Loading…
Owns a diversified Canadian portfolio of office, retail, industrial and residential real estate.
Owns a diversified Canadian portfolio of office, retail, industrial and residential real estate.
Collects rent from tenants in each segment, with apartment rent from US Sunbelt communities under the Lantower brand now the growth leg. It reshaped itself in 2021 by spinning off its enclosed shopping malls into a separate listed REIT, Primaris, and has since sold older assets to fund apartments and repay debt.
Moat: narrow (scale). Diversified portfolio reduces single-sector risk but lacks a dominant position in any one segment.
Headquarters: Toronto, Canada · Employees: 432
Size H&R Real Estate Investment Trust (HR-UN.TO) is a Canada Real Estate company (Real Estate Investment Trusts) with a market value of $1.80B, the 193rd largest of 420 Canada companies the cockpit tracks. Shares closed at C$9.54 on 6 Nov 2026.
Performance Over six months the shares fell 10.4%, against -11.0% for the median peer and +5.2% for the Canada market (cap-weighted) — 11th highest of 21 in its peer set.
Growth Revenue fell 6.5% over the last twelve months (peer median +4.7%); the operating margin is 59.9% (peer median 45.2%).
Valuation It trades at 0.60× book value against a peer median of 0.91× (3rd cheapest of 21).
Price implies The share price implies a return on equity of about 6.3%; H&R Real Estate Investment Trust delivers -12.8%, so the price asks more than the business earns today.
Next results Next results expected around 16 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | C$760M | C$815M | C$817M | C$878M | C$835M |
| Revenue growth | — | 0% | -7% | +5% | — |
| Gross profit | C$459M | C$477M | C$499M | C$553M | C$513M |
| EBITDA | C$455M | C$459M | C$491M | C$583M | C$551M |
| Net income | -C$571M | -C$792M | -C$120M | C$61.7M | C$845M |
| Free cash flow | C$239M | C$238M | C$324M | C$295M | C$255M |
| Capital expenditure | C$0 | C$0 | C$0 | C$0 | C$0 |
| Total debt | C$2.51B | C$3.50B | C$3.54B | C$3.72B | C$3.95B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE |
|---|---|---|---|---|---|---|
| H&R Real Estate Investment Trust HR-UN.TO | $1.80B | -10% | -6% | -13% | 0.60× | 6.3% |
| RioCan Real Estate Investment Trust REI-UN.TO | $4.41B | -3% | -13% | 7% | 0.86× | 7.7% |
| Canadian Apartment Properties Real Estate Investment Trust CAR-UN.TO | $3.45B | -14% | -7% | -2% | 0.58× | 6.0% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | HR-UN.TO | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +3.0% | +2.5% | 10th highest of 21 |
| 6-month return | -10.4% | -11.0% | 11th highest of 21 |
| Return on equity | -12.8% | 6.1% | lowest of 21 |
| Price / book | 0.60× | 0.91× | 3rd cheapest of 21 |
| ROE the price implies | 6.3% | 8.4% | 7th least demanding of 21 |
| ROE delivered | -12.8% | 6.1% | lowest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| H&R Real Estate Investment Trust HR-UN.TO | Canada | $1.80B | -10% | -6% | -13% | 0.60× | 6.3% | -12.8% |
| Champion Real Estate Investment Trust 2778.HK | Hong Kong | $1.80B | -8% | -8% | -3% | 0.35× | 4.6% | -2.6% |
| Charter Hall Long WALE REIT CLW.AX | Australia | $1.78B | +4% | +40% | 8% | 0.76× | 9.2% | 8.3% |
| Sekisui House Reit 3309.T | Japan | $1.78B | -23% | +5% | 7% | 0.97× | 5.3% | 7.4% |
| Blackstone Mortgage Trust BXMT | United States | $1.85B | -42% | -2% | -12% | 0.65× | 7.3% | -11.7% |
| Mitsui Fudosan Accommodations Fund 3226.T | Japan | $1.75B | -16% | +18% | 9% | 1.79× | 6.3% | 8.6% |
| Daiwa Office Investment 8976.T | Japan | $1.74B | -12% | +24% | 6% | 1.13× | 4.7% | 6.3% |
| ARMOUR Residential REIT ARR | United States | $1.87B | -29% | -140% | -2% | 0.80× | 10.2% | -2.3% |
| Region RGN.AX | Australia | $1.89B | +6% | +30% | 9% | 0.92× | 9.4% | 9.2% |
| Eurocommercial Properties ECMPA.AS | Netherlands | $1.72B | -7% | +1% | 9% | 0.64× | 5.0% | 8.5% |
| Great Portland Estates GPE.L | United Kingdom | $1.90B | +17% | +24% | 7% | 0.66× | 9.9% | 7.5% |
| HomeCo Daily Needs REIT HDN.AX | Australia | $1.71B | -2% | +4% | 11% | 0.76× | 8.5% | 11.4% |
| Activia Properties 3279.T | Japan | $1.90B | -10% | +24% | 6% | 1.12× | 5.6% | 5.9% |
| Douglas Emmett DEI | United States | $1.70B | -18% | +2% | -1% | 0.89× | 10.1% | -1.2% |
| Diversified Healthcare Trust DHC | United States | $1.70B | -17% | -4% | -9% | 1.11× | 18.0% | -9.5% |
| Getty Realty GTY | United States | $1.92B | -14% | +11% | 9% | 1.50× | 11.2% | 8.9% |
| RLJ Lodging Trust RLJ | United States | $1.92B | +40% | +1% | 1% | 1.07× | 11.2% | 1.3% |
| Safestore SAFE.L | United Kingdom | $1.67B | -13% | +7% | 3% | 0.55× | 8.4% | 2.9% |
| Xenia Hotels & Resorts XHR | United States | $1.97B | +26% | +4% | 0% | 1.80× | 17.3% | 0.3% |
| Mitsui Fudosan Logistics Park 3471.T | Japan | $2.00B | -13% | +156% | 5% | 0.99× | 5.0% | 4.6% |
| BWP Trust BWP.AX | Australia | $2.01B | -2% | +2% | 13% | 0.86× | 7.4% | 13.2% |