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H&R REAL ESTATE INVESTMENT TRUST $25.75 (Toronto symbol HR.UN; SI Rating: Extra risk) holds interests in 34 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 99.6%.

Revenue in the three months ended December 31, 2006 was $151.1 million, up 21.4% from $124.4 million a year earlier. Cash flow per unit fell 2.3%, to $0.43 from $0.44. H&R’s units now yield 5.3%.

H&R REIT is a buy.

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