H&R Real Estate Inv Trust

HR.UN-T

TSE:HR.UN

21.50
0.02 (0.09%)
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
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.

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.

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.

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%.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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