H&R REAL ESTATE INVESTMENT TRUST $21.95 (Toronto symbol HR.UN; SI Rating: Extra risk) holds interests in 35 office properties, 115 single-tenant industrial properties and 143 retail properties. Over half are in the Greater Toronto Area. The rest are elsewhere in Ontario, in Quebec, western Canada and the U.S. H&R aims to acquire only properties that it can lease long-term to creditworthy tenants. It now has an industry-leading portfolio occupancy rate of 99.7%. Revenue in the three months ended March 31, 2007 was $153.7 million, up 19.1% from $129.1 million a year earlier. Cash flow per unit rose 2.3%, to $0.44 from $0.43. H&R’s units now yield 6.1%. H&R REIT is a buy.