Dispositions from January 1, 2009 to December 31, 2009  H&R REIT AND H&R FINANCE TRUST - MD&A - December 31, 2010  SEGMENTED INFORMATION  Page 16 of 45  Segmented disclosure is provided in the financial statements by net property operating income on a geographic basis as the property  operations in the United States are considered to be a geographic segment. This segmented information on net property operating  income is as follows:  The REIT is not required to report in its financial statements on the performance of each class of assets separately due to  management’s assessment that all assets effectively adhere to the same investment policy of being leased on a long-term basis to  creditworthy tenants and the fact that the REIT manages all assets on a similar basis. The REIT invests in income producing properties in both Canada and the United States with tenants that are creditworthy and on  long-term leases.  Property  Property Type  Date Sold  Square  Footage  Gross  Proceeds ($ Millions)  Ownership  Interest  disposed  2435 EW Connector, Austell, GA  Retail  Feb 10, 2009  115,396  $16.4  100%  97 Thames Rd., E. Exeter, ON  Industrial  Mar 16, 2009  84,000  4.4  100%  1711 Springfield Rd., Kelowna, BC  Retail  June 3, 2009  110,178  18.4  100%  6660 Financial Drive, Mississauga, ON  Industrial  July 16, 2009  164,236  11.8  100%  2089 West Neways Dr., Springville, UT  Office  July 28, 2009  84,511  8.6  55%  75 Frontenac Dr., Markham, ON  Industrial  Aug 4, 2009  243,614  17.0  100%  500 Bayly St. E, Ajax, ON  Industrial  Dec 18, 2009  909,286  140.0  100%  Total 1,711,221 $216.6 Net property operating income for the three months ended December 31, 2009  (in thousands of dollars)  Canada  United States Total  Operating revenue  $129,512  $23,777  $153,289  Property operating costs  (46,640)  (3,895)  (50,535)  Interest  (33,291) (12,993) (46,284) Depreciation and amortization  (23,028)  (11,836)  (34,864)  Net property operating income $26,553  ($4,947)  $21,606  Net property operating income for the three months ended December 31, 2010 (in thousands of dollars)  Canada  United States Total  Operating revenue  $132,495  $28,032  $160,527  Property operating costs  (51,974)  (3,706)  (55,680)  Interest  (32,424) (11,839) (44,263) Depreciation and amortization  (22,974)  (7,978)  (30,952)  Net property operating income $25,123  $4,509  $29,632 