Spinoffs tend to work out well as investors generally prefer “pure-play” companies that focus on a single business.
This REIT’s retail property spinoff has enhanced its appeal. In addition, the spinoff has let the REIT raise its monthly dividend payment.
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H&R REIT (Toronto symbol HR.UN; www.hr-reit.com) lets you tap income from 416 properties: 27 office buildings, 286 retail developments, 71 industrial buildings and 24 residential properties. The trust’s overall occupancy rate is a high 95.8%.
H&R recently spun off most of its retail properties, including all its enclosed shopping malls, to a new publicly traded REIT called Primaris. The spinoff is part of H&R’s new strategy to focus on its more-promising residential and industrial properties in Toronto, Montreal, Vancouver, and the U.S. Sun Belt and Gateway cities (which contain corporate headquarters, educational and cultural institutions).
The plan is working.
Dividend Stocks: Distributions rise as a new strategy proves its worth
H&R’s net asset value per unit rose 5.1% to $22.14 as of June 30, 2022, from $21.06 at the end of March. That prompted the REIT to increase your monthly distribution by 5.8% with the June 2022 payment. The new annual rate of $0.55 a unit yields a high 4.9%.
In June 2022, the REIT sold a 312-unit residential rental property in San Antonio, Texas, for $69.3 million U.S. It also sold seven retail properties in the U.S. for $58.1 million U.S.
Those sales are why the REIT’s revenue in the three months ended June 30, 2022, fell 23.4%, to $202.4 million from $264.3 million a year earlier. Cash flow per share also declined 30.0%, to $0.28 a unit (or a total of $84.4 million) from $0.40 ($119.7 million).
Describing whether a company`s stock payment to its stock holders as high or solid etc. one should always compare a distribution to a dividend by using the after tax effect. A dividend of 5 % is perhaps “high” but a distribution of 5 % is definitely not, considering that it does not benefit from the dividend tax credit —not the same treatment !!
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REITS Canada and other Top Canadian Dividend Stocks.
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Describing whether a company`s stock payment to its stock holders as high or solid etc. one should always compare a distribution to a dividend by using the after tax effect. A dividend of 5 % is perhaps “high” but a distribution of 5 % is definitely not, considering that it does not benefit from the dividend tax credit —not the same treatment !!