The market plunge at the start of the COVID-19 crisis lowered the unit price of most REITs. That’s because the pandemic forced many businesses—and REIT tenants—to temporarily close. However, the pandemic has waned and rental markets are recovering. That will let this REIT maintain, or even raise, its current high distributions.
A retail property spinoff will now let this trust focus on what it does best. The split should also lift its long-term asset value and unit price, and give it more cash for distributions.
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H&R REAL ESTATE INVESTMENT TRUST (Toronto symbol HR.UN; www.hr-reit.com) is a trust letting you to tap income from 416 properties. The REIT’s overall occupancy rate is a high 95.8%.
H&R spun off most of its retail properties to Primaris REIT in January 2022.
The spinoff is part of H&R’s strategy to focus on its more-promising residential and industrial properties in Toronto, Montreal, Vancouver, and the U.S. Sun Belt. It also focuses on U.S. Gateway cities (which contain corporate headquarters, educational and cultural institutions).
H&R increased your monthly distribution by 9.1% with the January 2023 payment. The new annual rate of $0.60 a unit yields an attractive 4.6%. It also paid a special distribution of $0.40 a unit ($0.35 in units plus $0.05 in cash) on January 16, 2023.
Meantime, revenue in the three months ended September 30, 2022, fell 20.5%, to $213.7 million from $268.8 million a year earlier. Revenue was lower due to the August sale of two office and two retail properties for $167.8 million. Cash flow per share also declined 30.0%, to $0.302 a unit (or a total of $85.9 million) from $0.402 ($121.4 million).
Despite the lower revenue and cash flow, the REIT’s new plan is working. Its net asset value per unit rose 2.0% to $22.58 as of September 30, 2022, from $22.14 at the end of June.
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What personal information do we collect?
The information we receive from customers helps us personalize and continually improve your online experience at TSI Network. TSI Network may collect personal information online for all legal purposes, which include, but are not limited to:
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Changes to this Policy
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