H&R REIT (HR.UN) 2011年年度报告「TSX」.pdf

1、 H&R Real Estate Investment Trust and H&R Finance Trust 2011 Annual Report Including Combined MD&A and Financial Statements TheBow,CalgaryTwoGothamCenter,NYCHessTower,HoustonAtriumonBay,Toronto H&R Profile H&R Real Estate Investment Trust(“H&R REIT”)is an open-ended real estate investment trust,whic

2、h owns and manages a North American portfolio of 289 office,industrial and retail properties comprising over 43 million square feet,and three development projects,with a total net book value of$7.6 billion at December 31,2011.H&R Finance Trust is an unincorporated investment trust,which primarily in

3、vests in notes issued by a subsidiary of H&R REIT.The units of H&R REIT trade together with the units of H&R Finance Trust as“stapled units”on the Toronto Stock Exchange listed under the symbol HR.UN.In this annual report,we refer to the combination of these two trusts as“H&R”or“the Trusts”.Addition

4、al information regarding H&R REIT and H&R Finance Trust is available at www.hr- and on .*Property operating income is before interest,depreciation and amortization for the year ended December 31,2011.Primary Objectives H&R strives to achieve two primary objectives:to provide unitholders with stable

5、and growing cash distributions generated by revenues derived from a diversified portfolio of income properties,and to maximize the value of units through active management of H&Rs assets,acquisition of additional properties,and development of new projects which are pre-leased to creditworthy tenants

6、.We are committed to maximizing returns to unitholders while maintaining prudent risk management and conservative use of financial leverage.Stability and Growth through Discipline Since inception in 1996,H&R has executed a disciplined and proven strategy that has provided stable cash flow and adjust