H&R expands its cash flow

Article Excerpt

H&R REAL ESTATE INVESTMENT TRUST $21 (Toronto symbol HR.UN; Cyclical-Growth Dividend Payer Portfolio, Manufacturing sector; Units o/s: 291.1 million; Market cap: $6.1 billion; Divd. yield: 6.6%; Dividend Sustainability Rating: Above Average; www.hr-reit. com) owns 37 office properties, 153 retail properties, 99 industrial properties and 12 residential properties. H&R raised its monthly distribution 2.2% in December 2016. The $1.38 annual rate yields 6.6%; that payout is roughly 76% of cash flow. The trust recently sold $1.08 billion worth of its less-important properties to pay down debt and invest in more-promising properties. As a result, its revenue declined 2.6% in the three months ended September 30, 2017, to $289.6 million from $297.3 million a year earlier. However, cash flow per unit improved 2.2%, to $0.46 from $0.45. H&R REIT is a buy. buy…

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