RE:REITS REITs like H&R (and Artis) with significant office exposure are severely punished by the market to an extent that in my opinion is not warranted by the office asset contribution to the total portfolio.
I think H&R would trade at least back in the $13 range if they were strictly a residential+industrial REIT or purely residential even if getting there involved selling off the office assets at say, 75% of NAV. I think H&R realizes this too and that's why they are making it a priority to sell and redevelop office assets.