H&r Real Estate Investment Trust · TSX:HR.UN
H&r Real Estate Investment Trust — Merger or Acquisition (August 2026)
24 slides from H&r Real Estate Investment Trust's merger presentation, Aug 11, 2026
Slide 1: Creating a Premier Residential REIT with New York City and Sunbelt Focus
Creating a Premier Residential REIT with New York City and Sunbelt Focus H&R REIT to be Acquired in $6.7 Billion Transaction The Successful Conclusion of H&R’s Strategic Repositioning Plan – H&R Unitholders to Receive Premium Through Combination of Cash Upfront and a Majority Stake with Meaningful P
Slide 2: GO Residential REIT Disclaimer
GO Residential REIT DISCLAIMER All dollar amounts are presented in Canadian dollars unless otherwise indicated Non-IFRS Financial Measures In this presentation, GO Residential Real Estate Investment Trust ("GO Residential REIT", "GO REIT" or "GO") uses certain financial measures that are not defined
Slide 3: Today's Participants
TODAY’S PARTICIPANTS Stephen Gross, Lead Independent Trustee Josh Gotlib, CEO & CIO Cheryl Fried, Interim CFO Max Kaufman, COO & General Counsel Robyn Kestenberg, EVP Office & Industrial 3
Slide 4: Stephen Gross, Lead Independent Trustee
Stephen Gross, Lead Independent Trustee 4
Slide 5: Successful Culmination of H&R's Strategic Repositioning Plan Initiated in 2021
SUCCESSFUL CULMINATION OF H&R’S STRATEGIC REPOSITIONING PLAN INITIATED IN 2021 From a diversified trust to a pure-play residential platform, delivering immediate and long-term value to unitholders 2021: 2021 – 2024: 2021 – 2026: Today: Primaris REIT ~$4B+ of Non-Strategic Balance Sheet H&R REIT Spin
Slide 6: Transaction Overview
TRANSACTION OVERVIEW A transformational final step in H&R’s multi-year repositioning, delivering immediate and long-term value to H&R unitholders Transaction ▪ GO will acquire H&R’s premier U.S. portfolio of 27 properties (~10,300 suites), including 23 Lantower residential Sunbelt assets, a 50% inte
Slide 7: Transaction Rationale and Value Proposition for H&R Unitholders
TRANSACTION RATIONALE AND VALUE PROPOSITION FOR H&R UNITHOLDERS Compelling immediate value, a scaled pure-play platform, and structural conditions for long-term growth Compelling and Certain Value ▪ Meaningful premium with cash certainty and GO unit consideration for H&R unitholders ▪ Majority owner
Slide 8: H&R Unitholders Receive Upfront Cash and Potential Upside in Pro Forma GO
H&R UNITHOLDERS RECEIVE UPFRONT CASH AND POTENTIAL UPSIDE IN PRO FORMA GO Certain cash today, and a stake in a stronger platform built for long-term value creation Upside Potential to Total Consideration in GO Units Comparable Distribution Income from Stronger Platform Implied Total Consideration Pe
Slide 9: Josh Gotlib, CEO & CIO
residential Josh Gotlib, CEO & ClO
Slide 10: GO Residential Combined with H&R Lantower Portfolio
GO RESIDENTIAL COMBINED WITH H&R LANTOWER PORTFOLIO Scaled residential REIT with greater diversification and improved balance sheet to drive earnings growth and value creation A premier Trophy New York City Amongst the ~US$15M in annualized Greater liquidity, assets complemented synergies expected ~
Slide 11: The New GO Platform: Scale, Diversification and Growth
THE NEW GO PLATFORM: SCALE, DIVERSIFICATION AND GROWTH Combining GO’s trophy NYC portfolio with H&R’s high-growth Sunbelt communities creates a scaled, premier residential REIT Go Residential GO Residential H&R ProResidential Go Forma Go Canadian-Listed Residential REITs by Enterprise Value (C$B) H&
Slide 12: Enhanced Geographic and Asset Diversification
ENHANCED GEOGRAPHIC AND ASSET DIVERSIFICATION H&R’s high-growth Sunbelt communities complement GO’s trophy NYC portfolio Asset Type by % of Suites 37 8 4 Class A - Class A New ~70% of Pro Forma Adjacent Construction Multifamily, Midrise,1 12% NOI5 from NYC and 47% Properties Markets States ~30% from
Slide 13: New York City: Structural Scarcity, Durable Demand
NEW YORK CITY: STRUCTURAL SCARCITY, DURABLE DEMAND Supply-constrained, high-barrier market with persistently strong rental fundamentals Homeownership Rates1 Average Monthly Rent (US$) vs. Vacancy in Manhattan2 $4,466 $4,665 $5,228 $4,312 U.S. 65.3% $3,764 $3,424 Rents up ~53% $2,655 since 2020 4.7%
Slide 14: Sunbelt: Durable Demand Fundamentals Against Constructive Supply Backdrop
SUNBELT: DURABLE DEMAND FUNDAMENTALS AGAINST CONSTRUCTIVE SUPPLY BACKDROP Employment growth, in-migration and household formation support continued NOI 4 growth across Lantower markets Strong Employment Growth Favourable Supply Dynamics Positive NOI4 Outlook Employment CAGR1 Suites under constructio
Slide 15: GO REIT Pro Forma: A Stronger Financial Platform
GO REIT PRO FORMA: A STRONGER FINANCIAL PLATFORM Accretive to FFO and AFFO1, ~US$15M in identified synergies and a materially improved balance sheet Synergies and Earnings Accretion Balance Sheet Strength ⚫ ~US$15M in annualized synergies Portfolio NOI 1 Margin ⚫ Positioned for further growth-driven
Slide 16: A Platform Built for Growth
A PLATFORM BUILT FOR GROWTH Combined entity with the scale, balance sheet and management focus to capitalize on opportunity and deliver long-term unitholder value Balanced, high-quality Durable cash flow Stronger balance sheet portfolio with trophy NYC Pure-play, growth with reduced Value creation p
Slide 17: Stephen Gross, Lead Independent Trustee
Stephen Gross, Lead Independent Trustee 17
Slide 18: A Compelling Transaction for Unitholders of Both Companies
A COMPELLING TRANSACTION FOR UNITHOLDERS OF BOTH COMPANIES Independent Trustees and Board of H&R and GO REIT unanimously recommend unitholders vote IN FAVOUR ⚫ H&R unitholders receive meaningful premium with cash upfront ⚫ ~US$15M in identified synergies driving earnings accretion and NOI 1 margin a
Slide 19: Next Steps
NEXT STEPS Expected GO REIT Special Meeting of Unitholders October 2026 Expected H&R Special Meeting of Unitholders October 2026 Expected transaction close Q4 2026 GO.UN (C$) introduced on TSX Prior to close H&R units delisted from TSX Upon close 19
Slide 20: residential
residential
Slide 21: H&R REIT Disclaimer
H&R REIT DISCLAIMER Forward-Looking Statements Certain 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 Real Es
Slide 22: Appendix: Trophy New York City Asset Portfolio
APPENDIX: TROPHY NEW YORK CITY ASSET PORTFOLIO GO Residential REIT portfolio ONE & TWO 1 ONE EAST RIVER PLACE 2 3 4 685 FIRST AVENUE 5 THE COPPER SUTTON PLACE 1 6 2 3 7 8 4 5 7 8 HUDSON YD. 6 IVY TOWER 9 7 DEY 10 409 EASTERN PKWY PORTFOLIO 9 10 IPO Portfolio Announced Acquisitions Source: Public dis
Slide 23: Appendix: Sunbelt Asset Portfolio
APPENDIX: SUNBELT ASSET PORTFOLIO Select assets from H&R Lantower portfolio Lantower Grande Flats, Orlando, FL Lantower Westshore, Tampa, FL Lantower West Love, Dallas, TX Lantower Waverly, Charlotte, NC Lantower River Landing, Miami, FL Lantower Techridge, Austin, TX Source: Public disclosure. 23
Slide 24: residential
residential 42 REIT
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