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 REIT")
(TSX:HR.UN)(TSX:HR.DB.D)(TSX:HR.DB.E)(TSX:HR.DB.H) is pleased to announce it has
entered into an agreement to sell on a private placement "best efforts" agency
basis, to a syndicate of agents led by TD Securities Inc. $235 million principal
amount of senior unsecured debentures (the "Series H Debentures"). The Series H
Debentures will be issued at par, bear interest at a rate equal to 3-month CDOR
plus 150 basis points payable quarterly in arrears and will mature on October 9,
2015. 


Subject to customary closing conditions, the offering is scheduled to close on
October 9, 2013. It is a condition of closing to the offering that the
debentures be rated at least BBB with a stable trend by DBRS. The offering is on
a private placement basis and the debentures will be issued pursuant to H&R
REIT's trust indenture dated February 3, 2010 as supplemented. These debentures
will rank pari passu with H&R REIT's outstanding senior unsecured debentures. 


The net proceeds of the offering will be used for the repayment of existing
indebtedness and for general trust purposes. 


The debentures offered have not been registered under the U.S. Securities Act of
1933, as amended, and may not be offered or sold in the United States absent
registration or an applicable exemption from the registration requirements. This
press release shall not constitute an offer to sell or the solicitation of an
offer to buy nor shall there be any sale of the debentures in any jurisdiction
in which such offer, solicitation or sale would be unlawful. 


About H&R REIT 

H&R REIT is an open-ended real estate investment trust, which owns a North
American portfolio of 41 office, 112 industrial and 165 retail properties
comprising over 53 million square feet and 2 development projects, with a fair
value of approximately $13 billion. In addition, H&R REIT has a one-third
interest in ECHO Realty LP which owns 176 properties totalling 7.4 million
square feet. The foundation of H&R REIT's success since inception in 1996 has
been a disciplined strategy that leases to consistent and profitable growth. H&R
REIT leases its properties for long terms to creditworthy tenants and strives to
match those leases with primarily long-term, fixed-rate financing. 


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 expected date of
closing for the offering the objectives of H&R REIT, strategies to achieve those
objectives, H&R REIT's beliefs, plans, estimates, and intentions, and similar
statements concerning anticipated future events, results, circumstances,
performance or expectations that are not historical facts. 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 REIT's current beliefs and are bases on information currently available to
management. These statements are not guarantees of future performance and are
based on H&R REIT's estimates and assumptions that are subject to risk and
uncertainties, including those discussed in H&R REIT's materials filed with the
Canadian securities regulatory authorities from time to time, which could cause
the actual results and performance of H&R REIT to differ materially from the
forward-looking statement 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 REIT; availability of cash for distributions;
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; and changes in legislation and
indebtedness of H&R REIT. 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 REIT 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 REIT believes are reasonable
assumptions, there can be no assurance that actual results will be consistent
with those 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 REIT, 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 and H&R Finance Trust is available at
www.hr-reit.com and on www.sedar.com. 


FOR FURTHER INFORMATION PLEASE CONTACT: 
H&R Real Estate Investment Trust
Larry Froom
Chief Financial Officer
416-635-7520
info@hr-reit.com
www.hr-reit.com

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