RE:superficial analysisI dislike being a skeptic and pointing out unpopular observations, but might you be "cherry picking" some U.S. residential REIT with particular qualities as a comparison?
A "reverse cherry pick" could illustrate said statement; draw comparison to say, MRG.UN, a pure residential REIT listed in Canada, having a mix of U.S. and CDN properties, yet selling at a price to book of less than 0.5? And HR.UN is thefore overpriced?
Regardless of above playful observation, I too am very long HR.UN and agree it is undervalued and likely to reprice sometime down the road as perception shifts.