Professional
Added to YB: 2026-06-30
Pitch date: 2026-06-27
HR-UN.TO [bullish]
H&R Real Estate Investment Trust
-0.36%
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 2.9B
Pitch Price
CAD 11.04
Price Target
N/A
Dividend
5.40%
EV/EBITDA
N/A
P/E
-3.77
EV/Sales
6.50
Sector
Diversified REITs
Category
special_situation
Staying the course on H&R REIT
HR-UN.TO (added to position): Blackstone in talks for partial/full residential & industrial assets. Trades wide discount to NAV (cap rates already expanded, 'real' NAV) & private peers. 69% US assets, CAD-denominated debt = falling CAD tailwind. Insiders own ~9% ($200M+). Author's largest holding; ~6-8% downside vs 20-35% upside. M&A catalyst is 'icing on cake' value play; office/NYC/Caledon land sales prepping clean portfolio for better-priced takeout. Institutional buyers (Edgepoint, Smead) accumulating.
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