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1 INVESTOR PRESENTATION February 2026 REPOSITIONED FOR GROWTH
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2 F O R W A R D - L O O K I N G S T A T E M E N T S Certain statements made in this presentation will contain forward‐looking information within the meaning of applicable securities laws (also known as forward‐looking statements) including, among others, statements made or implied relating to H&R Real Estate Investment Trust’s (“H&R” or “the REIT”) objectives, strategies to achieve those objectives, H&R’s beliefs, plans, estimates, projections and intentions and statements with respect to H&R's strategic repositioning initiatives, including the disposition of H&R's remaining office and retail assets, including in each case the proceeds therefrom, H&R's focus on certain asset classes and its development pipeline, the benefits to H&R from the foregoing, including the impact on H&R's financial metrics, including NAV, capital structure and opportunities, H&R's development pipeline and activities, including planned future expansions and building of new properties, the expected yield on cost of H&R's developments and other investments, the expected costs and timing of any of H&R's projects and H&R's target business and financial metrics. Statements concerning forward‐looking information 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’s current beliefs and are based on information currently available to management. Forward‐looking statements are provided for the purpose of presenting information about management’s current expectations and plans relating to the future and readers are cautioned that such statements may not be appropriate for other purposes. These statements are not guarantees of future performance and are based on H&R’s estimates and assumptions that are subject to risks and uncertainties, including those discussed in H&R’s materials filed with the Canadian securities regulatory authorities from time to time, including H&R’s MD&A for the year ended December 31, 2025, and H&R’s most recently filed annual information form, which could cause the actual results and performance of H&R to differ materially from the forward‐looking statements made in this presentation. Although the forward‐looking statements made in this presentation are based upon what H&R believes are reasonable assumptions, there can be no assurance that actual results will be consistent with these forward‐looking statements. Readers are also urged to examine H&R’s materials filed with the Canadian securities regulatory authorities from time to time as they may contain discussions on risks and uncertainties which could cause the actual results and performance of H&R to differ materially from the forward‐looking statements made in this presentation. All forward‐looking statements made in this presentation are qualified by these cautionary statements. These forward‐looking statements are made as of February 12, 2026 and H&R, 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. . N O N - G A A P M E A S U R E S The REIT’s audited consolidated financial statements have been prepared in accordance with IFRS Accounting Standards (“IFRS”). However, H&R’s management uses a number of measures, including the REIT's proportionate share, Same-Property net operating income (cash basis), funds from operations ("FFO"), debt to adjusted earnings before interest, taxes, depreciation and amortization ("Adjusted EBITDA") at the REIT’s proportionate share, debt to total assets at the REIT’s proportionate share, FFO per basic and diluted Unit, payout ratio as a % of FFO and net asset value ("NAV") per unit, which do not have a meaning recognized or standardized under IFRS or Canadian Generally Accepted Accounting Principles (“GAAP”). These non-GAAP financial measures and non-GAAP ratios should not be construed as an alternative to financial measures calculated in accordance with GAAP. Further, H&R’s method of calculating these supplemental non-GAAP measures may differ from the methods of other real estate investment trusts or other issuers, and accordingly may not be comparable. H&R uses these measures to better assess its underlying performance and provides these additional measures so that investors may do the same. For information on the most directly comparable GAAP measures, composition of the measures, a description of how the REIT uses these measures, an explanation of how these measures provide useful information to investors and a reconciliation of the measures to the most directly comparable GAAP measures, as applicable, refer to the “Non-GAAP Measures” section of the REIT’s management discussion and analysis as at and for the year ended December 31, 2025, available at www.hr-reit.com and on the REIT’s profile on SEDAR+ at www.sedarplus.com, which is incorporated by reference herein. O T H E R Balance Sheet figures have been converted at $1.37 CAD for each U.S. $1.00, unless otherwise stated. Income Statement figures have been converted at $1.40 CAD for both the three months and year ended December 31, 2025 for each U.S. $1.00, unless otherwise stated. All figures have been reported in Canadian dollars unless otherwise stated. CAUTION REGARDING FORWARD - LOOKING STATEMENTS
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3 Transformational Strategic Repositioning Plan Independent Board of Trustees and Senior Leadership Team Portfolio Overview Strong and Flexible Balance Sheet Investment Proposition Developments Environmental • Social • Governance TABLE OF CONTENTS 4 11 14 20 23 25 36
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4 T R A N S F O R M A T I O N A L S T R A T E G I C R E P O S I T I O N I N G P L A N 4
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5 1. June 30, 2021 has been used as a benchmark since H&R’s Strategic Repositioning Plan was announced prior to the release of Q3 2021 results. 2. Retail sales exclude the 27 properties contributed to Primaris REIT and any properties sold through H&R’s investment in Echo Realty LP (“ECHO”). 3. Debt includes mortgages payable, debentures payable, unsecured term loans, and lines of credit. 4. These are non-GAAP ratios. Refer to the “Non-GAAP Measure” section of this presentation. 5. Adjusted EBITDA is based on the trailing 12 months. Excluding transaction costs relating to the Strategic Review process incu rred of $13.3 million during the year ended December 31, 2025, Debt to Adjusted EBITDA at the REIT’s proportionate share would have been 9.1x as at December 31, 2025. 6. At the REIT’s proportionate share excluding assets classified as held for sale. Refer to the “Non -GAAP Measures” section of this presentation. 7. These are non-GAAP measures. Refer to the “Non-GAAP Measures” section of this presentation. • August 2021: The Bow and Bell Campus office properties sale valued at $1.67 billion • August 2022: strategic sale of office and retail properties for $167.8 million, including 100 Wynford • April 2023: Sale of 160 Elgin Street office property for $277.0 million • Q2 2024: Sale of Corus Quay and 3777 Kingsway for $307.5 million • Total of 45 office and retail properties sold encompassing 7.3 million square feet O V E R $ 2 . 6 B I L L I O N O F NON - S T R A T E G I C O F F I C E & R E T A I L S A L E S , S I M P L I F Y I N G T H E B U S I N E S S2 • Tax-free spin-off of 27 properties including all of H&R’s enclosed malls into a new stand-alone, publicly traded REIT focused on owning and managing enclosed Canadian shopping centres • TSX Ticker: PMZ.UN • Strong institutional endorsement from HOOPP who became Primaris REIT’s largest unitholder P R I M A R I S R E I T S P I N O U T W I T H H & R C O N T R I B U T I N G 2 7 P R O P E R T I E S V A L U E D a t $ 2 . 4 B I L L I O N • BBB credit rating with Stable trend by DBRS • Liquidity was $368.9 million as at December 31, 2025 • Debt/EBITDA at the REIT’s proportionate share3,4,5 has decreased from 10.0x to 9.3x as at December 31, 2025 • Conservative payout ratio of 60.3% as a % of AFFO4 for the year ended December 31, 2025 $ 2 . 6 B I L L I O N O F D E B T 3 R E P A I D , S T R E N G T H E N I N G H & R ’ S B A L A N C E S H E E T • Residential and industrial real estate assets have grown in aggregate to 84% as at December 31, 20256 from 34% as at June 30, 20216 • Five industrial and two residential development completed • Two industrial and three residential developments are currently under construction G R O W T H I N R E S I D E N T I A L A N D I N D U S T R I A L S E G M E N T S • 1.6% same-property net operating income (cash basis)7 growth for the year ended December 31, 2025, compared to the respective 2024 period • 93.1% portfolio occupancy as at December 31, 2025 • Significant increases in average annual contractual rent per sq.ft for residential and industrial properties S T R O N G O P E R A T I O N A L P E R F O R M A N C E SIGNIFICANT PROGRESS SINCE JUNE 30, 2021 1 SIMPLIFIED BUSINESS. STRENGTHENED BALANCE SHEET. MOVING H&R TOWARDS HIGHER GROWTH
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6 Residential 59% Industrial 25% Office 12% Retail 4% REPOSITIONING UNDERWAY WITH ASSET ALLOCATION SHIFTING TOWARDS HIGHER GROWTH ASSET CLASSES 1. At the REIT’s proportionate share, excluding assets classified as held for sale. Refer to the “Non -GAAP Measures” section of this presentation. 2. June 30, 2021 has been used as a benchmark since H&R’s Strategic Repositioning Plan was announced prior to the release of H&R’s Q3 2021 res ults. 3. Excludes the Bow and 100 Wynford, which were legally sold in October 2021 and August 2022, respectively. R E A L E S T A TE A S S E T S ( F a i r V a l u e )1 Residential 25% Industrial 9% Office 37% Retail 29% J u n e 3 0 , 2 0 2 12 D e c e m b e r 3 1 , 2 0 2 53
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7 $1.5B IN DISPOSITIONS ACCELERATES DEBT REDUCTION RESIDENTIAL & INDUSTRIAL ASSETS TO INCREASE FROM 69% to 84%1 1. These are non-GAAP measures. Refer to the “Non-GAAP Measures” section of this presentation. 2. These are non-GAAP ratios. Refer to the “Non-GAAP Measures” section of this presentation. Additional net proceeds from Q1 2026 closings expected to further reduce corporate debt. Pro forma debt to adjusted EBITDA at the REIT's proportionate share2 expected to be approximately 8.7x, with an ongoing target of below 9.0x. ~$727.3M Net Proceeds Applied to Repay Corporate Debt in January 2026 These figures do not reflect the impact of Hess Corporation’s previously announced plan to vacate one-third of the Hess Tower in June 2026, representing 278,850 square feet of space. 3 Months Ended December 31, 2025 Year Ended December 31, 2025 NET OPERATING INCOME At the REIT’s Proportionate Share1 $37.7M $131.8M NET OPERATING INCOME (CASH BASIS) At the REIT’s Proportionate Share1 $33.2M $133.1M D E B T R E D U C T I O N N E T O P E R A T I N G I N C O M E I M P A C T November 2025 Binding agreements announced to sell select retail and office assets (~$1.5B) Assets Sold for ~$1.1B (January 2026) • H&R’s Non-Managing 33.1% Interest in ECHO • 23 Canadian Retail Properties • 145 Wellington St. W (Toronto) • 88 McNabb St. (Toronto) Assets Under Contract & Expected to Close in Q1 2026 • Hess Tower (Houston, TX) • Remaining 3 Canadian Retail Properties D I S P O S I T I O N S N O R M A L C O U R S E I S S U E R B I D REIT intends to apply to the TSX for approval to commence a NCIB and may use with proceeds from future dispositions.
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8 1. This is a non-GAAP measure. Refer to the “Non-GAAP Measures” section of this presentation. SAME -PROPERTY NET OPERATING INCOME (CASH BASIS) 1 PERIOD OVER PERIOD GROWTH SIGNIFICANT PROGRESS SINCE THE ANNOUCEMENT OF H&R’S STRATEGIC PLAN IN OCTOBER 2021 2 0 2 1 2 0 2 2 2 0 2 3 2 0 2 4 -5.2% 14.9% 10.3% 1.3% 1.6% 2 0 2 5 8
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9 Drivers R E S I D E N T I A L Strengthening of U.S. dollar +1.2% I N D U S T R I A L Decrease in occupancy, partially offset by strong rental rate growth -3.7% O F F I C E Strengthening of U.S. dollar +1.5% R E T A I L Increase in occupancy at River Landing Commercial in Miami, FL, and strengthening of U.S. dollar +6.7% TOTAL PORTFOLIO +1.6% STREAMLINING THE PORTFOLIO AND ALIGNING FOR BETTER RESULTS AND HIGHER GROWTH SAME-PROPERTY NET OPERATING INCOME (CASH BASIS)¹ year ended December 31, 2025 1. These are non-GAAP measures. Refer to the “Non-GAAP Measures” section of this presentation. 2. These are non-GAAP ratios. Refer to the “Non-GAAP Measures” section of this presentation. • +1.6% overall growth in 2025 Same-Property net operating income (cash basis)1 • 93.1% occupancy • $1.212 FFO per Unit2 in 2025 • $0.995 AFFO per Unit2 in 2025 • 60.3% Payout ratio as a % of AFFO2 in 2025 • $121.0 million in real estate assets sold in 2025 • $16.09 NAV per Unit2 • $3.9 billion in unencumbered properties • $368.9 million in liquidity
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10 Key Metrics June 30, 2021 December 31, 2025 Positive Impact Reduce Leverage – Debt to Total Assets at the REIT’s proportionate share1,2 50.0% 49.8% Debt to Adjusted EBITDA at the REIT’s proportionate share1,2,3 10.0x 9.3x Create Flexibility – Secured/Total Debt at the REIT’s proportionate share2,4 65.8% 54.4% Improve Borrower Profile – Unencumbered Assets/Unsecured Debt5 1.7x 1.92x Conservative Payout Ratio as a % of FFO1 44.9% 49.5% ENHANCED BALANCE SHEET SUPPORTING GROWTH CREATE FLEXIBILITY AND MAINTAIN INVESTMENT –GRADE CREDIT RATING 50-60% Payout Ratio as a % of FFO1 >2.0x Unencumbered Assets / Unsecured Debt5 <9.0x Debt to Adjusted EBITDA at the REIT’s proportionate share1,2 45-50% Debt to Total Assets at the REIT’s proportionate share1,2 Target Credit Metrics 1. These are non-GAAP ratios.. Refer to the “Non-GAAP Measures” section of this presentation. 2. Debt includes mortgages payable, debentures payable, unsecured term loans, and lines of credit. 3. Adjusted EBITDA is based on the trailing 12 months. Excluding transaction costs relating to the Strategic Review process incu rred of $13.3 million during the year ended December 31, 2025, Debt to Adjusted EBITDA at the REIT’s proportionate share would have been 9.1x as at December 31, 2025. 4. Secured debt includes mortgages payable and secured operating lines of credit. 5. Unencumbered assets are investment properties and properties under development without encumbrances for mortgages or lines of credit. Unsecured debt includes debentures payable, unsecured term loans and unsecured operating lines of credit.
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11 I N D E P E N D E N T B O A R D O F T R U S T E E S A N D S E N I O R L E A D E R S H I P T E A M 11
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12 Board Member & Experience Trustee Since Independent Committees Compensation, ESG & Nominating Audit Investment Leonard Abramsky • President of The Dunloe Group Inc. • Current trustee of First Capital REIT and Dream Residential REIT • Former Managing Partner of Brookfield Financial Corp. 2023 Yes Member Lindsay Brand • Chief Investment Officer of Concert Properties • Former Chief Investment Officer of Dream Unlimited Corp and Dream Hard Asset Alternatives Trust • Current trustee of True North Commercial REIT 2023 Yes Member Jennifer A. Chasson CPA, CA and CBV • Partner at Zeifmans LLP, Founder and President of Springbank Capital Corporation • 25+ years experience in M&A, Finance and Business Valuation • Previously Board member at Big Brothers Big Sisters, and Women Entrepreneurs of Canada 2021 Yes Chair Donald E. Clow FCPA, FCA Independent Lead Trustee • Strategic Advisor to Crombie REIT and President, Rockcliff Ventures Inc. • Previously President and CEO of Crombie REIT from 2009 until 2023. • Named Waterstone’s Most Admired CEO in Canada (Mid -Market) in 2023 and inducted into Atlantic Canada’s Top 50 CEOs Hall of Fame 2023 Yes Member Member Member Mark M. Cowie • +40 years of experience in commercial real estate • Principal with Cowie Capital Partners, previously with Colliers International 2021 Yes Chair S. Stephen Gross • Principal of Initial Corp • Director of Cross River Bank in New Jersey, member of lending/credit and compensation committees • Previously lawyer with Minden Gross LLP 2021 Yes Member Brenna Haysom • CEO, Rally Labs • Previously in the Private Equity Group at Apollo Global Management, Inc., and Lazard Frères & Co in New York • Board member of Venerable Insurance and Annuity Company, and Apollo Commercial Real Estate Finance Inc. 2020 Yes Chair Member Thomas J. Hofstedter • +40 years experience in commercial and residential real estate • Founded H&R in 1996 1996 No Member Juli Morrow • Lawyer and acting as Legal Counsel for Kindred Works Inc. • Former Counsel at Goodmans LLP • Recognized as one of Canada’s leading real estate lawyers by Chambers Global 2017 No Marvin Rubner • +40 years experience in commercial and residential real estate as Manager and founder of YAD Investments Limited 2020 Yes Member BOARD RENEWAL AND REFRESHMENT STRONG AND SKILLFUL BOARD WITH UNITHOLDER ALIGNMENT 12 Independent Board 10-Year Term Limit 40% Women 9% Ownership
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13 COLLEEN GRAHN President, Property Management Lantower Residential HUNTER WEBB EVP, Development Lantower Residential TONY DUPLISSE EVP, Portfolio Management Lantower Residential H&R REIT AND LANTOWER RESIDENTIAL EXPERIENCED AND TENURED EXECUTIVE TEAM EMILY WATSON COO Lantower Residential AUDREY CRAIG EVP, Accounting Lantower Residential TERRESA PORIZEK EVP, Organization Development Lantower Residential LARRY FROOM CFO H&R REIT ROBYN KESTENBERG EVP, Office & Industrial H&R REIT CHERYL FRIED EVP, Finance H&R REIT TOM HOFSTEDTER Executive Chairman & CEO H&R REIT BLAIR KUNDELL EVP, Operations H&R REIT
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14 P O R T F O L I O O V E R V I E W 14
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15 Residential $4.4B Industrial $1.8B Office $0.9B Retail $0.3B 93.1% Occupancy $7.4B1 Fair Value of Real Estate Assets BBB by DBRS $3.9B Unencumbered Assets 49.8% Debt to total assets at the REIT’s proportionate share2,3 6.0 Years Average Remaining Term of Commercial Leases 49.5% Payout Ratio as a % of FFO2 9.3x Debt to Adjusted EBITDA at the REIT’s proportionate share2,3,4 $16.09 NAV per Unit2 15 205 SPEIRS GIFFEN AVE. CALEDON, ON RIVER LANDING MIAMI, FL 1. At the REIT’s proportionate share, excluding assets classified as held for sale and excluding the Bow and 100 Wynford, which were legally sold in October 2021 and August 2022, r espectively. Refer to the “Non-GAAP Measures” section of this presentation. 2. These are non-GAAP ratios. Refer to the “Non-GAAP Measures” section of this presentation. 3. Debt includes mortgages payable, debentures payable, unsecured term loans, and lines of credit. 4. Adjusted EBITDA is based on the trailing 12 months. Excluding transaction costs relating to the Strategic Review process incu rred of $13.3 million during the year ended December 31, 2025, Debt to Adjusted EBITDA at the REIT’s proportionate share would have been 9.1x as at December 31, 2025. JACKSON PARK LONG ISLAND CITY, NY PORTFOLIO OVERVIEW WELL LOCATED PROPERTIES IN STRONG MARKETS LEASED TO INVESTMENT -GRADE TENANTS WITH LONG WEIGHTED AVERAGE LEASE TERMS
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16 Texas 25% Florida 32% North Carolina 15% New York 24% California 4% 92.1% Occupancy $3.8B Fair Value1 4.73% Weighted Average Cap Rate 9.1 years Average age of properties $3.8B Fair Value of Investment Properties $2,059 Weighted Average Monthly Rent per occupied unit in U.S. dollars LANTOWER RESIDENTIAL PRIME INCOME -PRODUCING RESIDENTIAL PROPERTIES WITH ATTRACTIVE GROWTH CHARACTERISTICS R E S I D E N T I A L F A I R V A L U E1 b y G e o g r a p h y 16 Texas 16% Florida 36% North Carolina 16% New York 29% California 3% 1. At the REIT’s proportionate share. Refer to the “Non-GAAP Measures” section of this presentation. 2. Same-Property net operating income (cash basis) is a non -GAAP measure. Refer to the “Non-GAAP Measures” section of this presentation. RESIDENTIAL $44.0M Q4 2025 Same-Property Net Operating Income (Cash Basis) 4.97% Weighted Average Cap Rate for properties in U.S. Sun Belt States S A M E- P R O P E R T Y N O I ( C A S H B A S I S )1 , 2 b y G e o g r a p h y 26 Number of Properties
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17 Lantower Tech Ridge Pflugerville, TX 17 Lantower Grande Flats Orlando, FL LANTOWER RESIDENTIAL PRIME INCOME -PRODUCING RESIDENTIAL PROPERTIES WITH ATTRACTIVE GROWTH CHARACTERISTICS 1. Occupancy for Texas, excluding Lantower West Love and Lantower Midtown, which are in lease-up, was 92.2% and 93.4% as at December 31, 2025 and December 31, 2024, respectively. 2. River Landing Residential; Miami, FL has been included in Gateway Cities. 3. Source: RealPage, Market Analytics RESIDENTIAL Region Number of properties Number of residential rental units Weighted average monthly rent per occupied unit (USD) Occupancy Texas1 10 3,227 $1,499 90.3% North Carolina 5 1,634 1,565 91.2% Florida2 7 2,433 1,838 91.3% Gateway Cities2 4 1,635 3,852 97.5% Total 26 8,929 $2,059 92.1% Number of Properties Number of residential rental units Weighted average monthly rent per occupied unit (USD) Occupancy 10 3,227 $1,451 80.2% 5 1,634 1,582 93.8% 7 2,433 1,830 95.8% 4 1,635 3,774 97.5% 26 8,929 $2,046 90.1% December 31, 2025 December 31, 2024 • As at December 31, 2025, annual rent as a percentage of median household income for households living in market rate Class A apartments in the United States was 22.2%3. • As at December 31, 2025, annual rent as a percentage of median household income of the residences in the REIT’s residential p roperties (excluding Jackson Park) was approximately 19.6%. 17
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18 INDUSTRIAL HIGH-QUALITY DISTRIBUTION FACILITIES LOCATED IN KEY INDUSTRIAL MARKETS 90.7% Occupancy $1.5B Fair Value1 5.84% Weighted Average Cap Rate 66 Number of Properties 159,000 sf Average Tenant Size (100% level) 8.3M Square feet Tenant % of Industrial Rentals Number of Locations REIT Owned sq.ft. (in 000s) Avg Lease TTM (Years) 1 Canadian Tire Corporation 20.6% 2 2,104 6.1 2 Finning International Inc. 7.8% 8 320 5.2 3 Purolator Inc. 6.8% 12 535 4.9 4 Deutsche Post AG 5.6% 1 343 5.1 5 Armour Transport Inc. 4.4% 1 187 10.4 6 UAP Inc. 4.4% 2 230 11.4 7 O-I Canada Corp. 4.4% 1 371 2.0 8 Advantech Supply Chain Solutions Inc. 3.3% 1 157 6.7 9 Graphic Packaging International Canada 2.6% 1 133 2.2 10 Solutions 2 GO Inc. 2.5% 1 215 6.4 TOTAL TOP 10 62.4% 30 4,595 6.0 18 1. At the REIT’s proportionate share. Refer to the “Non-GAAP Measures” section of this presentation. $10.05 Average Annual Contractual Rent per sq. ft. (Canadian properties) 5.7 years Average Lease Term to Maturity 57% Portfolio Square Feet located in the GTA
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19 OFFICE 5.2 years Average Lease Term to Maturity 15 Number of Properties $21.57 Average annual contractual rent per sq. ft. (Canadian properties) 9.33% Weighted Average Cap Rate3 $39.40 (USD) Average annual contractual rent per sq. ft. (U.S. properties) 4.4M Square feet $1.4B Fair Value2 96.0% Occupancy HIGH -QUALITY OFFICE PORTFOLIO 1 19 1. Includes four assets classified as held for sale and excludes the Bow and 100 Wynford, which were legally sold in October 202 1 and August 2022, respectively. 2. At the REIT’s proportionate share. Refer to the “Non-GAAP Measures” section of this presentation. 3. Weighted average cap rate excludes one property advancing through the process of rezoning, which has been valued using the co mparable sales approach. Other Canada 2% Quebec 6% Alberta 11% GTA 29% Sunbelt U.S. 24% Gateway U.S. 28% O F F I C E F A I R V A L U E1 , 2 P r o p e r t i e s b y G e o g r a p h i c R e g i o n • High-quality office properties located in strong major centres • Long weighted average lease terms • 83.4% of revenue from investment-grade rated tenants • Canadian properties expected to be sold as part of H&R’s strategic plan were valued at approximately $644 million using a 8.68% weighed average cap rate • U.S. properties expected to be sold as part of H&R’s strategic plan were valued at approximately $722 million using a 9.87% weighed average cap rate $1.4B Fair Value of Investment Properties
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20 S T R O N G A N D F L E X I B L E B A L A N C E S H E E T 20
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21 MAINTAIN A STRONG AND FLEXIBLE BALANCE SHEET WITH AN INVESTMENT -GRADE CREDIT RATING 21 1. Debt includes mortgages payable, debentures payable, unsecured term loans, lines of credit, and liabilities classified as hel d for sale. 2. These are non-GAAP ratios. Refer to the “Non-GAAP Measures” section of this presentation. 3. Adjusted EBITDA is based on the trailing 12 months. Excluding transaction costs relating to the Strategic Review process incu rred of $13.3 million during the year ended December 31, 2025, Debt to Adjusted EBITDA at the REIT’s proportionate share would have been 9.1x as at December 31, 2025. 44.0% 43.7% 49.8% Q4'23 Q4'24 Q4'25 Unitholders’ Equity & Exchangeable Units 55% Mortgages 16% Senior Unsecured Debentures 10% Unsecured Term Loans 8% Lines of Credit 11% $7.8B Total Capitalization Debt to Total Assets at the REIT’s Proportionate Share1,2 BBB by DBRS $3.9B Unencumbered Assets 3.9% Weighted Average Interest Rate of debt1 $316.8M Available under Lines of Credit 9.3x Debt to Adjusted EBITDA at the REIT’s proportionate share1,2,3
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22 Secured Debt1 42% Unsecured Debt2 58% DEBT MATURITY SCHEDULE $0 $200 $400 $600 $800 $1,000 $1,200 2026 2027 2028 2029 2030 In millions $ Mortgages Unsecured Debentures Unsecured Term Loans Lines of Credit 1. Secured debt includes mortgages payable and secured operating lines of credit. 2. Unsecured debt includes debentures payable, unsecured term loans, and unsecured operating lines of credit. 3. In January 2025, the REIT repaid the two unsecured term loans totalling $375.0 million. 3
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23 I N V E S T M E N T P R O P O S I T I O N 23
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24 STRONG BOARD AND MANAGEMENT ALIGNMENT ACCELERATING SAME -PROPERTY NET OPERATING INCOME (CASH BASIS) ¹ GROWTH INCREASING EXPOSURE TO HIGH GROWTH RESIDENTIAL VALUE CREATION THROUGH REZONING MANAGEMENT COMMITTED TO SURFACING VALUE FOR UNITHOLDERS $10.23 $16.09 Unit Price² NAV per Unit¹ 1. This is a non-GAAP ratio. Refer to the “Non-GAAP Measures” section of this presentation. 2. Unit price as at December 31, 2025.
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25 D E V E L O P M E N T S 25
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26 INDUSTRIAL COMPLETED: Q1 2024 187,290 square feet of industrial space Leased to Armour Transport Inc. for a term of 12.3 years which commenced in February 2024 1965 Meadowvale Blvd. M I S S I S S A U G A , O N COMPLETED: Q1 2024 149,542 square feet of industrial space Leased to UAP Inc. for a term of 13.1 years which commenced in February 2024 RECENTLY COMPLETED DEVELOPMENTS 1925 Meadowvale Blvd. M I S S I S S A U G A , O N 6900 Maritz Dr. M I S S I S S A U G A , O N COMPLETED: Q2 2025 122,320 square feet of industrial space Leased to East Electrical Supply Inc. for a term of 10.3 years which commenced in January 2026
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27 Property Geography Ownership Acres Square Feet (in thousands of Canadian Dollars) Expected Yield on Budgeted Cost Expected Completion Date Total Dev. Budget Costs Incurred to Date Costs Remaining to Complete 560 & 600 Slate Dr.1 Mississauga, ON 50% 13.3 237,307 $65,452 $57,170 $8,282 6.5% Q1 2026 1. Consists of two industrial properties representing 81,198 square feet and 156,109 square feet, respectively at H&R’s ownershi p interest, which are held through an equity accounted investment. Both buildings included sustainability elements such as EV charging stations and solar panel readiness and are targeting LEED GOLD certification. CURRENT CANADIAN DEVELOPMENTS INDUSTRIAL 560 & 600 Slate Drive Mississauga, ON 27 560 & 600 Slate Drive Mississauga, ON
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28 Lantower Sunrise Kissimmee, FL RESIDENTIAL LANTOWER RESIDENTIAL DEVELOPMENT PIPELINE – U.S. SUN BELT STATES 1 28 SITE NAME MARKET STATUS START DATE # OF ACRES # OF SUITES West Love 2 Dallas, TX Lease-up Q2 2022 5.4 413 Midtown 2 Dallas, TX Lease-up Q2 2022 4.2 350 Bayside 3 Tampa, FL Under Const. Q2 2024 2.4 79 Sunrise Phase I 3 Orlando, FL Under Const. Q2 2024 5.0 96 CityLine Phase I Dallas, TX Shovel Ready TBD 3.7 295 Singleton Dallas, TX Shovel Ready TBD 5.8 436 Clearwater Tampa, FL Permitted TBD 6.8 433 Wiregrass Tampa, FL Permitted TBD 14.8 332 West Town 4 Orlando, FL In Permitting TBD 13.5 271 NeoCity Orlando, FL In Design TBD 16.3 371 Sunrise Phase II Orlando, FL In Design TBD 12.4 348 CityLine Phase II Dallas, TX In Design TBD 2.4 250 Dallas High School Dallas, TX On Hold TBD 3.3 201 TOTAL: 96.0 3,875 1. The “Development Pipeline – U.S. Sun Belt States” excludes a wholly owned land parcel in Miami, FL. 2. West Love and Midtown reached practical completion and were transferred to investment properties in Q3 2024 and Q4 2024, resp ectively. 3. Figures have been reported at H&R’s 29.1% ownership interest and both properties are held through an equity accounted investm ent. 4. Figures have been reported at H&R’s 50% ownership interest. Lantower Bayside Tampa, FL Lantower Bayside Tampa, FL
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29 RESIDENTIAL LANTOWER RESIDENTIAL RECENTLY COMPLETED DEVELOPMENTS Lantower West Love 29 KEY DATES • Construction Start: Q2 2022 • Leasing Start: Q2 2024 • Final Units Delivered: Q3 2024 LEASING UPDATE • 356 occupied units (86.2%) & 377 leased units (91.3%) as at December 31, 2025 H&R Ownership Interest 100% Stage Lease-up # of Suites 413 # of Stories 5 Monthly Rent per sq. ft. $2.39 (USD) Total Budget $105,692,000 (USD) Cost per Suite $255,913 (USD) Expected Yield on Budgeted Cost 5.7% PROGRESS UPDATES Property was practically completed and transferred to investment properties in Q3 2024 Fair value increase of U.S. $23.2 million recorded in Q3 2024 Received a Silver certification from the National Green Building Standard All units accepted Certificate of Occupancy received Location 2223 Hawes Ave. Dallas, TX
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RESIDENTIAL 30 PROJECT PHOTOS LANTOWER WEST LOVE
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31 RESIDENTIAL LANTOWER RESIDENTIAL RECENTLY COMPLETED DEVELOPMENTS Lantower Midtown 31 PROGRESS UPDATES Property was practically completed and transferred to investment properties in Q4 2024 Fair value increase of U.S. $16.0 million recorded in Q4 2024 Received a Silver certification from the National Green Building Standard All units accepted Certificate of Occupancy received H&R Ownership Interest 100% Stage Lease-up # of Suites 350 # of Stories 5 Monthly Rent per sq. ft. $2.43 (USD) Total Budget $104,113,000 (USD) Cost per Suite $297,465 (USD) Expected Yield on Budgeted Cost 5.7% KEY DATES • Construction Start: Late Q2 2022 • Leasing Start: Late Q2 2024 • Final Units Delivered: Q4 2024 LEASING UPDATE • 285 occupied units (81.4%) & 300 leased units (85.7%) as at December 31, 2025 Location 10650 N. Central Expy. Dallas, TX
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RESIDENTIAL 32 PROJECT PHOTOS LANTOWER MIDTOWN
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33 RESIDENTIAL LANTOWER RESIDENTIAL CURRENT DEVELOPMENTS Lantower Sunrise 1 33 H&R Ownership Interest 29.1% Stage Under Construction # of Suites 330 # of Stories 4 Monthly Rent per sq. ft. $2.39 (USD) Total Budget $117,851,000 (USD) Cost per Suite $357,124 (USD) Expected Yield on Budgeted Cost 6.3% Costs Incurred to Date $83,479,000 (USD) KEY DATES • Leasing Start: Q1 2026 • Final Units Delivered By: Mid Q2 2026 1. Figures have been shown at the 100% level. Location 4865 Big Pine Loop Kissimmee, FL PROGRESS UPDATES Roof tile installation is 100% complete. Exterior paint completed for both buildings. Unit railing now 80% complete. Unit trim, flooring, tile, cabinets, and countertops are 90% complete in first building. Cabinets and countertops are 75% complete in second building with flooring installation occurring now. Pool construction is underway.
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34 RESIDENTIAL LANTOWER RESIDENTIAL CURRENT DEVELOPMENTS Lantower Bayside 1 34 H&R Ownership Interest 29.1% Stage Under Construction # of Suites 271 # of Stories 4 Monthly Rent per sq. ft. $2.48 (USD) Total Budget $91,678,000 (USD) Cost per Suite $338,295 (USD) Expected Yield on Budgeted Cost 6.3% Costs Incurred to Date $73,535,000 (USD) KEY DATES • Leasing Start: Q1 2026 • Final Units Delivered By: Early Q2 2026 1. Figures have been shown at the 100% level Location 16485 Hwy. 19 N. Largo, FL PROGRESS UPDATES Exterior paint and unit railing now 100% complete. Approximately 95% of units have trim, flooring, tile, cabinets, and countertops installed. Sections 1 & 2 have installed appliances. LVT and appliance installation in final section has commenced. Courtyard hardscape structure installation is underway. Exterior landscaping has commenced.
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35 RESIDENTIAL LANTOWER RESIDENTIAL CURRENT DEVELOPMENTS Elio 1 35 H&R Ownership Interest 50% Stage Under Construction # of Suites 325 # of Stories 5 Monthly Rent per sq. ft. $3.91 (USD) Total Budget $186,460,000 (USD) Cost per Suite $573,723 (USD) Expected Yield on Budgeted Cost 5.3% Costs Incurred to Date $53,798,000 (USD) KEY DATES • Leasing Start: Q3 2027 • Final Units Delivered By: Q1 2028 1. Figures have been shown at the 100% level Location 4th St. & Cabrillo Park Dr. Santa Ana, CA PROGRESS UPDATES Construction commenced in September 2025 The matt foundation and level 1 of the parking structure are completed with the second and final pour to occur later this month. Framing of the residential/retail building will commence this spring.
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36 E N V I R O N M E N T A L • S O C I A L • G O V E R N A N C E 36
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37 OUR APPROACH TO SUSTAINABILITY Integrate sustainability priorities into decision making across all stages of an asset’s lifecycle S T R A T E G I C P L A N N I N G Sustainability goals are established for our assets that are selected for renovation or redevelopment. Green building certifications, such as LEED and BOMA Best, provide the third- party validation of property development practices. By applying Sustainability and Environmental guidelines for Operations, our Property Operations and Asset Management teams integrate sustainability opportunities into their daily management and tracking processes. A S S E T M A N A G E M E N T A C Q U I S I T I O N S D E V E L O P M E N T & R E Z O N I N G In line with our strategic planning processes, H&R REIT’s Executive team identifies and assesses material environmental, social and governance risks. Annually, the Executive team reviews the key environmental, social and governance factors for the upcoming years. H&R REIT has well established governance structures such as the Board of Trustees’ Investment Committee to oversee and approve acquisitions in line with the REIT’s strategic plan. H&R conducts environmental due diligence prior to acquiring a property, and if recommended, undertakes further remedial action and monitoring.
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38 +3.1% H&R REIT’s market-based GHG emissions increased by 3.1% in 2024 compared to 2023. +11.0% H&R REIT’s like-for-like water use increased by 11.0% in 2024 compared to 2023. +2.6% H&R REIT’s like-for-like energy use increased by 2.6% in 2024 compared to 2023. DIVERSITY AND INCLUSION • 40% of the Board of Trustees are female • We are proud to share that WOMEN represent the following percentages of our team. 2025 2024 2023 Senior Executives 50% 50% 50% All Executives 44% 46% 46% Overall Workforce 39% 41% 39% Board of Trustees 40% 40% 40% SUSTAINABILITY HIGHLIGHTS 1 CLIMATE AND RESOURCE EFFICIENCY • Utility consumption and emissions reporting boundary increased to 97% • 4% reduction in market- based GHG emissions achieved in 2024 in comparison to the base year • 68% of H&R’s office portfolio is LEED, BOMA Best and/or Energy Star certified2 • H&R’s Lantower Residential Division is actively tracking 100% of their portfolio on ENERGY STAR Portfolio Manager GOVERNANCE PRACTICES • Tenure for all new Trustees is limited to 10 years • Achieved the 30% Canada Club goal • Independent Lead Trustee • 3 new independent Trustees added in 2023 • Say on Pay vote strongly supports executive compensation • Expanded the minimum unit ownership to Trustees and named executive officers • >5x minimum unit ownership for CEO 38 1. H&R’s full 2024 Sustainability Report and Report Supplement can be found on H&R’s website under Investor Relations - Sustainability. 2. Based on Gross Leasable Area as at December 31, 2024.
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39 39 HR.UN - TSX Ticker For further information contact: Tom Hofstedter, Chief Executive Officer 1-416-635-7520 Larry Froom, Chief Financial Officer 1-416-635-7520 info@hr-reit.com Additional information regarding H&R REIT is available at www.hr-reit.com and on www.sedar.com. 39