H&R Real Estate Inv Trust

HR.UN-T

TSE:HR.UN

21.66
0.04 (0.18%)
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.
More at Wikipedia

Analysis and Opinions about HR.UN-T

Signal
Opinion
Expert
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.

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
Managing Partner, 5i Research
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.

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
VP & Investment Strategist, Sentry Investments
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.

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
Director & Portfolio Manager, Scotia Wealth Management
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.

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
Managing Director, Portfolio Management Corp
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.

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
CEO & Managing Director, GlobeInvest Capital Management
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.

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
President & CEO, Stephenson & Company Capital Management
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.

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
Partner and Portfolio Manager, Avenue Investment Management
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.

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
Partner & Portfolio Manager, Exponent Investment Management
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.

(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
President, Baskin Wealth Management
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%.

(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
Asst Vice President, Lincluden Investment Mgmnt
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.

(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
President, Baskin Wealth Management
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.

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
CIO & Portfolio Manager, Baskin Wealth Management
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.

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
VP & Investment Strategist, Sentry Investments
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.

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
Asst Vice President, Lincluden Investment Mgmnt
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%.

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
Director & Portfolio Manager, Scotia Wealth Management
Price
$22.790
Owned
Yes
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