for Taxable Canadian UnitholdersH&R's cash distributions amounted to $0.60 per Unit during 2025. The REIT also made a special distribution to unitholders of record on December 31, 2025 of $0.15 per Unit payable in additional Units, which were immediately consolidated such that there was no change in the number of outstanding Units. The special distribution increased the adjusted cost basis of unitholders' consolidated Units.MONTHLY DISTRIBUTIONS DECLAREDH&R today declared distributions for the months of February and March scheduled as follows:
Distribution per UnitAnnualizedRecord dateDistribution dateFebruary 2026$0.05$0.60February 27, 2026March 16, 2026March 2026$0.05$0.60March 31, 2026April 15, 2026CONFERENCE CALL AND WEBCAST Management will host a conference call to discuss the financial results of the REIT on Friday, February 13, 2026 at 9.30 a.m. Eastern Time. Participants can join the call by dialing 1–800–717–1738 or 1–289–514–5100. For those unable to participate in the conference call at the scheduled time, a replay will be available approximately one hour following completion of the call. To access the archived conference call by telephone, dial 1–289–819–1325 or 1–888–660–6264 and enter the passcode 62704 followed by the "#" key. The telephone replay will be available until Friday, February 20, 2026 at midnight.A live audio webcast will be available through www.hr-reit.com/investor-relations/#investor-events. Please connect at least 15 minutes prior to the conference call to ensure adequate time for any software download that may be required to join the webcast. The webcast will be archived on H&R's website following the call date.The investor presentation is available on H&R's website at www.hr-reit.com/investor-relations/#investor-presentation.ABOUT H&R REITH&R is one of Canada's largest real estate investment trusts. H&R has ownership interests in a Canadian and U.S. portfolio primarily comprised of high–quality residential (operating as Lantower Residential), industrial and office properties totalling approximately 21.2 million square feet.FORWARD-LOOKING DISCLAIMER Certain information in this press release contains forward-looking information within the meaning of applicable securities laws (also known as forward-looking statements) including, among others, statements made or implied relating to H&R's objectives, beliefs, plans, estimates, targets, projections and intentions and similar statements concerning anticipated future events, results, circumstances, performance or expectations that are not historical facts, including the statements made under the heading "Summary of Significant 2025 Activity" including with respect to H&R's future plans and targets, the potential for additional asset sales, the expected timing of, and gross proceeds from, properties under contract to be sold, leasing of the REIT's investment properties, anticipated lease vacancies and new lease commencements, H&R's expectation with respect to its development properties, the value of assets and liabilities held for sale, capitalization rates and cash flow models used to estimate fair values, expectations regarding future operating fundamentals, management's expectations regarding future distributions by the REIT, and management's expectation to be able to meet all of the REIT's ongoing obligations. Forward-looking statements generally can be identified by words such as "outlook", "objective", "may", "will", "expect", "intend", "estimate", "anticipate", "believe", "should", "plans", "project", "budget" or "continue" or similar expressions suggesting future outcomes or events. Such forward-looking statements reflect H&R's current beliefs and are based on information currently available to management.  Forward-looking statements are provided for the purpose of presenting information about management's current expectations and plans relating to the future, and readers are cautioned that such statements may not be appropriate for other purposes. These statements are not guarantees of future performance and are based on H&R's estimates and assumptions that are subject to risks, uncertainties and other factors including those risks and uncertainties described below under "Risks and Uncertainties" and those discussed in H&R's materials filed with the Canadian securities regulatory authorities from time to time, which could cause the actual results, performance or achievements of H&R to differ materially from the forward-looking statements contained in this press release. Material factors or assumptions that were applied in drawing a conclusion or making an estimate set out in the forward-looking statements include assumptions relating to the general economy, including debt markets continuing to provide access to capital at a reasonable cost; and assumptions concerning currency exchange and interest rates. Additional risks and uncertainties include, among other things, those related to: real property ownership; the current economic environment; tariffs and other international trade disputes; property valuations; credit risk and tenant concentration; lease rollover risk; interest rate and other debt-related risks; inflation risk; development risks; residential rental risk; capital expenditure risk; currency risk; liquidity risk; cyber security risk and breach of privacy or information security systems; artificial intelligence and related technologies; expanding social media vehicles; financing credit risk; ESG and climate change risk; public health crises; co-ownership interest in properties; business continuity; general uninsured losses; joint arrangement and investment risks; talent management and succession planning; potential acquisition, investment and disposition opportunities and joint venture arrangements; potential undisclosed liabilities associated with acquisitions; competition for real property investments; potential conflicts of interest; litigation and regulatory risk; Unit prices; availability of cash for distributions; credit ratings; ability to access capital; dilution; unitholder liability; redemption right; investment eligibility; debentures; statutory remedies; unitholder activism; tax risk; and additional tax risks applicable to the REIT and to unitholders. H&R cautions that these lists of factors, risks and uncertainties are not exhaustive. Although the forward-looking statements contained in this press release are based upon what H&R believes are reasonable assumptions, there can be no assurance that actual results will be consistent with these forward-looking statements.Readers are also urged to examine H&R's materials filed with the Canadian securities regulatory authorities from time to time as they may contain discussions on risks and uncertainties which could cause the actual results and performance of H&R to differ materially from the forward-looking statements contained in this press release. All forward-looking statements in this press release are qualified by these cautionary statements. These forward-looking statements are made as of February 12, 2026 and the REIT, except as required by applicable Canadian law, assumes no obligation to update or revise them to reflect new information or the occurrence of future events or circumstances.NON-GAAP MEASURESThe audited consolidated financial statements of the REIT and related notes for the three months and year ended December 31, 2025 (the "REIT's Financial Statements") were prepared in accordance with International Financial Reporting Standards ("IFRS"). However, H&R's management uses a number of measures, including NAV per Unit, FFO, AFFO, FFO and AFFO per basic and diluted Unit, payout ratio as a % of FFO, payout ratio as a % of AFFO, debt to total assets at the REIT's proportionate share, debt to Adjusted EBITDA at the REIT's proportionate share, Same–Property net operating income (cash basis) and the REIT's proportionate share, which do not have meanings recognized or standardized under IFRS or GAAP. These non–GAAP measures and non–GAAP ratios should not be construed as alternatives to financial measures calculated in accordance with GAAP. Further, H&R's method of calculating these supplemental non–GAAP measures and ratios may differ from the methods of other real estate investment trusts or other issuers, and accordingly may not be comparable. H&R uses these measures to better assess H&R's underlying performance and provides these additional measures so that investors may do the same.For information on the most directly comparable GAAP measures, composition of the measures, a description of how the REIT uses these measures and an explanation of how these measures provide useful information to investors, refer to the "Non–GAAP Measures" section of the REIT's management's discussion and analysis as at and for the year ended December 31, 2025 available at www.hr–reit.com and on the REIT's profile on SEDAR+ at www.sedarplus.com, which is incorporated by reference into this news release.FINANCIAL POSITIONThe following table reconciles the REIT's Statement of Financial Position from the REIT's Financial Statements to the REIT's proportionate share (a non-GAAP measure):
December 31, 2025December 31, 2024(in thousands of Canadian dollars)REIT's FinancialStatementsEquity
accountedinvestmentsREIT's
proportionate
shareREIT's FinancialStatementsEquity
accountedinvestmentsREIT's
proportionate
shareAssets





Real estate assets





Investment properties$6,370,453$1,053,283$7,423,736$7,996,810$2,275,559$10,272,369Properties under development785,184240,9301,026,1141,010,648208,8981,219,546
7,155,6371,294,2138,449,8509,007,4582,484,45711,491,915Equity accounted investments484,702(484,702)—1,275,549(1,275,549)—Assets classified as held for sale1,142,900—1,142,90059,880—59,880Other assets272,9106,979279,889177,24634,758212,004Cash and cash equivalents52,1376,50358,640100,35441,000141,354
$9,108,286$822,993$9,931,279$10,620,487$1,284,666$11,905,153Liabilities and Unitholders' Equity





Liabilities





Debt$3,501,891$800,889$4,302,780$3,537,384$1,199,391$4,736,775Exchangeable units157,968—157,968166,800—166,800Deferred Revenue862,139—862,139906,363—906,363Deferred tax liability212,781—212,781413,186—413,186Accounts payable and accrued liabilities237,78922,104259,893304,97864,744369,722Liabilities classified as held for sale———13,033—13,033Non-controlling interest————20,53120,531
4,972,568822,9935,795,5615,341,7441,284,6666,626,410Unitholders' equity4,135,718—4,135,7185,278,743—5,278,743
$9,108,286$822,993$9,931,279$10,620,487$1,284,666$11,905,153DEBT TO ADJUSTED EBITDA AT THE REIT'S PROPORTIONATE SHAREThe following table provides a reconciliation of Debt to Adjusted earnings before interest, taxes, depreciation and amortization ("Adjusted EBITDA") at the REIT's proportionate share (a non-GAAP ratio):
December 31December 31(in thousands of Canadian dollars)20252024Debt per the REIT's Financial Statements(1)$3,501,891$3,550,417Debt - REIT's proportionate share of equity accounted investments(1)800,8891,199,391Debt at the REIT's proportionate share(1)4,302,7804,749,808H&R's share of ECHO's debt classified within assets held for sale(1)(2)361,423—Total Debt(1)4,664,2034,749,808


Year ended December 3120252024Net loss per the REIT's Financial Statements(791,564)(119,714)Net income from equity accounted investments (within equity accounted investments)(57)(430)Finance costs - operations253,893296,538Fair value adjustments on financial instruments and real estate assets1,324,237491,319Loss on sale of real estate assets, net of related costs74812,156(Gain) loss on foreign exchange (within equity accounted investments)879(856)Income tax recovery(182,420)(58,951)Non-controlling interest1,1711,256Adjustments:

The Bow and 100 Wynford non-cash rental income adjustments(94,559)(93,736)Straight-lining of contractual rent(13,898)(18,256)Fair value adjustment to unit-based compensation3,168(1,791)Adjusted EBITDA at the REIT's proportionate share$501,598$507,535Debt to Adjusted EBITDA at the REIT's proportionate share(1)9.3x9.4x (1)Debt includes mortgages payable, debentures payable, unsecured term loans, lines of credit and liabilities classified as held for sale.(2)H&R has included ECHO's debt classified within assets held for sale within Total Debt as ECHO's share of EBITDA has been included within Adjusted EBITDA at the REIT's proportionate share for the year ended December 31, 2025. RESULTS OF OPERATIONSThe following table reconciles the REIT's Results of Operations from the REIT's Financial Statements to the REIT's proportionate share (a non-GAAP measure):
Three months ended December 31, 2025Three months ended December 31, 2024(in thousands of Canadian dollars)REIT's FinancialStatementsEquity
accountedinvestmentsREIT's
proportionate
shareREIT's FinancialStatementsEquity
accountedinvestmentsREIT's
proportionate
shareRentals from investment properties$203,750$41,508$245,258$202,350$40,605$242,955Property operating costs(60,643)(9,529)(70,172)(61,201)(9,817)(71,018)Net operating income143,10731,979175,086141,14930,788171,937Net income (loss) from equity accounted investments(241,748)241,757982,308(82,169)139Finance costs - operations(50,869)(11,846)(62,715)(59,579)(12,448)(72,027)Finance income4,6544655,1192,9592373,196Trust expenses, net(3,886)(1,790)(5,676)(1,915)(650)(2,565)Fair value adjustment on financial instruments24,784(114)24,67039,01714539,162Fair value adjustment on real estate assets(216,378)(259,585)(475,963)(53,265)63,82010,555Gain (loss) on sale of real estate assets, net of related costs(1,054)10(1,044)268(377)(109)Gain on foreign exchange————935935Transaction costs(2,481)(560)(3,041)———Net income (loss) before income taxes and non-controlling interest(343,871)316(343,555)150,942281151,223Income tax (expense) recovery93,563(51)93,512(20,060)(28)(20,088)Net income (loss) before non-controlling interest(250,308)265(250,043)130,882253131,135Non-controlling interest—(265)(265)—(253)(253)Net income (loss)(250,308)—(250,308)130,882—130,882Other comprehensive income (loss):





Items that are or may be reclassified subsequently to net income (loss)(57,297)—(57,297)293,302—293,302Total comprehensive income (loss) attributable to unitholders($307,605)$—($307,605)$424,184$—$424,184RESULTS OF OPERATIONSThe following table reconciles the REIT's Results of Operations from the REIT's Financial Statements to the REIT's proportionate share (a non-GAAP measure):
Year ended December 31, 2025Year ended December 31, 2024(in thousands of Canadian dollars)REIT's FinancialStatementsEquity
accountedinvestmentsREIT's
proportionate
shareREIT's FinancialStatementsEquity
accountedinvestmentsREIT's
proportionate
shareRentals from investment properties$815,128$165,368$980,496$816,990$156,451$973,441Property operating costs(306,045)(44,424)(350,469)(297,072)(41,814)(338,886)Net operating income509,083120,944630,027519,918114,637634,555Net income (loss) from equity accounted investments(271,064)271,121572,477(2,047)430Finance costs - operations(205,551)(48,342)(253,893)(246,829)(49,709)(296,538)Finance income14,4981,72516,22311,57789112,468Trust expenses, net(19,381)(6,682)(26,063)(20,580)(5,125)(25,705)Fair value adjustment on financial instruments(17,498)(516)(18,014)(8,452)(1,089)(9,541)Fair value adjustment on real estate assets(969,275)(336,948)(1,306,223)(425,884)(55,894)(481,778)Gain (loss) on sale of real estate assets, net of related costs(2,254)1,506(748)(11,154)(1,002)(12,156)Gain (loss) on foreign exchange—(879)(879)—856856Transaction costs(12,740)(560)(13,300)———Net income (loss) before income taxes and non-controlling interest(974,182)1,369(972,813)(178,927)1,518(177,409)Income tax (expense) recovery182,618(198)182,42059,213(262)58,951Net income (loss) before non-controlling interest(791,564)1,171(790,393)(119,714)1,256(118,458)Non-controlling interest—(1,171)(1,171)—(1,256)(1,256)Net loss(791,564)—(791,564)(119,714)—(119,714)Other comprehensive income (loss):





Items that are or may be reclassified subsequently to net loss(219,573)—(219,573)393,292—393,292Total comprehensive income (loss) attributable to unitholders($1,011,137)$—($1,011,137)$273,578$—$273,578SAME-PROPERTY NET OPERATING INCOME (CASH BASIS)The following table reconciles net operating income per the REIT's Financial Statements to Same-Property net operating income (cash basis) (a non-GAAP measure):
Three months ended December 31Year ended December 31(in thousands of Canadian dollars)20252024Change20252024ChangeRentals from investment properties$203,750$202,350$1,400$815,128$816,990($1,862)Property operating costs(60,643)(61,201)558(306,045)(297,072)(8,973)Net operating income per the REIT's Financial Statements143,107141,1491,958509,083519,918(10,835)Adjusted for:





Net operating income from equity accounted investments31,97930,7881,191120,944114,6376,307Straight-lining of contractual rent at the REIT's proportionate share(3,284)(3,527)243(13,898)(18,256)4,358Realty taxes in accordance with IFRIC 21 at the REIT's proportionate share(15,781)(14,686)(1,095)———Net operating income (cash basis) from Transactions at the REIT's proportionate share(32,873)(31,073)(1,800)(126,390)(134,486)8,096Same-Property net operating income (cash basis)$123,148$122,651$497$489,739$481,813$7,926NAV PER UNITThe following table reconciles Unitholders' equity per Unit to NAV per Unit (a non-GAAP ratio):Unitholders' Equity per Unit and NAV per UnitDecember 31December 31(in thousands except for per Unit amounts)20252024Unitholders' equity$4,135,718$5,278,743Exchangeable units157,968166,800Deferred tax liability212,781413,186Total$4,506,467$5,858,729


Units outstanding264,558262,016Exchangeable units outstanding15,44217,974Total280,000279,990Unitholders' equity per Unit(1)$15.63$20.15NAV per Unit$16.09$20.92 (1)  Unitholders' equity per Unit is calculated by dividing unitholders' equity by Units outstanding.FUNDS FROM OPERATIONS AND ADJUSTED FUNDS FROM OPERATIONSThe following table reconciles net income (loss) per the REIT's Financial Statements to FFO and AFFO (non-GAAP measures):FFO AND AFFOThree Months ended December 31Year ended December 31(in thousands of Canadian dollars except per Unit amounts)2025202420252024Net income (loss) per the REIT's Financial Statements($250,308)$130,882($791,564)($119,714)Realty taxes in accordance with IFRIC 21(14,528)(13,474)——FFO adjustments from equity accounted investments260,259(64,747)341,41459,574Exchangeable unit distributions2,5144,85310,35512,941Provision for expected credit loss—5,60526837,605Fair value adjustments on financial instruments and real estate assets191,59414,248986,773434,336Fair value adjustment to unit-based compensation(1,260)(3,467)3,168(1,791)(Gain) loss on sale of real estate assets, net of related costs1,054(268)2,25411,154Transaction costs2,481—12,740—Deferred income tax expense (recovery) applicable to U.S. Holdco(93,819)19,754(184,269)(60,675)Incremental leasing costs6176112,3632,305The Bow and 100 Wynford non-cash rental income and accretion adjustments(11,326)(10,580)(44,224)(41,308)FFO$87,278$83,417$339,278$334,427Straight-lining of contractual rent(2,696)(3,298)(12,380)(17,606)Rent amortization of tenant inducements1,1171,1674,5084,574Capital expenditures(9,799)(13,107)(41,995)(39,588)Leasing expenses and tenant inducements(575)(3,932)(1,938)(6,629)Incremental leasing costs (617)(611)(2,363)(2,305)AFFO adjustments from equity accounted investments(1,772)(2,042)(6,525)(5,911)AFFO $72,936$61,594$278,585$266,962Basic and diluted weighted average number of Units and exchangeable units (in thousands of Units)(1)279,993279,990279,990279,933FFO per basic and diluted Unit$0.312$0.298$1.212$1.195AFFO per basic and diluted Unit$0.260$0.220$0.995$0.954Cash distributions per Unit$0.150$0.150$0.600$0.600Special December cash distribution per Unit$—$0.120$—$0.120Payout ratio as a % of FFO48.1 %90.6 %49.5 %60.3 %Payout ratio as a % of AFFO57.7 %122.7 %60.3 %75.5 % (1)  For the three months and year ended December 31, 2025, included in the weighted average and diluted weighted average number of Units are exchangeable units of 17,402,637 and 17,430,809, respectively. For the three months and year ended December 31, 2024, included in the weighted average and diluted weighted average number of Units are exchangeable units of 17,974,186.Additional information regarding H&R is available at www.hr-reit.com and on www.sedarplus.com. 





SOURCE H&R Real Estate Investment Trust

Original: H&R REIT Reports Fourth Quarter 2025 Financial Results

H&R REIT Announces Closings of Retail and Office Transactions and Other Leadership UpdatesJanuary 29, 2026 5:01 PM
PR Newswire (Canada)

TORONTO, Jan. 29, 2026 /CNW/ - H&R Real Estate Investment Trust ("H&R" or "the REIT") (TSX: HR.UN) today made the following announcements:Closings of Retail and Office TransactionsThe REIT has closed the following transactions which were previously announced on November 25, 2025:One Canadian retail property was sold on November 27, 2025;H&R's non-managing 33.1% ownership interest in Echo Realty, L.P.'s U.S. retail portfolio was sold on January 6, 2026. The purchaser assumed liabilities of $421.5 million at the REIT's ownership interest;23 Canadian retail properties were sold on January 27, 2026; and145 Wellington and 88 McNabb, two Greater Toronto Area ("GTA") office properties were sold on January 27, 2026.  Aggregate gross proceeds from the sales above amounted to approximately $1.1 billion. The net proceeds of approximately $727 million received in January 2026 were used to repay corporate debt.H&R has also entered into a management contract to manage the 23 Canadian retail and two office properties noted above.The REIT expects to close the transactions to sell Hess Tower, a Houston office property, in February 2026 and the remaining 3 Canadian retail properties in March 2026.Lantower Residential UpdateEffective April 1, 2026, Lantower Residential will externalize its property management operations and has entered into a master management agreement with Greystar. This strategic action is intended to enhance operating efficiency, improve cost structure, and increase strategic flexibility across the residential platform. The transition to a third-party management model is expected to yield cost savings of approximately U.S. $5 million annually. In addition, this structure allows Lantower Residential to evaluate and pursue multifamily investment opportunities in additional high-growth Sunbelt markets without incurring incremental start up or platform expansion costs, thereby improving capital allocation efficiency and scalability.Greystar is expected to retain the majority of Lantower's onsite property management employees and key home office associates, supporting operational continuity at the property level. Emily Watson will continue as Chief Operating Officer of Lantower Residential, and Hunter Webb will continue to lead the development platform, ensuring continuity of leadership, strategy, and execution. Lantower Residential is expected to retain approximately 20 employees in asset management, development and accounting functions for Lantower Residential's properties.The REIT believes this evolution of Lantower Residential's operating model strengthens margin durability, enhances portfolio flexibility, and positions the platform for long-term value creation while maintaining high standards of service for residents.Management UpdateMatt Kingston, the REIT's Executive Vice President of Development & Construction, has left the REIT effective January 15, 2026 to pursue other opportunities."During Matt's 8-year tenure with H&R and Primaris, he was instrumental in the creation and growth of the REIT's development group in Toronto, where he oversaw H&R's rezoning strategy for much of our downtown office portfolio," said Tom Hofstedter, Executive Chair and Chief Executive Officer. "The entire H&R REIT team thanks Matt for his service and wishes him best of luck in his future endeavors."Earnings ReleaseH&R also previously announced that it will release its financial results for the three months and year ended December 31, 2025 on Thursday, February 12, 2026.  Management will host a conference call to discuss the financial results for H&R REIT on Friday, February 13, 2026 at 9.30 a.m. Eastern Time.Conference CallParticipants can join the call by dialing 1-800-717-1738 or 1-289-514-5100. For those unable to participate in the conference call at the scheduled time, a replay will be available approximately one hour following completion of the call. To access the archived conference call by telephone, dial 1-289-819-1325 or 1-888-660-6264 and enter the passcode 62704 followed by the "#" key. The telephone replay will be available until Friday, February 20, 2026 at midnight.Webcast                                                                                                    A live audio webcast will be available through https://www.hr-reit.com/investor-relations/#investor-events.  Please connect at least 15 minutes prior to the conference call to ensure adequate time for any software download that may be required to join the webcast. The webcast will be archived on H&R's website following the call date.ABOUT H&R REITH&R REIT is one of Canada's largest real estate investment trusts. H&R REIT has ownership interests in a Canadian and U.S. portfolio primarily comprised of high-quality residential (operating as Lantower Residential), industrial and office properties comprising approximately 21.3 million square feet.FORWARD-LOOKING DISCLAIMERCertain information in this news release contains forward-looking information within the meaning of applicable securities laws (also known as forward-looking statements) including, among others, statements relating to H&R's objectives, beliefs, plans, estimates, targets, projections and intentions and similar statements concerning anticipated future events, results, circumstances, performance or expectations that are not historical facts, including with respect to H&R's future plans and targets, the sale of assets under contract or held for sale and the timing of closing thereof, the satisfaction of closing conditions for the sale of assets, the use of proceeds of the REIT from announced sales, expected annual management fee income to the REIT from managing the Canadian retail and office properties, the expected cost savings from the externalization of Lantower Residential's property management functions and the benefits thereof. . Forward-looking statements generally can be identified by words such as "outlook", "objective", "may", "will", "expect", "intend", "estimate", "anticipate", "believe", "should", "plans", "project", "budget" or "continue" or similar expressions suggesting future outcomes or events. Such forward-looking statements reflect H&R's current beliefs and are based on information currently available to management.Forward-looking statements are provided for the purpose of presenting information about management's current expectations and plans relating to the future and readers are cautioned that such statements may not be appropriate for other purposes. These statements are not guarantees of future performance and are based on H&R's estimates and assumptions that are subject to risks, uncertainties and other factors including those risks and uncertainties discussed in H&R's materials filed with the Canadian securities regulatory authorities from time to time, which could cause the actual results, performance or achievements of H&R to differ materially from the forward-looking statements contained in this news release. Material factors or assumptions that were applied in drawing a conclusion or making an estimate set out in the forward-looking statements include assumptions relating to the general economy, including the continuing effects of inflation; debt markets continue to provide access to capital at a reasonable cost; and assumptions concerning currency exchange and interest rates. Additional risks and uncertainties include, among other things, risks related to: real property ownership; the current economic environment; tariffs and other international trade disputes; property valuations; credit risk and tenant concentration; lease rollover risk; interest rate and other debt-related risks; inflation risk; development risks; residential rental risk; capital expenditure risk; currency risk; liquidity risk; cyber security risk and breach of privacy or information security systems; artificial intelligence and related technologies; expanded social media vehicles; financing credit risk; ESG and climate change risk; public health crises; co-ownership interest in properties; business continuity; general uninsured losses; joint arrangement and investment risks; talent management and succession planning; potential acquisition, investment and disposition opportunities and joint venture arrangements; potential undisclosed liabilities associated with acquisitions; competition for real property investments; potential conflicts of interest; litigation and regulatory risk; Unit prices; availability of cash for distributions; credit ratings; ability to access capital; dilution; unitholder liability; redemption right; investment eligibility; debentures; statutory remedies; unitholder activism; tax risk; and additional tax risks applicable to the REIT and to unitholders. H&R cautions that these lists of factors, risks and uncertainties are not exhaustive. Although the forward-looking statements contained in this news release are based upon what H&R believes are reasonable assumptions, there can be no assurance that actual results will be consistent with these forward-looking statements.Readers are also urged to examine H&R's materials filed with the Canadian securities regulatory authorities from time to time as they may contain discussions on risks and uncertainties which could cause the actual results and performance of H&R to differ materially from the forward-looking statements contained in this news release. All forward-looking statements contained in this news release are qualified by these cautionary statements. These forward-looking statements are made as of January 29, 2026 and the REIT, except as required by applicable Canadian law, assumes no obligation to update or revise them to reflect new information or the occurrence of future events or circumstances.Additional information regarding H&R REIT is available at www.hr-reit.com and on www.sedarplus.com. SOURCE H&R Real Estate Investment Trust

Original: H&R REIT Announces Closings of Retail and Office Transactions and Other Leadership Updates

Amenities for this community are expansive. Several parks are accessible to residents living. People have a great educational opportunity& investment in property.