H&R Real Estate Investment Trust $19.90 – Toronto symbol HR.UN

H&R REAL ESTATE INVESTMENT TRUST $19.90 (Toronto symbol HR.UN; SI Rating: Extra risk) holds interests in 35 office properties, 125 industrial properties and 141 retail properties. Over half are in the Greater Toronto Area. The rest are elsewhere in Ontario, in Quebec, western Canada and the U.S. The company now has an industry-leading portfolio occupancy rate of 99.7%. Revenue in the three months ended December 31, 2007 was $149.5 million, up 4.6% from $142.9 million a year earlier. Cash flow per unit rose 1.0%, to $0.431 from $0.427. H&R recently increased its annual distributions by 5.1%, to $1.44 from $1.37. Its units now yield 7.2%. H&R REIT is a buy.

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