H&R REAL ESTATE INVESTMENT TRUST $10.98 - Toronto symbol HR.UN

H&R REAL ESTATE INVESTMENT TRUST $10.98 (Toronto symbol HR.UN; Units outstanding: 147.8 million; Market cap: $1.6 billion; SI Rating: Extra Risk) owns interests in 35 office properties, 123 industrial properties and 120 retail properties. Together, these contain over 41 million square feet. Over half of H&R’s properties are in the Greater Toronto Area. The rest are in other parts of Ontario, as well as in Quebec, western Canada and the U.S. H&R has an occupancy rate of 96.3%. In the three months ended March 31, 2009, H&R’s revenue was $160.1 million, up 8.3% from $147.9 million a year earlier. Cash flow per unit rose 2.6%, to $0.40 from $0.39. H&R’s units yield 6.6%. H&R REIT is a buy.

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