H&R Real Estate Investment Trust : Latest version of our quarterly investor presentationDownload

CAUTION REGARDING FORWARD- LOOKING STATEMENTS

F O R W A R D - L O O K I N G S T A T E M E N T S

Certain statements made in this presentation will contain 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 Real Estate Investment Trust's ("H&R" or "the REIT") objectives, strategies to achieve those objectives, H&R's beliefs, plans, estimates, projections and intentions and statements with respect to H&R's strategic repositioning initiatives, including the disposition of H&R's remaining retail assets and the monetization of H&R's ECHO interest, the disposition of office properties without redevelopment opportunities, including in each case the proceeds therefrom, H&R's focus on residential and industrial assets and its development pipeline, the benefits to H&R from the foregoing, including the impact on H&R's financial metrics, including NAV, capital structure and opportunities, H&R's development pipeline and activities, including planned future expansions and building of new properties, the expected yield on cost of H&R's developments and other investments, the expected costs and timing of any of H&R's projects and H&R's target business and financial metrics. Statements concerning forward‐looking information 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 and uncertainties, including those discussed in H&R's materials filed with the Canadian securities regulatory authorities from time to time, including H&R's MD&A for the three and six months ended June 30, 2023, and H&R's most recently filed annual information form, which could cause the actual results and performance of H&R to differ materially from the forward‐looking statements made in this presentation. Although the forward‐looking statements made in this presentation 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 made in this presentation. All forward‐looking statements made in this presentation are qualified by these cautionary statements. These forward‐looking statements are made as of August 10, 2023 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.

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N O N - G A A P M E A S U R E S

The REIT's unaudited condensed consolidated interim financial statements have been prepared in accordance with International Accounting Standard 34, Interim Financial Reporting. However, H&R's management uses a number of measures, including the REIT's proportionate share, Same-Property net operating income (cash basis), funds from operations ("FFO"), debt to adjusted earnings before interest, taxes, depreciation and amortization ("Adjusted EBITDA") at the REIT's proportionate share, debt to total assets at the REIT's proportionate share, FFO per Unit, payout ratio as a % of FFO and net asset value ("NAV") per unit, which do not have a meaning recognized or standardized under IFRS or Canadian Generally Accepted Accounting Principles ("GAAP"). These non-GAAP financial measures and non-GAAP ratios should not be construed as an alternative to financial measures calculated in accordance with GAAP. Further, H&R's method of calculating these supplemental non-GAAP measures 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 its 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, an explanation of how these measures provide useful information to investors and a reconciliation of the measures to the most directly comparable GAAP measures, as applicable, refer to the "Non-GAAP Measures" section of the REIT's management discussion and analysis as at and for the three and six ended June 30, 2023, available at www.hr-reit.comand on the REIT's profile on SEDAR at www.sedar.com, which is incorporated by reference herein.

O T H E R

Balance Sheet figures have been converted at $1.32 CAD for each U.S. $1.00, unless otherwise stated.

Income Statement figures have been converted at $1.35 CAD for the three and six months ended June 30, 2023 for each U.S. $1.00, unless otherwise stated.

All figures have been reported in Canadian dollars unless otherwise stated.

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TABLE OF CONTENTS

Transformational Strategic

T R A N S F O R M A T I O N A L S T R A T E G I C R E P O S I T I O N I N G P L A N

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REPOSITIONED

FOR GROWTH

To be a leading owner, operator and developer of residential and industrial properties, surfacing value through development and rezoning, funded by capital recycling.

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