H&R gains a big tenant

Article Excerpt

H&R REIT, $10.56, is a buy. The REIT (Toronto symbol HR.UN; Units outstanding: 286.8 million; Market cap: $2.9 billion; TSINetwork Rating: Extra Risk; Dividend yield: 6.5%; www.hr-reit.com) continues to build the initial phase of a huge 2.7 million square foot industrial development in Caledon, Ontario. The first phase consists of three buildings, which will total 526,000 square feet upon completion. In January 2020, H&R completed a 10-year lease with Deutsche Post AG—the world’s largest courier company—to occupy the largest of the three buildings, totaling 342,821 square feet. The lease is expected to commence in November 2020. The total budget for this building is $54.6 million. As a result of COVID-19, H&R has temporarily suspended construction of the second and third buildings. H&R REIT is a buy. buy…

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