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H&R Real Estate Investment Trust T.HR.UN

Alternate Symbol(s):  HRUFF

H&R Real Estate Investment Trust is a Canada-based real estate investment trust. The Company owns, operates and develops residential and commercial properties across Canada and in the United States. The Company operates through the four segments: Residential, Industrial, Office and Retail. The Residential segment consists of approximately 24 residential properties in select markets in the United States and portfolio comprised of 8,166 residential rental units. The Industrial segment consists of 69 industrial properties in Canada and three properties in the United States comprising 8.7 million square feet. The Office segment consists of 18 properties in Canada and five properties in select markets in the United States, aggregating 5.8 million square feet. The Retail segment consists of 38 properties in Canada, which are grocery-anchored and single-tenant properties, as well as five automotive-tenanted retail properties and one multi-tenant retail property in the United States.


TSX:HR.UN - Post by User

Post by incomedreamer11on Apr 24, 2023 8:50am
207 Views
Post# 35410042

Analysts update

Analysts update

National Bank Financial analyst Matt Kornack sees H&R Real Estate Investment Trust’s (HR.UN-T) $277-million sale of its only office property in Ottawa is “a positive in light of market concerns over office real estate generally but also given the progress it represents in moving towards the REIT’s strategic goal of owning a portfolio of primarily residential and industrial properties.”

Mr. Kornack thinks the sale of 160 Elgin Street to Groupe Mach, a private Montreal-based real estate firm, helps H&R with its tranformation. He noted the property represented 19 per cent of its Canadian office portfolio’s gross leasable area (GLA) and reduces the total office exposure on a fair value (FV) basis to 28 per cent (was 30 per cent) with “roughly a third of this is downtown Toronto properties with redevelopment upside potential.”

“While the purchaser still needs to finance a portion of the deal, they will be highly motivated by the $67-million first tranche paid on close,” he said.

“Management noted that sale proceeds ($67-million) would be used to repay debt and buy back units. Given added clarity from the completion of the sale, we are now modelling unit repurchases and anticipate the REIT further utilize its NCIB as a mechanism for earnings growth as cash comes in from asset sales.”

Reiterating an “outperform” recommendation for H&R units, Mr. Kornack increased his target to $15.75 from $15.25 to “reflect the positive earnings implications as the transaction outcome has been de-risked.” The average on the Street is $15.83.

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