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Opinions Gail Mifsud
H&R Real Estate Inv TrustHR.UN.TOTOP PICKFeb 01, 2008
Stock price when the opinion was issued
As of Jun 19, 2026. Market Open.
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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.
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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Premium contentOur 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.
Premium contentWe 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)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
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
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