H&R Real Estate Inv Trust | StockChase
417
H&R Real Estate Inv Trust (HR.UN-T)

Last Price Recorded: $21.6300 on 2017-11-16

ON STOCKCHASE SINCE May 2001

REIT (Offices)

property mngmnt/investment

H&R Real Estate Inv Trust



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Date Signal Company Opinion Expert
2017-11-14
COMMENT

HR.UN-T

$21.960

H&R Real Estate Inv Trust


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

2017-11-03
PAST TOP PICK

HR.UN-T

$21.620

H&R Real Estate Inv Trust


(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 & Portfolio Manager

BULLISH
2017-10-06
COMMENT

HR.UN-T

$21.840

H&R Real Estate Inv Trust


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

2017-09-28
BUY

HR.UN-T

$21.400

H&R Real Estate Inv Trust


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 & Portfolio Manager

BULLISH
2017-09-20
WATCH

HR.UN-T

$21.330

H&R Real Estate Inv Trust


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 Operating Officer & Portfolio Manager

BULLISH on CANADIAN MARKET
2017-08-17
PAST TOP PICK

HR.UN-T

$21.350

H&R Real Estate Inv Trust


(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 (1)

President

SELECTIVE
2017-08-16
BUY

HR.UN-T

$21.210

H&R Real Estate Inv Trust


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 & Managing Director

BULLISH
2017-08-10
HOLD

HR.UN-T

$20.210

H&R Real Estate Inv Trust


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 Chief Investment Officer

CAUTIOUS
2017-08-02
COMMENT

HR.UN-T

$20.920

H&R Real Estate Inv Trust


Not a big fan of the REIT space right now. There are a lot of headwinds facing it. You have higher interest rates, so margins are going to get compressed. There is also the Amazon (AMZN-Q) issue with retail storefronts closing down with everybody moving to e-commerce. He would rather look for something with a steadier growth behind it. Prefers the healthcare side of REITs.

property mngmnt/investment

Ryan Modesto

Managing Partner

2017-08-02
BUY

HR.UN-T

$20.920

H&R Real Estate Inv Trust


A good company. A diversified REIT with some office properties and retail properties. They’ve increased their US exposure and now have a lot of apartments there. You are getting a very well diversified company that has a very good management team and a strong balance sheet. The weighted average lease term is 5.5 years, so there is some good visibility in terms of debt renewals. It trades at a discount to NAV.

property mngmnt/investment

Andy Nasr

VP & Investment Strategist

2017-07-28
COMMENT

HR.UN-T

$21.150

H&R Real Estate Inv Trust


Trading around 13.5X in 2017, versus the universe at around 16X. This is quality and has a decent growth rate of around 3.5%. It has a pretty good balance sheet. 85% payout ratio. At these levels you could write a Put, oblige yourself to own it at $21 and get paid $1. You probably won’t get Put in, but if you did, you would be owning an asset at a really good level that is paying a 6%+ sustainable dividend. A good name to be picking up.

property mngmnt/investment

Greg Newman

Director & Portfolio Manager

BULLISH
2017-06-16
COMMENT

HR.UN-T

$22.550

H&R Real Estate Inv Trust


One of their issues is their big exposure to office buildings in Calgary. Believes the distribution is probably safe, but he is not running out to buy the stock.

property mngmnt/investment

Norman Levine

Managing Director

2017-06-15
BUY

HR.UN-T

$22.590

H&R Real Estate Inv Trust


She likes the name.  Commercial, industrial and blue chip client base with high occupancy and long leases.  They have a bit of retail.  They pulled back a bit, but it could be because of a building in Calgary with EnCana as the primary tenant, which has a long term lease.  She is more cautious on more retail REITs, with Target going.  Although they are able to lease out at higher rates than Target had.  They have a stable cash flow stream.

property mngmnt/investment

Christine Poole

CEO & Managing Director

BULLISH on NORTH AMERICAN ECONOMY
2017-04-18
COMMENT

HR.UN-T

$23.530

H&R Real Estate Inv Trust


A good, well operated REIT. We’ve had a transformation from very cyclical. Anything that was highly levered or high tax rate, tended to do very well in the aftermath of the election. Financials did quite well. Now with uncertainty around the Trump administration’s policies, you are seeing that swing back into defensive names. This is not a bad place to hang out for a few months at least. We might have 2 or even 3 interest rate hikes, but even that would not be substantive enough to move the needle, other than very short term.

property mngmnt/investment

John Stephenson

President & CEO

2017-03-28
DON'T BUY

HR.UN-T

$23.100

H&R Real Estate Inv Trust


It is a diversified office, residential and industrial REIT.  It is geographically diversified.  They have been selling down Alberta assets.  Alberta is not going to go anywhere for the next year or two. There are a lot of moving parts.  He has trouble understanding individual parts.  He does not think it is going to go anywhere anytime soon. 

property mngmnt/investment

Paul Gardner, CFA

Partner and Portfolio Manager

OPTIMISTIC
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Post Comment

1 Comment

Allan Langille

January 24th 2017 at 6:18am

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


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