ASSEMBLING A SCALED, CLASS A PORTFOLIO BUILT FOR GROWTH

TRANSACTION HIGHLIGHTS AND STRATEGIC RATIONALE

• Scale: Creates the second-largest publicly traded residential REIT in Canada and seventh largest in the United States, respectively¹. 
• Diversification: Adds a high-quality 27-property Sunbelt portfolio in growing markets (Tampa, Dallas, Orlando, Miami, Raleigh, Austin and Charlotte) to existing trophy New York City assets.
• Trophy portfolio: Best-in-class New York City assets paired with Class A Sunbelt properties in markets with powerful long-term fundamentals.
• Earnings accretive: Expected to grow FFO Adjusted per Unit² and AFFO Adjusted per Unit², with ~$15 million in annualized synergies from margin enhancement. ~US$51 million in additional consideration³ over the first two years, providing greater certainty around cash flows during the initial ownership period, and a bridge to the portfolio’s expected stabilized earnings power.
• Stronger balance sheet: Pro forma debt to EBITDA improves by more than 2x at close, with further upside from synergies — while intending to preserve investment grade.
• Four times the liquidity: Unit float expands approximately 4x, meaningfully enhancing trading liquidity for unitholders.
  

1 By enterprise value as of June 30, 2026
2 Non-IFRS financial measures. Refer to the sections entitled “Non-IFRS Financial Measures” and “Forward-Looking Statements” in the accompanying management information circular.
3 From an entity affiliated with one of the other purchasers of H&R REIT, up to an aggregate amount of approximately US$51 million