H&R Real Estate Inv Trust | StockChase
424
H&R Real Estate Inv Trust (HR.UN-T)

Last Price Recorded: $20.2000 on 2018-06-20

ON STOCKCHASE SINCE May 2001

REIT (Offices)

property mngmnt/investment
424
H&R Real Estate Inv Trust (HR.UN-T)

Last Price Recorded: $20.2000 on 2018-06-20

ON STOCKCHASE SINCE May 2001

REIT (Offices)

property mngmnt/investment

H&R Real Estate Inv Trust


Signal Opinion Expert
DON'T BUY

It has been a laggard for the best part of 5 years.  There is nothing in the chart pattern at the moment.  There is no evidence they are going to turn the ship around from the chart.

property mngmnt/investment

It has been a laggard for the best part of 5 years.  There is nothing in the chart pattern at the moment.  There is no evidence they are going to turn the ship around from the chart.

property mngmnt/investment
Larry Berman CF

Chief Inve, ETF Capital Manageme...

Price Price
$20.610
Owned Owned
Unknown

COMMENT

These REITs valuations have come down as interest rates went up. The real catalyst for this name is completing Jackson Park in 2019 and Sears releasing their space. It does have a flat growth rate. It is trading at a 13% below its assumed Net Asset Value. The balance sheet is not bad. Unsexy name. A yield proxy. Good management team. (Analysts’ price target is $24)

property mngmnt/investment

These REITs valuations have come down as interest rates went up. The real catalyst for this name is completing Jackson Park in 2019 and Sears releasing their space. It does have a flat growth rate. It is trading at a 13% below its assumed Net Asset Value. The balance sheet is not bad. Unsexy name. A yield proxy. Good management team. (Analysts’ price target is $24)

property mngmnt/investment
Greg Newman

Director &, Scotia Wealth Manage...

Price Price
$20.060
Owned Owned
No

PARTIAL SELL

HR.UN-T vs. CHR.UN-T.  Hang onto CSH.UN-T.  They are both AMZN-Q proof.  Tenants pay rent so they are not long term leases like elsewhere in the REIT space.  He would lighten up on HR.UN-T

property mngmnt/investment

HR.UN-T vs. CHR.UN-T.  Hang onto CSH.UN-T.  They are both AMZN-Q proof.  Tenants pay rent so they are not long term leases like elsewhere in the REIT space.  He would lighten up on HR.UN-T

property mngmnt/investment
Stephen Takacsy

Chief Inve, Lester Asset Managem...

Price Price
$21.170
Owned Owned
Unknown

COMMENT

He wouldn’t want to be heavily loaded with REITs. He only has one left, and it is commercial with all commercial properties. Be a little cautious over the next year. If it got below $20.21, that indicates there’s something else going on out there and the market doesn’t want to be in real estate anymore.

property mngmnt/investment

He wouldn’t want to be heavily loaded with REITs. He only has one left, and it is commercial with all commercial properties. Be a little cautious over the next year. If it got below $20.21, that indicates there’s something else going on out there and the market doesn’t want to be in real estate anymore.

property mngmnt/investment
Hap (Robert) Sn

Chief Port, Castlemoore Inc....

Price Price
$21.110
Owned Owned
No

COMMENT

He likes this company. Very well diversified with a very attractive dividend yield. In recent years they’ve increased their US exposure. It is so well diversified that you can bank on pretty moderate but stable cash flow and cash flow growth for the foreseeable future.

property mngmnt/investment

He likes this company. Very well diversified with a very attractive dividend yield. In recent years they’ve increased their US exposure. It is so well diversified that you can bank on pretty moderate but stable cash flow and cash flow growth for the foreseeable future.

property mngmnt/investment
Andy Nasr

VP & Inves, Sentry Investments...

Price Price
$20.980
Owned Owned
Yes

COMMENT

Announced they were going to make close to $1 billion in sales out of the US, and reinvest in multi-resident businesses. This is a strategy that is getting a little tired. His biggest issue is that they are so diversified, such as office, residential, redevelopment, Canada, US, it is too much for an analyst. Thinks they’ve been hurt by this.

property mngmnt/investment

Announced they were going to make close to $1 billion in sales out of the US, and reinvest in multi-resident businesses. This is a strategy that is getting a little tired. His biggest issue is that they are so diversified, such as office, residential, redevelopment, Canada, US, it is too much for an analyst. Thinks they’ve been hurt by this.

property mngmnt/investment
Paul Gardner, C

Partner an, Avenue Investment Ma...

Price Price
$20.980
Owned Owned
No

COMMENT

You buy this for yield. Because interest rates are low and lots of investors are reaching for yield, most of these stocks are overbought. Incremental demand might not be there, which may be the reason it is just going sideways. There may be a slight chance of it going lower. Be absolutely disciplined and make sure of the level you want to get out. Don’t be fooled by the yield, because as the price goes lower, the yield goes up. Dividend yield of 6.4%.

property mngmnt/investment

You buy this for yield. Because interest rates are low and lots of investors are reaching for yield, most of these stocks are overbought. Incremental demand might not be there, which may be the reason it is just going sideways. There may be a slight chance of it going lower. Be absolutely disciplined and make sure of the level you want to get out. Don’t be fooled by the yield, because as the price goes lower, the yield goes up. Dividend yield of 6.4%.

property mngmnt/investment
William Chin

Portfolio , Caldwell Investment ...

Price Price
$21.410
Owned Owned
Unknown

COMMENT

Largely a commercial and industrial manager of real estate assets, and for years and years a wonderful simple strategy. They would build a commercial building, mortgage it, lease it for 20 years and lock in a spread. It was predictable and it was great. They then branched out, and in 2008 had a near-death experience when they built the Bow office tower in Calgary. They almost ran out of money because they hadn’t locked up their financing. This is a low growth company. Distribution is growing, very slowly. It’s the kind of company that will suffer if interest rates grow. The 6% distribution is not a dividend and is taxed as other income, but is absolutely safe. This is only a yield play.

property mngmnt/investment

Largely a commercial and industrial manager of real estate assets, and for years and years a wonderful simple strategy. They would build a commercial building, mortgage it, lease it for 20 years and lock in a spread. It was predictable and it was great. They then branched out, and in 2008 had a near-death experience when they built the Bow office tower in Calgary. They almost ran out of money because they hadn’t locked up their financing. This is a low growth company. Distribution is growing, very slowly. It’s the kind of company that will suffer if interest rates grow. The 6% distribution is not a dividend and is taxed as other income, but is absolutely safe. This is only a yield play.

property mngmnt/investment
David Baskin

President, Baskin Wealth Manage...

Price Price
$21.960
Owned Owned
Unknown

PAST TOP PICK

(A Top Pick Oct 21/16. Up 1%.) He chose this because of its cheap valuation and its long-term Alberta leases. The balance sheet has gotten slightly worse, but is still pretty good. Payout ratio is still pretty good at 81%. Trading at 12.7X 2017 versus its five-year average of 13.5X and its peers at around 13X.

property mngmnt/investment

(A Top Pick Oct 21/16. Up 1%.) He chose this because of its cheap valuation and its long-term Alberta leases. The balance sheet has gotten slightly worse, but is still pretty good. Payout ratio is still pretty good at 81%. Trading at 12.7X 2017 versus its five-year average of 13.5X and its peers at around 13X.

property mngmnt/investment
Greg Newman

Director &, Scotia Wealth Manage...

Price Price
$21.620
Owned Owned
Yes

COMMENT

A well diversified REIT with good assets. His problem with REITs is that they get a valuation because of their payout, which is a little excessive, relative to the rest of the market. Trading at 12 to 15 times enterprise value to operating cash flow. There is no real organic growth in most of them. They are popular with investors because they pay out up to 90% of their Operating Cash flow as a yield.

property mngmnt/investment

A well diversified REIT with good assets. His problem with REITs is that they get a valuation because of their payout, which is a little excessive, relative to the rest of the market. Trading at 12 to 15 times enterprise value to operating cash flow. There is no real organic growth in most of them. They are popular with investors because they pay out up to 90% of their Operating Cash flow as a yield.

property mngmnt/investment
John Zechner

Chairman, J. Zechner & Assoc...

Price Price
$21.840
Owned Owned
No

BUY

He has an 81% payout ratio on 2017/2018, which is pretty safe for a REIT. This is one you can buy now. Trades at a 13% discount to his NAV and has a decent growth rate of about 3%, versus 2.8% of its diversified peers. Its balance sheet isn’t bad with a 42% Debt to Fair Value.

property mngmnt/investment

He has an 81% payout ratio on 2017/2018, which is pretty safe for a REIT. This is one you can buy now. Trades at a 13% discount to his NAV and has a decent growth rate of about 3%, versus 2.8% of its diversified peers. Its balance sheet isn’t bad with a 42% Debt to Fair Value.

property mngmnt/investment
Greg Newman

Director &, Scotia Wealth Manage...

Price Price
$21.400
Owned Owned
Unknown

WATCH

A well-managed REIT. There are a number of headwinds with interest rates going up, potential debt maturities coming due. They have some office space in Calgary which is a bit under pressure, but not catastrophic. Good income. A “wait and see” situation.

property mngmnt/investment

A well-managed REIT. There are a number of headwinds with interest rates going up, potential debt maturities coming due. They have some office space in Calgary which is a bit under pressure, but not catastrophic. Good income. A “wait and see” situation.

property mngmnt/investment
Zachary Curry

Chief Oper, Davis-Rea Ltd....

Price Price
$21.330
Owned Owned
Yes

PAST TOP PICK

(Top Pick Jul 12/16, Down 2.51%)  The cheapest valuation, trading below NAV.  He hangs on to it and this is a great entry point.  He thinks you are good for a year on REITs but not for 5 years.  Keep an eye on the rate outlook.

property mngmnt/investment

(Top Pick Jul 12/16, Down 2.51%)  The cheapest valuation, trading below NAV.  He hangs on to it and this is a great entry point.  He thinks you are good for a year on REITs but not for 5 years.  Keep an eye on the rate outlook.

property mngmnt/investment
Bruce Campbell

President, Campbell and Lee Inv...

Price Price
$21.350
Owned Owned
Yes

BUY

A good entry point. It has pulled back quite a bit, and for no fundamental reason. Generally, rising interest rates are not that favourable for REITs, but she is not anticipating a sharply rising interest rate environment. They are in commercial as well as some residential in the US. A well-run company. Dividend yield of 6.5%.

property mngmnt/investment

A good entry point. It has pulled back quite a bit, and for no fundamental reason. Generally, rising interest rates are not that favourable for REITs, but she is not anticipating a sharply rising interest rate environment. They are in commercial as well as some residential in the US. A well-run company. Dividend yield of 6.5%.

property mngmnt/investment
Christine Poole

CEO & Mana, GlobeInvest Capital ...

Price Price
$21.210
Owned Owned
Yes

HOLD

He likes it although it is not his favourite.  He holds it in all of his REIT funds.  Money has been reallocated due to the surprise increase in the interest rate by the BOC.  Money has been exiting this sector and this is the second biggest REIT in Canada.  If you are long term hold, then it is a safe long term hold.

property mngmnt/investment

He likes it although it is not his favourite.  He holds it in all of his REIT funds.  Money has been reallocated due to the surprise increase in the interest rate by the BOC.  Money has been exiting this sector and this is the second biggest REIT in Canada.  If you are long term hold, then it is a safe long term hold.

property mngmnt/investment
Robert Lauzon

Deputy Chi, Middlefield Capital ...

Price Price
$20.210
Owned Owned
Yes

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1 Comment

Allan Langille

January 24th 2017 at 9:18am

LOUSY PAYOUT RATIO (PRICE/P:E) - They earn far less than than what they pay in dividends.


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