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)(TSX:HR.DB.E) 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 RBC Capital Markets and CIBC
$150 million principal amount of senior unsecured debentures (the "Series F
Debentures"). The Series F Debentures will bear interest at a rate of 4.45% and
will mature on March 2, 2020.


The net proceeds from the offering of the Series F Debentures will be utilized
by the REIT to fund future property acquisitions and development, to repay
outstanding indebtedness 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 F Debentures. Closing is expected to occur
on or about April 5, 2012.


The offering of the Series F 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 F 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
the REIT and H&R Finance Trust, 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, the terms and timing of
the offering of the Series F Debentures. 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 the REIT's properties; and
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, 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 the REIT and H&R Finance Trust is available at
www.hr-reit.com and on www.sedar.com.

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