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## H&R REAL ESTATE INVESTMENT TRUST H&R FINANCE TRUST 

Notes to Combined Financial Statements 

 (In thousands of dollars, except unit and per unit amounts) 

Years ended December 31, 2010 and 2009 

## 15. Depreciation and amortization: 

<img src='content_image/168694.jpg'>

## 16. Net earnings per Stapled Unit: 

<img src='content_image/168695.jpg'>

The weighted average number of Stapled Units outstanding was as follows: 

<img src='content_image/168696.jpg'>

The convertible debentures are anti-dilutive for the years ended December 31, 2010 and 2009; therefore, the potential conversion of these debentures into Stapled Units has not been included in the calculation of diluted Stapled Units. 

Although the warrants were redeemed on December 29, 2009, they are included in the denominator of the diluted earnings per unit for the period which they were outstanding (note 8(f)). 

