H&R Real Estate Inv Trust

HR.UN-T

TSE:HR.UN

21.52
0.00 (0.00%)
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
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.

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%.

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%.

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.

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%.

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.

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.

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%+.

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

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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.

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.

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%.

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%.

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%.

Show full opinionHide full opinion

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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