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Stockchase InsightsH&R Real Estate Inv TrustHR.UN.TOBUYJan 11, 2023

Trevor Rose’s Insights - Trevor’s most-liked answers from 5i Research. Repositioning property portfolio for growth. Good yield of 4.4%. Reduced debt balance. Repurchasing units at a discount to NAV. Unlock Premium - Try 5i Free

Stockchase Insights

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$12.61

Stock price when the opinion was issued

$11.14

As of Jun 19, 2026. Market Open.

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HOLD

HR.UN vs. AX.UN

Doing its best to diversify into multi-family residential apartments in US Sunbelt, where supply is high, so operating income will be challenged. Execution story in a difficult environment for selling or transitioning assets. A hold. Discount to NAV, but headwinds to fundamentals. Still, prefers it to AX.UN.

DON'T BUY

Too diversified: retail, office, residential, US, Canada. He likes focused REITs that do just one or two things. Cut distribution. Doesn't care for management. Offloading assets at not-great prices. Significant discount to NAV, 16x AFFO. In this uncertain environment, gravitate to the highest quality.

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Curated by Michael O'Reilly since 2020.
1550+ opinions with 4.81 rating (one of the best performing expert).

PAST TOP PICK

(A Top Pick Mar 21/23, Up 0.2%)Stockchase Research Editor: Michael O'Reilly

Our PAST TOP PICK with HR.UN has triggered its stop at $11.50. To remain disciplined, we recommend covering the position at this time. This will result in a net investment loss of 9%, when combined with the previous buy recommendation.

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Curated by Michael O'Reilly since 2020.
1550+ opinions with 4.81 rating (one of the best performing expert).

TOP PICK

Stockchase Research Editor: Michael O’Reilly

We reiterate, HR-UN, one of Canada's largest REITS holding $11.4 billion in assets in North America, as a TOP PICK. Its strategic plan is refocusing on growth orientated residential and industrial properties. It trades at 4x earnings and under book value. The yield is good and backed by a payout ratio under 20%. We recommend trailing up the stop-loss from $10.50 to $11.50, looking to achieve $15.75 -- upside potential of 26%. Yield 4.3%

(Analysts’ price target is $15.75)

BUY

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Curated by Michael O'Reilly since 2020.
1550+ opinions with 4.81 rating (one of the best performing expert).

TOP PICK

Stockchase Research Editor: Michael O'Reilly One of Canada's largest REITS holding $11.7 billion in assets in North America. Its strategic plan is refocusing on growth orientated residential and industrial properties. They declared a special distribution in additional units and cash valued at $0.40 per unit combined for holders as at year end. The yield is good and backed by a payout ratio under 45%. We recommend placing a stop-loss at $10.50, looking to achieve $15.50 -- upside potential of 25%. Yield 4.5% (Analysts’ price target is $15.50)

HOLD

Likes transition company is making into many assets. Looking into USA sunbelt and industrial assets. Selling office spaces and re-developing others. Work in progress and success will depend on management execution. Hold shares if already own.

DON'T BUY

Office, residential, industrial. Not focused enough for him. Good numbers last quarter. Will probably reinstate dividend soon. It's fine, but not one of his favourites.

BUY

Trevor Rose’s Insights - Trevor’s most-liked answers from 5i Research. Restructuring to help significantly. Simplified ring to help debt load. Trading lower than other REITs. Restructuring to help debt load.

HOLD

Diversified portfolio and has done good job of rationalizing it. Will it be able to close the gap to NAV? A 'show me' story.

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Unlock this Panic-proof Portfolio opinion with Stockchase Premium

Curated by Michael O'Reilly since 2020.
1550+ opinions with 4.81 rating (one of the best performing expert).

PAST TOP PICK

(A Top Pick Jun 29/21, Down 22.3%)Stockchase Research Editor: Michael O’Reilly Our PAST TOP PICK with HR.UN has triggered its stop at $12.50. To remain disciplined, we recommend covering the position at this time.

DON'T BUY

Diversified. Yield is healthy at 5.2%, but he doesn't see it growing. If rates start to ratchet up, REIT yields won't look as attractive, especially if the yield can't be increased.

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