H&R REIT (HR.UN) 2005年年度报告「TSX」.pdf

1、STABILITY THROUGH 2005 ANNUAL REPORTDisciplineH&RR E I T 2 0 0 5 A N N U A L R E P O R TH&R R E A L E S T A T EI N V E S T M E N T T R U S T3625 DUFFERIN STREETSUITE 500DOWNSVIEW ONTARIO,CANADA M3K 1N4T 416.635.7520F 416.398.0040E infohr-www.hr-DisciplineHRReit 2005 CVR 5/4/06 9:31 AM Page 1 H&R Rei

2、t 2005 Annual ReportCONTENTS1 Highlights 4 Presidents Message 12 Portfolio of Properties 18 Managements Discussion&Analysis 46 Auditors Report to theUnitholders 46 Managements Responsibility for Financial Reporting 47 Consolidated Balance Sheets 48 Consolidated Statements of Earnings49 Consolidated

3、Statements of Unitholders Equity 50 Consolidated Statements of Cash Flows 51 Notes to Consolidated Financial Statements62 Corporate Information IBC Unitholder Distribution Reinvestment Plan and Direct Unit Purchase Plan ProfileIncorporated in 1996,H&R Real Estate Investment Trust owns,manages and ac

4、quires income-producing properties,and provides mezzanine financing for development projects that are substantially pre-leased.A significant portion of H&Rs cash is distributed to unitholders each month and much of it is tax deferred.H&Rmanages a diversified portfolio of office,industrial and retail

5、 properties under the direction of a Board of Trustees,and investment opportunities are subject to specific guidelines and approval of the Trustees.Units of the trusthave traded since 1996 on the Toronto Stock Exchange(symbol:HR.UN).Primary ObjectivesH&R REIT pursues two primary objectives:to provid

6、e unitholders with reliable andgrowing cash distributions from its portfolio of income-producing properties,and to increase the value of unitsthrough active management of H&Rs assets,accretive acquisition of additional properties,and funding of newdevelopments in which the REIT holds a purchase opti