The REIT’s portfolio is performing well and we expect continued growth in profitability from our contracted  rental escalations and accretive acquisitions. We remain very optimistic and excited about our  opportunities for growth and ability to prosper in the coming year. Reflecting this positive outlook, H&R’s  trustees have updated our distribution policy, by increasing the annualized intended distribution per  Stapled Unit and extending the policy for an additional two quarters to December 31, 2012, as shown  below.  On behalf of H&R management, I wish to thank our investors, trustees and employees for their trust and  commitments over the past year. With your support, we look forward to extending our legacy of  stability  through discipline .  President and CEO  March 18, 2011  Distribution Period  Updated Intended  Annualized Distribution  Per Stapled Unit  Previously Announced Intended  Annualized Distribution Per  Stapled Unit  Q1 2011 (January, February and March)  $0.90  $0.90  Q2 2011 (April, May and June)  $0.95  $0.93  Q3 2011 (July, August and September)  $1.00  $0.96  Q4 2011 (October, November and December)  $1.05  $0.99  Q1 2012 (January, February and March)  $1.10  $1.02  Q2 2012 (April, May and June)  $1.15  $1.05  Q3 2012 (July, August and September)  $1.20  $ -  Q4 2012 (October, November and December)  $1.25  $ - 