I have been a REIT buyer since mid 2020, So like many of you I have acquired a lot of these names at steep discounts (due to covid).

H&R Reit is still the most discounted vs NAV of all the REITS.  They have decided that spinning out PMZ is a good way to exit the "Diversified" section of REIT listings.

H&R Should slowly move up over the next year as they execute their "sell off the office section" plan.  This would leave them with only the currently "hot and popular residential and industrial portfolio".  

The Current NAV on the new H&R units are somewhere around $17. It is very possible H&R will slowly rise to that value, but only after they start making solid strides into removing the office (which is still a large portion of their business).  This could take a short time, or up to 1-2 years.  Who knows.  In either case I expect H&R shares to continue gaining value during this time.

PMZ trades at a steep discount due to the fact that this REIT division (enclosed malls) is massively unpopular (due to covid and E-commerce growth).  However, it is this discount that attracted me to H&R in the first place.  This spin out corresponding with Omicron lockdowns is a nice opportunity to get this company at a continued deep discount.

Will PMZ ever reach NAV level?  Oh probably not.  But with an upside of around 45-50% to get to NAV.  I could easily see PMZ go up by 20% in the next 2 years.  

Are these returns that will "knock your socks off?"  - No

But I like investing in things that will almost for sure make money.  And both H&R and PMZ in their seperated forms, both still have good reasons to buy.

For those disappointed in the fact the split was not a huge windfall... what can I tell you.  That is not really how the stock market works.  Its slow and steady (in regards to gains).  It is massive in regards to losses though.

GL to all.

P.S. Thanks Materialsgirl for always having solid posts here :)