stability, security & growth - h&r reit information/current... · non‐gaap measures...

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 December 31, 2019unless 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‐looking statements) 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, redevelopmentof existing properties and building of new properties; the expected yield on cost of H&R’s developments and other investments; the expected costs of any ofH&R’s projects; and the expected occupancy, budget, net leasable area or contributions to rental revenue from H&R’s developments and other properties.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‐lookingstatements reflect H&R’s current beliefs and are based on information currently available to management. Forward‐looking statements are provided for thepurpose of presenting information about management’s current expectations and plans relating to the future and readers are cautioned that such statementsmay not be appropriate for other purposes. These statements are not guarantees of future performance and are based on H&R’s estimates and assumptionsthat are subject to risks and uncertainties, including those discussed in H&R’s materials filed with the Canadian securities regulatory authorities from time totime, including H&R’s MD&A for the year ended December 31, 2019 and H&R’s most recently filed annual information form, which could cause the actualresults and performance of H&R to differ materially from the forward‐looking statements made in this presentation. Although the forward‐looking statementsmade in this presentation are based upon what H&R believes are reasonable assumptions, there can be no assurance that actual results will be consistent withthese forward‐looking statements. Readers are also urged to examine H&R’s materials filed with the Canadian securities regulatory authorities from time totime as they may contain discussions on risks and uncertainties which could cause the actual results and performance of H&R to differ materially from theforward‐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 13, 2020 and H&R, except as required by applicable law, assumes no obligation to update or revisethem 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 anumber of measures which do not have a meaning recognized or standardized under IFRS or Canadian Generally Accepted Accounting Principles (“GAAP”). Thenon‐GAAP measures REIT’s proportionate share, Same‐Asset property operating income (cash basis), Interest Coverage ratio and Net Asset Value (“NAV”), aswell as other non‐GAAP measures discussed elsewhere in this presentation, should not be construed as an alternative to financial measures calculated inaccordance with GAAP. Further, H&R’s method of calculating these supplemental non‐GAAP financial measures may differ from the methods of other realestate investment trusts or other issuers, and accordingly may not be comparable. H&R uses these measures to better assess its underlying performance andprovides these additional measures so that investors may do the same. These non‐GAAP financial measures are more fully defined and discussed in H&R’sMD&A as at and for the year ended December 31, 2019, 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.

Other


H&RTotal Investment Properties

$13.9 billion(1)

H&RTotal Investment Properties

$13.9 billion(1)

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

(Primaris)

Retail(1)

(Primaris)

Residential(1)

(Lantower Residential)

Residential(1)

(Lantower Residential)

Long Term LeasesLong Term Leases Pension Fund JVPension Fund JVStable PerformanceStable Performance High Growth OpportunityHigh Growth Opportunity

33 Properties ~10,811,000 Square Feet

86 Properties~8,813,000 Square Feet

311 Properties~13,479,000 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 a Market Cap of

$6.4 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

Ontario28%

United States40%

Other Canadian Provinces9%

Alberta23%

$13.9 Billion

Office43%

Industrial7%

Residential 20%

Retail30%

$13.9 Billion

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


Office Portfolio

Total value: $6.0 billion (weighted average cap rate: 5.57%) Average remaining lease term to maturity: 12.4 years Occupancy: 98.6%; committed occupancy: 99.6% Revenue from tenants with investment grade ratings: 87.1%

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 Fair value (in millions) $2,296 $1,717 $228 $4,241 $1,747 $5,988

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 17.0 years

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

Address

Your

location

Total GLA

(Sq.Ft.)

Ownership

Interest

GLA 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 2,024,182 100% 2,024,182 14.0% 18.2 Ovintiv Inc.(2) BBB Stable

450‐1st St., S.W. Calgary 931,187 50% 465,594 2.2% 11.3 TC Energy Corporation BBB+ Stable

2767‐2nd Ave. Calgary 69,793 100% 69,793 0.1% 19.2 AltaLink, L.P. A Stable

2611‐3rd Ave. Calgary 95,225 50% 47,613 0.1% 19.2 AltaLink, L.P. A Stable

Total / Average 3,120,387 2,607,182 16.4% 17.0


Retail Portfolio(1)

Total value: $4.2 billion (weighted average cap rate: 6.35%) Average remaining lease term to maturity: 6.6 years Occupancy: 91.5%; committed occupancy: 94.1%

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

Ontario Alberta Other Subtotal ECHO Other Subtotal

Number of properties 38 17 14 69 226 16 242 311

Square feet (in thousands) 3,684 3,969 2,758 10,411 2,850 218 3,068 13,479

Fair value (in millions) $1,079 $1,230 $869 $3,178 $846 $133 $979 $4,157

CanadaTotal

United States

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


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

Centre

Grocery

Anchored ECHO Other Total

Number of properties 17 22 226 46 311

Square feet (in thousands) 6,988 1,007 2,850 2,634 13,479

Fair value (in millions) $2,524 $224 $846 $563 $4,157

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


Industrial Portfolio(1)

Total value: $1.0 billion (weighted average cap rate: 5.59%) Average remaining lease term to maturity: 6.7 years Occupancy: 97.2%; committed occupancy: 98.9%

Sleep Country | GTACanadian Tire | GTA(1) Includes H&R’s proportionate share of equity accounted investments and excludes

one property which was classified as held for sale as at December 31, 2019.

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 35 19 28 82 4 86

Square feet (in thousands) 4,462 2,030 1,648 8,140 673 8,813

Fair value (in millions) $581 $254 $163 $998 $42 $1,040

Canada United

StatesTotal


144 Acres of Industrial Land – Caledon, ON To develop 2.7 million square feet

Currently three buildings under construction

Subsequent to December 31, 2019, H&R completed a 10‐year lease with Deutsche Post AG to occupy Building 1

Number of

Acres

Square

Feet

Total

Development

Budget

Properties

Under

Development

Costs

Remaining

to Complete

Expected

Yield

on Cost

Expected

Completion

Date

Building 1 16.8 342,821 $54,564 $24,373 $30,191 6.7% Q3 2020

Building 2 4.7 77,875 13,471 4,934 8,537 5.4% Q4 2020

Building 3 4.9 105,133 14,960 5,083 9,877 6.5% Q4 2020

Remaining lands 117.6 ‐ ‐ 70,601 ‐

Total 144.0 525,829 $82,995 $104,991 $48,605


Residential Portfolio(1)

Total value: U.S. $2.1 Billion (weighted average cap rate: 4.75%)

Average age of properties: 6.4 years

During the year ended December 31, 2019, there were five properties (excluding Jackson Park) in lease‐up with a weighted average occupancy rate of 81.9%. For the three months and year ended December 31, 2019, the properties in lease‐up contributed U.S. $2.8 million and U.S. $8.7 million, respectively, to property operating income (excluding non‐cash items) and they are expected to contribute U.S. $13.5 million in 2020.

Brandon Crossroads | Florida

Ambrosio | Texas

(1) Includes H&R’s proportionate share of equity accounted investments and excludes two properties which were classified as held for sale as at December 31, 2019 and subsequently sold.

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

Fair value (in millions of U.S. dollars) $424 $512 $360 $800 $2,096


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


Acquired June 13, 2019

Class A units: 314

Year built: 2018

Occupancy upon acquisition: 94.3%

Purchase price: U.S. $74,732,000

Purchase price/unit: $238,000

Average rent: U.S. $1,571 per month

Rationale: New construction located in Orlando’s coveted I‐4 Tourism Corridor that is anchored by major employers and a $50B tourism industry.

2019 Acquisition: Lantower Grande Flats – Orlando, FL


Acquired July 31, 2019

Class A units: 322

Year built: 2019

Occupancy upon acquisition: 47.2%

Purchase price: U.S. $62,790,000

Purchase price/unit: $195,000

Average rent: U.S. $1,357 per month

Rationale: New construction located near a major Charlotte employment center, University City (3 business parks with 75k jobs & UNC‐Charlotte).

2019 Acquisition: Lantower Garrison Park – Charlotte, NC


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 96.0%

Current avg. rent $67 psf


Jackson Park ‐ Long Island City, NY

In September 2019, H&R, together with its partners, secured a U.S. $1.0 billion interest-only first mortgage for Jackson Park (U.S. $500.0 million, at H&R’s ownership interest) at a fixed rate of 3.25% for a 10-year term. Upon closing, Jackson Park’s existing U.S. $640.0 million construction facility was discharged and the outstanding balance prior to this refinancing was repaid.

Jackson Park’s annualized unlevered yield on budgeted cost is expected to be 6.0%.

With the new financing in place, the REIT’s levered yield on its expected net cash contribution of U.S. $30.8 million to Jackson Park is approximately 50.4%

Q1 Q2 Q3 Q4 YTD Annual

Actual 2019 and Projected 2020 Net Income and FFO 2019 2019 2019 2019 2019 2020

(At H&R's ownership interest) (Actual) (Actual) (Actual) (Actual) (Actual) (Projected)

(in thousands of U.S. Dollars)

Property operating income $4,464 $6,519 $7,075 $7,035 $25,093 $32,000

Bank interest and charges (2,566) (2,980) (3,206) (4,185) (12,937) (16,476)

Effective interest rate accretion (542) (542) (542) (736) (2,362) (775)

Fair value adjustment on financial instruments and real estate assets (1,118) (2,600) (19,105) 12,596 (10,227) ‐

Net income (loss) 238 397 (15,778) 14,710 (433) 14,749

Fair value adjustment on financial instruments and real estate assets 1,118 2,600 19,105 (12,596) 10,227 ‐

Notional interest capitalization 283 72 ‐ ‐ 355 ‐

FFO $1,639 $3,069 $3,327 $2,114 $10,149 $14,749


U.S. Properties Under Development

(1) Mixed use development consisting of 528 residential rental units, approximately 373,000 square 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.(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 and the site is a seven‐minute drive

from Walt Disney World. Construction of Phase 1 is expected to commence in Q1 2020 which will consist of 321 residential rental units.(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. $24.6 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.

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) 383 residential rental units. 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. 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 December 31, 2019.

(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

Expected

Yield

on Cost

Expected

Completion

Date

Current Developments:

River Landing, Miami, FL(1)

100.0% 8.1 $467,860 $367,008 $100,852 5.3% Q2 2020

Shoreline, Long Beach, CA(2)

31.2% 0.9 71,097 24,690 46,407 6.2% Q2 2021

Sunrise (Phase 1), Orlando, FL(3)(4)

100.0% 11.6 61,826 2,376 59,450 6.1% Q4 2021

Hercules Project (Phase 1), Hercules, CA(5)

31.7% 2.2 26,041 19,424 6,617 6.5% Q2 2020

Hercules Project (Phase 2), Hercules, CA(5)

31.7% 2.8 31,186 11,190 19,996 6.6% Q1 2021

The Pearl, Austin, TX(6)

33.3% 5.0 23,201 13,189 10,012 6.2% Q3 2020

Esterra Park, Seattle, WA(7)

33.3% 1.1 31,859 15,058 16,801 6.0% Q1 2021

31.7 $713,070 $452,935 $260,135

Future Developments:

Prosper, Dallas, TX(8)

100.0% 20.3 15,120

2214 Bryan St., Dallas, TX(8)

100.0% 3.3 23,616

Pinellas, Tampa, FL(8)

100.0% 8.4 6,287

Sunrise (Phase 2), Orlando, FL(3)(4)(8)

100.0% 12.4 350

Hercules Project (Remaining Phases), Hercules, CA(5)(8)

31.7% 33.4 11,393

Total per the REIT's Proportionate Share (excluding ECHO) 109.5 $713,070 $509,701 $260,135


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. $367.0M cost spent at December 31, 2019

Construction is expected to be completed in Q2 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


Sunrise ‐ Orlando, FL

H&R ownership: 100%

Acquired a leasehold interest to develop up to 670 residential rental units

Located within the heart of the I-4 Tourism Corridor in Orlando and the site is a seven-minute drive from Walt Disney World

Construction of Phase 1 is excepted to commence in Q1 2020 which will consist of 321 residential rental units


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 Q3 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 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 and Sports Experts. (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) 11.7% 1 1,997 18.4 BBB Stable

Bell Canada 8.1 23 2,537 14.8 BBB+ Stable

Hess Corporation 5.4 1 845 (8) BBB‐ Stable

New York City Department of Health 3.8 1 660 10.9 AA Stable

Giant Eagle, Inc. 3.4 190 1,652 11.3 Not Rated

Canadian Tire Corporation(5) 2.8 20 2,659 6.9 BBB+ Stable

TC Energy Corporation 1.9 1 466 11.3 BBB+ Stable

Lowe's Companies, Inc.(6) 1.8 14 1,710 11.8 BBB+ Stable

Corus Entertainment Inc. 1.7 1 472 13.2 BB Negative

Telus Communications 1.3 17 357 6.0 BBB+ Negative

Shell Oil Products 1.2 16 209 2.7 AA‐ Stable

Public Works and Government Services, Canada 1.1 5 342 4.5 AAA Stable

Toronto-Dominion Bank 1.0 7 286 7.3 AA‐ Stable

Loblaw Companies Limited(7) 0.9 19 273 8.8 BBB Stable

Royal Bank of Canada 0.9 5 247 5.4 AA‐ Stable

47.0% 321 14,712 12.0


191 160 277 685 454

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 9.6 years, one of the longest in the industry

% of the REIT‘s GLA 4% 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)

1,374 1,610

2,087

981

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.

Interest Coverage

3.0x

BBB (High) Stable Trend by

DBRS

Unencumbered Assets $4.0B

WAIR(1)

3.8%WATM(1)

3.9 years

Available under Lines of Credit

$291M

Mortgages 26%

Unsecured Debentures 9%

Unsecured Term Loans 5%

Lines of Credit6%

Unitholders' Equity and Exchangeable

Units 54%

Total Capitalization$13.7 Billion

Debt(1) to Total Assets


Summary

One of the largest REITs in Canada with a market cap of $6.4B

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 $25.79(1)

Average annual return to unitholders since inception of 13%

(1) Refer to the December 31, 2019 MD&A for a detailed calculation.

stability, security & growth - h&r reit information/current... · non‐gaap measures...

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