20 YEARS OF ENTREPRENEURIALVALUE CREATION

1

JUNE 17, 2016

Thomas J. HofstedterPRESIDENT AND CHIEF EXECUTIVE OFFICER

2

Forward Looking Statements

Certain statements made at this meeting will contain forward‐looking information within the meaning of applicable securities laws (also known asforward‐looking statements) including, among others, statements made or implied relating to the Trusts’ objectives, strategies to achieve thoseobjectives, the Trusts’ beliefs, plans, estimates, projections and intentions and similar statements concerning can be identified by words such as“outlook”, “objective”, “may”, “will”, “expect”, “intend”, “estimate”, “anticipate”, “believe”, “should”, “plans”, “project”, “budget” or “continue” or similarexpressions suggesting future outcomes or events. Such forward‐looking statements reflect the Trusts’ current beliefs and are based on informationcurrently available to management. Forward‐looking statements are provided for the purpose of presenting information about management’s currentexpectations and plans relating to the future and readers are cautioned that such statements may not be appropriate for other purposes. Thesestatements are not guarantees of future performance and are based on the Trusts’ estimates and assumptions that are subject to risks anduncertainties, including those discussed in the Trusts’ materials filed with the Canadian securities regulatory authorities from time to time, which couldcause the actual results and performance of the Trusts to differ materially from the forward‐looking statements made at this meeting. Those risks anduncertainties include, among other things, risks related to: unit price risk; real property ownership; credit risk and tenant concentration; interest and otherdebt‐related risk; ability to access capital markets; lease rollover risk; joint arrangements risk; currency risk; construction risks; availability of cash fordistributions; the REIT’s expectation with respect to contributions to rental revenue by new tenants in former Target locations; the timing of completionand occupancy of any leases relating to such premises and the cost of subdividing and re-leasing such premises; the expected budget and occupancyof the LIC Project; the expected contributions by the REIT to the LIC Project; the expected net leasable area and occupancy date for the industrialproperties at Airport Road Business Park; environmental risk; tax risk; tax consequences to U.S. holders; dilution; unitholder liability; redemption rightrisk and risks relating to debentures. Material factors or assumptions that were applied in drawing a conclusion or making an estimate set out in theforward‐looking statements include that the general economy is stable (other than Alberta); local real estate conditions are stable (other than Alberta);interest rates are relatively stable; and equity and debt markets are volatile and access to equity and debt markets is erratic. The Trusts caution that thislist of factors is not exhaustive. Although the forward‐looking statements made at this meeting are based upon what the Trusts believe are reasonableassumptions, there can be no assurance that actual results will be consistent with these forward‐looking statements. Readers are also urged to examinethe REIT and Finance Trust’s materials filed with the Canadian securities regulatory authorities from time to time as they may contain discussions onrisks and uncertainties which could cause the actual results and performance of the REIT and Finance Trust to differ materially from the forward‐lookingstatements made at this meeting. Neither Finance Trust nor any of its trustees or officers, assumes any responsibility for the completeness of theinformation contained in the REIT’s materials filed with the Canadian securities regulatory authorities or for any failure of the REIT or its trustees orofficers to disclose events or facts which may have occurred or which may affect the significance or accuracy of any such information. Neither the REITnor any of its trustees or officers, assumes any responsibility for the completeness of the information contained in Finance Trust’s materials filed with theCanadian securities regulatory authorities or for any failure of Finance Trust or its trustees or officers to disclose events or facts which may haveoccurred or which may affect the significance or accuracy of any such information. All forward‐looking statements made at this meeting are qualified bythese cautionary statements. These forward‐looking statements are made as of June 17, 2016 and the Trusts, except as required by applicable law,assume no obligation to update or revise them to reflect new information or the occurrence of future events or circumstances.

3

OUR JOURNEY

1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

21.9%CAGR

$340.6M

$14.7B

Asset Value

4

stopped thinkingabout how to

growvalue

We’ve never

5

OUR TRACK RECORD

$569.9M

1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

DISTRIBUTABLE INCOME

22.4%CAGRFunds from Operations

6

FUNDS FROM OPERATIONS

$14.9M

OFFICE

OFFICE PORTFOLIO

• 39 properties• 13.5M sq. ft. GLA• 98.1% occupied• Average lease term

of 12.8 years

The best addresses.Landmark propertiesSuperb tenants

7

INDUSTRIAL

INDUSTRIAL PORTFOLIO

• 104 properties• 11.9M sq. ft. GLA• 99.2% occupied

8

Blue chip tenants,Institutional partners.Strategically located

RETAIL

Diverse,High traffic.Multiple asset typesMultiple regions

RETAIL PORTFOLIO

• 367 properties • 19.3M sq. ft. GLA• 92.4% occupied

9

RESIDENTIAL

RESIDENTIAL PORTFOLIO

• 8 properties• 2,586 suites• 93.9% occupied• $1.07 psf average

net rent/month

Great locations,Attractive growth.Fragmented marketExcellent regionalgrowth profile

10

THE MOST DIVERSIFIED REIT

Ontario34%

Alberta28%

Other Canadian provinces

10%

United States28% Office

50%

Industrial8%

Residential3%

Retail39%

Fair value at March 31, 2016: $13.8B

Geography Asset Class

11

2015 RESULTS

Forged partnership with PSP and Crestpoint

Added multi-residential properties in Texas and Florida

Commenced construction on 1,871 unit Long Island City Project in NYC

($ millions except per unit amounts) 2015 2014Rental revenue $1,188.3 $1,227.8

Property operating income $773.5 $803.3

FFO $569.9 $543.0

FFO/unit (basic) $1.95 $1.88

Cash provided by operations $771.5 $765.9

Distributions/unit $1.35 $1.35

Payout ratio 69.2% 71.8%

12

Q1 2016 RESULTS

Continued acquisition, development and asset sales

Added $200 million unsecured credit facility

($ millions except per unit amounts) Q1 2016 Q1 2015Rental revenue $303.4 $299.3

Property operating income (adjusted for IFRIC 21)

$196.4 $195.7

FFO $147.6 $139.9

FFO/unit (basic) $0.50 $0.48

Cash provided by operations $152.2 $179.9

Distributions/unit $0.34 $0.34

Payout ratio 68.0% 70.8%

13

Balance Sheet: stronger than ever before

Debt/asset ratio: 46.4%

$465M available credit

$2B of unencumbered assets

Staggered mortgage maturities

Long-term leases

14

A strategic creator of value

15

Patrick Sullivan

16

CHIEF OPERATING OFFICER

17

1British Columbia

41Ontario

11Western USA.

63Southern USA

110Northeast USA

As at March 31, 2016

Our retail presence

92% $549/sq. ft.Occupancy* Enclosed mall

same-store sales

20Alberta 5

Manitoba 6Quebec 2

Atlantic Canada

108Midwest USA

*Weighted average of Primaris, H&R Retail and ECHO

BACKFILLING TARGET

New leases priced at 211% of Target’s rentOccupancy between Oct. 2016 and end of 2017

Target rent Backfill rentOriginal GLA GLA afterredevelopment

Backfill progress

831.7

673.579%

of new GLA

$9.3M

$4.4M

Former Target space (at H&R’s interest)Thousands of square feet

Annual Base Rent (at H&R’s interest)

18

Alberta:National brand tenants

Excellent locations

Continuing strong sales performance*

19

*12 months ended 03/31/16

PhilippeLapointeCHIEF OPERATING OFFICER

20

ATTRACTIVE MULTI-FAMILY DEMOGRAPHICS

21

Source: U.S. Census Bureau, U.S. Bureau of Labor Statistics

Population Growth (%)(2010-2015)

Job Growth (%)(Non-Farm: 2010-2015)

7.8

4.3 3.8

Texas Florida U.S

12.6

16.9

9.8

Texas Florida U.S

16.6

15.2

10.3

Texas Florida U.S

Growth in Renters (%)(2010-2015)

ACCRETIVE ACQUISITION OPPORTUNITIESIN A FRAGMENTED MARKET

8 properties2,586 suites$398 million value

22

Transformational development

1,871 luxury residential suites in Long Island City, NYU.S.$1.2B (50% JV with Tishman Speyer)Occupancy end of 2017

23

Thomas J. HofstedterPRESIDENT AND CHIEF EXECUTIVE OFFICER

24

CONTINUED STRONG PERFORMANCE FROM ECHO REALTY

Financial Results (100% of ECHO)

(in US$ millions) 2015 2014 % change

Net Operating Income $102.6 $88.3 16.2%

Funds from Operations $74.7 $60.5 23.3%

H&R REIT has a 33.6% interest in ECHO

$172.4M in acquisitions in 2015, including 9 grocery-anchored centres

25

26

Quality + Diversification + Scale =Stability, Security & Growth

Value Creation

27

Commitment to excellence in governance

Enhanced unitholder rights

Skilled and seasoned guidance from Board of Trustees

Trustee term limits

Regular investor communications

20 YEARS OF ENTREPRENEURIALVALUE CREATION

28

JUNE 17, 2016