H&R REIT $22.37 (Toronto symbol HR.UN; Units outstanding: 281.5 million; Market cap: $6.3 billion; TSINetwork Rating: Extra Risk; Dividend yield: 6.0%; 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 ownership 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.
H&R held on to a 50% interest in the Canadian properties and a 49.5% stake in its U.S. portfolio. It continues to manage these assets and receives fees for doing so. The trust maintains full ownership of 14 other industrial properties.
H&R is using the sales proceeds to help pay for the 50% 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 scheduled for the end of 2017.
Meantime, the trust’s revenue rose 1.4% in the three months ended March 31, 2016, to $303.4 million from $299.3 million a year earlier. Cash flow per unit rose 4.2%, to $0.50 from $0.48. H&R ended the quarter with a 95.8% occupancy rate.
The units trade at 11.7 times the REIT’s forecast 2016 cash flow of $1.92 a unit. The stock pays a monthly distribution of $0.1125 a unit, for a 6.0% yield.
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