Professional
Added to YB: 2026-08-17
Pitch date: 2026-08-13
HR-UN.TO [neutral]
H&R Real Estate Investment Trust
-1.33%
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 2.7B
Pitch Price
CAD 10.49
Price Target
N/A
Dividend
5.80%
EV/EBITDA
N/A
P/E
-4.78
EV/Sales
6.43
Sector
Diversified REITs
Category
special_situation
H&R REIT & GO Residential deal, some thoughts
HR-UN.TO (holding update): H&R 'acquired' by GO Residential at C$12 (C$4.28 cash + 0.5625 GO units), ~C$4 below C$16 NAV; author calls deal unethical self-dealing as CEO Hofstedter cashes out family Class B units for undisclosed non-core assets. But H&R holders get ~67% of proforma, 2nd largest Canadian resi REIT. GO trades ~7% cap, deep discount to US peers; deleveraging + .UN listing + US listing 2027 catalysts. Sees 30-50% upside if deal closes, 6-12mo timeline. Risks: index selling, dilution, NYC/Mamdani sentiment. Re-added units.
Read full article (11 min)