STABILITY, SECURITY & GROWTH · 5 STABILITY, SECURITY & GROWTH through QUALITY, DIVERSIFICATION & SCALE COVID-19 Update –Distribution Policy Monthly distribution reduced effective

H & R R e a l E s t a t e I n v e s t m e n t T r u s t ( T S X : H R . U N )

STABILITY,SECURITY& GROWTHTHROUGH QUALITY,

DIVERSIFICATION & SCALE

INVESTOR PRESENTATION

As at March 31, 2020unless otherwise noted

2 STABILITY, SECURITY & GROWTH through QUALITY, DIVERSIFICATION & SCALE

Caution Regarding Forward-looking Statements

Forward Looking StatementsCertain statements made in this presentation will contain forward‐looking information within the meaning of applicable securities laws (also known as forward‐ lookingstatements) including, among others, statements made or implied relating to H&R’s objectives, strategies to achieve those objectives, H&R’s beliefs, plans, estimates,projections and intentions and statements with respect to H&R’s development activities, including planned future expansions, redevelopment of existing properties andbuilding of new properties; the expected yield on cost of H&R’s developments and other investments; the expected costs of any of H&R’s projects; and the expectedoccupancy, budget, net leasable area or contributions to rental revenue from H&R’s developments and other properties. Statements concerning forward‐lookinginformation 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 arebased on information currently available to management. Forward‐looking statements are provided for the purpose of presenting information about management’scurrent expectations and plans relating to the future and readers are cautioned that such statements may not be appropriate for other purposes. These statements arenot 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’smaterials filed with the Canadian securities regulatory authorities from time to time, including H&R’s MD&A for the quarter ended March 31, 2020, H&R’s MD&A forthe year ended December 31, 2019 and H&R’s most recently filed annual information form, which could cause the actual results and performance of H&R to differmaterially from the forward‐looking statements made in this presentation. Although the forward‐looking statements made in this presentation are based upon whatH&R believes are reasonable assumptions, there can be no assurance that actual results will be consistent with these forward‐looking statements. Readers are alsourged 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 uncertaintieswhich could cause the actual results and performance of H&R to differ materially from the forward‐looking statements made in this presentation. All forward‐lookingstatements made in this presentation are qualified by these cautionary statements. These forward‐looking statements are made as of May 14, 2020 and H&R, except asrequired by applicable law, assumes no obligation to update or revise them to reflect new information or the occurrence of future events or circumstances.

The REIT’s audited annual financial statements are prepared in accordance with International Financial Reporting Standards (“IFRS”). H&R’s management uses a numberof measures which do not have a meaning recognized or standardized under IFRS or Canadian Generally Accepted Accounting Principles (“GAAP”). The non-GAAPmeasures REIT’s proportionate share, Same-Asset property operating income (cash basis), Interest Coverage ratio and Net Asset Value (“NAV”), as well as other non-GAAP measures discussed elsewhere in this presentation, 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 financial measures may differ from the methods of other real estate investment trusts or other issuers, andaccordingly may not be comparable. H&R uses these measures to better assess its underlying performance and provides these additional measures so that investorsmay do the same. These non-GAAP financial measures are more fully defined and discussed in H&R’s MD&A as at and for the three months ended March 31, 2020,available at www.hr-reit.com and on www.sedar.com.

Non-GAAP Measures

All figures have been reported at H&R’s ownership interest unless otherwise stated.Balance Sheet figures have been converted at $1.41 CAD for each U.S. $1.00.Income Statement figures have been converted at $1.34 CAD for each U.S. $1.00.

Other

http://www.hr-reit.com/

http://www.sedar.com/


COVID-19 Update

The COVID-19 pandemic has brought dramatic and unprecedented challenges to nearly every corner of society and the global economy. The commercial property industry has been impacted significantly. In recognizing these COVID-19 risks, the fair value of investment properties were reduced by $1.3 billion primarily made up of:

IFRS Fair Value Adjustments:

▪ $679.5 million in fair value adjustments to office properties leased to energy sector tenants

▪ $659.9 million in fair value adjustments to retail properties in enclosed shopping centres

Liquidity:

▪ Subsequent to March 31, 2020, H&R bolstered its liquidity by: (i) securing a $425.0 million unsecured line of for a one-year term and (ii) $100.0 million mortgage payable maturing in 2029

▪ $116.3 million in debt maturing during the remainder of 2020


COVID-19 Update – Rent Collection

As of May 14th, 2020, April’s overall rent collection was 85%, with May’s rent collections at 80% as detailed below:

(1) These collections include monthly billing for base rent and property operating costs.(2) Retail tenants in an office property for the purpose of this table have been classified as retail.(3) Includes Government tenancies whose rent is only due at the end of May.

Type of Tenant(2)

Share of Rent April Collection(1)

May Collection(1)(3)

Office 44% 99% 99%

Retail:

Enclosed 20% 40% 30%

Other 13% 88% 80%

Total Retail 33% 59% 50%

Residential 17% 97% 92%

Industrial 6% 98% 90%

Total 100% 85% 80%


COVID-19 Update – Distribution Policy

▪ Monthly distribution reduced effective May 2020, from $0.115 per unit to $0.0575 per unit, or $0.690 per unit annually.

▪ This new distribution rate provides additional financial flexibility to absorb any income interruption related to the pandemic in the near term, and allows for significant capital reinvestment into our properties to address tenant turnover without increasing the REIT’s financial leverage.

▪ The Board of Trustees will reevaluate the distribution on a quarterly basis taking into account a variety of relevant factors including the REIT’s taxable income.


H&R REIT

Office(1) Industrial(1)Retail(1)

(Primaris)

Residential(1)

(Lantower Residential)

Long Term Leases Pension Fund JVStable Performance High Growth Opportunity

33 Properties ~10,811,000 Square Feet

87 Properties~8,987,000 Square Feet

325 Properties~13,309,000 Square Feet

22 Properties7,777 Residential Rental Units

The Bow, Calgary

Corus Quay, Toronto

Front St., Toronto

Dufferin Mall, Toronto

Orchard Park, Kelowna

Unilever, Mississauga

Grande Pines, Orlando

Legacy Lakes, Dallas

Stability, Security & Growth through Quality, Diversification & Scale

Fully Internalized Management (Insiders own 6%)

One of the Largest REITs in Canada with total assets of

$13.4 billion

Purolator, Calgary

(1) Figures above are at H&R’s ownership interest including equity accounted investments and excludes assets held for sale.


Portfolio Diversification

By Segment

Fair Value of Investment Properties(1)

By Region

Ontario

29%

United States

45%

Other Canadian Provinces

9%

Alberta

17%

$13.1

Billion

Office

42%

Industrial

8%

Residential

22%

Retail

28%

$13.1

Billion

(1) Includes H&R’s proportionate share of equity accounted investments and excludes assets classified as held for sale.


Office Portfolio

▪ Total value: $5.5 billion (weighted average cap rate: 6.28%)▪ Average remaining lease term to maturity: 12.2 years▪ Occupancy: 99.3%; committed occupancy: 99.8%▪ Revenue from tenants with investment grade ratings: 87.4%

Hess Tower | HoustonCorus Quay | Toronto310-320-330 Front St.| Toronto 2 Gotham Centre | New York

Ontario Alberta Other Subtotal

Number of properties 19 4 4 27 6 33 Square feet (in thousands) 5,367 2,607 893 8,867 1,944 10,811

United

StatesTotal

Canada


Alberta Office Portfolio

(1) Same-asset property operating income (cash basis) includes the proportionate share of equity accounted investments and excludes straight-lining of contractual rent and realty taxes accounted for under IFRIC 21.

(2) Ovintiv Inc. (formerly Encana Corporation) has sublet 27 floors to Cenovus Energy.

▪ H&R’s office tenants in Alberta are some of the strongest companies in the energy sector with an average remaining lease term of 16.9 years

▪ There are currently no vacancies in H&R’s Alberta Office Portfolio

Address

Your

location

Ownership

Interest

Square feet

at H&R's

Interest

% of H&R's

Same-Asset Property

Operating Income

(cash basis)(1)

Remaining

Lease Term

(years) Major Tenant

S&P Tenant

Credit Rating

5th

Ave. at Centre St. Calgary 100% 2,024,182 12.9% 18.1 Ovintiv Inc.(2) BBB- Negative

450-1st St., S.W. Calgary 50% 465,594 2.1% 11.1 TC Energy Corporation BBB+ Stable

2767-2nd Ave. Calgary 100% 69,793 0.2% 18.9 AltaLink, L.P. A Stable

2611-3rd Ave. Calgary 50% 47,613 0.1% 18.9 AltaLink, L.P. A Stable

Total / Average 2,607,182 15.3% 16.9


Retail Portfolio(1)

▪ Total value: $3.6 billion (weighted average cap rate: 7.30%)▪ Average remaining lease term to maturity: 6.6 years▪ Occupancy: 91.1%; committed occupancy: 93.8%

Dufferin Mall | TorontoOrchard Park | Kelowna Stone Road Mall | Guelph

(1) Includes H&R’s proportionate share of equity accounted investments and excludes one property which was classified as held for sale as at March 31, 2020 and subsequently sold.

Ontario Alberta Other Subtotal ECHO Other Subtotal

Number of properties 37 17 14 68 241 16 257 325

Square feet (in thousands) 3,522 3,954 2,757 10,233 2,857 219 3,076 13,309

CanadaTotal

United States


Retail Portfolio

(1) Generally includes tenants occupying Commercial Retail Units (“CRU”) less than 15,000 square feet.(2) Reported as if Primaris owned 100% of these enclosed shopping centres.(3) Excluding Northland Village which is slated for redevelopment.

Enclosed Shopping Centres

All Store CRU Sales (per square foot)(1) 2015 2016 2017 2018 2019

British Columbia $614 $649 $653 $668 $655

Alberta 568 530 531 520 507

Manitoba 479 511 509 515 492

Ontario 542 552 575 574 562

Québec 415 423 431 428 436

New Brunswick 523 530 516 517 506

Total(2)(3) $539 $538 $545 $544 $532

CRU square feet (in thousands) 2,483 2,412 2,411 2,381 2,303

Enclosed

Shopping

Centre

Grocery

Anchored ECHO Other Total

Number of properties 17 22 241 45 325

Square feet (in thousands) 6,975 1,007 2,857 2,470 13,309

Weighted average cap rates 7.27% 6.46% 6.64% 7.72% 7.30%


Industrial Portfolio(1)

▪ Total value: $1.1 billion (weighted average cap rate: 5.57%)▪ Average remaining lease term to maturity: 6.7 years▪ Occupancy: 98.9%; committed occupancy: 98.9%

Sleep Country | GTA

Canadian Tire | GTA(1) Includes H&R’s proportionate share of equity accounted investments and excludes one property which was classified as held forsale as at March 31, 2020 and subsequently sold.

▪ H&R has a 50% ownership interest in 79 of the 87 properties through a joint venture partnership with PSP Investment Board and Crestpoint Real Estate Investments Ltd.

Ontario Alberta Other Subtotal

Number of properties 36 19 28 83 4 87

Square feet (in thousands) 4,555 2,030 1,648 8,233 754 8,987

Canada United

StatesTotal(2)


(1) H&R owns approximately 144 acres of land which is being held for development for up to 2.7 million square feet of industrial space. In June 2019, construction commenced on the first three buildings totalling approximately 526,000 square feet.

(2) In January 2020, H&R completed a 10-year lease with Deutsche Post AG to occupy the entire building consisting of 342,821 square feet.(3) As a result of COVID-19, H&R has temporarily suspended construction of Industrial Lands (Building 2 and 3).(4) Excess lands held for future-redevelopment. These lands are adjacent to the REIT’s 3777 Kingsway office tower of which it also has a 50% ownership interest.

As at March 31, 2020

Ownership

Interest

Number of

Acres

Total

Development

Budget

Properties

Under

Development

Costs

Remaining

to Complete

Expected

Yield

on Cost

Expected

Completion

Date

Current Developments:

Industrial Lands (Building 1), Caledon, ON (1)(2) 100.0% 16.8 $54,564 $26,432 $28,132 6.7% Q3 2020

Industrial Lands (Building 2), Caledon, ON (1)(3) 100.0% 4.7 13,471 5,114 8,357 5.4%

Industrial Lands (Building 3), Caledon, ON (1)(3) 100.0% 4.9 14,960 5,260 9,700 6.5%

26.4 $82,995 $36,806 $46,189

Future Developments:

Industrial Lands (Remaining lands), Caledon, ON (1) 100.0% 117.6 - 72,284 -

3791 Kingsway, Burnaby, BC(4) 50.0% 0.6 - 7,059 -

Total 144.6 $82,995 $116,149 $46,189

At H&R's Ownership Interest

Canadian Properties Under Development(in thousands of Canadian Dollars)


Residential Portfolio(1)

▪ Total value: U.S. $2.1 Billion (weighted average cap rate: 4.76%)

▪ Average age of properties: 5.9 years

Brandon Crossroads | FloridaAmbrosio | Texas

(1) Includes H&R’s proportionate share of equity accounted investments.

Westshore | Florida

Texas FloridaNorth

CarolinaNew York Total

Number of properties 9 7 5 1 22

Number of residential rental units 2,776 2,433 1,632 936 7,777


▪ Strategy is to acquire or develop class A properties in U.S. Sun Belt cities where there is strong population and employment growth and to develop properties with partners in Gateway cities


Jackson Park - Long Island City, NY

RESIDENTIAL DEVELOPMENT

Location

28-10, 28-30, 28-40 Jackson Ave.,

Long Island City, New York

# of units 1,871

Ownership interest 50%

% occupied 95.8%

Current avg. rent $67 psf


U.S. Properties Under Development

(1) Mixed use development consisting of 528 residential rental units, approximately 373,000 square feet of retail space and 118,000 square feet of office space.(2) 35-storey residential tower consisting of 315 luxury residential rental units and 6,450 square feet of retail space.(3) Acquired a leasehold interest to develop up to 670 residential rental units. Located within the heart of the I-4 Tourism Corridor in Orlando, Florida and the site is a seven-minute drive from

Walt Disney World. Construction of Phase 1 was expected to commence in Q1 2020 however, this has been postponed due to COVID-19.(4) Excludes the right-of-use asset, which is a leasehold interest measured at an amount equal to the corresponding lease liability of U.S. $24.5 million.(5) Total project spans 38.4 acres. Construction commenced in June 2018 on Phase 1 of this project which will consist of 172 residential rental units and 13,979 square feet of retail space.

Construction commenced in March 2019 on Phase 2 of this project which will consist of 232 residential rental units. Future phases will be announced as further development information becomes available.

(6) Residential development consisting of 383 residential rental units which is close to major technology employers including Apple, IBM, Oracle and Samsung as well as the University of Texas at Austin and downtown Austin.

(7) 7-storey residential tower consisting of 263 residential rental units, which is part of a larger master planned community and is adjacent to transit, Microsoft, Inc.’s headquarters, and future light rail which is expected to be completed in 2023.

(8) Development budget metrics have not been determined as at March 31, 2020.

(in thousands of U.S. Dollars)

At H&R Ownership Interest

Development Name

Ownership

Interest

Number

of Acres

Total

Development

Budget

Properties Under

Development

Costs

Remaining to

Complete

Construction

Financing

Available

Expected

Yield

on Cost

Expected

Completion

Date

Current Developments:

River Landing, Miami, FL(1) 100.0% 8.1 $467,860 $397,138 $70,722 $ - 5.3% Q3 2020

Shoreline, Long Beach, CA(2) 31.2% 0.9 71,097 28,111 42,986 42,986 6.2% Q2 2021

Hercules Project (Phase 1), Hercules, CA(5) 31.7% 2.2 26,041 22,459 3,582 3,582 6.5% Q2 2020

Hercules Project (Phase 2), Hercules, CA(5) 31.7% 2.8 31,186 14,309 16,877 16,877 6.6% Q1 2021

The Pearl, Austin, TX(6) 33.3% 5.0 23,201 15,250 7,951 7,951 6.2% Q4 2020

Esterra Park, Seattle, WA(7) 33.3% 1.1 31,859 18,451 13,408 13,408 6.0% Q1 2021

20.1 $651,244 $495,718 $155,526 $84,804

Future Developments:

Prosper, Dallas, TX(8) 100.0% 20.3 15,120

2214 Bryan St., Dallas, TX(8) 100.0% 3.3 23,885

Pinellas, Tampa, FL(8) 100.0% 8.4 6,312

Sunrise, Orlando, FL(3)(4)(8) 100.0% 24.0 3,906

Hercules Project (Remaining Phases), Hercules, CA (5)(8) 31.7% 33.4 11,719

Total per the REIT's Proportionate Share (excluding ECHO) 109.5 $651,244 $556,660 $155,526 $84,804


River Landing - Miami, FL

▪ Prime urban mixed-use development▪ 528 residential rental units▪ 373,000 sf of urban retail▪ 118,000 sf of office


River Landing - Miami, FL

▪ 1,000 feet of waterfront on the Miami river

▪ Adjacent to the Health District

▪ Close proximity to downtown Miami

▪ Major tenants: Publix, TJ Maxx, Hobby Lobby, Burlington, Ross, Old Navy

▪ Total cost of project: U.S. $467.9M

▪ U.S. $397.1M cost spent at March 31, 2020

▪ Construction is expected to be completed in Q3 2020

▪ Unlevered return on cost: 5.3%


Shoreline Gateway - Long Beach, CA

▪ Land acquired July 16, 2018

▪ H&R ownership: 31.2%

▪ 35-storey residential tower consisting of 315 residential rental units

▪ 6,450 sf of retail space

▪ Development budget: U.S. $227.1M at 100% level

▪ Construction financing: U.S. $132.0M secured at 100% level

▪ Will become the tallest residential tower in Long Beach with views overlooking the Pacific Ocean


Hercules Bayfront - San Francisco, CA


▪ 38.4 acres of land to be developed into a waterfront master planned community which will be surrounded by a future intermodal transit centre

▪ Phase 1 known as “The Exchange at Bayfront” will consist of 172 residential rental units including lofts and townhomes and 13,979 square feet of ground level retail

▪ Phase 1 has a total development budget of U.S. $82.1M and construction financing of U.S. $57.5M has been secured, both at 100% level

▪ Phase 1 is expected to be completed in Q2 2020


Hercules Bayfront - San Francisco, CA

▪ Phase 2, known as “The Grand at Bayfront” will consist of 232 residential rental units including a state-of-the-art fitness centre, bike shop, residents lounge and sporting club

▪ Phase 2 has a total development budget of U.S. $98.4 million and construction financing of U.S. $65.4 million has been secured, both at the 100% level

▪ Phase 2 is expected to be completed in Q1 2021


The Pearl - Austin, TX


▪ 383 residential rental units

▪ Development budget: U.S. $69.7M and construction financing of U.S. $47.9M has been secured, both at 100% level

▪ Expected to be completed in Q4 2020

▪ This residential development site is close to major technology employers including Apple, IBM, Oracle and Samsung, as well as the University of Texas at Austin and downtown Austin


Esterra Park - Seattle, WA

▪ This residential development site is part of a larger master planned community and is adjacent to Microsoft, Inc.’s headquarters, bus transit and future light rail which is expected to be completed in 2023


▪ 263 residential rental units

▪ Development budget: U.S. $95.7M and construction financing of U.S. $66.5M has been secured, both at 100% level

▪ Expected to be completed in Q1 2021


Future Intensification Opportunities

Office Opportunities:▪ 3777 Kingsway Street, Burnaby, BC▪ 145 Wellington Street W., Toronto, ON▪ 55 Yonge Street, Toronto, ON▪ 310-320-330 Front Street W., Toronto, ON

Retail Opportunities:▪ Dufferin Mall, Toronto, ON▪ Grant Park, Winnipeg, MB▪ Kildonan Place, Winnipeg, MB▪ Northland Village, Calgary, AB▪ Orchard Park Shopping Centre, Kelowna, BC▪ Place d’Orleans, Orleans, ON▪ Sunridge Mall, Calgary, AB


Top 15 Tenants by Revenue

Predictable and stable income from long-term leases with high quality investment grade tenants

(1) Includes the proportionate share of equity accounted investments.(2) The percentage of rentals from investment properties is based on estimated annualized gross revenue excluding straight-lining of contractual rent, rent amortization of tenant inducements

and capital expenditure recoveries.(3) Average lease term to maturity is weighted based on net rent.(4) Ovintiv Inc. has sublet 27 floors to Cenovus Energy at The Bow located in Calgary, AB. Ovintiv Inc.’s lease obligations expire on May 13, 2038.(5) Canadian Tire Corporation includes Canadian Tire, Mark’s, Sport Chek, Atmosphere, Sports Experts and Party City.(6) Lowe’s Companies, Inc. includes Rona.(7) Loblaw Companies Limited includes Loblaw, No Frills and Shoppers Drug Mart.(8) Due to the confidentiality under the tenant’s lease, the term is not disclosed.

(1)

Tenant

% of rental income

from investment

properties(2)

Number of

locations

H&R owned

sq.ft. (in 000’s)

Average lease

term to maturity

(years)(3)

Credit Ratings

(S&P)

Ovintiv Inc.(4) (formerly Encana Corporation) 11.6% 1 1,997 18.1 BBB- Negative

Bell Canada 8.1 23 2,537 14.5 BBB+ Stable

Hess Corporation 5.4 1 845 (8) BBB- Negative

New York City Department of Health 3.8 1 660 10.6 AA Stable

Giant Eagle, Inc. 3.4 201 1,654 11.3 Not Rated

Canadian Tire Corporation(5) 2.9 20 2,676 6.6 BBB Negative

TC Energy Corporation 1.9 1 466 11.1 BBB+ Stable

Corus Entertainment Inc. 1.8 1 472 12.9 BB Stable

Lowe's Companies, Inc.(6) 1.8 14 1,710 11.5 BBB+ Stable

Telus Communications 1.3 17 356 5.9 BBB+ Negative

Shell Oil Products 1.2 16 209 2.5 AA- Negative

Toronto-Dominion Bank 1.0 7 286 7.4 AA- Stable

Public Works and Government Services, Canada 1.0 5 321 5.2 AAA Stable

Loblaw Companies Limited(7) 0.9 19 273 8.5 BBB Stable

Royal Bank of Canada 0.9 5 247 5.1 AA- Stable

47.0% 332 14,709


168 155 277 686 457

2020 2021 2022 2023 2024

Industrial

Retail

Office

Limited Lease Rollover

(1) Includes the proportionate share of equity accounted investments and excludes residential properties.

▪ Low-risk rollover schedule▪ Well diversified by property and geography▪ Average remaining lease term of 9.5 years, one of the longest in the industry

% of the REIT‘s GLA 3% 5% 6% 3% 7%

Canadian Portfolio(in ‘000s sq.ft.)

U.S. Portfolio(in ‘000s sq.ft.)

% of the REIT’s GLA 1% <1% 1% 2% 1%

(1)

991

1,707 2,096

999

2,258

2020 2021 2022 2023 2024

Industrial

Retail

Office


Strong Balance Sheet

(1) Debt includes mortgages payable, debentures payable, unsecured term loans and lines of credit.(2) The increase in debt to total assets from 2019 to Q1 2020 is primarily due to fair value adjustments to certain office and retail properties totaling $1.3 billion

which is further discussed on slides 3 and 4 of this Investor Presentation.

Interest Coverage

3.3x

BBB (High) Stable Trend by

DBRS

Unencumbered Assets $3.6B

WAIR(1)

3.6%WATM(1)

4.0 years

Available under Lines of Credit

$72M(1)

Mortgages 30%Unsecured

Debentures 7%

Unsecured Term Loans 6%

Lines of Credit8%

Unitholders' Equity and Exchangeable

Units 49%

Total Capitalization$12.7 Billion

Debt(1) to Total Assets(2)

44.3% 44.6% 44.6% 44.4%

47.9%

30%

35%

40%

45%

50%

2016 2017 2018 2019 Q1 2020


Summary

▪ One of the largest REITs in Canada with total assets of $13.4 Billion

▪ High quality real estate

▪ Predictable income▪ Creditworthy tenants

▪ Long-term leases, with contractual rent escalations

▪ High, stable occupancy

▪ Minimal near term lease expiries and debt maturities

▪ Development pipeline expected to create significant value and enhance cash flows

▪ Solid balance sheet with a conservative payout ratio

▪ Fully internalized and aligned management

▪ CEO, founders and trustees own approximately6% of the REIT (including exchangeable units)

▪ NAV per unit is $22.26(1)

(1) Refer to the March 31, 2020 MD&A for a detailed calculation.

STABILITY, SECURITY & GROWTH · 5 STABILITY, SECURITY & GROWTH through QUALITY, DIVERSIFICATION & SCALE COVID-19 Update –Distribution Policy Monthly distribution reduced effective

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