Professional
Added to YB: 2025-07-29
Pitch date: 2025-07-27
HR-UN.TO [bullish]
H&R Real Estate Investment Trust
-12.3%
current return
Author Info
Nugget Capital Partners is a research analyst specializing in resources w/ focus on energy. Sign up for the newsletter.
Company Info
H&R Real Estate Investment Trust is one of Canada's largest real estate investment trusts. H&R REIT has ownership interests in a Canadian and U.
Market Cap
CAD 2.8B
Pitch Price
CAD 11.32
Price Target
18.00 (+81%)
Dividend
7.10%
EV/EBITDA
N/A
P/E
-3.50
EV/Sales
7.27
Sector
Diversified REITs
Category
special_situation
Why NCP has significantly increased stake in H&R REIT
HR-UN.TO (increased position): Trading at 43% discount to IFRS NAV despite recent rally on Blackstone takeover rumors. ~49% of portfolio in quality US residential, 15% office. Recent cap rate adjustments make NAV more realistic. K2 activist pushing for sale; CEO has $9.1M change-of-control bonus. If no deal: -5-7%; residential sale: +15-20%; residential+industrial: +30-40%; +retail: +40-50%.
Read full article (8 min)