H&R REIT $23.32 (Toronto symbol HR.UN; Units outstanding: 275.3 million; Market cap: $6.5 billion; TSINetwork Rating: Extra Risk; Dividend yield: 5.8%; www.hr-reit.com) owns stakes in 45 office buildings, 114 industrial properties and 340 shopping malls in Canada and the U.S.
In December 2014, the REIT sold part ownership of 101 industrial properties in Canada and the U.S. for $731 million. In all, these buildings comprise 19.5 million square feet. The buyers include the Canadian Public Sector Pension Investment Board.
H&R will keep a 50% interest in the Canadian properties and a 49.5% stake in the U.S. portfolio. It will also keep managing these assets and will receive fees for doing so. H&R will retain full ownership of 14 other industrial properties.
The REIT will use the proceeds to buy more shopping malls and office buildings in Canada and the U.S.
The funds will also help pay for the 50% partnership with U.S. real estate firm Tishman Speyer that it entered into in June 2014. Under the deal, the two companies will build an $875-million upscale apartment complex in Long Island City, New York. Construction will start this year, with completion scheduled for 2017.
In the three months ended December 31, 2014, H&R’s revenue fell 1.9%, to $308.6 million from $314.6 million a year earlier after the REIT sold less-important properties. Cash flow per unit gained 2.1%, to $0.47 from $0.46. The trust has a 97.8% occupancy rate.
The units trade at 13.0 times H&R’s forecast 2015 cash flow of $1.80 a unit. The trust pays a monthly distribution of $0.1125 a unit, for a 5.8% yield.
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