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)(TSX:HR.DB.C)(TSX:HR.DB.D) is pleased to
announce it has entered into an agreement to sell on a bought deal basis, to a
syndicate of underwriters co-led by CIBC and RBC Capital Markets $100 million
principal amount of senior unsecured debentures (the "Series E Debentures"). The
Series E Debentures will bear interest at a rate of 4.900% and will mature on
February 2, 2018.


The net proceeds from the offering of the Series E Debentures will be utilized
by the REIT to repay bank indebtedness, fund future property acquisitions, and
for general trust purposes.


DBRS Limited has provided H&R with a provisional credit rating of BBB with a
stable trend relating to the Series E Debentures. Closing is expected to occur
on or about November 3, 2011.


The offering of the Series E Debentures is being made under H&R's existing short
form base shelf prospectus dated March 31, 2011, as amended. The terms of the
offering of the Series E Debentures will be described in a prospectus supplement
to be filed with Canadian securities regulators.


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 and H&R Finance Trust (together, "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 REIT's expectation regarding the closing of the offering of
Series D Debentures and future acquisition of properties. 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: 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; competition for real
property investments; environmental matters; reliance on one corporation for
management of substantially all H&R REIT'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 is 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.

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