Date Closed

June 14, 2012

Lead Office

Toronto

Value

500.00 Million CAD

On June 14, 2012, H&R Real Estate Investment Trust (H&R) completed offerings on two series of first mortgage bonds secured by The Bow building in Calgary, Alberta and issued by Centre Street Trust, a wholly owned entity of H&R. The offering of C$500 million closed on June 14, 2012 and was comprised of: (a) C$250 million, 9 year term (maturing June 14, 2021), semi-annual interest only bonds with an interest rate of 3.690% (the “Series A Bonds”) and (b) C$250 million, 10 year term (maturing June 14, 2022), semi-annual 30 year amortizing bonds with an interest rate of 3.693% (the “Series B Bonds” together with the Series A Bonds, the “Initial Bonds”). The Initial Bonds achieved a provisional rating of A by DBRS.

H&R intends to use the proceeds from the Offering to repay indebtedness and for future acquisitions, including financing a portion of the completed acquisition of a one-third interest in Scotia Plaza in downtown Toronto, one of Canada’s preeminent office properties that closed on June 15, 2012.

McCarthy Tétrault LLP represented RBC Capital Markets, the agent, with a team led by Gordon Sato.