Amazon move spurs H&R

Article Excerpt

H&R REIT $21.00 (Toronto symbol HR.UN; Units outstanding: 285.7 million; Market cap: $6.1 billion; TSINetwork Rating: Extra Risk; Dividend yield: 6.6%; www.hr-reit.com) should get a boost from Amazon.com’s decision to choose Long Island City as the location for one of its two new headquarters. This Amazon hub will employ roughly 25,000 workers. The Queens neighbourhood across the East River from Manhattan is also the site of Jackson Park. That’s the $1.2 billion, 1,871-unit luxury apartment complex developed by H&R and its joint-venture partner, U.S. real-estate firm Tishman Speyer. H&R’s share of costs is $580.7 million U.S. The REIT will also generate $35.4 million ($46.7 million Cdn.) per year in revenue from the building when it is occupied. To put that in context, H&R’s lastest quarterly revenue was $286.2 million. So far, 1,112 of Jackson Park’s units are leased, but that occupancy should accelerate with the new Amazon headquarters. The REIT continues to expand its U.S. Lantower Residential business. It focuses on high-quality rental apartments, like Jackson Park,…

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