H&R Real Estate Inv Trust (HR.UN.TO) Buy,…

H&R Real Estate Inv Trust (HR.UN.TO)

9.19

-0.28 (2.96%)

as of Oct 2, 2026, 8:00:00 pm Market Open.

409 watching

BUY

Allan Tong’s Discover Picks At more than 40 million square feet, H&R remains of the largest REIT stocks in Canada. It pays a solid 4.1% dividend at a safe 38.62% payout ratio and trades at only 8.7x compared to 20x by its peers. HR.UN stock has been a tear, rising from $13.25 in early February to around $16.75 now. However, before Covid, this REIT stock was sailing above $23. Returning to that level may be a stretch, there’s likely still room to run, and investors get paid a juicy dividend to wait. Another one for income investors. Read 3 Promising Office and Mall REIT Stocks for our full analysis.

BUY

It is a large, diversified REIT. It is recovering from the pandemic. It is trading $3-4 below its pre-COVID high. It is a good one to hold on to.

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TOP PICK

Stockchase Research Editor: Michael O'Reilly HR is one of Canada's largest REITS with assets over $14 billion. It holds over 43 million square feet of high quality assets in a diversified portfolio. It trades at 8x earnings, compared to peers at 17x and is presently trading below book value. It pays a great dividend, backed by a payout ratio of 36% of cash flow. A good made-in Canada economy recovery story. We would buy this with a stop loss at $13.50, looking to achieve $18 -- upside potential over 10%. Yield 4.23% (Analysts’ price target is $17.64)

SELL ON STRENGTH

Lots of empty space in Calgary, a boom and bust market. The Bow is one of the best pieces of property in downtown Calgary. Still owed rent by its former major tenant. Paying down debt, improving balance sheet. Did right to cut dividend. Keep it, but he'd sell around $18. Don't buy more. Yield of 4% is pretty good.

DON'T BUY

He doesn't own REITs now, especially in offices and retail. How long will it take for their occupancy to return? In REITs, you pay around 90% earnings so there's little wiggle room for error. He'd rather buy retirement homes like Chartwell and Sienna, which offer better growth.

HOLD

Businesses can't pay rent, and so we've seen a drop. It's collecting a fair amount of rent, good collection of properties, reasonable and sustainable yield. Questionable future demand for office space has spooked people. He owns it personally.

SELL

Still down over the year, and will be subject to tax-loss selling. Near-term headwinds of its closed malls. Take profits and move on to something with less volatility and less impacted by Covid.

PAST TOP PICK

(A Top Pick Sep 17/19, Down 52%) A diversified REIT. This is one they ended up selling. Their mall portfolio has suffered. He was afraid the dividend would come under pressure. Getting access to capital is tough for them.

COMMENT

It's the cheapest REIT right now. Cut the dividend, as they should have. Half retail, half office/industrial. He sold, to avoid office risk. You can own it for the yield, as the stock goes sideways. If you want growth, go elsewhere.

HOLD

It has been a very difficult stock to own. It just cut its distribution in half. Management hopes they are being over cautious. Mall tenants are only paying about 25% of the rents. They have quite a bit of exposure to oil and gas tenants. Your upside is much better than your downside. Their apartment holdings are solid. If retail stays stable from here you might be rewarded.

DON'T BUY

Office properties. They may get reconfigured in the future. It has not recovered and still is not all that cheap. They have a heavy debt load.

WATCH

It is diversified and one of the oldest in Canada. They got into trouble because of their retail portfolio and The Bow in Calgary. They are getting 20% rent collection in malls. There is a high risk to their distributions. Wait for after a distribution cut if you want to buy it.

DON'T BUY

A dividend cut soon? A core holding in their portfolio are REITs. They have a higher weighting to retail and office holdings -- both are likely to be hit harder than most. They have a large exposure in Calgary, which is being impacted by continued low oil prices. He would look at it, but there are other REITs he would rather own.

WATCH

It is a diversified REIT, owning office buildings with long term leases, Apartments, Malls, and Industrial Warehouses. It has struggled and has great management but capital allocation has been a cause for concern. Once they figure out what to do with two of their assets (The Bow building and Primaris), the stock can lift.

BUY

Likes this REIT, a good way to play defence in this market that pays a good dividend above 6%. The multiple is under 12x, so it's cheap. A diversified REIT, too. You're paid to wait. However, their cash earnings haven't been growing. Over time, there will be FFO grow though.

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H&R Real Estate Inv Trust (HR.UN.TO)