The REIT has made strategic cuts to its holdings in order to fund new projects expected to further improve its cash flow.
H&R REIT (Toronto symbol HR.UN; www.hr-reit.com) owns or has a stake in 518 office buildings, industrial properties and shopping malls in Canada and the U.S. In all, these holdings include 47.1 million square feet of leasable space.
Last year, the trust sold part of its stake in 101 industrial properties, or a total of 19.5 million square feet, for $731 million. The Canadian Public Sector Pension Investment Board was one of the buyers.
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H&R has 50% interest in the Canadian properties and a 49.5% stake in its U.S. portfolio. The trust continues to manage these assets and receives fees for doing so. It maintains full ownership of 14 other industrial properties.
Dividend Stocks: $1.2 billion project for Long Island, New York
H&R is putting the sales proceeds into an equal partnership it formed with U.S. real estate firm Tishman Speyer in June 2014. Under the deal, the two companies are building a $1.2 billion U.S. upscale 1,871-unit apartment complex in Long Island City, New York. Construction is now underway, with completion expected by the end of 2017.
Meantime, the trust’s revenue fell 2.0% in the three months ended June 30, 2016, to $289.8 million from $295.7 million a year earlier. The company sold some non-core properties, and that lowered revenue. Cash flow per unit rose 8.2%, to $0.53 from $0.49. H&R ended the quarter with a 95.6% occupancy rate.
The units trade at 11.3 times the REIT’s forecast 2016 cash flow of $1.91 a unit. The stock pays a monthly distribution of $0.1125 a unit, for a 6.3% yield.
you recommend rio can as a best buy but H&R gives the best yield which would you recommend as the real buy or should I divide my cash between the two. Thanks for all the good information. Gladys
I used to be leery about REITs but real estate investment continues to pay off, for REITs included. H&R’s Long Island project seems like a good basket for the company to put more of its eggs in.
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Thanks for the update. I like H&R’s mix of properties and high yield.
you recommend rio can as a best buy but H&R gives the best yield which would you recommend as the real buy or should I divide my cash between the two. Thanks for all the good information. Gladys
I used to be leery about REITs but real estate investment continues to pay off, for REITs included. H&R’s Long Island project seems like a good basket for the company to put more of its eggs in.