Attention Business Editors:

H&R REIT Announces June Distribution

TSX SYMBOL: HR.UN

TORONTO, Canada (June 10, 2003) - H&R REIT today announced that the Trustees of the REIT have determined that the REIT's June payment of distributable cash will be $0.102 per unit, representing $1.224 on an annualized basis. Payment will be made on June 30, 2003 to Unitholders of record June 20, 2003.

ABOUT H&R REIT
H&R is a TSX-listed, closed-end real estate investment trust, which holds interests in a primarily Canadian portfolio of 26 office, 77 industrial and 39 retail properties and 5 development projects, with a book value in excess of $2 billion. The cornerstones of H&R's success are focus, quality, discipline and stability.

H&R REIT has a distribution reinvestment plan for its unitholders, which allows participants to reinvest their monthly cash distributions in additional H&R units at an effective discount of 3%. Beneficial unitholders who would like to enroll in the plan should contact the nominee (stockbroker, bank, trust company or investment banker) with whom their units are registered.

Additional corporate and supplemental financial information regarding H&R REIT is available at www.hr-reit.com. For more information, please contact Eric Cohen, Chief Financial Officer, at 416-635-7520 or info@hr-reit.com.

SEDAR #: 00002857

Additional information on H&R REIT is available on the REIT's web site at: www.hr-reit.com. The Toronto Stock Exchange has neither approved nor disapproved the information contained herein.

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For further information please call:
Larry Froom, Chief Financial Officer, H&R REIT,
(416) 635-7520

Information provided is an abstract of the original text of the company statement as transmitted to the media and financial community by Canada NewsWire. Register for Portfolio Email to receive all H&R Real Estate Investment Trust news releases automatically by email.
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