H&R makes a big purchase

Article Excerpt

H&R REIT $23.01 (Toronto symbol HR.UN; Units outstanding: 195.2 million; Market cap: $4.5 billion; TSINetwork Rating: Extra Risk; Dividend yield: 5.9%; www.hr-reit.com) reports that acquisitions pushed up its revenue by 29.3% in the three months ended December 31, 2012, to $230.5 million from $178.2 million a year earlier. Cash flow rose 25.7%, to $85.2 million from $67.8 million. Cash flow per unit rose just 10.0%, to $0.44 from $0.40, on more units outstanding. H&R has now completed the purchase of 27 properties from PRIMARIS RETAIL REIT $27.00 (Toronto symbol PMZ.UN) for about $3.1 billion. These assets include the aging 567,000- square-foot Dufferin Mall in Toronto’s west end, which has huge re-development potential. H&R REIT is a buy. buy…