H&R REIT - 2018 Earnings & Price Target Update
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H&R REIT is Canada's largest diversified real estate investment trust with total assets of $14.5B. H&R REIT, as at Dec-31-2018, owned and operated a portfolio of interests in 466(527: Dec-31-2017) properties (including 230 properties held through 33.6% interest in ECHO Properties).
H&R REIT(HR.UN) operations consist of six segments comprised of Office properties, Retail, Residential (operating as Lantower Residential) and Industrial of which 60% are located in Canada and 40% in the US. The office segment contributes 49% of operating income, retail-35%, industrial- 7% and residential at 9%. Canadian properties contribute 60% of net operating income, US at 40%.
The Office portfolio is comprised of 35 properties in Canada and in select markets in the United States, totaling 11.9M sq. ft., at H&R's ownership interest, with an average lease term to maturity of 11.1 years as at Dec-31-2018 and 81% of office revenue from tenants with investment grade ratings.
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