RE:RE:RE:OUCH for HR I don't worry about capital allocation here - similarly as I do not with Riocan or Allied. H&R is run incredibly well - like a very boring real estate company - contrary to stock price volatility.
That said, they made some not-so-boring deals where they added long-term call options to buyback more than $1B of real estate assets roughly a decade into the future. In my opinion, H&R is the perfect balance of stable/high-quality cashflow, hard assets, value, with a very long-term focus.
I'm looking forward to eanrings - hopefully the streak of strong results continues... based on the MD&A and the last call, I expect to hear about more office sales.