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H&R Real Estate Inv Trust

HR.UN-T

TSE:HR.UN

16.56
0.01 (0.06%)
H&R Real Estate Investment Trust is a Canadian open-ended real estate investment trust, specializing in commercial real estate, and based in Toronto, Ontario. It is the third largest REIT in Canada by market capitalization.
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Analysis and Opinions about HR.UN-T

Signal
Opinion
Expert
Chart
BUY
BUY
July 12, 2021
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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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.
Jamie Murray
Price
$16.970
Owned
No
TOP PICK
TOP PICK
June 29, 2021
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)
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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 STRENGTH
SELL STRENGTH
June 10, 2021
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.
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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
DON'T BUY
December 29, 2020

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.

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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.

John Zechner
Price
$13.370
Owned
No
HOLD
HOLD
December 10, 2020
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.
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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.
David Baskin
Price
$14.030
Owned
Yes
SELL
SELL
November 26, 2020
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.
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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
PAST TOP PICK
August 21, 2020
(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.
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(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.
Chris Blumas
Price
$10.210
Owned
No
COMMENT
COMMENT
August 13, 2020
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.
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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
HOLD
June 25, 2020
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.
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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.
Andrew Moffs
Price
$9.790
Owned
Unknown
DON'T BUY
DON'T BUY
June 4, 2020
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.
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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.
Jason Mann
Price
$10.290
Owned
Unknown
WATCH
WATCH
April 30, 2020
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.
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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.
Andrew Moffs
Price
$10.300
Owned
Unknown
DON'T BUY
DON'T BUY
April 22, 2020
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.
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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.
Bryden Teich
Price
$9.050
Owned
No
WATCH
WATCH
March 5, 2020
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.
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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.
Andrew Moffs
Price
$20.560
Owned
Unknown
BUY
BUY
February 26, 2020
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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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.
Chris Blumas
Price
$21.050
Owned
Yes
DON'T BUY
DON'T BUY
February 14, 2020
The stock has not gone anywhere and you are only getting dividends. He would look elsewhere like CAPREIT that has better organic revenue.
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The stock has not gone anywhere and you are only getting dividends. He would look elsewhere like CAPREIT that has better organic revenue.
Barry Schwartz
Price
$21.440
Owned
No
DON'T BUY
DON'T BUY
January 29, 2020
This was a REIT that had many different assets. It has been busy dispossessing multi-residential in the US. They have reduced debt. This has caused them to under-perform in the short term. He still struggles to understand their strategy. He does not buy into their global diversification strategy -- you need a theme. He wants to be able to pick an investment that follows the next upcoming trend. So he avoids it.
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This was a REIT that had many different assets. It has been busy dispossessing multi-residential in the US. They have reduced debt. This has caused them to under-perform in the short term. He still struggles to understand their strategy. He does not buy into their global diversification strategy -- you need a theme. He wants to be able to pick an investment that follows the next upcoming trend. So he avoids it.
BUY
BUY
January 21, 2020
It's been in a tight range and will continue to. It's now near the bottom of that range, so buy away. It's approaching the sweet spot.
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It's been in a tight range and will continue to. It's now near the bottom of that range, so buy away. It's approaching the sweet spot.
Elliott Fishman
Price
$21.500
Owned
Unknown
DON'T BUY
DON'T BUY
January 15, 2020
A granddaddy among Canadian REITS. Solid managers, but have struggled because they are a diversified REIT. Their retail holdings of secondary malls have struggled. They own office buildings in Calgary, which is economically struggling. They also own retail in Toronto, plus a small holding number of attractive apartments in the US. They haven't yet fixed their problems. At least the dividend is safe.
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A granddaddy among Canadian REITS. Solid managers, but have struggled because they are a diversified REIT. Their retail holdings of secondary malls have struggled. They own office buildings in Calgary, which is economically struggling. They also own retail in Toronto, plus a small holding number of attractive apartments in the US. They haven't yet fixed their problems. At least the dividend is safe.
Jeffrey F. Olin
Price
$21.260
Owned
Unknown
BUY
BUY
January 14, 2020
It's underperformed other REITs, but pays over a 6% yield. They've been pulling out of US malls and getting into multi-residential communities. The lower stock price now is a good entry.
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It's underperformed other REITs, but pays over a 6% yield. They've been pulling out of US malls and getting into multi-residential communities. The lower stock price now is a good entry.
Christine Poole
Price
$20.990
Owned
Unknown
PAST TOP PICK
PAST TOP PICK
January 3, 2020
(A Top Pick Jan 03/19, Up 9%) It has underperformed since the prospect of interest rates has changed. It continues to trade as the only REIT at a discount to its NAV -- the cheapest REIT out there. Its largest single building is in Calgary, so if oil prices could rise they will rise faster than the rest.
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(A Top Pick Jan 03/19, Up 9%) It has underperformed since the prospect of interest rates has changed. It continues to trade as the only REIT at a discount to its NAV -- the cheapest REIT out there. Its largest single building is in Calgary, so if oil prices could rise they will rise faster than the rest.
PAST TOP PICK
PAST TOP PICK
December 16, 2019
(A Top Pick Sep 17/19, Down 9%) A diversified REIT for income investors. It's really cheap at less than 12x cash flow, paying almost a 7% dividend. Small earnings growth ahead.
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(A Top Pick Sep 17/19, Down 9%) A diversified REIT for income investors. It's really cheap at less than 12x cash flow, paying almost a 7% dividend. Small earnings growth ahead.
Chris Blumas
Price
$20.730
Owned
Yes
BUY
BUY
December 13, 2019

She owns this and really likes the yield. They owned the Bow building in Calgary for Encana, so there may have been some speculation that Encana's move to the US would hurt them. However, she says they are under long term lease and the company has announced no personnel changes in Calgary. Yield 6%

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She owns this and really likes the yield. They owned the Bow building in Calgary for Encana, so there may have been some speculation that Encana's move to the US would hurt them. However, she says they are under long term lease and the company has announced no personnel changes in Calgary. Yield 6%

Christine Poole
Price
$20.720
Owned
Yes
DON'T BUY
DON'T BUY
December 10, 2019
Never been a fan. They're diversified, which is both good and bad. Hard to analyze them. A complicated story and they underperform. He wants to see a theme in a REIT and he doesn't see it here. He doesn't know what H&R does--they're all over the place.
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Never been a fan. They're diversified, which is both good and bad. Hard to analyze them. A complicated story and they underperform. He wants to see a theme in a REIT and he doesn't see it here. He doesn't know what H&R does--they're all over the place.
DON'T BUY
DON'T BUY
December 2, 2019
It's range-bound and getting to the lower end, which may lead to an entry point. It's a low-risk investment. The CEO owns a lot of stock. The downside is protected, but don't expect much on the upside. He's concerned about their big mall portfolio, because malls aren't doing too well. Also, he's not impressed with the total return.
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It's range-bound and getting to the lower end, which may lead to an entry point. It's a low-risk investment. The CEO owns a lot of stock. The downside is protected, but don't expect much on the upside. He's concerned about their big mall portfolio, because malls aren't doing too well. Also, he's not impressed with the total return.
HOLD
HOLD
November 27, 2019
A $6 billion asset holder -- the grand daddy in the Canadian REIT space. The dividend is probably safe. They have some weakness in the retail mall space they own in the US. It is a hold. Yield 6.4%
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A $6 billion asset holder -- the grand daddy in the Canadian REIT space. The dividend is probably safe. They have some weakness in the retail mall space they own in the US. It is a hold. Yield 6.4%
SELL
SELL
November 19, 2019
It keeps failing to break $24. It's rolling over and will fall to $20, perhaps lower. Anything retail is under big pressure now.
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It keeps failing to break $24. It's rolling over and will fall to $20, perhaps lower. Anything retail is under big pressure now.
Elliott Fishman
Price
$21.710
Owned
Unknown
HOLD
HOLD
November 4, 2019

They have an EnCana building. EnCana has moved away. The sectors they are in are difficult, but they are diversified. The distribution is very safe. He is not too concerned short term with EnCana moving. He would continue to hold it if he owned it.

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They have an EnCana building. EnCana has moved away. The sectors they are in are difficult, but they are diversified. The distribution is very safe. He is not too concerned short term with EnCana moving. He would continue to hold it if he owned it.

Andrew Moffs
Price
$22.350
Owned
No
DON'T BUY
DON'T BUY
October 31, 2019
Diverse. Higher yield than peers. Diversified portfolios aren't her favourite. Cautious on retail portfolio, as malls are struggling and hindering H&R's growth. Encana being a leaseholder in Calgary might concern investors. Distribution on hold for a while. Around 45% levered, so nothing of risk. Close to fairly valued, doesn't see growth potential.
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Diverse. Higher yield than peers. Diversified portfolios aren't her favourite. Cautious on retail portfolio, as malls are struggling and hindering H&R's growth. Encana being a leaseholder in Calgary might concern investors. Distribution on hold for a while. Around 45% levered, so nothing of risk. Close to fairly valued, doesn't see growth potential.
PAST TOP PICK
PAST TOP PICK
October 29, 2019

(A Top Pick Jan 03/19, Up 14%) The only REIT that trades at a discount to NAV. The yield is 6%. It has another 10% in it plus the yield. They have Calgary office space exposure, but they still get paid by Encana.

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(A Top Pick Jan 03/19, Up 14%) The only REIT that trades at a discount to NAV. The yield is 6%. It has another 10% in it plus the yield. They have Calgary office space exposure, but they still get paid by Encana.

TOP PICK
TOP PICK
September 17, 2019
Pays a 6.12% yield, low risk, though offers limited growth of 1-2% FFO growth. They have streamlined with diversified properties in office, retail, industrial and residential. They're re-allocation capital in higher-growth markets.
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Pays a 6.12% yield, low risk, though offers limited growth of 1-2% FFO growth. They have streamlined with diversified properties in office, retail, industrial and residential. They're re-allocation capital in higher-growth markets.
DON'T BUY
DON'T BUY
August 22, 2019
It's diversified, owning office, retail, residential. They have long-term leases, 10 years on average, which is good. This offers some security in a recession. They've sold nearly $2 billion of assets in the past two years, but have been growing a portfolio in the US sunbelt, which she likes. Retail is in closed malls, but not performing well. A catalyst is the sale of Bow, a Calgary office tower, soon. Maybe the yield will rise in 2020. This is fully valued and the diversification stunts growth.
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It's diversified, owning office, retail, residential. They have long-term leases, 10 years on average, which is good. This offers some security in a recession. They've sold nearly $2 billion of assets in the past two years, but have been growing a portfolio in the US sunbelt, which she likes. Retail is in closed malls, but not performing well. A catalyst is the sale of Bow, a Calgary office tower, soon. Maybe the yield will rise in 2020. This is fully valued and the diversification stunts growth.
Michelle Wearing
Price
$22.440
Owned
Unknown
WAIT
WAIT
July 31, 2019
A large cap REIT. The dividend is safe. It is diversified among several real estate classes. They hold a large position in some retail assets. This is not one of his favorites right now. He would wait for now.
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A large cap REIT. The dividend is safe. It is diversified among several real estate classes. They hold a large position in some retail assets. This is not one of his favorites right now. He would wait for now.
DON'T BUY
DON'T BUY
July 23, 2019
They have held this on the debt side, but not the equity. They almost have too much diversification for his liking -- too many moving parts. He likes themes that play into strategies. The units have done nothing for almost 7 years. Yield 6%
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They have held this on the debt side, but not the equity. They almost have too much diversification for his liking -- too many moving parts. He likes themes that play into strategies. The units have done nothing for almost 7 years. Yield 6%
COMMENT
COMMENT
July 11, 2019
Doesn't see a dividend cut in the immediate future. Has just floated along, as most REITs have, for a long time. Doesn't see earnings momentum higher.
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Doesn't see a dividend cut in the immediate future. Has just floated along, as most REITs have, for a long time. Doesn't see earnings momentum higher.
Ross Healy
Price
$23.450
Owned
Unknown
BUY WEAKNESS
BUY WEAKNESS
July 9, 2019
A big company that owns some good assets and a safe dividend yield. He would range trade this and is not clamoring to step in right now.
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A big company that owns some good assets and a safe dividend yield. He would range trade this and is not clamoring to step in right now.
COMMENT
COMMENT
May 16, 2019
Never owned it. They are all over the place in terms of sectors. They are good Managers. With interest rates being down the stock came up. Conservative. 70% pay out ratio. He hasn't looked at it closely as they are widely diversified.
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Never owned it. They are all over the place in terms of sectors. They are good Managers. With interest rates being down the stock came up. Conservative. 70% pay out ratio. He hasn't looked at it closely as they are widely diversified.
COMMENT
COMMENT
March 18, 2019
2020 looks promising with success in U.S> multi.
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2020 looks promising with success in U.S> multi.
Greg Newman
Price
$22.820
Owned
Unknown
COMMENT
COMMENT
February 26, 2019
No, retail is not going out of fashion. HR will work out okay and will grind out a slowly growing dividend. The fear out there is that Amazon will destroy all retail--but that's unfounded. Also, HR diversifies into building condos too. A safe dividend, but with modest growth prospects.
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No, retail is not going out of fashion. HR will work out okay and will grind out a slowly growing dividend. The fear out there is that Amazon will destroy all retail--but that's unfounded. Also, HR diversifies into building condos too. A safe dividend, but with modest growth prospects.
Brian Madden
Price
$22.750
Owned
Unknown
COMMENT
COMMENT
January 23, 2019
He is not too familiar with them, but feels it is a premier REIT. Overall, this space has been an out performing sector. The yields are strong, he believes. He looks more for growth stories, so does not own many REITs.
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He is not too familiar with them, but feels it is a premier REIT. Overall, this space has been an out performing sector. The yields are strong, he believes. He looks more for growth stories, so does not own many REITs.
Peter Imhof
Price
$21.800
Owned
No
HOLD
HOLD
January 23, 2019
He owns no REITs, though now they're looking attractive with interest rates suddenly not rising fast. They're until retail and industrial space. How confident are you of the Canada economy? Over 6% yield (safe) and it's moved above its 200-day moving average. Okay holding long-term.
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He owns no REITs, though now they're looking attractive with interest rates suddenly not rising fast. They're until retail and industrial space. How confident are you of the Canada economy? Over 6% yield (safe) and it's moved above its 200-day moving average. Okay holding long-term.
Stan Wong
Price
$21.800
Owned
No
BUY
BUY
January 10, 2019
All their real estate is operated reasonably. Commercial is holding up a bit better than residential. It had a nice little run while people got nervous with markets. The October drop might have scared some investors. Hold this one for income.
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All their real estate is operated reasonably. Commercial is holding up a bit better than residential. It had a nice little run while people got nervous with markets. The October drop might have scared some investors. Hold this one for income.
TOP PICK
TOP PICK
January 2, 2019
REITs will do well even in a slow rising-rate environment. Pays a 6.7% yield. Asset value is nearly $25 vs. a stock price of $20.63. A mix of office and retail real estate. The total return was actually up in 2018--rare in 2018. But it's tarred by being in Alberta, but that's only one Calgary property which is 100% leased. You won't see a ton of growth here, but you'll get nearly a 7% yield plus 5% growth.
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REITs will do well even in a slow rising-rate environment. Pays a 6.7% yield. Asset value is nearly $25 vs. a stock price of $20.63. A mix of office and retail real estate. The total return was actually up in 2018--rare in 2018. But it's tarred by being in Alberta, but that's only one Calgary property which is 100% leased. You won't see a ton of growth here, but you'll get nearly a 7% yield plus 5% growth.
BUY
BUY
December 11, 2018
REITs you recommend? Earlier this year, interest-sensitives moved down because interest rates were rising. Then, this fall, the Canadian economy looked shaky as oil fell, so rates held, and so THIS benfitted interest-sensitives. Now, there are fears of a recession (which she doesn't see), so investors bought these stocks again. You should hold 5-7% in REITS. She likes H&R REIT with a yield of 6%. It's diversified across commercial and industrial properties with some in Canada but got out of that in America. They'll benefit when Amazon builds another HQ in Long Island where HR has some residential property.
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REITs you recommend? Earlier this year, interest-sensitives moved down because interest rates were rising. Then, this fall, the Canadian economy looked shaky as oil fell, so rates held, and so THIS benfitted interest-sensitives. Now, there are fears of a recession (which she doesn't see), so investors bought these stocks again. You should hold 5-7% in REITS. She likes H&R REIT with a yield of 6%. It's diversified across commercial and industrial properties with some in Canada but got out of that in America. They'll benefit when Amazon builds another HQ in Long Island where HR has some residential property.
Christine Poole
Price
$21.380
Owned
Yes
HOLD
HOLD
December 5, 2018
At these levels the valuation looks attractive. The dividend is safe. They don’t have as high a dividend growth outlook as other REITs though. A good hold for a diversified portfolio.
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At these levels the valuation looks attractive. The dividend is safe. They don’t have as high a dividend growth outlook as other REITs though. A good hold for a diversified portfolio.
Joshua Varghese
Price
$21.000
Owned
Yes
BUY
BUY
November 13, 2018
They have quality office buildings with high occupancy. The REIT acts like a long-term bond, so it lags as rates rise. They're streamlining what it's doing in the US, getting out of retail to focus on multi-family housing units. Defensive stocks are starting to hold in, which is good. It's attractively valued. She's holding it for the yield and predicts price appreciation.
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They have quality office buildings with high occupancy. The REIT acts like a long-term bond, so it lags as rates rise. They're streamlining what it's doing in the US, getting out of retail to focus on multi-family housing units. Defensive stocks are starting to hold in, which is good. It's attractively valued. She's holding it for the yield and predicts price appreciation.
Christine Poole
Price
$20.880
Owned
Yes
BUY WEAKNESS
BUY WEAKNESS
October 26, 2018

The whole group has gotten cheap, but he sees little growth with this one, not until 2020 with some of their U.S. assets. Boasts a 12% discount in its NAV. It's a yield proxy. There are better REITs, but the current price of this is decent.

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The whole group has gotten cheap, but he sees little growth with this one, not until 2020 with some of their U.S. assets. Boasts a 12% discount in its NAV. It's a yield proxy. There are better REITs, but the current price of this is decent.

Greg Newman
Price
$19.720
Owned
Unknown
HOLD
HOLD
September 21, 2018

They have a sizable discount to the NAV and a good yield. You would likely regret selling at this level – continue to hold. They have a quality portfolio and are getting out of the US retail space. Yield 6.9%.

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They have a sizable discount to the NAV and a good yield. You would likely regret selling at this level – continue to hold. They have a quality portfolio and are getting out of the US retail space. Yield 6.9%.

COMMENT
COMMENT
September 11, 2018

The company has been frustrating because it pays a good dividend but it has had a slow decline in stock price. Management at the right is similarly concerned about the stock price and is adjusting its portfolio--getting out of US retail and into US multifamily. In Canada it is a very high-quality commercial real estate operator with high-quality tenants. Their vacancy rates are very low, the dividend is seen as safe and the stock has been treated by investors as a bond substitute. She expects the portfolio adjustments to lead to an increase in the stock price. Yield 6.8%.

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The company has been frustrating because it pays a good dividend but it has had a slow decline in stock price. Management at the right is similarly concerned about the stock price and is adjusting its portfolio--getting out of US retail and into US multifamily. In Canada it is a very high-quality commercial real estate operator with high-quality tenants. Their vacancy rates are very low, the dividend is seen as safe and the stock has been treated by investors as a bond substitute. She expects the portfolio adjustments to lead to an increase in the stock price. Yield 6.8%.

Christine Poole
Price
$20.580
Owned
Yes
DON'T BUY
DON'T BUY
July 31, 2018

Good for a long term hold? Dividend safe? Yield around 6%. Has always stayed away because lots of moving parts. Just wants them to do something he can understand. Nothing tells him he needs to own it.

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Good for a long term hold? Dividend safe? Yield around 6%. Has always stayed away because lots of moving parts. Just wants them to do something he can understand. Nothing tells him he needs to own it.

HOLD
HOLD
July 25, 2018

This REIT has been around a long time and holds a cluster of assets in Toronto, Vancouver and the US. Generally, it is well run and you could continue to hold it for the long term. He would prefer SRU.UN-T.

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This REIT has been around a long time and holds a cluster of assets in Toronto, Vancouver and the US. Generally, it is well run and you could continue to hold it for the long term. He would prefer SRU.UN-T.

COMMENT
COMMENT
July 23, 2018

It's been sliding since early 2017, and all REITs are getting hit with rising interest rates. In the summer, REITs hang on, because interest rates hold. Look for it to show strength above the current $20.

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It's been sliding since early 2017, and all REITs are getting hit with rising interest rates. In the summer, REITs hang on, because interest rates hold. Look for it to show strength above the current $20.

Brooke Thackray
Price
$19.710
Owned
Unknown
DON'T BUY
DON'T BUY
July 19, 2018

He sold it a few years ago. He thought it had run is coarse. He is not ready to jump back in.

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He sold it a few years ago. He thought it had run is coarse. He is not ready to jump back in.

Tim Regan
Price
$19.950
Owned
No
BUY
BUY
June 26, 2018

H&R REIT vs. Artis REIT as a dividend play: H&R is the only REIT he owns, paying a 6.5% yield. It's diversified and the only REIT trading at a discount to its NAV. It's cheap. Artis has been flat. All REITs have pulled back due to interest rate rises, so this is not the space to be. H&R is cleaning up selling the U.S. It will outperform in the next 12 months. Not much growth here, but a good yield play.

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H&R REIT vs. Artis REIT as a dividend play: H&R is the only REIT he owns, paying a 6.5% yield. It's diversified and the only REIT trading at a discount to its NAV. It's cheap. Artis has been flat. All REITs have pulled back due to interest rate rises, so this is not the space to be. H&R is cleaning up selling the U.S. It will outperform in the next 12 months. Not much growth here, but a good yield play.

DON'T BUY
DON'T BUY
April 16, 2018

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.

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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.

COMMENT
COMMENT
February 23, 2018

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)

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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)

Greg Newman
Price
$20.060
Owned
No
PARTIAL SELL
PARTIAL SELL
January 29, 2018

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

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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

COMMENT
COMMENT
December 4, 2017

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.

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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.

COMMENT
COMMENT
November 29, 2017

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.

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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.

COMMENT
COMMENT
November 29, 2017

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.

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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.

Andy Nasr
Price
$20.980
Owned
Yes
COMMENT
COMMENT
November 23, 2017

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%.

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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%.

William Chin
Price
$21.410
Owned
Unknown
COMMENT
COMMENT
November 14, 2017

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.

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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.

David Baskin
Price
$21.960
Owned
Unknown
PAST TOP PICK
PAST TOP PICK
November 3, 2017

(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.

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(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.

Greg Newman
Price
$21.620
Owned
Yes
COMMENT
COMMENT
October 6, 2017

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.

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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.

John Zechner
Price
$21.840
Owned
No
BUY
BUY
September 28, 2017

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.

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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.

Greg Newman
Price
$21.400
Owned
Unknown
WATCH
WATCH
September 20, 2017

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.

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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.

Zachary Curry
Price
$21.330
Owned
Yes
PAST TOP PICK
PAST TOP PICK
August 17, 2017

(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.

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(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.

BUY
BUY
August 16, 2017

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%.

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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%.

Christine Poole
Price
$21.210
Owned
Yes
HOLD
HOLD
August 10, 2017

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.

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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.

Robert Lauzon
Price
$20.210
Owned
Yes
COMMENT
COMMENT
August 2, 2017

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.

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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.

Ryan Modesto
Price
$20.920
Owned
Unknown
BUY
BUY
August 2, 2017

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.

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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.

Andy Nasr
Price
$20.920
Owned
Yes
COMMENT
COMMENT
July 28, 2017

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.

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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.

Greg Newman
Price
$21.150
Owned
Unknown
COMMENT
COMMENT
June 16, 2017

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.

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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.

Norman Levine
Price
$22.550
Owned
No
BUY
BUY
June 15, 2017

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.

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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.

Christine Poole
Price
$22.590
Owned
Yes
COMMENT
COMMENT
April 18, 2017

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.

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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.

John Stephenson
Price
$23.530
Owned
Unknown
DON'T BUY
DON'T BUY
March 28, 2017

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.

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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.

Paul Gardner, CFA
Price
$23.100
Owned
Unknown
COMMENT
COMMENT
February 24, 2017

This is a great investment. It has a reasonable dividend yield of about 6%. Well-managed. Basically office properties. It has exposure in Calgary, but the good news is that oil prices seem to be on the rebound. The bad news is that we are starting to see more development for office space coming up, so there may be a little bit of pressure. Thinks this is going to be a steady Eddie performer on a go forward basis.

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This is a great investment. It has a reasonable dividend yield of about 6%. Well-managed. Basically office properties. It has exposure in Calgary, but the good news is that oil prices seem to be on the rebound. The bad news is that we are starting to see more development for office space coming up, so there may be a little bit of pressure. Thinks this is going to be a steady Eddie performer on a go forward basis.

Bill Shaw
Price
$23.220
Owned
Yes
PAST TOP PICK
PAST TOP PICK
February 16, 2017

(Top Pick Jan 5/16, Up 24.07%) It is a steady Eddie with a nice, tax effective dividend. It was down last year because of their Bow building in Calgary. They are smart operators. They build and lease them for the long term.

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(Top Pick Jan 5/16, Up 24.07%) It is a steady Eddie with a nice, tax effective dividend. It was down last year because of their Bow building in Calgary. They are smart operators. They build and lease them for the long term.

David Baskin
Price
$23.190
Owned
Yes
PAST TOP PICK
PAST TOP PICK
February 3, 2017

(A Top Pick Dec 18/15. Up 21.32%.) This expanded into the US in the last year, so it gives you a diversified play. At the time, it was trading at a significant discount, and that discount has narrowed somewhat. He is also a little concerned as it acquired Primaris Retail REIT, so they have retail exposure. Yield of about 6%.

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(A Top Pick Dec 18/15. Up 21.32%.) This expanded into the US in the last year, so it gives you a diversified play. At the time, it was trading at a significant discount, and that discount has narrowed somewhat. He is also a little concerned as it acquired Primaris Retail REIT, so they have retail exposure. Yield of about 6%.

Derek Warren
Price
$22.750
Owned
Yes
PAST TOP PICK
PAST TOP PICK
January 4, 2017

(A Top Pick Nov 18/15. Up 14.78%.) Everybody says REITs are interest sensitive and that when rates go up, REITs are going to get killed. The key to this on is its high-quality buildings, high quality tenants, and matching its lease terms to its mortgage rates. He still likes this very much.

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(A Top Pick Nov 18/15. Up 14.78%.) Everybody says REITs are interest sensitive and that when rates go up, REITs are going to get killed. The key to this on is its high-quality buildings, high quality tenants, and matching its lease terms to its mortgage rates. He still likes this very much.

David Baskin
Price
$22.560
Owned
Yes
COMMENT
COMMENT
December 20, 2016

H&R Reit (HR.UN-T) or Canadian Apartment Properties (CAR.UN-T)?On REITs, it is not the front-page story that kills you, but the story you don’t know that kills you. Everybody knows interest rates are probably going to go up, which may already be priced into some. A lot of them benefit from rising interest rates because it means the economy is improving. These are 2 of the best along with RioCan (REI.UN-T). These are great investments, but are not his best investment idea. If he had a list of 30 stocks, 29 and 30 would be a REIT. You don’t get a lot of dividend increases or capital appreciation. You own them for the income. A younger person’s portfolio should not have a REIT.

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H&R Reit (HR.UN-T) or Canadian Apartment Properties (CAR.UN-T)?On REITs, it is not the front-page story that kills you, but the story you don’t know that kills you. Everybody knows interest rates are probably going to go up, which may already be priced into some. A lot of them benefit from rising interest rates because it means the economy is improving. These are 2 of the best along with RioCan (REI.UN-T). These are great investments, but are not his best investment idea. If he had a list of 30 stocks, 29 and 30 would be a REIT. You don’t get a lot of dividend increases or capital appreciation. You own them for the income. A younger person’s portfolio should not have a REIT.

Barry Schwartz
Price
$21.980
Owned
Yes
BUY
BUY
December 15, 2016

It is a good value pick. The yield is sustainable. It is a diversified portfolio. They have office space in Canada and the US. They have apartments in the US now. They have debt equating to 10 years. Higher rates should not affect them much. Only about 10% of their debt is up for renewal in any particular year.

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It is a good value pick. The yield is sustainable. It is a diversified portfolio. They have office space in Canada and the US. They have apartments in the US now. They have debt equating to 10 years. Higher rates should not affect them much. Only about 10% of their debt is up for renewal in any particular year.

Andy Nasr
Price
$21.340
Owned
Unknown
COMMENT
COMMENT
November 17, 2016

A diversified portfolio. They’ve made some sales of the Trans Canada property in Calgary. They also own a large US portfolio. A highly liquid, very stable REIT that tends to trade at a little higher yield than its peers. At this level, there are more compelling buys.

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A diversified portfolio. They’ve made some sales of the Trans Canada property in Calgary. They also own a large US portfolio. A highly liquid, very stable REIT that tends to trade at a little higher yield than its peers. At this level, there are more compelling buys.

Derek Warren
Price
$21.340
Owned
Yes
TOP PICK
TOP PICK
October 21, 2016

This is kind of a weaselly way to play oil recovery. The bad news is that there is not a lot of growth there right now as they are doing so much asset sales, but it is very cheap. A bit of a play on long duration leases. Their net exposure in Calgary, once you X out long-term leases, is about 12%-13%. If things get a little better there, this should benefit. It shouldn’t be trading at the discount it is now. Dividend yield of 5.92%.

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This is kind of a weaselly way to play oil recovery. The bad news is that there is not a lot of growth there right now as they are doing so much asset sales, but it is very cheap. A bit of a play on long duration leases. Their net exposure in Calgary, once you X out long-term leases, is about 12%-13%. If things get a little better there, this should benefit. It shouldn’t be trading at the discount it is now. Dividend yield of 5.92%.

Greg Newman
Price
$22.790
Owned
Yes
BUY WEAKNESS
BUY WEAKNESS
September 16, 2016

For a REIT, this is actually quite volatile, from $18-$24. You really have to check your risk appetite if you want that yield, given the big volatility. At these levels, he would not Buy, but would wait until around $20. Dividend yield of 6%.

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For a REIT, this is actually quite volatile, from $18-$24. You really have to check your risk appetite if you want that yield, given the big volatility. At these levels, he would not Buy, but would wait until around $20. Dividend yield of 6%.

William Chin
Price
$22.090
Owned
Unknown
COMMENT
COMMENT
September 13, 2016

She likes this REIT. This does commercial as well as shopping centres, but mainly commercial. They provide a very attractive yield of 6.0%. She feels the distribution is very safe. Their tenants are very blue-chip under long-term contracts. They have very high occupancy and long-term leases.

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She likes this REIT. This does commercial as well as shopping centres, but mainly commercial. They provide a very attractive yield of 6.0%. She feels the distribution is very safe. Their tenants are very blue-chip under long-term contracts. They have very high occupancy and long-term leases.

Christine Poole
Price
$22.290
Owned
Yes
COMMENT
COMMENT
September 9, 2016

REITs are listed in the TSX under financials and they are bringing them out into their own sector. For the larger ones, it will bring around some new buying. That is a temporary thing and he would use that as an opportunity to Sell. These are stocks that have benefited hugely by low interest rates and people searching for yield. As soon as interest rates start to go up, they get hurt by 1) people who start looking at other things and 2) when cost of capital starts to go up.

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REITs are listed in the TSX under financials and they are bringing them out into their own sector. For the larger ones, it will bring around some new buying. That is a temporary thing and he would use that as an opportunity to Sell. These are stocks that have benefited hugely by low interest rates and people searching for yield. As soon as interest rates start to go up, they get hurt by 1) people who start looking at other things and 2) when cost of capital starts to go up.

Norman Levine
Price
$22.990
Owned
No
TOP PICK
TOP PICK
September 2, 2016

Of the Top 5 REITs in Canada, this has the highest yield. It’s a diversified name. A safe payout of 5.79%.

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Of the Top 5 REITs in Canada, this has the highest yield. It’s a diversified name. A safe payout of 5.79%.

Derek Warren
Price
$23.330
Owned
Yes
BUY
BUY
August 11, 2016

REITs are really cheap and have upside potential. This one had nice increases in price since the beginning of the year. It all depends on interest rates. If they stay where they are then perhaps REITs can move higher. They are eager to get out and talk right now. They had the first analyst call in 20 years recently. They may start to get more attention. They are good value, cheap and have good yields.

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REITs are really cheap and have upside potential. This one had nice increases in price since the beginning of the year. It all depends on interest rates. If they stay where they are then perhaps REITs can move higher. They are eager to get out and talk right now. They had the first analyst call in 20 years recently. They may start to get more attention. They are good value, cheap and have good yields.

Ross Healy
Price
$23.130
Owned
Unknown
TOP PICK
TOP PICK
August 8, 2016

Has a terrific, sustainable yield with a history of high occupancy. They are conservative operators of the real estate. The yield is fully taxed so you may want it in a registered account.

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Has a terrific, sustainable yield with a history of high occupancy. They are conservative operators of the real estate. The yield is fully taxed so you may want it in a registered account.

David Baskin
Price
$23.360
Owned
Yes
BUY
BUY
July 28, 2016

REITs. H&R or Slate? They are creating a new sector at the end of the month. The incremental demand should support share prices. He prefers H&R to slate. Even if it has exposure to Western Canada, there are 10 years to the leases and to their debt. It is a very well diversified REIT and you get a great yield.

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REITs. H&R or Slate? They are creating a new sector at the end of the month. The incremental demand should support share prices. He prefers H&R to slate. Even if it has exposure to Western Canada, there are 10 years to the leases and to their debt. It is a very well diversified REIT and you get a great yield.

Andy Nasr
Price
$23.120
Owned
Yes
BUY
BUY
July 28, 2016

(Market Call Minute.) This has 95% occupancy or better. Very sustainable yield. Long dated leases.

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(Market Call Minute.) This has 95% occupancy or better. Very sustainable yield. Long dated leases.

Greg Newman
Price
$23.120
Owned
Unknown
BUY
BUY
July 18, 2016

They have a very good portfolio. They are now refocused back on Alberta. REITs here are being supported because index players are buying the stock. REITs are tucked within financials, but at the end of the month they will be a separate sector (GIC).

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They have a very good portfolio. They are now refocused back on Alberta. REITs here are being supported because index players are buying the stock. REITs are tucked within financials, but at the end of the month they will be a separate sector (GIC).

Ben Cheng
Price
$23.290
Owned
Unknown
TOP PICK
TOP PICK
July 12, 2016

Real estate is going to be its own GICS sector in August, away from financial services. Thinks this probably gets added to the TSX 60 along with RioCan (REI.UN-T). Trading at a 30% discount to the other large REITs, primarily because they have the Encana office building, but that looks okay now. Dividend yield of 5.75%.

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Real estate is going to be its own GICS sector in August, away from financial services. Thinks this probably gets added to the TSX 60 along with RioCan (REI.UN-T). Trading at a 30% discount to the other large REITs, primarily because they have the Encana office building, but that looks okay now. Dividend yield of 5.75%.

COMMENT
COMMENT
July 11, 2016

Has benefited along, with the other REITs, on the flight to yield. They had an issue in terms of perception based on the Bow building in Calgary, but he feels people are now getting beyond that. Even if it doesn’t grow, this has an attractive yield. Probably still a good bet.

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Has benefited along, with the other REITs, on the flight to yield. They had an issue in terms of perception based on the Bow building in Calgary, but he feels people are now getting beyond that. Even if it doesn’t grow, this has an attractive yield. Probably still a good bet.

John Kim
Price
$23.240
Owned
Yes
TOP PICK
TOP PICK
July 8, 2016

The GICS sector is paying a lot of attention to REITs, and this is the 2nd largest, but it hasn’t quite got the attention. When he sees retail REITs doing very well, office REITs doing quite well, and industrial REITs doing well, this has all 3 and with the sum of the parts, it shouldn’t be trading where it is. A nice play for another 5%-10% upside, at a time when a lot of the large Caps have already been bid up. Has both US and Canadian exposure. It also has Calgary exposure, but those are only a couple of buildings that are leased out to 2022, so it is not really a risk. Dividend yield of 5.85%.

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The GICS sector is paying a lot of attention to REITs, and this is the 2nd largest, but it hasn’t quite got the attention. When he sees retail REITs doing very well, office REITs doing quite well, and industrial REITs doing well, this has all 3 and with the sum of the parts, it shouldn’t be trading where it is. A nice play for another 5%-10% upside, at a time when a lot of the large Caps have already been bid up. Has both US and Canadian exposure. It also has Calgary exposure, but those are only a couple of buildings that are leased out to 2022, so it is not really a risk. Dividend yield of 5.85%.

Derek Warren
Price
$23.090
Owned
Yes
BUY
BUY
June 14, 2016

(A REIT for income purposes?) This is a commercial REIT with a lot of large commercial buildings across Canada, as well as some retail operations in the US. Dividend yield of 6.2%.

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(A REIT for income purposes?) This is a commercial REIT with a lot of large commercial buildings across Canada, as well as some retail operations in the US. Dividend yield of 6.2%.

Christine Poole
Price
$21.860
Owned
Yes
WAIT
WAIT
May 20, 2016

His only concern would be their Alberta properties. This is one of the most solid REITs in Canada. Wouldn’t be too concerned about the yield, but wouldn’t necessarily overweight it because of its regional exposure to Alberta.

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His only concern would be their Alberta properties. This is one of the most solid REITs in Canada. Wouldn’t be too concerned about the yield, but wouldn’t necessarily overweight it because of its regional exposure to Alberta.

Jaime Carrasco
Price
$21.770
Owned
Unknown
BUY
BUY
May 9, 2016

The obvious thing is what is going on in Alberta, where they are being hit. On the other hand, they have diversified into the US in apartment buildings and away from Alberta. If you have a 2 or 3 year view, you should find this is just fine. Dividend yield of 6.7%.

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The obvious thing is what is going on in Alberta, where they are being hit. On the other hand, they have diversified into the US in apartment buildings and away from Alberta. If you have a 2 or 3 year view, you should find this is just fine. Dividend yield of 6.7%.

Peter Brieger
Price
$22.020
Owned
Yes
BUY
BUY
March 31, 2016

This is a yield proxy with their long duration leases, and thinks it works in this environment. Have a pretty good Alberta exposure, but once you net out their long duration leases, he calculates their Alberta exposure is only 12%. Their US exposure is 25%. Trading below its 5 year averages and has decent fundamentals. He is not expecting much growth over the next couple of years.

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This is a yield proxy with their long duration leases, and thinks it works in this environment. Have a pretty good Alberta exposure, but once you net out their long duration leases, he calculates their Alberta exposure is only 12%. Their US exposure is 25%. Trading below its 5 year averages and has decent fundamentals. He is not expecting much growth over the next couple of years.

Greg Newman
Price
$20.990
Owned
Unknown
COMMENT
COMMENT
February 22, 2016

There is great fear about its 28% exposure to Alberta properties. If you take out the long-term leases of Encana (ECA-T), TransCanada (TRP-T) and its Hess Corp in Houston, that drops to 12%. People are dreadfully afraid that something is going to go wrong with the main tenants, which he thinks is unlikely. Trading at a 16% discount to NAV, and the norm is closer to 8%. Thinks the dividend yield of 6%+ is stable. You would be well rewarded with this.

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There is great fear about its 28% exposure to Alberta properties. If you take out the long-term leases of Encana (ECA-T), TransCanada (TRP-T) and its Hess Corp in Houston, that drops to 12%. People are dreadfully afraid that something is going to go wrong with the main tenants, which he thinks is unlikely. Trading at a 16% discount to NAV, and the norm is closer to 8%. Thinks the dividend yield of 6%+ is stable. You would be well rewarded with this.

Peter Brieger
Price
$18.590
Owned
Yes
COMMENT
COMMENT
February 17, 2016

There are things he likes and things he doesn’t. Has exposure to Alberta, but the properties are preleased for 10 years. One thing he doesn’t like is that it is all over the place. It is in the US. It has office and retail. Prefers the simple stories. One of the benefits is their US assets which is in US$. Good managers. Yield of 7%+.

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There are things he likes and things he doesn’t. Has exposure to Alberta, but the properties are preleased for 10 years. One thing he doesn’t like is that it is all over the place. It is in the US. It has office and retail. Prefers the simple stories. One of the benefits is their US assets which is in US$. Good managers. Yield of 7%+.

Paul Gardner, CFA
Price
$19.100
Owned
Unknown
COMMENT
COMMENT
February 9, 2016

A very high quality REIT with a high quality management team. Defensive characteristics in many respects. Surprised to see the stock has sold off so much. Trading at a substantial discount to its replacement value, 25% discount. Has office properties, retail properties and now has some exposure in apartments and offices in the US. Very strong balance sheet and a weighted average lease term and weighted average interest rate approximate of 10 years, so it is very bond-like in nature.

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A very high quality REIT with a high quality management team. Defensive characteristics in many respects. Surprised to see the stock has sold off so much. Trading at a substantial discount to its replacement value, 25% discount. Has office properties, retail properties and now has some exposure in apartments and offices in the US. Very strong balance sheet and a weighted average lease term and weighted average interest rate approximate of 10 years, so it is very bond-like in nature.

Andy Nasr
Price
$18.540
Owned
Unknown
TOP PICK
TOP PICK
January 5, 2016

They have the largest sky scraper in Calgary which is leased out for 20 years. This is another low growth, steady eddy REIT and the yield is probably going to increase. 6.7% yield.

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They have the largest sky scraper in Calgary which is leased out for 20 years. This is another low growth, steady eddy REIT and the yield is probably going to increase. 6.7% yield.

David Baskin
Price
$20.050
Owned
Yes
DON'T BUY
DON'T BUY
January 5, 2016

HR.UN-T has so many asset classes. He likes companies that specialize in one or two asset classes. They have office towers in Calgary that thankfully have been leased.

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HR.UN-T has so many asset classes. He likes companies that specialize in one or two asset classes. They have office towers in Calgary that thankfully have been leased.

Paul Gardner, CFA
Price
$20.050
Owned
Unknown
TOP PICK
TOP PICK
December 18, 2015

Because of the fear of rising interest rates, there was a selloff in REITs, and all the large caps got thrown out with it. It is not often that you can get this one cheap. It gives you a diversified portfolio. Sold off part of their industrial in Canada and are getting fees from that. Getting a lot of US exposure which gives you currency exposure. Very cheap valuation. Dividend yield of 6.4%.

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Because of the fear of rising interest rates, there was a selloff in REITs, and all the large caps got thrown out with it. It is not often that you can get this one cheap. It gives you a diversified portfolio. Sold off part of their industrial in Canada and are getting fees from that. Getting a lot of US exposure which gives you currency exposure. Very cheap valuation. Dividend yield of 6.4%.

Derek Warren
Price
$20.100
Owned
Yes
TOP PICK
TOP PICK
December 14, 2015

Likes the outlook for real estate, and away from the frothy areas. Well diversified with only 20% in Western Canada. They have a growing business in the US. Doesn’t think REITs generally will be hurt by modestly rising interest rates. Dividend yield of 6.83%.

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Likes the outlook for real estate, and away from the frothy areas. Well diversified with only 20% in Western Canada. They have a growing business in the US. Doesn’t think REITs generally will be hurt by modestly rising interest rates. Dividend yield of 6.83%.

Peter Brieger
Price
$19.780
Owned
Yes
TOP PICK
TOP PICK
November 18, 2015

This has a terrific strategy if you are looking for stability in your portfolio. They tend to buy or build a building for a single tenant, lease it for 20 years, put a 20 year mortgage on it and live off the spread. It doesn’t matter if interest rates go up or down or if rents go up or down, they have locked in the profit. Study growth over time. The balance sheet is underlevered as a result of a sale of some US assets, giving them room to add debt. Payout ratio is only about 35%, meaning they can raise their distribution significantly. Dividend yield of 6.41%.

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This has a terrific strategy if you are looking for stability in your portfolio. They tend to buy or build a building for a single tenant, lease it for 20 years, put a 20 year mortgage on it and live off the spread. It doesn’t matter if interest rates go up or down or if rents go up or down, they have locked in the profit. Study growth over time. The balance sheet is underlevered as a result of a sale of some US assets, giving them room to add debt. Payout ratio is only about 35%, meaning they can raise their distribution significantly. Dividend yield of 6.41%.

David Baskin
Price
$21.050
Owned
Yes
BUY
BUY
November 12, 2015

He has been buying, having been underweight. They went through some transitions recently. It came down to the point where it hit his buy price. It is inexpensive and diversified – office, retail, industrial, and apartments. It is all very high quality.

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He has been buying, having been underweight. They went through some transitions recently. It came down to the point where it hit his buy price. It is inexpensive and diversified – office, retail, industrial, and apartments. It is all very high quality.

Derek Warren
Price
$20.710
Owned
Yes
COMMENT
COMMENT
November 3, 2015

This is more of a defensive name that you could put in your portfolio. Gives you great mid-single digit yield with a relatively low payout ratio. Has a long weighted average lease term matched by a long weighted average debt term, so is very bond-like in nature. Valuation is compelling. His only concern is that he is not sure how the stock is going to get re-rated because it is so well diversified.

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This is more of a defensive name that you could put in your portfolio. Gives you great mid-single digit yield with a relatively low payout ratio. Has a long weighted average lease term matched by a long weighted average debt term, so is very bond-like in nature. Valuation is compelling. His only concern is that he is not sure how the stock is going to get re-rated because it is so well diversified.

Andy Nasr
Price
$21.070
Owned
Unknown
TOP PICK
TOP PICK
October 26, 2015

People feel that a rising interest rate environment is not going to help REITs. The issue is really matching their liabilities with their rents. There is a two-year spread between the average length of the mortgage and the debt, and all you need to care about is the spread. Well-balanced with retail, commercial and industrial. Dividend yield of 6.36%.

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People feel that a rising interest rate environment is not going to help REITs. The issue is really matching their liabilities with their rents. There is a two-year spread between the average length of the mortgage and the debt, and all you need to care about is the spread. Well-balanced with retail, commercial and industrial. Dividend yield of 6.36%.

Peter Brieger
Price
$21.210
Owned
Yes
WEAK BUY
WEAK BUY
June 22, 2015

They own a lot of real estate geographically. Office, retail and now they are into apartments in the US. It is harder for them to put forth growth projects that move the needle. You have a stable earnings base. High quality real estate. 10% discount to NAV. Be patient before stepping in, but it would not be her favourite.

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They own a lot of real estate geographically. Office, retail and now they are into apartments in the US. It is harder for them to put forth growth projects that move the needle. You have a stable earnings base. High quality real estate. 10% discount to NAV. Be patient before stepping in, but it would not be her favourite.

Michele Robitaille
Price
$22.420
Owned
Unknown
COMMENT
COMMENT
June 18, 2015

He models an 89% payout ratio, making the dividend pretty sustainable. One of the highest quality REIT portfolios in Canada. You can get it now at 14X price to AFFO, a couple of points cheaper than its five-year average. Building out their retail platform and their US platform. The US is 25% of their business. The problem is that they have sold half of their industrial portfolio, which was somewhat dilutive for them. Because of this, he sees pretty flat growth across the board over the next couple of years. This one is viewed as a bond proxy with its long duration contracts. You only want to buy this if you believe there is an elongated cycle and interest rates are not going up anytime soon. He prefers other REITs.

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He models an 89% payout ratio, making the dividend pretty sustainable. One of the highest quality REIT portfolios in Canada. You can get it now at 14X price to AFFO, a couple of points cheaper than its five-year average. Building out their retail platform and their US platform. The US is 25% of their business. The problem is that they have sold half of their industrial portfolio, which was somewhat dilutive for them. Because of this, he sees pretty flat growth across the board over the next couple of years. This one is viewed as a bond proxy with its long duration contracts. You only want to buy this if you believe there is an elongated cycle and interest rates are not going up anytime soon. He prefers other REITs.

Greg Newman
Price
$22.800
Owned
Unknown
COMMENT
COMMENT
May 20, 2015

Getting too diverse for his liking. Good managers and they own a ton of assets. However, they own the US, they own residential, they own office and they own industrial. You have to deal with currency issues. He wants a pure play.

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Getting too diverse for his liking. Good managers and they own a ton of assets. However, they own the US, they own residential, they own office and they own industrial. You have to deal with currency issues. He wants a pure play.

HOLD
HOLD
May 14, 2015

These guys are all going to be facing the same headwinds. He likes the return of capital as well as dividends. If we see rising interest rates they will be facing these headwinds. He is comfortable with the dividends and payments. It is a stable business with a high lease rate. A quarter to a half percent increase in rates will not do that much harm because their distribution is so high.

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These guys are all going to be facing the same headwinds. He likes the return of capital as well as dividends. If we see rising interest rates they will be facing these headwinds. He is comfortable with the dividends and payments. It is a stable business with a high lease rate. A quarter to a half percent increase in rates will not do that much harm because their distribution is so high.

Allan Meyer
Price
$22.790
Owned
Unknown
BUY
BUY
May 12, 2015

This gives a pretty attractive yield of over 5%. It is two thirds to maybe three quarters commercial, and just about one quarter retail. They have a very high quality tenant base. There is very little vacancy risk in terms of occupancy. This represents an attractive investment for someone who wants some income and share price appreciation.

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This gives a pretty attractive yield of over 5%. It is two thirds to maybe three quarters commercial, and just about one quarter retail. They have a very high quality tenant base. There is very little vacancy risk in terms of occupancy. This represents an attractive investment for someone who wants some income and share price appreciation.

Christine Poole
Price
$22.460
Owned
Yes
COMMENT
COMMENT
April 22, 2015

From a long-term income basis, he is very supportive of this REIT. A great diversified strategy that is going to be very stable for a long time. In the short term, they have been doing some transactions that have made him scratch his head a little. In the short term, it could continue to underperform slightly. However, it is a very large company and attracts a lot of capital. He is underweight this.

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From a long-term income basis, he is very supportive of this REIT. A great diversified strategy that is going to be very stable for a long time. In the short term, they have been doing some transactions that have made him scratch his head a little. In the short term, it could continue to underperform slightly. However, it is a very large company and attracts a lot of capital. He is underweight this.

Derek Warren
Price
$23.440
Owned
Yes
PAST TOP PICK
PAST TOP PICK
March 24, 2015

(Top Pick Mar 10/14, Up 10.44%) A very high quality REIT. Build a building, lease it for 20 years, mortgage it for 20 years and lock everything in. It does not matter what happens to interest rates. It is a very sound, conservative pick. They had a stumble in Calgary in 2008 but they got through that and the building is fully leased.

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(Top Pick Mar 10/14, Up 10.44%) A very high quality REIT. Build a building, lease it for 20 years, mortgage it for 20 years and lock everything in. It does not matter what happens to interest rates. It is a very sound, conservative pick. They had a stumble in Calgary in 2008 but they got through that and the building is fully leased.

David Baskin
Price
$23.340
Owned
Yes
HOLD
HOLD
March 23, 2015

He may short REITs in the future. They are interest rate sensitive. Once you see interest rates go up you will see these drop significantly. You will see a 10-15% downside in REITs in response to a 1% increase in interest rates.

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He may short REITs in the future. They are interest rate sensitive. Once you see interest rates go up you will see these drop significantly. You will see a 10-15% downside in REITs in response to a 1% increase in interest rates.

John Stephenson
Price
$22.880
Owned
Unknown
COMMENT
COMMENT
March 18, 2015

One of the largest REITs in Canada. Have now diversified into retail, office and industrial. Their portfolio is about $14 billion, and $10 billion of that is in long leased assets. Very, very safe. Yield is very safe.

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One of the largest REITs in Canada. Have now diversified into retail, office and industrial. Their portfolio is about $14 billion, and $10 billion of that is in long leased assets. Very, very safe. Yield is very safe.

COMMENT
COMMENT
March 3, 2015

The main reason for the large amount of trading volume recently is because this is the 2nd largest REIT. There are fund flows coming from other countries into REITs. Earnings were very solid. Have moved into garden style apartments in Texas, a completely new sector for them. He thinks that would have been better left to the experts.

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The main reason for the large amount of trading volume recently is because this is the 2nd largest REIT. There are fund flows coming from other countries into REITs. Earnings were very solid. Have moved into garden style apartments in Texas, a completely new sector for them. He thinks that would have been better left to the experts.

Derek Warren
Price
$23.850
Owned
Yes
Showing 1 to 120 of 477 entries

H&R Real Estate Inv Trust(HR.UN-T) Rating

Ranking : 3 out of 5

Bullish - Buy Signals / Votes : 2

Neutral - Hold Signals / Votes : 1

Bearish - Sell Signals / Votes : 3

Total Signals / Votes : 6

Stockchase rating for H&R Real Estate Inv Trust is calculated according to the stock experts' signals. A high score means experts mostly recommend to buy the stock while a low score means experts mostly recommend to sell the stock.

H&R Real Estate Inv Trust(HR.UN-T) Frequently Asked Questions

What is H&R Real Estate Inv Trust stock symbol?

H&R Real Estate Inv Trust is a Canadian stock, trading under the symbol HR.UN-T on the Toronto Stock Exchange (HR.UN-CT). It is usually referred to as TSX:HR.UN or HR.UN-T

Is H&R Real Estate Inv Trust a buy or a sell?

In the last year, 6 stock analysts published opinions about HR.UN-T. 2 analysts recommended to BUY the stock. 3 analysts recommended to SELL the stock. The latest stock analyst recommendation is BUY. Read the latest stock experts' ratings for H&R Real Estate Inv Trust.

Is H&R Real Estate Inv Trust a good investment or a top pick?

H&R Real Estate Inv Trust was recommended as a Top Pick by Jamie Murray on 2021-07-12. Read the latest stock experts ratings for H&R Real Estate Inv Trust.

Why is H&R Real Estate Inv Trust stock dropping?

Earnings reports or recent company news can cause the stock price to drop. Read stock experts’ recommendations for help on deciding if you should buy, sell or hold the stock.

Is H&R Real Estate Inv Trust worth watching?

6 stock analysts on Stockchase covered H&R Real Estate Inv Trust In the last year. It is a trending stock that is worth watching.

What is H&R Real Estate Inv Trust stock price?

On 2021-07-23, H&R Real Estate Inv Trust (HR.UN-T) stock closed at a price of $16.56.