Primaris and H&R Announce Unitholder Approvals and Proration Results

H&R Real Estate Investment Trust ("H&R REIT") and H&R Finance Trust ("H&R
Finance Trust", collectively, "H&R")
(TSX:HR.UN)(TSX:HR.DB.C)(TSX:HR.DB.D)(TSX:HR.DB.E) and Primaris Retail Real
Estate Investment Trust (TSX:PMZ.UN) ("Primaris") are pleased to announce that
at special meetings held earlier today, their respective unitholders approved
the previously announced transactions involving Primaris, H&R and a KingSett
Capital-led consortium. In addition, Primaris will be applying this afternoon to
the Court of Queen's Bench of Alberta for a final order approving the plan of
arrangement. 


Primaris also announced the proration results contemplated by the plan of
arrangement. Unitholders who elected cash for their Primaris units will receive
$28 cash per unit for approximately 55% of their units and will receive 1.166
H&R stapled units per unit for the balance. All other Primaris unitholders will
receive 1.166 H&R stapled units for each Primaris unit they hold. 


Primaris and H&R currently expect to close the proposed transactions on or about
April 4, 2013.


About H&R 

H&R REIT is an open-ended real estate investment trust, which owns a North
American portfolio of 41 office, 113 industrial and 138 retail properties
comprising over 44 million square feet and 2 development projects, with a fair
value of approximately $10 billion. The foundation of H&R's REIT success since
inception in 1996 has been a disciplined strategy that leads to consistent and
profitable growth. H&R REIT leases its properties long term to creditworthy
tenants and strives to match those leases with primarily long-term, fixed-rate
financing. 


H&R Finance Trust is an unincorporated investment trust, which primarily invests
in notes issued by a U.S. corporation, which is a subsidiary of H&R REIT. As at
December 31, 2012, the note receivable balance is U.S. $162.5 million. In 2008,
H&R REIT completed an internal reorganization, which resulted in each issued and
outstanding H&R REIT unit trading together with a unit of H&R Finance Trust as a
"Stapled Unit" on the Toronto Stock Exchange. 


About Primaris 

Primaris is a TSX listed real estate investment trust that specializes in owning
and operating Canadian enclosed shopping centres that are dominant in their
local trade areas. Merchandising for each property is dynamic in order to meet
the unique needs of its local customers and the community. Primaris maintains a
high occupancy rate at its shopping centres and has retail tenants that offer
new and exciting brands. Primaris owns 43 income-producing properties comprising
approximately 15.9 million square feet located in Canada. As of February 28,
2013, Primaris had 100,743,915 units issued and outstanding (including
exchangeable units for which units have yet to be issued). 


Forward Looking Information 

This press release contains forward looking statements that reflect current
expectations of each of Primaris and H&R about their future results,
performance, prospects and opportunities, including with respect to the closing,
costs and benefits of the proposed transaction and all other statements that are
not historical facts. The timing and completion of the proposed transaction is
subject to customary closing conditions, termination rights and other risks and
uncertainties. Accordingly, there can be no assurance that the proposed
transaction will occur, or that it will occur on the timetable or on the terms
and conditions contemplated in this news release. The proposed transaction could
be modified, restructured or terminated. Readers are cautioned not to place
undue reliance on forward looking information. Each of Primaris and H&R has
tried to identify these forward looking statements by using words such as "may",
"will", "should" "expect", "anticipate", "believe", "intend", "plan",
"estimate", "potentially" and similar expressions. By its nature, such forward
looking information necessarily involves known and unknown risks and
uncertainties that may cause actual results, performance, prospects and
opportunities in future periods of Primaris or H&R to differ materially from
those expressed or implied by such forward looking statements. 


FOR FURTHER INFORMATION PLEASE CONTACT: 
Primaris Unitholders: Kingsdale Shareholder Services Inc.
1 (866) 581-1571 (English and Français)
toll-free in North America
(416) 867-2272 outside of North America
(collect calls accepted)
contactus@kingsdaleshareholder.com


Primaris
John Morrison
President & Chief Executive Officer
(416) 642-7860


Primaris
Louis Forbes
Executive Vice President & Chief Financial Officer
(416) 642-7810


Media Contact for Primaris Retail REIT
NATIONAL Public Relations
Peter Block
(416) 848-1431


Media Contact for Primaris Retail REIT
NATIONAL Public Relations
Jennifer Lee
(416) 848-1383


H&R Unitholders: CST Phoenix Advisors
1-866-822-1245 (toll-free within Canada/United States)
1-201-806-2222
(banks, brokers and collect calls outside Canada
and the United States)
inquiries@phoenixadvisorscst.com


H&R
Tom Hofstedter
President & Chief Executive Officer
(416) 635-7520


H&R
Larry Froom
Chief Financial Officer
(416) 635-7520


Media Contact for H&R REIT
Longview Communications
Louise Kozier
(604) 644 6090
Primaris Real Estate Inv... (TSX:PMZ.UN)
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