H&R REIT $21.95 - Toronto symbol HR.UN

H&R REIT $21.95 (Toronto symbol HR.UN; Units outstanding: 261.7 million; Market cap: $16.0 billion; TSINetwork Rating: Extra Risk; Dividend yield: 6.2%; www.hr-reit.com) has bought the Peter Pond Mall in Fort McMurray, Alberta for $168.5 million.

The Peter Pond Mall is Fort McMurray’s only enclosed shopping centre. It serves the thriving oil sands industry in that area.

The average household income in Fort Mc- Murray is over $190,000 a year, and that prosperity gives the mall average sales of over $870 a square foot. That average ranks Peter Pond among the top 10 shopping centres in Canada.

H&R REIT is still a buy.

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