H&R Real Estate Investment Trust
HR-UN.TO
Toronto Stock Exchange11.04
CAD
+0.04
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H&R Real Estate Investment Trust
HR-UN.TO
(Toronto Stock Exchange)
Recent
price
11.04
P/E
ratio
- -
div
yld
- -
ROIC.AI
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- H&R Real Estate Investment Trust H&R Real Estate Investment Trust (TSX: HR-UN.TO) is one of Canada's largest fully internalized real estate investment trusts, owning and operating a diversified portfolio of high-quality residential, industrial, office and retail properties across Canada and the United States comprising over 25 million square feet and total assets of approximately $9.6 billion as at September 30, 2025. The residential segment, representing 55% of the portfolio, includes multi-family properties in select U.S. markets such as South Florida and Atlanta; the industrial segment, at 22%, focuses on logistics and warehousing facilities primarily in Canada with one U.S. property; the office segment, comprising 10%, features properties in major Canadian markets including downtown Toronto and Houston, Texas; and the retail segment, at 13%, consists of single-tenant and multi-tenant centers in Canada and a non-managing interest in a U.S. portfolio. Founded in 1996 and headquartered in Toronto, Ontario, H&R REIT generates revenue principally from rental income derived from long-term leases with a mix of corporate, government and retail tenants, maintaining a strong balance sheet supported by an experienced management team. In a major strategic shift announced November 25, 2025, H&R REIT entered binding agreements to sell $1.5 billion of retail and office properties—including its 33.1% stake in Echo Realty L.P.'s U.S. retail portfolio, 27 Canadian retail properties, Hess Tower in Houston, 145 Wellington in Toronto, and 88 McNabb in the Greater Toronto Area—for gross proceeds approximating their IFRS values, accelerating its portfolio simplification strategy initiated in June 2021 to emphasize residential and industrial assets, which will rise from 69% to 83% of total real estate post-sale. Net proceeds of about $1.1 billion will repay corporate debt, targeting a pro forma debt to adjusted EBITDA ratio below 9.0x, while the REIT plans to seek Toronto Stock Exchange approval for a normal course issuer bid to repurchase up to $200 million in units, with most closings expected in January 2026. This follows ongoing strategic review processes, including Q3 2025 lease renewals at Canadian office properties and prior divestitures like the 2021 spin-off of Primaris REIT, enhancing focus on high-growth segments amid market dynamics.