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H&R REIT - Q1-2022 Earnings, Price Target Update

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H&R REIT (HR.UN) has been one Canada's largest diversified real estate investment trusts with total assets of $11.4B as at Mar-31-2022 ($10.5B at Dec-31-2021, $14.5B, Dec-31-2019). H&R has been focused on four real estate asset classes: office, retail, industrial and residential both in Canada and the United States. H&R has initiated a multi-year strategic repositioning focusing on residential and industrial properties in Toronto, Montreal, Vancouver, and high growth U.S. sunbelt and gateway cities, while reducing retail and office holdings.

The key elements of the strategic plan included: sale of Bow office tower in Calgary and Bell Office Campus in Mississauga; formation of Primaris REIT to hold the enclosed retail shopping centre properties; sale of the 33.98% interest in ECHO Realty, and all office properties other than those with significant near-term future redevelopment potential.

The Office segment comprises 40% of property value and includes single and multi-tenant office properties in Canada and in select markets in the US. The Retail segment decreased from 32% to 16% of property value as spinning out Primaris REIT and sale of the 33.6% interest in Echo Realty LP a privately held real estate and development company which focuses on developing and owning a core portfolio of grocery anchored shopping centres in the United States. The Industrial segment, comprising 13% of property values holds a portfolio of single tenant and multi-tenant industrial properties across Canada and four single tenant industrial properties in the United States. The Residential segment contributing 31% of property value operates as Lantower Residential, a wholly-owned subsidiary of H&R, focused on acquiring and developing multi-family residential rental properties in the United States. Primaris, H&R Retail, and ECHO were all combined into one Retail segment.

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