HR.UN H and R Real Estate Investment Trust

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE
UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A
VIOLATION OF U.S. SECURITIES LAW.


H&R Real Estate Investment Trust ("H&R") (TSX:HR.UN)(TSX:HR.DB)(TSX:HR.DB.B) is
pleased to announce an agreement to sell, to a syndicate of underwriters co-led
by RBC Capital Markets and CIBC World Markets, on a bought deal basis, an
additional $25 million principal amount of 6.00% convertible unsecured
subordinated debentures due June 30, 2017 (the "Convertible Debentures") based
on the same terms and conditions as outlined in this morning's press release,
resulting in a total offering size of $175 million. 


Forward-looking Statements

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 relating to the objectives of
H&R REIT ("H&R"), strategies to achieve those objectives, H&R's beliefs, plans,
estimates, and intentions, and similar statements concerning anticipated future
events, results, circumstances, performance or expectations that are not
historical facts including, in particular, H&R's expectation regarding future
developments in connection with the offering of the Convertible Debentures and
the redemption of the warrants pursuant to the Fairfax Agreement..
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. These statements are not guarantees of future
performance and are based on H&R's estimates and assumptions that are subject to
risk 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. Those risks and
uncertainties include, among other things, risks related to: the completion of
the offering of the Convertible Debentures and the redemption of the Warrants;
the offering of the Convertible Debentures not being completed such that the
redemption of the Warrants may not occur, conditions of the Fairfax Agreement
not being satisfied; prices and market value of securities of H&R; availability
of cash for distributions; development and financing relating to The Bow
development; restrictions pursuant to the terms of indebtedness; liquidity;
credit risk and tenant concentration; interest rate and other debt related risk;
tax risk; ability to access capital markets; dilution; lease rollover risk;
construction risks; currency risk; unitholder liability; co-ownership interest
in properties; mezzanine financing credit risk; competition for real property
investments; environmental matters; reliance on one corporation for management
of substantially all H&R's properties; 

changes in legislation and indebtedness of H&R. Material factors or assumptions
that were applied in drawing a conclusion or making an estimate set out in the
forward-looking statements include that the general economy is stable; local
real estate conditions are stable; interest rates are relatively stable; and
equity and debt markets continue to provide access to capital. H&R cautions that
this list of factors is not exhaustive. Although the forward-looking statements
contained in this news release are based upon what H&R believes are reasonable
assumptions, including assumptions regarding achievable income property
acquisition opportunities available to H&R and the terms of available financing
in connection with such acquisitions, 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.

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