Leading Independent Proxy Advisory Firms, ISS and Glass Lewis, Recommend H&R REIT's Unitholders vote FOR all proposed items at the Upcoming Annual Meeting of Unitholders and Provides update on Repurchases of Units

TORONTO, May 31, 2023 /CNW/ - H&R Real Estate Investment Trust ("H&R" or the "REIT") (TSX: HR.UN), is pleased to announce that both Institutional Shareholder Services Inc., ("ISS") and Glass Lewis and Co., LLC ("Glass Lewis") have recommended that H&R's unitholders vote FOR all of the resolutions that will be put forth at H&R's annual meeting of unitholders (the "Meeting"), scheduled for June 15, 2023 at 10:30 a.m. (Eastern time). The Meeting will be held in a virtual-only format via live audio webcast online at www.virtualshareholdermeeting.com/HRREIT2023.

H&R's unitholders are encouraged to read the REIT's management information circular (the "Circular") dated April 25, 2023 in detail and cast their votes prior to the proxy voting deadline. The Circular is available under H&R's profile on SEDAR at www.sedar.com and at www.meetingdocuments.com/tsxt/hr. The proxy voting deadline is 10:30 a.m. (Eastern time) on June 13, 2023 and the full details of voting procedures are described in the Circular. H&R's board of trustees recommends that unitholders vote FOR all trustee nominees and meeting resolutions.

H&R's unitholders who have questions about the Meeting or the Meeting resolutions can contact the REIT's strategic unitholder communications advisor, Laurel Hill Advisory Group, by telephone at 1-877-452-7184 toll-free in Canada of 416-304-0211 for international calls or by e-mail at [email protected].

Since the announcement of the REIT's first quarter financial results on May 12, 2023, the REIT has repurchased 911,900 Units for cancellation, at a weighted average price of approximately $10.31 per Unit, for a total cost of $9.4 million, under the REIT's normal course issuer bid.

H&R REIT is one of Canada's largest real estate investment trusts with total assets of approximately $11.4 billion as at March 31, 2023. H&R REIT has ownership interests in a North American portfolio comprised of high-quality residential, industrial, office and retail properties comprising over 28.7 million square feet. H&R's strategy is to create a simplified, growth-oriented business focused on residential and industrial properties in order to create sustainable long-term value for unitholders. H&R plans to sell its office and retail properties as market conditions permit. H&R's target is to be a leading owner, operator and developer of residential and industrial properties, creating value through redevelopment and greenfield development in prime locations within Toronto, Montreal, Vancouver, and high growth U.S. sunbelt and gateway cities.

Additional information regarding H&R REIT is available at www.hr-reit.com and on www.sedar.com

SOURCE H&R Real Estate Investment Trust