H&R Real Estate Investment Trust

H&R Real Estate Investment Trust

February 24, 2005 16:24 ET

H&R Real Estate Investment Trust Announces $100 Million Offering of Trust Units


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: H&R REAL ESTATE INVESTMENT TRUST

TSX SYMBOL: HR.UN

FEBRUARY 24, 2005 - 16:24 ET

H&R Real Estate Investment Trust Announces $100
Million Offering of Trust Units

TORONTO, ONTARIO--(CCNMatthews - Feb. 24, 2005) - H&R Real Estate
Investment Trust ("H&R") (TSX:HR.UN) has announced that it has entered
into an agreement to sell, to a syndicate of underwriters led by CIBC
World Markets Inc., 5,250,000 trust units at $19.10 per unit to raise
gross proceeds of $100,275,000. Closing is expected to occur on or about
March 16, 2005, subject to regulatory approval. The proceeds of the
offering will be used to fund acquisitions, repay indebtedness and for
general trust purposes.

About H&R

H&R REIT is a TSX-listed, closed-end real estate investment trust, which
holds interests in a principally Canadian portfolio of 32 office, 103
industrial and 64 retail properties and 4 development projects, with a
book value of $3.2 billion. The foundation of H&R's success is a
disciplined strategy that leads to consistent and profitable growth.

H&R REIT has a distribution reinvestment plan for its unitholders, which
allows participants to reinvest their monthly cash distributions in
additional H&R units at an effective discount of 3%. Beneficial
unitholders who would like to enroll in the plan should contact the
nominee (stockbroker, bank, trust company or investment banker) with
whom their units are registered.

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

The securities being offered have not been, nor will be, registered
under the United States Securities Act of 1933, as amended, and may not
be offered or sold in the United States absent registration or
applicable exemption from the registration requirement of such Act. This
release does not constitute an offer for sale of securities in the U.S.
and any public offering of securities in the U.S. will be made by means
of a prospectus.

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.

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    H&R Real Estate Investment Trust
    Thomas J. Hofstedter
    President and Chief Executive Officer
    Toll-Free: (416) 635-7520 x555
    (416) 398-0040 (FAX)
    Email: info@hr-reit.com