Go Residential Real Estate Investment TrustTSX: GO.U

Mill Pond Capital's Daniel Farb Announces Intention to Vote 2.2 Million H&R REIT Units AGAINST the Proposed GO Residential Transaction

· Issued by GO Residential Real Estate Investment Trust via CNW
Mill Pond Capital's Daniel Farb Announces Intention to Vote 2.2 Million H&R REIT Units AGAINST the Proposed GO Residential Transaction
Mill Pond Capital's Daniel Farb Announces Intention to Vote 2.2 Million H&R REIT Units AGAINST the Proposed GO Residential Transaction

Canada NewsWire

BOSTON, Oct. 7, 2026 /CNW/ -- Daniel Farb, Managing Member of Mill Pond Capital, LLC ("Mill Pond"), who beneficially owns 2.2 million units of H&R Real Estate Investment Trust (TSX: HR.UN) ("H&R"), today released the letter below to H&R's independent trustees. Farb intends to vote all of his units AGAINST the proposed transaction with GO Residential Real Estate Investment Trust (TSX: GO.U) ("GO Residential REIT") and 1001700058 Ontario Inc. at the November 13, 2026 special meeting.

The full text of the letter follows.

* * * * * *

Independent Trustees, H&R Real Estate Investment Trust
Attention: Stephen Gross, Independent Lead Trustee
3625 Dufferin Street, Suite 500, Toronto, Ontario M3K 1N4

To the Independent Trustees:

I am the Managing Member of Mill Pond Capital, LLC and a long-time H&R unitholder. I beneficially own 2.2 million H&R units, and I intend to vote all of those units against the proposed transaction with GO Residential REIT at the November 13, 2026 special meeting[9]. This letter sets out the reasons for that decision.

In my view, the proposed transaction does not deliver fair value to H&R's public unitholders. It provides one form of consideration for the units held by the Chief Executive Officer's family group and another for every other unit, and it exchanges H&R units for cash and units of a more highly levered REIT whose unit price has fallen by more than 50% since its initial public offering in July 2025.

1.  One deal for the CEO's family, a worse deal for everyone else

The headline price of $12.01 depended on GO's August 10 unit price[2]. GO has since fallen from US$9.75 to US$7.18 at the October 6 close[10], cutting H&R's consideration to roughly $10.09[12], a price 7% below the $10.89 per unit H&R traded at prior to the proposed transaction announcement [13]. The $10.09 per unit consideration assumes GO does not fall further once legacy H&R unitholders, who will own ~67% of the combined REIT, but never chose to own GO, sell into a market with no index buying.

H&R units traded at $9.23 at the October 6 close[11], about 43% below H&R's own reported NAV of $16.23 per unit[1].

Meanwhile, H&R has disclosed that the units held by CRAL, a company controlled by members of the family of Tom Hofstedter, H&R's Executive Chairman and Chief Executive Officer, together with units owned or controlled by certain of CRAL's affiliates and associates and the units of Mr. Hofstedter himself, will be redeemed and cancelled as partial consideration for CRAL's purchase price. A total of 44,038,986 units, approximately 16% of the units and exchangeable units outstanding, are expected to be cancelled, and those units "will not receive any GO REIT units or cash consideration"[1][2]. No other unitholder was offered consideration in that form.

The prices of the assets CRAL seeks to acquire have not been disclosed. The filed purchase agreement defines the price by formula, to be confirmed by the parties before closing[15]. Mr. Hofstedter describes these as "non-core" assets[8]. I believe they are being acquired at a discount to NAV, but without a disclosed price unitholders cannot assess what CRAL is paying, or compare it with the consideration offered to everyone else.


Hofstedter family (CRAL)

All other unitholders

What they receive

H&R assets they selected, in exchange for ~44 million H&R units plus cash payment

$4.28 cash + 0.5688 GO REIT units

Value per unit

Not disclosed

$12.01 at announcement; ~$10.09 at the October 6 close.                    
H&R traded at $9.23 as of October 6th close and at $10.89 the day prior to the proposed deal announcement

Exposure to GO Board and Management

None

~66.9% of GO REIT, controlled by GO's Board and Management

Tax on cash consideration

No taxable cash distribution received

Cash includes recaptured depreciation and capital gains, taxable to Canadian holders

Asked why he was not taking GO units like everyone else, Mr. Hofstedter said CRAL is the best fit for non-core assets that require a long-term, private-market orientation[8]. That explains why CRAL wants the assets. It does not explain why the insider with the best information declined the GO consideration, or why no other unitholder was offered the same choice. H&R's trustees nonetheless concluded the transaction is fair to unitholders, with Mr. Hofstedter abstaining[2].

The Trustees owe unitholders a clear explanation of why consideration the CEO and his family would not accept is fair to everyone else.

2.  Control passes to a GO team with a record of underperformance

GO listed on the TSX at US$15.00 in July 2025[6] and trades at US$7.18[10]  as of the October 6th close, down ~52% from its IPO price, while US REIT ETF USRT rose ~7% over the same period[13].

H&R holders will own about 66.9% of the combined REIT but receive only two GO Board seats,[2] while GO's existing executives run the company.[2][5] GO unitholders will hold a minority of the equity but a majority of the Board seats.

3.  Higher leverage and a heavy tax bill

H&R reported debt to total assets of 41.8% and debt to EBITDA of 7.1x at Q2 2026[3]. GO reported debt to gross book value of 53.5%, up from 48.5% at December 31, 2025[4], and the joint investor presentation shows GO's standalone debt to EBITDA at 12.5x[5]. GO's promise to cut leverage by "more than ~2x" is measured from its own elevated starting point[7]. I estimate pro forma leverage well above H&R's ~7x standalone. Unitholders have not been shown a pro forma figure that compares favourably with H&R today.

The $4.28 cash portion of the consideration is not a clean return of capital. H&R states it will include recaptured depreciation and capital gains that Canadian unitholders must report as income[2]. H&R holders will likely pay a meaningful share of that cash in tax, while CRAL receives no taxable cash distribution.

4.  H&R loses index membership, while H&R unitholders effectively pay a premium for GO

H&R is a constituent of the S&P/TSX Capped REIT Index[14]. GO is not in that index; its own release says it may qualify only "over time"[7]. Since the announcement, H&R has fallen about 15% and GO about 25%, versus  ~6% declines for both the Canadian REIT ETF XRE and US REIT ETF USRT[13]. In my view, the market is saying H&R unitholders are effectively paying a premium to buy GO units while handing GO's Board and Management the H&R multifamily portfolio along with other assets.

5.  The Trustees' duty is to all unitholders

On these facts, there are better paths. One is to complete the industrial sales, distribute the cash and retire debt, and keep Lantower and the assets CRAL seeks to acquire within the current structure. Alternatively, H&R could continue as is, sell assets at or near NAV one at a time, and use the proceeds to retire debt and repurchase units trading at a deep discount to NAV or sell the entire company for cash. Each of the above proposals treats all unit holders equally.

What is not acceptable is asking unitholders to accept a dilutive, tax-inefficient transaction into a more levered entity at a large discount to the company's stated NAV, while the CEO and his family receive an entirely different form of consideration and use it to acquire, in my estimation, select H&R assets at a discount to NAV.

For the reasons outlined above, I intend to vote my 2.2 million units AGAINST this transaction.

Respectfully,

Daniel Farb

Managing Member
Mill Pond Capital, LLC

This letter is a public announcement by Daniel Farb, a unitholder of H&R and Managing Member of Mill Pond Capital LLC, of how he intends to vote at the special meeting and the reasons for that decision, and is published in reliance on paragraph (i) of the definition of "solicit" in section 1.1 of National Instrument 51-102 – Continuous Disclosure Obligations. It is not a solicitation of proxies. Neither Mill Pond Capital nor the author is requesting a proxy from any unitholder, is requesting that any unitholder execute, not execute or revoke a proxy, is sending a form of proxy or is seeking authority to act as proxyholder for any unitholder. Historical performance figures reflect the author's calculations using publicly available data, and all financial figures come from publicly available reports and corporate disclosures. Unless otherwise noted, unit prices are as of the October 6, 2026 close. This letter does not constitute investment, tax, or legal advice. Daniel Farb and or Mill Pond Capital LLC may increase or decrease their position in H&R at any time.

Sources:

[1]    H&R REIT news release, "H&R REIT Reports Second Quarter 2026 Financial Results" (Aug 12, 2026): NAV per unit of $16.23 as at June 30, 2026; 44,038,986 units to be redeemed and cancelled. https://www.newswire.ca/news-releases/h-amp-r-reit-reports-second-quarter-2026-financial-results-828342694.html
[2]    H&R REIT news release, "H&R REIT to be Acquired in $6.7 Billion Transaction" (Aug 11, 2026). https://www.newswire.ca/news-releases/h-amp-r-reit-to-be-acquired-in-6-7-billion-transaction-898751585.html
[3]    H&R REIT Q2 2026 MD&A (June 30, 2026): debt to total assets of 41.8% and debt to adjusted EBITDA of 7.1x at the REIT's proportionate share. https://www.hr-reit.com/wp-content/uploads/2026/08/Q2-2026-Jun-30-Complete-Report.pdf
[4]    GO Residential REIT news release, second quarter 2026 results (Aug 14, 2026): debt to gross book value of 53.5% as at June 30, 2026 and 48.5% as at December 31, 2025. https://www.newswire.ca/news-releases/go-residential-real-estate-investment-trust-reports-strong-second-quarter-2026-results-outperforming-forecast-815820775.html
[5]    GO Residential REIT and H&R REIT joint investor presentation (Aug 11, 2026): GO standalone debt to EBITDA of 12.5x; nine-member board; existing executive team. https://www.hr-reit.com/wp-content/uploads/2026/08/GO-Acquires-HR-Joint-Presentation-2026-08-11.pdf
[6]    GO Residential REIT news release, completion of initial public offering at US$15.00 per unit (Jul 31, 2025). https://s206.q4cdn.com/416337205/files/doc_news/GO-RESIDENTIAL-REAL-ESTATE-INVESTMENT-TRUST-COMPLETES-US410-MILLION-INITIAL-PUBLIC-OFFERING-2025.pdf
[7]    GO Residential REIT news release on the transaction (Aug 11, 2026): leverage reduction of "more than ~2x" and index inclusion "over time". https://www.newswire.ca/news-releases/go-residential-reit-to-acquire-strategic-portfolio-of-27-properties-from-h-amp-r-reit-creating-a-premier-new-york-metro-area-and-sunbelt-region-focused-residential-reit-positioned-for-growth-820167894.html
[8]    The Globe and Mail, "H&R REIT CEO to buy $410-million worth of properties to smooth way for takeover bid" (Aug 13, 2026). https://www.theglobeandmail.com/business/article-hr-reit-ceo-buy-properties-takeover-bid-tom-hofstedter/
[9]    H&R REIT news release, record date and special meeting date (Sep 25, 2026). https://www.newswire.ca/news-releases/h-amp-r-reit-announces-record-date-and-meeting-date-for-special-meeting-in-connection-with-proposed-transaction-811970640.html
[10]  TMX Money quote, GO Residential REIT (GO.U): closing price of US$7.18 on Oct 6, 2026. https://money.tmx.com/en/quote/GO.U
[11]  TMX Money quote, H&R REIT (HR.UN): closing price of $9.23 on Oct 6, 2026. https://money.tmx.com/en/quote/HR.UN
[12]  Bank of Canada daily exchange rates (USD/CAD 1.3942 on Aug 10, 2026 and 1.4226 on Oct 6, 2026). https://www.bankofcanada.ca/rates/exchange/daily-exchange-rates/
[13]  Historical closing prices for HR.UN, GO.U and XRE (TSX) and USRT (NYSE Arca) on Jul 24, 2025, Aug 10, 2026 and Oct 6, 2026, Yahoo Finance. https://finance.yahoo.com/quote/HR-UN.TO/history/
[14]  S&P/TSX Capped REIT Index constituents, TMX Money; see also the holdings of the iShares S&P/TSX Capped REIT Index ETF (XRE) as at Oct 1, 2026 (www.blackrock.com/ca), which include H&R and not GO. https://money.tmx.com/en/quote/%5ERTRE/constituents
[15]  Agreement of Purchase and Sale dated Aug 10, 2026 between 1001700058 Ontario Inc. and CRAL Class B Limited (definition of "Purchase Price"; confirmation of the Purchase Price before closing), filed on SEDAR+ under H&R REIT's issuer profile. https://www.sedarplus.ca/csa-party/records/document.html?id=25ddda47cb3b547cc90411c90179c4a2a95b01b9e12826d7642af71cce1063efhttps://www.ad-hoc-news.de/boerse/news/nebenwerte/h-and-r-real-estate-investment-trust-stock-trades-21-10-percent-below/70184282https://www.konekoresearch.com/p/h-and-r-reit-offers-received-specialhttps://www.tradingview.com/news/prnewswire:e3543deac979e:0-h-r-reit-reports-second-quarter-2026-financial-results/https://www.investing.com/news/transcripts/earnings-call-transcript-hr-reit-posts-lower-q2-2026-ffo-as-deal-reshapes-portfolio-93CH-4858445https://nuggetcapitalpartners.substack.com/p/is-this-what-securities-fraud-lookshttps://www.newswire.ca/news-releases/h-amp-r-reit-to-be-acquired-in-6-7-billion-transaction-898751585.htmlhttps://ca.investing.com/news/company-news/hr-real-estate-investment-trust-hruff-q2-2026-earnings-call-highlights-strategic-4--4802553https://www.investing.com/news/company-news/go-residential-q2-2026-slides-strong-beat-overshadowed-by-hr-deal-93CH-4861249https://s206.q4cdn.com/416337205/files/doc_news/GO-RESIDENTIAL-REAL-ESTATE-INVESTMENT-TRUST-COMPLETES-US410-MILLION-INITIAL-PUBLIC-OFFERING-2025.pdfhttps://www.konekoresearch.com/p/h-and-r-reit-i-dont-wanna-gohttps://www.konekoresearch.com/p/h-and-r-reit-whats-the-real-trackhttps://www.konekoresearch.com/p/h-and-r-reit-step-downhttps://www.newswire.ca/news-releases/h-amp-r-reit-announces-record-date-and-meeting-date-for-special-meeting-in-connection-with-proposed-transaction-811970640.htmlhttps://money.tmx.com/en/quote/GO.Uhttps://money.tmx.com/en/quote/HR.UNhttps://www.theglobeandmail.com/business/article-hr-reit-ceo-buy-properties-takeover-bid-tom-hofstedter/https://money.tmx.com/en/quote/%5ERTRE/constituentshttps://www.citybiz.co/article/887142/go-residential-reit-to-acquire-2-8-billion-hr-portfolio-expanding-sunbelt-footprint/

SOURCE Daniel Farb

View original content: http://www.newswire.ca/en/releases/archive/October2026/07/c6091.html

Attached document

Contents
  1. H&R REIT FINANCIAL REPORT | Q2 2026 · page 1
  2. ABOUT THE COVER · page 2
  3. MANAGEMENT’S DISCUSSION AND ANALYSIS OF H&R REAL ESTATE INVESTMENT TRUST · page 3
  4. For the three and six months ended June 30, 2026 · page 3
  5. TABLE OF CONTENTS · page 4
  6. SECTION III .................................................................................................................................................................................... 15 · page 4
  7. SECTION I · page 5
  8. BASIS OF PRESENTATION · page 5
  9. FORWARD-LOOKING DISCLAIMER · page 5
  10. OVERVIEW AND STRATEGY · page 6
  11. ENVIRONMENTAL, SOCIAL AND GOVERNANCE · page 8
  12. SECTION II · page 8
  13. H&R TO BE ACQUIRED IN $6.7 BILLION TRANSACTION · page 8
  14. SUMMARY OF SIGNIFICANT Q2 2026 ACTIVITY · page 9
  15. Transaction Highlights · page 10
  16. Assets Classified as Held for Sale · page 10
  17. Leasing Update · page 10
  18. Development Update · page 10
  19. Equity Accounted Investments · page 10
  20. Debt & Liquidity Highlights · page 11
  21. Debentures · page 11
  22. Liquidity · page 11
  23. COMPLETION OF $1.5 BILLION OF RETAIL AND OFFICE PROPERTY SALES IN Q1 2026 · page 12
  24. KEY PERFORMANCE DRIVERS · page 14
  25. PORTFOLIO OVERVIEW · page 15
  26. LEASE MATURITY PROFILE · page 16
  27. Canadian Portfolio: · page 16
  28. U.S. Portfolio: · page 16
  29. TOP TWENTY SOURCES OF REVENUE BY TENANT · page 17
  30. FINANCIAL HIGHLIGHTS · page 18
  31. SECTION III · page 19
  32. FINANCIAL POSITION · page 19
  33. INVESTMENT PROPERTIES · page 20
  34. 2026 Acquisitions · page 20
  35. 2025 Acquisitions · page 20
  36. 2026 Dispositions · page 20

Page 1

H&R REIT FINANCIAL REPORT | Q2 2026

Page 2

Lantower West Love Dallas, TX

ABOUT THE COVER

Lantower West Love is a premier residential community in Dallas, TX, designed for modern living. This newly built, five-storey property features 413 thoughtfully designed suites, upscale amenities, and seamless connectivity to the city. Residents enjoy a resort-style pool, coworking spaces, micro-offices, and a doublevolume fitness center with a spin room, yoga studio, and on-demand classes—all within a National Green Building Standard Silvercertified community. Unique perks like a Grab & Go Market and a self-serve table tap system with cold brew coffee add an elevated touch to daily life. Ideally located near Dallas Love Field Airport and major highways, Lantower West Love is part of the vibrant West Love district, offering easy access to retail, dining, and entertainment. As Dallas-Fort Worth continues to grow, Lantower West Love delivers a dynamic living experience in one of the city’s most exciting locations.

2 | H&R REIT Financial Report |Q2 2026

Page 3

MANAGEMENT’S DISCUSSION AND ANALYSIS OF H&R REAL ESTATE INVESTMENT TRUST

For the three and six months ended June 30, 2026

Dated: August 12, 2026

Page 4

TABLE OF CONTENTS

SECTION I...................................................................................................................................................................................... 1 Basis of Presentation.................................................................................................................................................................. 1 Forward-Looking Disclaimer....................................................................................................................................................... 1 Overview and Strategy............................................................................................................................................................... 2 Environmental, Social and Governance..................................................................................................................................... 4 SECTION II..................................................................................................................................................................................... 4 H&R to be Acquired in $6.7 Billion Transaction......................................................................................................................... 4 Summary of Significant Q2 2026 Activity................................................................................................................................... 5 Completion of $1.5 Billion of Retail and Office Property Sales in Q1 2026............................................................................... 8 Portfolio Summary..................................................................................................................................................................... 9 Key Performance Drivers............................................................................................................................................................ 10 Portfolio Overview...................................................................................................................................................................... 11 Lease Maturity Profile................................................................................................................................................................ 12 Top Twenty Sources of Revenue by Tenant............................................................................................................................... 13 Financial Highlights..................................................................................................................................................................... 14 SECTION III.................................................................................................................................................................................... 15 Financial Position........................................................................................................................................................................ 15 Investment Properties................................................................................................................................................................ 16 Valuation of Real Estate Assets.................................................................................................................................................. 19 Properties Under Development................................................................................................................................................. 20 Equity Accounted Investments................................................................................................................................................... 20 Debt............................................................................................................................................................................................ 24 Other Liabilities.......................................................................................................................................................................... 26 Unitholders’ Equity..................................................................................................................................................................... 30 Results of Operations................................................................................................................................................................. 31 Net Operating Income................................................................................................................................................................ 33 Segment Information................................................................................................................................................................. 34 Net Income, FFO And AFFO From Equity Accounted Investments............................................................................................ 37 Income and Expense Items......................................................................................................................................................... 38 Funds From Operations and Adjusted Funds From Operations................................................................................................. 41 Liquidity and Capital Resources.................................................................................................................................................. 43 Off-Balance Sheet Items............................................................................................................................................................. 46 Related Party Transactions......................................................................................................................................................... 47 Derivative Instruments............................................................................................................................................................... 48 Selected Financial Information................................................................................................................................................... 49 SECTION IV.................................................................................................................................................................................... 49 Non-GAAP Measures and Non-GAAP Ratios.............................................................................................................................. 49 Critical Accounting Estimates and Judgements.......................................................................................................................... 53 Significant Accounting Policies................................................................................................................................................... 53 Disclosure Controls and Procedures and Internal Control over Financial Reporting................................................................ 53 Risks and Uncertainties.............................................................................................................................................................. 53 Outstanding Unit Data................................................................................................................................................................ 54 Additional Information............................................................................................................................................................... 54 Subsequent Events..................................................................................................................................................................... 54

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SECTION III .................................................................................................................................................................................... 15

Page 5

H&R REIT - MD&A - June 30, 2026

SECTION I

BASIS OF PRESENTATION

Management’s Discussion and Analysis (“MD&A”) of the results of operations and financial position of H&R Real Estate Investment Trust (“H&R” or the “REIT”) for the three and six months ended June 30, 2026 includes material information up to August 12, 2026. Financial data for the three and six months ended June 30, 2026 and 2025 have been prepared in accordance with International Accounting Standard (“IAS”) 34, Interim Financial Reporting. This MD&A should be read in conjunction with the unaudited condensed consolidated interim financial statements of the REIT and related notes for the three and six months ended June 30, 2026 (“REIT’s Financial Statements”), together with the audited consolidated financial statements of the REIT and related notes and MD&A for the year ended December 31, 2025. All amounts in this MD&A are in thousands of Canadian dollars, except where otherwise stated. Historical results, including trends which might appear, should not be taken as indicative of future operations or results.

The Bow office property in Calgary, AB (the “Bow”) was legally disposed of in October 2021. The 100 Wynford office property in Toronto, ON (“100 Wynford”) was legally disposed of in August 2022. These transactions did not meet the criteria of a transfer of control under IFRS Accounting Standards (“IFRS”) 15 Revenue from Contracts with Customers (“IFRS 15”) as the REIT has an option to repurchase 100% of both of these properties for a fixed price in 2038 and 2036, respectively, or earlier under certain circumstances. As such, the REIT continues to recognize these income producing properties in the REIT’s Financial Statements and MD&A. Certain operating metrics within this MD&A have been adjusted to exclude the impact of the Bow and 100 Wynford and H&R has identified these disclosures accordingly. Refer to the “Other Liabilities - Deferred Revenue” section of this MD&A for further information on the accounting treatment of these two dispositions.

FORWARD-LOOKING DISCLAIMER

Certain information in this MD&A contains forward-looking information within the meaning of applicable securities laws (also known as forward-looking statements) including, among others, statements made or implied under the headings “Investment Properties”, “Completion of $1.5 Billion of Retail and Office Property Sales in Q1 2026”, “Other Liabilities”, “Liquidity and Capital Resources”, “Properties Under Development”, “Equity Accounted Investments”, and “Off-Balance Sheet Items” relating to H&R’s objectives, beliefs, plans, estimates, targets, projections and intentions and similar statements concerning anticipated future events, results, circumstances, performance or expectations that are not historical facts, including the statements made under the heading “Summary of Significant Q2 2026 Activity” including with respect to H&R’s future plans and targets, the benefits of the externalization of Lantower Residential’s property management operations, the potential for additional asset sales, value maximization opportunities for the REIT, the expected timing of, and gross proceeds from, properties under contract to be sold, and the use of such proceeds, H&R's strategy to grow its exposure to residential assets in U.S. sun belt and gateway cities, the ability of H&R to capture potential upside in the Calgary office market, leasing of the REIT's investment properties and the termination and expiry of existing leases, anticipated lease vacancies and new lease commencements, the expected financial impact of the 200 Bouchard Final Lease Termination Payment on net operating income, Same-Property net operating income (cash basis), FFO and AFFO, H&R’s expectation with respect to the future development, sustainability, and activities of its development properties, including the acquisition, development and use of new properties, the expected yield on cost from the REIT’s development properties, including the REDT Projects, the timing of approvals, construction and completion, expected construction costs and funding thereof, anticipated number of units and square footage, H&R’s expectations and intentions with respect to zoning and rezoning applications, expected credit losses, the impact of the REIT’s commitment to sustainability on its portfolio, the value of assets and liabilities held for sale, capitalization rates and cash flow models used to estimate fair values, expectations regarding future operating fundamentals, management’s expectations regarding future distributions by the REIT, management’s expectation to be able to meet all of the REIT’s ongoing obligations and statements relating to the Transaction (as defined below), including the consideration to be paid to unitholders and the timing of and conditions to closing of the Transaction. Forward-looking statements generally can be identified by words such as “outlook”, “objective”, “may”, “will”, “expect”, “intend”, “estimate”, “anticipate”, “believe”, “should”, “plans”, “project”, “budget” or “continue” or similar expressions suggesting future outcomes or events. Such forward-looking statements reflect H&R’s current beliefs and are based on information currently available to management.

Forward-looking statements are provided for the purpose of presenting information about management’s current expectations and plans relating to the future, and readers are cautioned that such statements may not be appropriate for other purposes. These statements are not guarantees of future performance and are based on H&R’s estimates and assumptions that are subject to risks, uncertainties and other factors including those risks and uncertainties described below under “Risks and Uncertainties” and those

Page 6

discussed in H&R’s materials filed with the Canadian securities regulatory authorities from time to time, which could cause the actual results, performance or achievements of H&R to differ materially from the forward-looking statements contained in this MD&A. Material factors or assumptions that were applied in drawing a conclusion or making an estimate set out in the forwardlooking statements include assumptions relating to the general economy, including debt markets continuing to provide access to capital at a reasonable cost; and assumptions concerning currency exchange and interest rates. Additional risks and uncertainties include, among other things, those related to: real property ownership; the current economic environment; tariffs and other international trade disputes; property valuations; credit risk and tenant concentration; lease rollover risk; interest rate and other debt-related risks; inflation risk; development risks; residential rental risk; capital expenditure risk; currency risk; liquidity risk; cyber security risk and breach of privacy or information security systems; artificial intelligence and related technologies; expanding social media vehicles; financing credit risk; ESG and climate change risk; public health crises; co-ownership interest in properties; business continuity; general uninsured losses; joint arrangement and investment risks; talent management and succession planning; potential acquisition, investment and disposition opportunities and joint venture arrangements; potential undisclosed liabilities associated with acquisitions; competition for real property investments; potential conflicts of interest; litigation and regulatory risk; Unit prices; availability of cash for distributions; credit ratings; ability to access capital; dilution; unitholder liability; redemption right; investment eligibility; debentures; statutory remedies; unitholder activism; tax risk; and additional tax risks applicable to the REIT and to unitholders. H&R cautions that these lists of factors, risks and uncertainties are not exhaustive. Although the forward-looking statements contained in this MD&A are based upon what H&R believes are reasonable assumptions, there can be no assurance that actual results will be consistent with these forward-looking statements.

Readers are also urged to examine H&R’s materials filed with the Canadian securities regulatory authorities from time to time as they may contain discussions on risks and uncertainties which could cause the actual results and performance of H&R to differ materially from the forward-looking statements contained in this MD&A. All forward-looking statements in this MD&A are qualified by these cautionary statements. These forward-looking statements are made as of August 12, 2026 and the REIT, except as required by applicable Canadian law, assumes no obligation to update or revise them to reflect new information or the occurrence of future events or circumstances.

OVERVIEW AND STRATEGY

H&R is one of Canada’s largest real estate investment trusts. H&R has ownership interests in a Canadian and U.S. portfolio primarily comprised of high-quality residential (operating as Lantower Residential), industrial and office properties totalling approximately 20.5 million square feet. H&R is an unincorporated open-ended trust created by a declaration of trust (“H&R’s Declaration of Trust”) and governed by the laws of the Province of Ontario. H&R’s units (“Units”) are listed and posted for trading on the Toronto Stock Exchange (“TSX”) under the symbol HR.UN. H&R’s objective is to maximize net asset value (“NAV”) per Unit through ongoing active management of H&R’s assets and the development and construction of projects.

H&R’s strategy is to create a simplified, growth-oriented business focused on residential and industrial properties in order to create sustainable long-term value for unitholders. H&R is currently undergoing a repositioning plan and intends to sell its remaining office properties as market conditions permit. H&R’s vision is to be a leading owner, operator and developer of residential and industrial properties, creating value through greenfield development in prime locations within the Greater Toronto Area and high growth U.S. sun belt and gateway cities.

Page 7

Since the announcement of H&R’s strategic repositioning plan in 2021, H&R has sold ownership interests in 98 real estate assets totalling approximately $3.6 billion, including the Bow and 100 Wynford. In addition, H&R completed the following: (i) a spin off, on a tax-free basis, of 27 properties, including all of the REIT’s enclosed shopping centres to a new publicly-traded REIT, Primaris REIT, valued at approximately $2.4 billion at the time of the spin off; and (ii) the sale of H&R’s non-managing 33.1% interest in ECHO Realty LP (“ECHO”) for net proceeds of approximately $441.6 million.

Real Estate Assets (Fair Value by Segment)(1)

June 30, 2021(2)

Real Estate Assets (Fair Value by Region)(1)

June 30, 2021(2)

June 30, 2026(3)

(1)At the REIT’s proportionate share, excluding assets classified as held for sale. Refer to the “Non-GAAP Measures” section of this MD&A.

(2)June 30, 2021 has been used as a benchmark since H&R’s strategic repositioning plan was announced prior to the release of H&R’s Q3 2021 results.

(3)Excludes the Bow and 100 Wynford, which were legally sold in October 2021 and August 2022, respectively.

Page 8

ENVIRONMENTAL, SOCIAL AND GOVERNANCE

The REIT views sustainability as its responsibility to its unitholders in terms of transparency, to its employees in terms of communication, collaboration and opportunity, to its tenants in terms of providing healthy working and living environments and to the communities in which the REIT’s employees live and the REIT does business. H&R is committed to, among other things, investing responsibly, monitoring its use of resources and associated emissions, reducing consumption and pollution, increasing energy efficiency and integrating sustainability into the REIT’s business, including the REIT’s decision-making processes.

H&R published its 2024 Sustainability Report in September 2025, highlighting Environmental, Social and Governance (“ESG”) initiatives that exemplify how the REIT’s commitment to sustainability is manifesting itself in its portfolio and resulting in lasting changes for its properties, tenants, employees, stakeholders and communities at large. This Sustainability Report outlines the REIT’s ESG framework and the REIT’s commitment to drive sustainable performance and improvement.

Key programs and initiatives are outlined in the “Environmental, Social and Governance” section of the REIT’s annual management’s discussion and analysis for the year ended December 31, 2025 (“Annual MD&A”) as well as H&R’s Annual Information Form for the year ended December 31, 2025 (“2025 Annual Information Form”), each of which were filed with the securities regulatory authorities in each of the provinces of Canada and are available on SEDAR+ at www.sedarplus.com.

For more information on H&R’s Sustainability Policy and additional information about its Sustainability Committee, Sustainability Report and Sustainability Report Supplement as well as H&R’s Green Financing Framework and Second-Party Opinion of Green Financing Framework, visit H&R’s website under “Investor Relations - Sustainability”. The contents of the REIT’s website, including the REIT’s Sustainability Policy, Sustainability Report and Sustainability Report Supplement, Green Financing Framework and Second- Party Opinion of Green Financing Framework, are expressly not incorporated by reference into, and do not form part of, this MD&A.

SECTION II

H&R TO BE ACQUIRED IN $6.7 BILLION TRANSACTION

On August 11, 2026, the REIT announced that it had entered into an arrangement agreement with GO Residential Real Estate Investment Trust ("GO REIT") and 1001700058 Ontario Inc. ("Purchaser"), on behalf of a consortium of co-purchasers (which includes funds affiliated with Blackstone Real Estate, Crestpoint Real Estate Investments Ltd., the Public Sector Pension Investment Board and a company controlled by members of the family of Tom Hofstedter, Executive Chairman and CEO of the REIT (“CRAL”) (collectively, the "Asset Purchasers"), pursuant to which GO REIT and the Purchaser (on behalf of the Asset Purchasers) have agreed to acquire all of the assets of H&R by way of a court-approved plan of arrangement under the Business Corporations Act (Alberta) in a cash and unit transaction valued at approximately $6.7 billion, including the assumption of certain debt (the "Transaction").

Under the terms of the Arrangement Agreement, H&R unitholders will receive $4.28 per unit in cash plus 0.5688 GO REIT units per H&R Unit, representing a value of $12.01 per H&R Unit based on the closing unit price of GO REIT on the TSX and a prevailing Canadian/U.S. dollar exchange rate of 1.3942 on August 10, 2026. As partial consideration for CRAL's purchase price, CRAL will have its Units, together with Units owned or controlled by certain of its affiliates and associates as well as the Units of the CEO of the REIT, redeemed and ultimately cancelled. Such Units will not receive any GO REIT units or cash consideration pursuant to the Transaction. A total of 44,038,986 Units are expected to be cancelled. The Transaction is expected to close in the fourth quarter of 2026, subject to unitholder, court, and regulatory approvals and other customary closing conditions.

The Transaction concludes H&R's multi-year strategy to simplify its portfolio and focus on high-quality residential assets, delivers immediate cash and GO REIT unit consideration at a premium, and provides H&R unitholders with a 66.9% ownership stake in GO REIT on a pro forma basis.

Page 9

SUMMARY OF SIGNIFICANT Q2 2026 ACTIVITY

Net Operating Income Highlights

(in thousands of Canadian dollars)Three months ended June 30 2026Three months ended June 30 2025Three months ended June 30 % ChangeSix months ended June 30 2026Six months ended June 30 2025Six months ended June 30 % Change
Operating Segment:
Same-Property net operating income (cash basis) - Residential(1)$43,711$43,780(0.2%)$86,960$87,912(1.1%)
Same-Property net operating income (cash basis) - Industrial(1)18,40518,526(0.7%)36,09237,192(3.0%)
Same-Property net operating income (cash basis) - Office(1)40,10426,06953.8%64,30552,33622.9%
Same-Property net operating income (cash basis) - Retail(1)4,6944,998(6.1%)9,5559,3372.3%
Same-Property net operating income (cash basis)(1)106,91493,37314.5%196,912186,7775.4%
Net operating income (cash basis) from Transactions at the REIT's proportionate share(1)(2)28,15961,969(54.6%)73,556123,908(40.6%)
Realty taxes in accordance with IFRIC 21 at the REIT's proportionate share(1)(3)10,40316,820(38.2%)(22,467)(32,374)(30.6%)
Straight-lining of contractual rent at the REIT's proportionate share(1)(12,526)3,861(424.4%)(9,308)7,519(223.8%)
Net operating income from equity accounted investments(1)(15,940)(32,197)(50.5%)(35,814)(59,041)(39.3%)
Net operating income per the REIT's Financial Statements$117,010$143,826(18.6%)$202,879$226,789(10.5%)

(1)These are non-generally accepted accounting principles (“GAAP”) measures. Refer to the “Non-GAAP Measures” section of this MD&A.

(2)Transactions are defined in the “Net Operating Income” section of this MD&A.

(3)IFRIC 21 is defined in the “Non-GAAP Measures” section of this MD&A.

Same-Property net operating income (cash basis) from office properties increased by 53.8% and 22.9%, respectively, for the three and six months ended June 30, 2026 compared to the respective 2025 periods, primarily due to the 200 Bouchard Lease Termination Payment (as defined below), partially offset by the expiration of Royal Bank of Canada’s lease for 188,526 square feet at 330 Front Street West, in Toronto, ON on December 31, 2025.

Straight-lining of contractual rent at the REIT’s proportionate share decreased by 424.4% and 223.8%, respectively, for the three and six months ended June 30, 2026 compared to the respective 2025 periods, primarily due to the accounting under IFRS 16, Leases (“IFRS 16”) relating to the 200 Bouchard Lease Termination Payment (as defined in the “Leasing Update” section below).

Refer to the “Net Operating Income” section of this MD&A for further explanations on the net operating income changes for the three and six months ended June 30, 2026.

Fair Value Adjustment on Real Estate Assets (in thousands of Canadian dollars)Three months ended June 30 2026Three months ended June 30 2025Three months ended June 30 ChangeSix months ended June 30 2026Six months ended June 30 2025Six months ended June 30 Change
Operating Segment:
Residential($37,917)($35,732)($2,185)($54,670)($38,243)($16,427)
Industrial(2,809)(45,889)43,08011,521(63,108)74,629
Office(93,872)(108,028)14,156(164,464)(138,784)(25,680)
Retail(824)(7,473)6,649(2,268)(2,041)(227)
Land and properties under development92,492(74,389)166,88170,427(105,918)176,345
Fair value adjustment on real estate assets per the REIT's proportionate share(1)(42,930)(271,511)228,581(139,454)(348,094)208,640
Less: equity accounted investments(1,915)(9,145)7,23015,55614,740816
Fair value adjustment on real estate assets per the REIT's Financial Statements($44,845)($280,656)$235,811($123,898)($333,354)$209,456

(1)The REIT’s proportionate share is a non-GAAP measure defined in the “Non-GAAP Measures” section of this MD&A.

During the three and six months ended June 30, 2026, fair value adjustments on real estate assets were primarily due to the following: (i) a reduction in valuations of certain office properties to reflect increased leasing uncertainty and vacancy risk; and (ii) an increase in valuation of vacant industrial land in Caledon, ON, which was reclassified to assets held for sale during Q2 2026.

Refer to the “Valuation of Real Estate Assets” section of this MD&A for further information.

Page 10

Transaction Highlights

Assets Classified as Held for Sale

As at June 30, 2026, H&R had one wholly-owned office property, a 98.5% interest in one office property, one wholly-owned industrial property, a 50% interest in two industrial properties and one wholly-owned industrial property under development classified as held for sale totalling $735.7 million. In addition, H&R had a 31.7% interest in one residential property within equity accounted investments classified as held for sale for $37.5 million.

In July 2026, H&R sold its 98.5% interest in one office property and its 50% interest in one industrial property, which were each classified as held for sale as at June 30, 2026, for aggregate gross proceeds of approximately $78.1 million.

Showing pages 1–9 of 97. 6ix is still reading pages 21–97.

Attached document

Contents
  1. Creating a Premier Residential REIT with New York City and Sunbelt Focus · page 1
  2. GO Residential REIT DISCLAIMER · page 2
  3. Non-IFRS Financial Measures · page 2
  4. Forward-Looking Sta tements · page 2
  5. HR REIT · page 3
  6. HR REIT · page 4
  7. Stephen Gross, Lead Independent Trustee · page 4
  8. SUCCESSFUL CULMINATION OF H&R’S STRATEGIC REPOSITIONING PLAN INITIATED IN 2021 · page 5
  9. Lantower Portfolio: · page 5
  10. TRANSACTION OVERVIEW · page 6
  11. TRANSACTION RATIONALE AND VALUE PROPOSITION FOR H&R UNITHOLDERS · page 7
  12. H&R UNITHOLDERS RECEIVE UPFRONT CASH AND POTENTIAL UPSIDE IN PRO FORMA GO · page 8
  13. Certain cash today, and a stake in a stronger platform built for long-term value creation · page 8
  14. Upside Potential to Total Consideration in GO Units · page 8
  15. Comparable Distribution Income from Stronger Platform · page 8
  16. residential · page 9
  17. Josh Gotlib, CEO & CIO · page 9
  18. GO RESIDENTIAL COMBINED WITH H&R LANTOWER PORTFOLIO · page 10
  19. THE NEW GO PLATFORM: SCALE, DIVERSIFICATION AND GROWTH · page 11
  20. Combining GO’s trophy NYC portfolio with H&R’s high-growth Sunbelt communities creates a scaled, premier residential REIT · page 11
  21. NEW YORK CITY: STRUCTURAL SCARCITY, DURABLE DEMAND · page 13
  22. Supply-constrained, high-barrier market with persistently strong rental fundamentals · page 13
  23. SUNBELT: DURABLE DEMAND FUNDAMENTALS AGAINST CONSTRUCTIVE SUPPLY BACKDROP · page 14
  24. Strong Employment Growth · page 14
  25. In-migration and sustained job creation drive structural rental demand · page 14
  26. Favourable Supply Dynamics · page 14
  27. Positive NOI4 Outlook · page 14
  28. GO REIT PRO FORMA: A STRONGER FINANCIAL PLATFORM · page 15
  29. Synergies and Earnings Accretion · page 15
  30. Balance Sheet Strength · page 15
  31. A PLATFORM BUILT FOR GROWTH · page 16
  32. HR REIT · page 17
  33. Stephen Gross, Lead Independent Trustee · page 17
  34. A COMPELLING TRANSACTION FOR UNITHOLDERS OF BOTH COMPANIES · page 18
  35. NEXT STEPS · page 19
  36. Expected GO REIT Special Meeting of Unitholders October 2026 · page 19
  37. residential HR REIT Q&A · page 20

Page 1

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 Potential Upside in Scaled GO Residential

Joint Conference Call — August 11, 2026

Page 2

All dollar amounts are presented in Canadian dollars unless otherwise indicated

GO Residential REIT DISCLAIMER

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 under International Financial Reporting Standards (“IFRS”) including certain non -IFRS ratios, such as Debt-to-Adjusted-EBITDA, pro forma Debt-to-EBITDA, NOI, FFO and AFFO . Such non-IFRS measures and ratios are commonly used by entities in the real estate industry as useful metrics for measuring performance. However, they do not have any standardized meaning prescribed by IFRS and are not necessarily comparable to similar measures presented by other publicly traded entities. These measures sh ould be considered as supplemental in nature and not as a substitute for related financial information prepared in accordance with IFRS. GO Residential REIT believes these non -IFRS financial measures and ratios provide useful supplemen tal information to both management and investors in measuring the operating performance, financial performance and financial condition of GO Residential REIT. Refer to GO Residential REIT’s management’s discussion & analysis for the period ended June 30, 2026 (“Q2 MD&A”), for the definitions and reconciliations of such no n-IFRS measures and ratios.

Forward-Looking Sta tements

This presentation contains statements that include forward-looking information within the meaning of applicable securities laws (collectively, “forward-looking statements”). Statements containing forward-looking information are neither h istorical facts nor assuran ces of future performance, but instead, provide insights regarding management’s current expectations and plans and allow investors and others to better understand GO Residential REIT’s anticipated business strategy, financial position, results of operations and operating environment. In some cases, forward-looking statements can be identified by terms such as “plans”, “expects”, “does not expect”, “goals”, “seek”, “strategy”, “future”, “estimates”, “intends”, “does not anticipate”, “projected”, “believes” or variations of such words and phrases to the effect that certain actions, events or results “may”, “will”, “create”, “expand”, “enhance”, “increase”, “provide”, “strengthen”, “improve”, “could”, “would”, “should”, “might”, “likely”, “occur”, “be achieved” or “continue” or the negative thereof or other variations of such words and phrases concerning matters that are not historica l facts.

Specific forward-looking information in this press release includes, but is not limited to, statements relating to: GO Residential REIT’s intention to complete the arrangement and assume the Series S Debentures and Series T Debentures and certain property-level debt; H&R Real Estate Investment Trust (“H&R” or the “H&R REIT”) intention to complete the acquisition of Lan tower Bayside and Lan tower Sunrise from Lantower Residential Real Estate Development Trust (No.1) (“REDT”); the amendment to H&R’s amended and restated unitholder rights plan agreement; the Arrangemen t Agreement, the Purchase agreement and the ancillary agreements described above; the addition o f trustees to the Board of Trustees of GO Residential REIT; consummation o f the arrangement and the transactions contemplated by the Arrangement Agreement, the Purchase agreement and the ancillary agreements described above, including that definitive agreements in respect of the transaction will not be amended or terminated; obtaining the approval of GO unitholders and the approval of the unitholders of H&R REIT; satisfaction and timing of the closin g conditions of the arrangement, including timing, receipt and anticipated effects of court, regulatory and oth er consents and approvals; receipt of conditional approval from the TSX i n respect of the listing and reservation for listing of the consideration units to be issued in connection with the arrangement; management’s views on the positive impacts of the transaction and the strategic rationale for the transaction; the expected percen tage of GO Residential REIT that would be owned by current unith olders of H&R REIT and current GO un itholders following completion of the arrangement; expected securityholde r meeting dates; management’s estimate of a closing date; the treatment of the consideration units under the United States Securities Act of 1933, as amended; the expect ed impact of the transaction on GO Residential REIT’s performance and strategy; the expected transaction synergies of approximately $15 million; the expected maintenance of GO Residential REIT’s annualized distribution; the continuation of current management following the closing of the arrangement; GO Residential REIT’s intention to retain its corporate name, ticker symbol and location of its headquarters following closing; and generally, GO Residential REIT’s strategy, plans, goals and priorities. There can be no assurance th at the propo sed arran gement will be completed, or that it will be co mpleted on the terms and conditions contemplated in the Arrangement Agreement, Purchase agreement and the ancillary agreemen ts described above.

Forward-looking statements are based on information currently available to management and on estimates and assumptions, including assumptions about future economic conditions and courses of action. Examples of material estimates, assumption s and beliefs made by management in preparing such forward-looking statements, including assumptions in support of the updated financial forecast for the three months ended J une 30, 2026 include, but are not limited to : the global econ omy will remain stable ov er the next 12 months; inflation will r emain relatively stable; interest rates will remain relatively stable; no unforeseen changes in the legislative and operating framework for GO Residential REIT will occur, inclu ding unforeseen changes to tax laws; conditions within the U.S. luxury high rise multifamily property industry and residential real estate industry generally , including competition for acquisitions, will be consistent with the current climate; GO Residential REIT’s future level of indebtedness and its future growth potential will remain consistent with its current expectations; the arrangement will close according to its terms; GO Residential REIT will be able to refinance its debts as they mature; the Canadian and U.S. capital and fin an cial markets will provide GO Residential REIT with access to equity and/or debt at reasonable rates when required; the expected transaction synergies will be ach ievable and accretive to GO unitholders; GO R esidential REIT will be able to maintain its current annualized distribution following the closing of the arran gement; the markets which GO Residential REIT is entering will be able to sustain residential rent growth; that en try into new markets will provide for more consistent earnings, and increase deal flow and growth opportunities; and the current members of management, including Meyer Orbach and Joshua Gotlib, will continue th eir involvement with GO Residential REIT.

Although managemen t believes the expectations reflected in such forward-looking statements are reasonable and represent GO Residential REIT’s internal expectations and beliefs at this time, such statements involve known and unknown risks and uncertainties and may not prove to be accurate and certain objectives and strategic goals may not be achieved. Forward-looking statements sh ould not be read as guarantees of future performan ce or results and will not necessarily be accurate indications of whether o r n ot, the times at, or by which, such performan ce or results will be achieved. While man agement considers these assumptions to be reasonable based on currently available info rmation, they may prove to be incorrect. A variety of factors, many of which are beyond GO Residential REIT’s control, could cause actual results in future periods to differ materially from current expectation s of events or results expressed or implied by such forward-looking statements, including, but not limited to: GO Residential REIT’s objectives; GO Residential REIT’s intention with respect to, and ability to execute, its external and internal growth strategies; GO Residential REIT’s capital expenditure requirements and capital expenditures to be made by GO Residential REIT; GO Residential REIT’s distribution policy and the expected distributions to be paid to the un itholders of GO Residential REIT; the expected distributions on the common units of GO Residential Operating LLC (“OpCo”); GO Residential REIT’s debt strategy and debt profile; future compensation and governance practices by GO Residential REIT; the expectation that GO Residential REIT will satisfy the requirements stipulated by the Income Tax Act (Canada) to qualify as a “unit trust” and a “mutual fund trust” (each within the meaning of the Income Tax Act (Canada)); GO Residential REIT’s competitive position within its industry; GO Residential REIT’s ability to meet its stated objectives; GO Residential REIT’s ability to expand its asset base and make accretive acquisitions; GO Residential REIT’s ability to maintain its qualification as a real estate investment trust for U.S. federal income tax purposes; expectations regarding industry trends and overall demographic an d market growth; expectations regarding laws, rules and regulations applicable to GO Residential REIT; the expected renter base for GO Residential REIT and the terms of future rental contracts to be entered into by GO Residential REIT; GO Residential REIT’s ability to realize the expected transaction synergies; GO Residential REIT’s ability to maintain current distribution levels following closing of the arrangement; and the characteristics and trends of the, Austin , Charlotte, Dallas, Miami, New York City, Orlando, Raleigh and Tampa multifamily, mixed -use residen tial, and real estate markets; and the factors identified in GO Residential REIT’s Q2 MD&A available at www.sedarplus.ca, including under the heading “Risks and Uncertainties” therein. Readers are cautioned against placing undue reliance on forward-looking statements. All forward-looking statements contained in this press release are expressly qualified in their entirety by the foregoing cautionary statements. Except as required by applicable securities laws, GO Residential REIT undertakes n o obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on wh ich the statements are made.

Show more of the filing

Page 3

TODAY'S PARTICIPANTS

HR REIT

Stephen Gross, Lead Independent Trustee

Cheryl Fried, Interim CFO

Robyn Kestenberg, EVP Office & Industrial

residential

Josh Gotlib, CEO & CIO

Max Kaufman, COO & General Counsel

Page 4

HR REIT

Stephen Gross, Lead Independent Trustee

Page 5

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:

Primaris REIT Spinout

2021 – 2024:

Dec 2021: Tax-free spinout of 27 enclosed mall properties into a new, publicly traded REIT focused on Canadian shopping centres (TSX: PMZ.UN)

~$4B+ of Non-Strategic Office and Retail Sales

H&R contributed properties valued at $2.4B, including all enclosed malls, 26 Canadian retail properties, and select office assets

2021 – 2026:

Strong institutional endorsement: HOOPP became Primaris REIT's largest unitholder at close

Balance Sheet Strengthened

Aug 2021: The Bow and Bell Campus, Calgary $1.67B

Aug 2022: 100 Wynford and select office and retail properties $167.8M

Apr 2023: 160 Elgin Street, Ottawa $277.0M

Q2 2024: Corus Quay and 3777 Kingsway $307.5M

Q1 2026: ECHO, Hess Tower, 28 Canadian retail & office assets $1.5B

Today:

Jun 2021: $3.5B of debt repaid

Mar 2026: Debt to Adjusted EBITDA4 reduced from 10.0x to 7.0x1234 (proportionate share)

H&R REIT

Liquidity of $965.5M5

BBB credit rating with Stable trend (DBRS)

Conservative payout ratio of 64.1% as a % of AFFO4

Mar 2026: Residential and industrial assets grown to 85% of portfolio from 34%6

Lantower Portfolio:

27 properties, ~10,300 suites across eight Sunbelt markets

Newly constructed, highquality assets with an average age of ~10 years

Established brand with proven operating track record

1. Debt includes mortgages payable, debentures payable, unsecured term loans, and lines of credit.

2. These are non-IFRS ratios. Refer to the “Non-IFRS Measure” section of this presentation.

3. At the REIT’s proportionate share excluding assets classified as held for sale.

Page 6

TRANSACTION OVERVIEW

A transformational final step in H&R’s multi-year repositioning, delivering immediate and long-term value to H&R unitholders

Transaction StructureGO will acquire H&R's premier U.S. portfolio of 27 properties (~10,300 suites), including 23 Lantower residential Sunbelt assets, a 50% interest in River Landing (mixed-use property in Miami), a 50% interest in Jackson Park (luxury high-rise in New York City), Gotham Centre (Class A office in New York City), and Lantower's operational headquarters in Dallas GO will assume $550M in H&R debentures and ~US$1.1B in associated property-level debt
Consideration$4.28 per unit in cash plus 0.5688 GO REIT units per H&R unit Total upfront consideration of $12.01 per H&R unit1 Represents a 14.5% premium to H&R's unaffected unit price as at June 10, 20262 Implies an equity value of $3.4B and enterprise value of $6.7B for H&R1
Concurrent Asset SalesConcurrent to and conditional upon closing of the GO transaction, the following parties will separately acquire H&R's industrial and non-core assets for cash: Funds affiliated with Blackstone Real Estate acquire certain Canadian industrial properties Crestpoint and PSP Investments acquire certain Canadian industrial properties in which it holds an existing co-ownership interest CRAL acquires H&R's remaining non-core assets
Pro Forma Ownership & Financial ImpactH&R unitholders will own ~67% of the pro forma combined entity on a fully diluted basis; GO and OpCo unitholders will own the remaining ~33% Expected to be accretive to GO's FFO and AFFO per unit4 and reduce pro forma leverage by more than 2x debt to EBITDA4 at close with potential for further improvement from synergies and income support H&R's August 2026 distribution will be paid3 and GO is expected to maintain monthly distribution of US$0.05325 per unit (US$0.639 annualized)
Management & GovernanceGO REIT to be led by its existing executive team: Josh Gotlib (CEO and CIO), Matthew Keller (President), Max Kaufman (COO and General Counsel), Peter Sweeney (CFO) GO Board to include 9 total trustees post-close, including 2 H&R nominees GO retains its name, ticker (TSX: GO.U), and NYC headquarters; intends to apply for units to trade in Canadian dollars on the TSX
Synergies~US$15M in annualized synergies expected within 12 to 18 months, primarily from margin enhancement initiatives
Expected CloseQ4 2026, subject to H&R and GO unitholder approvals, court approval, and customary regulatory conditions

Page 7

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 ownership stake in the go-forward entity, with ongoing governance representation ■ Tax-deferred rollover for eligible Canadian-resident unitholders ■ Crystallizing value of assets today, with ongoing participation in the future upside of GO units
Scaled Platform Built for Growth■ Trophy Class A NYC high-rise assets combined with high-growth Sunbelt communities — uniquely diversified across two of North America's strongest residential markets with expanded growth opportunities
37 properties / 13,300+ suites / 8 markets / 4 states■ More consistent earnings growth through economic cycles and expanded deal flow opportunities ■ ~US$15M in annualized synergies within 12 to 18 months, driven by property-level margin enhancement ■ Experienced management team with exclusive residential focus, eliminates standalone platform build-out risk ■ Pro forma Debt to EBITDA2 reduces by more than 2x at close excluding synergies and income support; investment grade rating expected to be maintained
Structural Conditions for Re-Rate■ Pure-play focus commands stronger institutional ownership, deeper analyst coverage, and higher valuation multiples ■ Pro forma public float increases ~4x from current levels ■ Attractive entry point into a platform with re-rate potential
A pure-play, premier residential REIT with New York City and Sunbelt focus

Page 8

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

Distribution Income per H&R Unit from GO stake

For illustrative purposes only

Per GO UnitH&R StandalonePer 0.5688 GO Units
MonthlyUS$0.05325C$0.05C$0.042
AnnualUS$0.639C$0.60C$0.507

H&R unitholders will continue to receive meaningful income through their GO REIT stake comparable to H&R's standalone distribution

Page 9

residential

Josh Gotlib, CEO & CIO

Page 10

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 residential REIT with NYC and Sunbelt focus: ~13,300 suites across 37 properties in eight U.S. markets

Trophy New York City assets complemented by attractive Class A Sunbelt properties

Amongst the highest average monthly rent in the sector

~US$15M in annualized synergies expected through margin enhancement initiatives

Greater liquidity, ~4x expanded float, and improved balance sheet

Page 11

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

Canadian-Listed Residential REITs by Enterprise Value (C$B)

GO becomes the 2nd largest Canadian and 7th largest U.S. residential REIT2

Go Residential Standalone3H&R Lantower4Go Residential Pro Forma
Real Estate Value IFRS (US$B)3.83.16.9
Properties (#)102737
Markets | States (#)1 | 18 | 48 | 4
Residential Suites (#)3,03410,29413,328
Average Age (Years)141011

1. GO standalone enterprise value pro forma for pending property acquisitions. 2. Peer set includes CAPREIT, Morguard N.A. REIT (Canada), and AvalonBay/Equity Residential, Essex Property Trust, Mid-America Apartment Communities, UDR Inc., Camden Property Trust, and Independence Realty T rust (United States).

Page 12

ENHANCED GEOGRAPHIC AND ASSET DIVERSIFICATION H&R’s high-growth Sunbelt communities complement GO’s trophy NYC portfolio
37 Properties GO8 Markets4 States~70% of Pro Forma NOI⁵ from NYC and ~30% from Sunbelt# 1 2 3 4 5 6 7 8Asset Type Class A-Adjacent Multifamily, 47% Top Markets Market New York City Dallas Tampa Austin Orlando Raleigh-Durham Charlotte Miami13,328 Suites GO Residential Pro Forma Portfolioby % of Suites ² by % of Suites No. of Properties 12 6 5 4 4 3 2 1Midrise, 4Class A New Construction ¹12% 3 Highrise, 41% % of Suites⁴ 33% 15% 15% 12% 10% 8% 5% 2%
Lantower Portfolio5. Refer to the “Non-IFRS Measures” section of this presentation.Note: GO Residential figures include the pending acquisition of Hudson Yards; assumes 100% acquisition of REDT assets. 1. Includes Lantower Westshore, Lantower West Love, Lantower Midtown, Sunrise and Bayside (REDT assets). 2. At 100% share; excludes Gotham Centre, Dallas mixed-use commercial and office asset, and the commercial component of River Landing. 3. Represents GO’s NYC portfolio, Jackson Park (Long Island City) and Lantower River Landing (Miami). 4. Based on pro rata units (Jackson Park and Lantower River Landing at 50% ownership); Gotham, Dallas mixed-use commercial and office asset, and River Landing commercial not included in suite count.Total37100% 12

Note: GO Residential figures include the pending acquisition of Hudson Yards; assumes 100% acquisition of REDT assets.

1. Includes Lantower Westshore, Lantower West Love, Lantower Midtown, Sunrise and Bayside (REDT assets). 2. At 100% share; excludes Gotham Centre, Dallas mixed-use commercial and office asset, and the commercial component of River Landing.

3. Represents GO’s NYC portfolio, Jackson Park (Long Island City) and Lantower River Landing (Miami).

4. Based on pro rata units (Jackson Park and Lantower River Landing at 50% ownership); Gotham, Dallas mixed-use commercial and office asset, and River Landing commercial not included in suite count. 5. Refer to the “Non-IFRS Measures” section of this presentation.

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NEW YORK CITY: STRUCTURAL SCARCITY, DURABLE DEMAND

Supply-constrained, high-barrier market with persistently strong rental fundamentals

Homeownership Rates1

Renting is the only option for a significant portion of New York City residents due to high costs of ownership

Average Monthly Rent (US$) vs. Vacancy in Manhattan2

Expected Rental Supply Growth of NYC vs. U.S. (2026E to 2030E)3

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SUNBELT: DURABLE DEMAND FUNDAMENTALS AGAINST CONSTRUCTIVE SUPPLY BACKDROP

Employment growth, in-migration and household formation support continued NOI 4growth across Lantower markets

Strong Employment Growth

In-migration and sustained job creation drive structural rental demand

Favourable Supply Dynamics

Suites under construction as % of existing inventory (Lantower Residential markets2,3)

Less new supply supports stronger absorption and rent growth across Lantower markets

Positive NOI4 Outlook

Margin enhancement initiatives and operational efficiencies to drive NOI4 growth

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GO REIT PRO FORMA: A STRONGER FINANCIAL PLATFORM

1 Accretive to FFO and AFFO , ~US$15M in identified synergies and a materially improved balance sheet

Synergies and Earnings Accretion

⚫ ~US$15M in annualized synergies realizable within 12 to 18 months

– Property-level expense reductions, procurement efficiencies, and corporate overhead savings

⚫ Transaction expected to be accretive to GO's FFO and AFFO per unit1

⚫ Lower cost of capital represents additional upside

Portfolio NOI1 Margin Comparison

Lantower portfolio Public Residential Sunbelt REITs2

Targeted operational improvements drive meaningful earnings growth across the combined pure-play platform

Balance Sheet Strength

⚫ Positioned for further growth-driven deleveraging

⚫

Diversified debt capital sources and enhanced debt maturity ladder

⚫

Investment grade rating expected to be maintained

⚫

Improves access to institutional capital at lower cost

Debt to EBITDA1

A materially stronger balance sheet positions the combined platform for disciplined, opportunistic growth

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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 portfolio with trophy NYC exposure and high-growth Sunbelt communities

Pure-play, premier residential focus with a dedicated, experienced management team

Durable cash flow growth with reduced exposure to cycle-driven volatility

Value creation through margin enhancement and operational efficiencies

Stronger balance sheet providing the financial flexibility to capitalize on future growth opportunities

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HR REIT

Stephen Gross, Lead Independent Trustee

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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 as well as ~67% ownership of the combined GO REIT entity

⚫ A pure-play, premier residential REIT with trophy NYC assets and high-growth Sunbelt exposure

⚫ Durable cash flow growth with reduced exposure to cycle-driven volatility

⚫

~US$15M in identified synergies driving earnings accretion and NOI1 margin improvement

⚫

Materially stronger balance sheet supporting disciplined future growth

⚫ Compelling re-rate potential as the combined platform trades toward residential REIT peer multiples

685 First Avenue, New York, NY

1. Refer to the “Non-IFRS Measures” section of this presentation.

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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

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residential HR REIT Q&A

Showing pages 1–20 of 24. 6ix is still reading pages 21–24.

Attached document

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NEWS RELEASE

GO RESIDENTIAL REAL ESTATE INVESTMENT TRUST COMPLETES US$410 MILLION INITIAL PUBLIC OFFERING

2025-07-31

/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES./

TORONTO, July 31, 2025 /CNW/ - GO Residential Real Estate Investment Trust (the "REIT") (TSX: GO.U) announced today that it has completed its initial public offering (the "Offering") of 27,340,000 trust units (the "Units") at a price of US$15.00 per Unit (the "Offering Price"). The Offering raised gross proceeds of US$410,100,000. The Units are listed on the Toronto Stock Exchange under the symbol "GO.U".

The REIT is a newly created, internally managed, open ended real estate investment trust established under, and governed by, the laws of the Province of Ontario. The REIT has been formed to provide investors with an opportunity to invest in luxury high-rise multifamily properties ("LHRs") located in the New York metropolitan area and other major metropolitan cities in the United States. The REIT will initially own and operate a portfolio of five LHRs consisting of 2,015 luxury suites located in the borough of Manhattan, New York (the "Initial Portfolio").

The Offering was underwritten by a syndicate of underwriters led by CIBC Capital Markets and BMO Capital Markets as joint active bookrunners, and including BofA Securities, acting as passive bookrunner, RBC Capital Markets National Bank Financial, Scotiabank, Desjardins Capital Markets, Canaccord Genuity Corp., and BTIG, LLC (collectively, the "Underwriters"). The REIT has granted to the Underwriters an over-allotment option (the "Over-Allotment Option"), exercisable in whole or in part at any time for a period of 30 days following the closing of the Offering, to purchase up to an additional 4,101,000 Units at the Offering Price which, if exercised in

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full, would increase the total gross proceeds of the Offering to US$471,615,000.

Concurrently with the closing of the Offering, funds, accounts and/or investment vehicles managed by Cohen & Steers Capital Management, Inc. (collectively, the "Cornerstone Investor") purchased 6,000,000 Units on a private placement basis at the Offering Price for gross proceeds of US$90 million to the REIT (the "Cornerstone Private Placement"). The Cornerstone Investor has also been granted the option to acquire up to an additional 900,000 Units at the Offering Price in the event the Over-Allotment Option is exercised (the "Cornerstone Option"). CIBC Capital Markets and BMO Capital Markets acted as agents on the Cornerstone Private Placement.

The net proceeds of the Offering and the Cornerstone Private Placement, together with an amount drawn on a revolving credit facility from an affiliate of CIBC Capital Markets (the "Credit Facility"), were used by the REIT to fund the acquisition of the Initial Portfolio, including the repayment or partial repayment of debt, the retirement of certain preferred interests and to fund transaction costs associated with the acquisition of the Initial Portfolio and closing of the Offering. The net proceeds of the Over-Allotment Option and Cornerstone Option, if exercised, will be used by the REIT to pay down any amounts drawn on the Credit Facility at closing.

The REIT intends to make its first distribution on September 15,2025 for the period from closing of the Offering to August 31,2025 in the amount of US$0.05325 per Unit.The REIT intends to make subsequent monthly distributions in the estimated amount of US $0.05325 per Unit thereafter, reflecting an expected initial annual cash distribution yield of 4.26%.

Direct or indirect affiliates of GO Partners LLC ("GO Partners") as well as a number of institutional investors (collectively, the "Retained Interest Holders") that formerly owned interests in the Initial Portfolio will retain an aggregate approximate 39.8% ownership interest in GO Residential Operating LLC ("OpCo"), the REIT's indirect subsidiary, and will retain an aggregate approximate 36.5% ownership interest in OpCo if the Over-Allotment Option and Cornerstone Option are exercised in full.

Blake, Cassels & Graydon LLP, is acting as Canadian counsel to the REIT and Skadden, Arps, Slate, Meagher & Flom LLP is acting as U.S. counsel to the REIT. Torys LLP is acting as Canadian and U.S. counsel to the Underwriters.

No securities regulatory authority has either approved or disapproved the contents of this news release. The Units have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws, and may not be offered, sold or delivered, directly or indirectly, in the United States unless registered under the U.S. Securities Act and applicable state securities laws or pursuant to certain exemptions from the registration requirements of the U.S. Securities Act and applicable state securities laws. This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the Units in the

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United States.

Forward-Looking Statements

This press release contains statements that include forward-looking information within the meaning of Canadian securities laws. These forward-looking statements reflect the current expectations of the REIT regarding future events, including statements concerning the Over-Allotment Option, the Cornerstone Option, the anticipated use of proceeds, if any, of the Over-Allotment Option and the Cornerstone Option, the relative interests of the Retained Interest Holders, anticipated distributions and the timing and yield thereof. In some cases, forward-looking statements can be identified by terms such as "may", "will", "could", "occur", "expect", "anticipate", "believe", "intend", "estimate", "target", "project", "predict", "forecast", "continue", or the negative thereof or other similar expressions concerning matters that are not historical facts.

Material factors and assumptions used by management of the REIT to develop the forward-looking information include, but are not limited to, the REIT's current expectations that: the global economy will remain stable over the next 12 months, inflation will remain relatively stable; interest rates will remain relatively stable; tax laws remain unchanged; conditions within the U.S. LHR industry, including competition for acquisitions, will be consistent with the current climate; the REIT's future level of indebtedness and future growth potential will remain consistent with its current expectations; the REIT will be able to refinance its debts as they mature; the Canadian and U.S. capital and financial markets will provide the REIT with access to equity and/or debt at reasonable rates when required; and the current members of management will continue their involvement with the REIT. While management considers these assumptions to be reasonable based on currently available information, they may prove to be incorrect.

Although management believes the expectations reflected in such forward-looking statements are reasonable and represent the REIT's internal expectations and beliefs at this time, such statements involve known and unknown risks and uncertainties and may not prove to be accurate and certain objectives and strategic goals may not be achieved. A variety of factors, many of which are beyond the REIT's control, could cause actual results in future periods to differ materially from current expectations of events or results expressed or implied by such forwardlooking statements, such as the risks identified in the REIT's final long-form prospectus available at www.sedarplus.com, including under the heading "Risk Factors" therein. Readers are cautioned against placing undue reliance on forward-looking statements. Except as required by applicable Canadian securities laws, the REIT undertakes no obligation to update or publicly revise any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made.

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