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The REIT’s portfolio is performing well and we expect continued growth in profitability from our contracted rental escalations and accretive acquisitions. We remain very optimistic and excited about our opportunities for growth and ability to prosper in the coming year. Reflecting this positive outlook, H&R’s trustees have updated our distribution policy, by increasing the annualized intended distribution per Stapled Unit and extending the policy for an additional two quarters to December 31, 2012, as shown below. 

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On behalf of H&R management, I wish to thank our investors, trustees and employees for their trust and commitments over the past year. With your support, we look forward to extending our legacy of stability through discipline . 

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March 18, 2011 

