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H&R Real Estate Investment Trust

OTCPK:HRUF.F
Snowflake Description

Good value with reasonable growth potential and pays a dividend.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
HRUF.F
OTCPK
CA$7B
Market Cap
  1. Home
  2. US
  3. Real Estate
Company description

H&R REIT is one of Canada's largest real estate investment trusts with total assets of approximately $14.5 billion at March 31, 2019. The last earnings update was 11 days ago. More info.


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HRUF.F Share Price and Events
7 Day Returns
-1.2%
OTCPK:HRUF.F
-0.3%
US REITs
-2.1%
US Market
1 Year Returns
7.7%
OTCPK:HRUF.F
13.8%
US REITs
1.3%
US Market
HRUF.F Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
H&R Real Estate Investment Trust (HRUF.F) -1.2% -3.1% -1.5% 7.7% 3.2% -20.5%
US REITs -0.3% 2.4% 3.2% 13.8% 11.3% 25.6%
US Market -2.1% -4.2% 0% 1.3% 33.5% 38%
1 Year Return vs Industry and Market
  • HRUF.F underperformed the REITs industry which returned 13.8% over the past year.
  • HRUF.F outperformed the Market in United States of America which returned 1.3% over the past year.

HRUF.F Value

 Is H&R Real Estate Investment Trust undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of H&R Real Estate Investment Trust to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for H&R Real Estate Investment Trust.

OTCPK:HRUF.F Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations
Levered Adjusted Funds From Operations Average of 2 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 8.4%
Perpetual Growth Rate 10-Year US Government Bond Rate 2.7%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for OTCPK:HRUF.F
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year US Govt Bond Rate 2.7%
Equity Risk Premium S&P Global 6%
REITs Unlevered Beta Simply Wall St/ S&P Global 0.53
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.529 (1 + (1- 26.5%) (104.16%))
0.956
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.96
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (0.956 * 5.96%)
8.43%

Discounted Cash Flow Calculation for OTCPK:HRUF.F using 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations Model

The calculations below outline how an intrinsic value for H&R Real Estate Investment Trust is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

H&R Real Estate Investment Trust is a Real Estate Investment Trust (REIT), we use funds from operations (FFO) or adjusted funds from operations (AFFO) instead of levered free cash flow for REITs. This excludes depreciation and borrowing. Ideally analysts estimates of AFFO are used, where these aren't available we use FFO.

OTCPK:HRUF.F DCF 1st Stage: Next 10 year cash flow forecast
Adjusted Funds From Operations (AFFO) (CAD, Millions) Source Present Value
Discounted (@ 8.43%)
2019 472.14 Analyst x3 435.44
2020 490.15 Analyst x3 416.91
2021 509.19 Est @ 3.89% 399.44
2022 527.22 Est @ 3.54% 381.43
2023 544.59 Est @ 3.3% 363.38
2024 561.62 Est @ 3.13% 345.61
2025 578.51 Est @ 3.01% 328.33
2026 595.43 Est @ 2.92% 311.66
2027 612.49 Est @ 2.87% 295.68
2028 629.80 Est @ 2.83% 280.40
Present value of next 10 years cash flows CA$3,558.28
OTCPK:HRUF.F DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= CA$629.80 × (1 + 2.73%) ÷ (8.43% – 2.73%)
CA$11,353.96
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= CA$11,353.96 ÷ (1 + 8.43%)10
CA$5,054.97
OTCPK:HRUF.F Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= CA$3,558.28 + CA$5,054.97
CA$8,613.25
Equity Value per Share
(CAD)
= Total value / Shares Outstanding
= CA$8,613.25 / 285.99
CA$30.04
OTCPK:HRUF.F Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in OTCPK:HRUF.F represents 0.74137x of TSX:HR.UN
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.74137x
Value per Share
(Listing Adjusted, USD)
= Value per Share (CAD) x Listing Adjustment Factor
= CA$ 30.04 x 0.74137
$22.27
Value per share (USD) From above. $22.27
Current discount Discount to share price of $17.14
= -1 x ($17.14 - $22.27) / $22.27
23%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price H&R Real Estate Investment Trust is available for.
Intrinsic value
23%
Share price is $17.14 vs Future cash flow value of $22.27
Current Discount Checks
For H&R Real Estate Investment Trust to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • H&R Real Estate Investment Trust's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • H&R Real Estate Investment Trust's share price is below the future cash flow value, but not at a substantial discount (< 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for H&R Real Estate Investment Trust's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are H&R Real Estate Investment Trust's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
OTCPK:HRUF.F PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in CAD CA$0.95
TSX:HR.UN Share Price ** TSX (2019-05-23) in CAD CA$23.12
United States of America REITs Industry PE Ratio Median Figure of 155 Publicly-Listed REITs Companies 32.62x
United States of America Market PE Ratio Median Figure of 3,082 Publicly-Listed Companies 17.36x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of H&R Real Estate Investment Trust.

OTCPK:HRUF.F PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= TSX:HR.UN Share Price ÷ EPS (both in CAD)

= 23.12 ÷ 0.95

24.24x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • H&R Real Estate Investment Trust is good value based on earnings compared to the US REITs industry average.
  • H&R Real Estate Investment Trust is overvalued based on earnings compared to the United States of America market.
Price based on expected Growth
Does H&R Real Estate Investment Trust's expected growth come at a high price?
Raw Data
OTCPK:HRUF.F PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 24.24x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 2 Analysts
40.7%per year
United States of America REITs Industry PEG Ratio Median Figure of 141 Publicly-Listed REITs Companies 2.39x
United States of America Market PEG Ratio Median Figure of 2,120 Publicly-Listed Companies 1.5x

*Line of best fit is calculated by linear regression .

OTCPK:HRUF.F PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 24.24x ÷ 40.7%

0.6x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • H&R Real Estate Investment Trust is good value based on expected growth next year.
Price based on value of assets
What value do investors place on H&R Real Estate Investment Trust's assets?
Raw Data
OTCPK:HRUF.F PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in CAD CA$24.64
TSX:HR.UN Share Price * TSX (2019-05-23) in CAD CA$23.12
United States of America REITs Industry PB Ratio Median Figure of 191 Publicly-Listed REITs Companies 1.86x
United States of America Market PB Ratio Median Figure of 5,207 Publicly-Listed Companies 1.8x
OTCPK:HRUF.F PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= TSX:HR.UN Share Price ÷ Book Value per Share (both in CAD)

= 23.12 ÷ 24.64

0.94x

* Primary Listing of H&R Real Estate Investment Trust.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • H&R Real Estate Investment Trust is good value based on assets compared to the US REITs industry average.
X
Value checks
We assess H&R Real Estate Investment Trust's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the REITs industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the REITs industry average (and greater than 0)? (1 check)
  5. H&R Real Estate Investment Trust has a total score of 4/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

HRUF.F Future Performance

 How is H&R Real Estate Investment Trust expected to perform in the next 1 to 3 years based on estimates from 2 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
40.7%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is H&R Real Estate Investment Trust expected to grow at an attractive rate?
  • H&R Real Estate Investment Trust's earnings growth is expected to exceed the low risk savings rate of 2.7%.
Growth vs Market Checks
  • H&R Real Estate Investment Trust's earnings growth is expected to exceed the United States of America market average.
  • H&R Real Estate Investment Trust's revenue growth is expected to exceed the United States of America market average.
Annual Growth Rates Comparison
Raw Data
OTCPK:HRUF.F Future Growth Rates Data Sources
Data Point Source Value (per year)
OTCPK:HRUF.F Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 2 Analysts 40.7%
OTCPK:HRUF.F Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 2 Analysts 9.3%
United States of America REITs Industry Earnings Growth Rate Market Cap Weighted Average 5.7%
United States of America REITs Industry Revenue Growth Rate Market Cap Weighted Average 4.4%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 13.7%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 7.3%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
OTCPK:HRUF.F Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 2 Analyst Estimates (S&P Global) See Below
All numbers in CAD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
OTCPK:HRUF.F Future Estimates Data
Date (Data in CAD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2020-12-31 1,302 627 2
2019-12-31 1,288 542 1
OTCPK:HRUF.F Past Financials Data
Date (Data in CAD Millions) Revenue Cash Flow Net Income *
2019-03-31 1,073 449 273
2018-12-31 1,083 462 338
2018-09-30 1,151 468 602
2018-06-30 1,174 418 575
2018-03-31 1,112 459 620
2017-12-31 1,105 479 668
2017-09-30 1,199 449 483
2017-06-30 1,194 516 518
2017-03-31 1,333 454 469
2016-12-31 1,337 424 389
2016-09-30 1,428 256 209
2016-06-30 1,420 278 261

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • H&R Real Estate Investment Trust's earnings are expected to grow significantly at over 20% yearly.
  • H&R Real Estate Investment Trust's revenue is expected to grow by 9.3% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
OTCPK:HRUF.F Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 2 Analyst Estimates (S&P Global) See Below

All data from H&R Real Estate Investment Trust Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

OTCPK:HRUF.F Future Estimates Data
Date (Data in CAD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2020-12-31 2.10 2.10 2.10 1.00
2019-12-31 1.52 1.52 1.52 1.00
OTCPK:HRUF.F Past Financials Data
Date (Data in CAD Millions) EPS *
2019-03-31 0.95
2018-12-31 1.18
2018-09-30 2.09
2018-06-30 1.99
2018-03-31 2.14
2017-12-31 2.31
2017-09-30 1.68
2017-06-30 1.82
2017-03-31 1.65
2016-12-31 1.38
2016-09-30 0.74
2016-06-30 0.93

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Unable to establish if H&R Real Estate Investment Trust will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
X
Future performance checks
We assess H&R Real Estate Investment Trust's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
H&R Real Estate Investment Trust has a total score of 4/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

HRUF.F Past Performance

  How has H&R Real Estate Investment Trust performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare H&R Real Estate Investment Trust's growth in the last year to its industry (REITs).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • H&R Real Estate Investment Trust's year on year earnings growth rate has been positive over the past 5 years, however the most recent earnings are below average.
  • H&R Real Estate Investment Trust's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • H&R Real Estate Investment Trust's 1-year earnings growth is negative, it can't be compared to the US REITs industry average.
Earnings and Revenue History
H&R Real Estate Investment Trust's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from H&R Real Estate Investment Trust Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

OTCPK:HRUF.F Past Revenue, Cash Flow and Net Income Data
Date (Data in CAD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 1,073.39 272.82 39.56
2018-12-31 1,083.24 337.92 18.27
2018-09-30 1,150.84 602.02 14.01
2018-06-30 1,173.51 575.29 12.46
2018-03-31 1,111.87 620.17 10.69
2017-12-31 1,104.73 667.87 18.11
2017-09-30 1,198.50 483.27 20.74
2017-06-30 1,194.00 518.35 23.63
2017-03-31 1,332.94 469.36 33.46
2016-12-31 1,337.20 388.75 29.85
2016-09-30 1,427.53 208.68 25.42
2016-06-30 1,420.25 260.76 18.39
2016-03-31 1,349.17 276.23 8.38
2015-12-31 1,352.18 340.15 9.33
2015-09-30 1,260.31 517.31 10.33
2015-06-30 1,258.50 487.81 11.27
2015-03-31 1,261.13 405.61 13.43
2014-12-31 1,271.93 424.66 11.09
2014-09-30 1,281.37 400.64 11.19
2014-06-30 1,279.44 153.04 12.83
2014-03-31 1,265.50 304.67 10.14
2013-12-31 1,171.05 323.64 5.98
2013-09-30 1,075.44 312.58 9.48
2013-06-30 966.89 524.41 12.46
2013-03-31 874.80 442.30 17.52
2012-12-31 825.33 508.86 20.75
2012-09-30 768.85 708.13 23.38
2012-06-30 733.50 646.49 21.29

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • H&R Real Estate Investment Trust has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • H&R Real Estate Investment Trust used its assets less efficiently than the US REITs industry average last year based on Return on Assets.
  • H&R Real Estate Investment Trust's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess H&R Real Estate Investment Trust's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the REITs industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
H&R Real Estate Investment Trust has a total score of 1/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

HRUF.F Health

 How is H&R Real Estate Investment Trust's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up H&R Real Estate Investment Trust's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • H&R Real Estate Investment Trust's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • H&R Real Estate Investment Trust's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of H&R Real Estate Investment Trust's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from H&R Real Estate Investment Trust Company Filings, last reported 1 month ago.

OTCPK:HRUF.F Past Debt and Equity Data
Date (Data in CAD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 7,045.42 6,887.44 50.69
2018-12-31 7,200.10 6,878.26 58.52
2018-09-30 7,097.55 6,584.02 101.10
2018-06-30 7,124.89 6,526.71 45.69
2018-03-31 7,140.74 6,851.91 52.62
2017-12-31 7,179.76 6,834.94 48.66
2017-09-30 6,931.43 6,446.09 54.17
2017-06-30 7,002.86 6,504.01 36.37
2017-03-31 6,968.90 6,492.37 41.09
2016-12-31 6,912.65 6,515.14 48.80
2016-09-30 6,798.64 6,659.32 47.81
2016-06-30 6,720.98 6,797.06 255.75
2016-03-31 6,696.67 6,785.68 28.13
2015-12-31 6,824.92 6,798.91 38.29
2015-09-30 6,876.38 6,604.39 34.44
2015-06-30 6,692.68 6,624.36 23.38
2015-03-31 6,655.85 6,539.00 27.62
2014-12-31 6,527.67 6,487.70 23.76
2014-09-30 6,423.22 6,886.30 33.76
2014-06-30 6,293.69 6,855.45 24.02
2014-03-31 6,357.39 6,995.36 33.44
2013-12-31 6,273.80 7,054.14 27.88
2013-09-30 6,205.17 7,025.14 60.44
2013-06-30 6,164.78 6,836.14 22.17
2013-03-31 4,447.16 5,267.03 30.70
2012-12-31 4,507.01 5,151.96 131.46
2012-09-30 2,432.10 5,682.66 37.44
2012-06-30 2,445.28 5,859.27 121.02
  • H&R Real Estate Investment Trust's level of debt (97.8%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (110% vs 97.8% today).
  • Debt is not well covered by operating cash flow (6.5%, less than 20% of total debt).
  • Interest payments on debt are not well covered by earnings (EBIT is 2.2x annual interest expense, ideally 3x coverage).
X
Financial health checks
We assess H&R Real Estate Investment Trust's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. H&R Real Estate Investment Trust has a total score of 1/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

HRUF.F Dividends

 What is H&R Real Estate Investment Trust's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
5.97%
Current annual income from H&R Real Estate Investment Trust dividends. Estimated to be 5.98% next year.
If you bought $2,000 of H&R Real Estate Investment Trust shares you are expected to receive $119 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • H&R Real Estate Investment Trust's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.47%).
  • H&R Real Estate Investment Trust's dividend is above the markets top 25% of dividend payers in United States of America (3.76%).
Upcoming dividend payment

Purchase H&R Real Estate Investment Trust before the 'Buy Limit' to receive their next dividend payment.

Dividends are usually paid every 3 or 6 months, you can time your share purchase to take advantage of upcoming dividend payments.
Dividend payment calendar
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
OTCPK:HRUF.F Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 2 Analyst Estimates (S&P Global) See Below
United States of America REITs Industry Average Dividend Yield Market Cap Weighted Average of 184 Stocks 3.8%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 2008 Stocks 2.5%
United States of America Minimum Threshold Dividend Yield 10th Percentile 0.8%
United States of America Bottom 25% Dividend Yield 25th Percentile 1.5%
United States of America Top 25% Dividend Yield 75th Percentile 3.8%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

OTCPK:HRUF.F Future Dividends Estimate Data
Date (Data in CA$) Dividend per Share (annual) Avg. No. Analysts
2020-12-31 1.38 5.00
2019-12-31 1.38 5.00
OTCPK:HRUF.F Past Annualized Dividends Data
Date (Data in CA$) Dividend per share (annual) Avg. Yield (%)
2019-05-14 1.380 5.921
2019-04-08 1.380 5.981
2019-02-14 1.380 6.007
2019-01-10 1.380 6.218
2018-11-12 1.380 6.592
2018-07-10 0.000 0.000
2018-05-11 1.380 6.797
2018-02-14 1.380 6.732
2018-02-06 1.380 6.815
2018-01-09 1.380 6.564
2017-08-10 1.380 6.455
2017-07-06 1.380 6.440
2017-04-04 1.380 6.065
2017-02-15 1.380 5.990
2017-01-05 1.380 6.112
2016-11-14 1.380 6.341
2016-09-29 1.350 6.039
2016-08-09 1.350 5.865
2016-07-06 1.350 5.801
2016-05-11 1.350 6.178
2016-04-12 1.350 6.233
2016-02-16 1.350 6.707
2016-01-04 1.350 7.165
2015-11-05 1.350 6.518
2015-10-02 1.350 6.404
2015-07-03 1.350 6.296
2015-05-07 1.350 6.009
2015-04-02 1.350 5.809
2015-02-17 1.350 5.829
2015-01-07 1.350 5.608
2014-10-02 1.350 6.158
2014-08-14 1.350 5.969
2014-07-04 1.350 5.815
2014-04-02 1.350 5.824
2014-02-27 1.350 6.006
2014-01-06 1.350 6.346
2013-11-14 1.350 6.368
2013-10-07 1.350 6.323
2013-08-14 1.350 6.436
2013-07-05 1.350 6.309
2013-05-13 1.350 5.909
2013-05-03 1.350 5.466
2013-03-08 1.350 5.725
2013-01-03 1.350 5.772
2012-10-03 1.350 5.643
2012-06-25 1.200 4.786
2012-05-15 1.150 4.803
2012-03-12 1.150 4.784
2012-03-07 1.100 4.539
2011-11-14 1.100 4.736
2011-08-11 1.050 4.970
2011-06-14 1.000 4.679
2011-05-31 0.950 4.505
2011-02-24 0.950 4.435
2010-11-11 0.900 4.505
2010-08-12 0.870 4.437
2010-05-14 0.840 4.913
2010-02-25 0.720 4.285
2009-11-13 0.720 4.794
2009-08-13 0.720 5.468

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been volatile in the past 10 years (annual drop of over 20%).
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of H&R Real Estate Investment Trust's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.3x coverage).
Future Payout to shareholders
  • Insufficient estimate data to determine if a dividend will be paid in 3 years and that it will be sustainable.
X
Income/ dividend checks
We assess H&R Real Estate Investment Trust's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can H&R Real Estate Investment Trust afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. H&R Real Estate Investment Trust has a total score of 4/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

HRUF.F Management

 What is the CEO of H&R Real Estate Investment Trust's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Tom Hofstedter
COMPENSATION CA$4,141,000
AGE 64
TENURE AS CEO 22.4 years
CEO Bio

Mr. Thomas J. Hofstedter, also known as Tom, has been the President and Chief Executive Officer of H&R Real Estate Investment Trust since December 1996 and H&R Finance Trust since October 2008. Mr. Hofstedter served as the Head of H&R Development's commercial division and was responsible for building most of the properties that comprised the initial assets of the REIT. His academic and professional experience indicates expertise in the areas of executive management, real estate and finance. He has been Non-Independent Trustee at H&R Real Estate Investment Trust and H&R Finance Trust since December 1996. Mr. Hofstedter graduated with a Bachelor of Arts at the University of Toronto and became a member of The Institute of Chartered Accountants of Ontario in 1978.

CEO Compensation
  • Tom's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Tom's remuneration is lower than average for companies of similar size in United States of America.
Management Team Tenure

Average tenure of the H&R Real Estate Investment Trust management team in years:

8.3
Average Tenure
  • The average tenure for the H&R Real Estate Investment Trust management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Tom Hofstedter

TITLE
President
COMPENSATION
CA$4M
AGE
64
TENURE
22.4 yrs

Larry Froom

TITLE
Chief Financial Officer
COMPENSATION
CA$2M
TENURE
12.6 yrs

Robyn Kestenberg

TITLE
Executive Vice President of Corporate Development
COMPENSATION
CA$1M
TENURE
1.9 yrs

Philippe Lapointe

TITLE
Chief Operating Officer of Lantower Residential
COMPENSATION
CA$1M

Pat Sullivan

TITLE
Chief Operating Officer of Primaris Management Inc.
COMPENSATION
CA$859K
AGE
47

Nathan Uhr

TITLE
Chief Operating Officer
COMPENSATION
CA$597K
TENURE
8.3 yrs

Cheryl Fried

TITLE
Executive Vice President of Finance
COMPENSATION
CA$521K
TENURE
5.3 yrs
Board of Directors Tenure

Average tenure and age of the H&R Real Estate Investment Trust board of directors in years:

19.3
Average Tenure
64.5
Average Age
  • The average tenure for the H&R Real Estate Investment Trust board of directors is over 10 years, this suggests they are a seasoned and experienced board.
Board of Directors

Ronald Rutman

TITLE
Chairman of the Board
COMPENSATION
CA$215K
AGE
65

Tom Hofstedter

TITLE
President
COMPENSATION
CA$4M
AGE
64
TENURE
23.3 yrs

Sandor Hofstedter

TITLE
Honorary Chairman

Laurence Lebovic

TITLE
COMPENSATION
CA$175K
AGE
72
TENURE
23.3 yrs

Rob Dickson

TITLE
COMPENSATION
CA$175K
AGE
60
TENURE
19.3 yrs

Stephen Sender

TITLE
COMPENSATION
CA$170K
AGE
59
TENURE
2.9 yrs

Edward Gilbert

TITLE
COMPENSATION
CA$170K
AGE
72
TENURE
23.3 yrs

Alex Avery

TITLE
COMPENSATION
CA$580K
AGE
40
TENURE
1.9 yrs

Juli Morrow

TITLE
COMPENSATION
CA$120K
AGE
65
TENURE
1.9 yrs
Who owns this company?
Recent Insider Trading
  • H&R Real Estate Investment Trust insiders have sold more shares than they have bought in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price ($) Value ($)
25. Mar 19 Sell Patrick Sullivan Individual 25. Mar 19 25. Mar 19 -4,000 $17.32 $-69,279
22. Mar 19 Sell Cheryl Fried Individual 22. Mar 19 22. Mar 19 -3,755 $17.35 $-65,166
19. Mar 19 Buy Alexander Avery Individual 19. Mar 19 19. Mar 19 4,000 $17.23 $68,906
08. Mar 19 Sell The FF Charitable Trust, Endowment Arm Company 06. Mar 19 06. Mar 19 -3,000 $17.19 $-51,578
08. Mar 19 Sell Larry Froom Individual 04. Mar 19 05. Mar 19 -6,000 $17.29 $-103,633
05. Mar 19 Sell Aryah and Faige Lebovic Charitable Trust, Endowment Arm Company 01. Mar 19 01. Mar 19 -2,948 $17.19 $-50,678
05. Mar 19 Sell Edward Gilbert Individual 28. Feb 19 28. Feb 19 -10,000 $17.41 $-174,072
20. Feb 19 Sell Edward Gilbert Individual 19. Feb 19 19. Feb 19 -10,000 $17.12 $-171,234
20. Dec 18 Sell Aryah and Faige Lebovic Charitable Trust, Endowment Arm Company 20. Dec 18 20. Dec 18 -5,000 $15.57 $-77,870
11. Oct 18 Buy Larry Froom Individual 11. Oct 18 11. Oct 18 4,164 $14.67 $61,067
11. Oct 18 Buy Ronald Rutman Individual 11. Oct 18 11. Oct 18 10,000 $14.64 $146,388
28. Sep 18 Buy Philippe Lapointe Individual 28. Sep 18 28. Sep 18 3,000 $15.29 $45,882
X
Management checks
We assess H&R Real Estate Investment Trust's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. H&R Real Estate Investment Trust has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

HRUF.F News

Simply Wall St News

HRUF.F Company Info

Description

H&R REIT is one of Canada's largest real estate investment trusts with total assets of approximately $14.5 billion at March 31, 2019. H&R REIT has ownership interests in a North American portfolio of high quality office, retail, industrial and residential properties comprising over 43 million square feet.

Details
Name: H&R Real Estate Investment Trust
HRUF.F
Exchange: OTCPK
Founded: 1996
CA$4,914,456,334
285,988,624
Website: http://www.hr-reit.com
Address: H&R Real Estate Investment Trust
3625 Dufferin Street,
Suite 500,
Toronto,
Ontario, M3K 1N4,
Canada
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
TSX HR.UN Units The Toronto Stock Exchange CA CAD 24. Dec 1997
OTCPK HRUF.F Units Pink Sheets LLC US USD 24. Dec 1997
Number of employees
Current staff
Staff numbers
728
H&R Real Estate Investment Trust employees.
Industry
Diversified REITs
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/05/25 01:01
End of day share price update: 2019/05/23 00:00
Last estimates confirmation: 2019/05/17
Last earnings filing: 2019/05/14
Last earnings reported: 2019/03/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.