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Investor Relations14 Oct 2025
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H&R Real Estate Investment Trust (HR) investor relations material
H&R Real Estate Investment Trust Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary14 Aug, 2025
Executive summary
Achieved 3.4% growth in same property NOI (cash basis) for H1 2025, with FFO per unit at $0.314 in Q2 and $0.61 in H1, despite market headwinds and fair value write-downs.
Strategic repositioning increased residential and industrial exposure to 67% of the portfolio, with over $2.5B in office and retail asset sales since June 2021.
Sold or agreed to sell $121.6M in real estate assets in H1 2025; 70% of real estate assets by value now in the US.
Special Committee formed in February 2025 to evaluate value-maximizing alternatives after unsolicited interest; $8.7M in related transaction costs incurred.
Portfolio occupancy at 93.0% as of June 30, 2025, with a simplified, growth-oriented asset base.
Financial highlights
FFO per unit for Q2 2025 was $0.314, up 2.6% year-over-year; AFFO per unit was $0.262; NAV per unit at $18.86 as of June 30, 2025.
FFO payout ratio was 47.8% in Q2 2025; AFFO payout ratio was 57.3%.
Total assets were $9.89B as of June 30, 2025, down from $10.62B at year-end 2024.
Net loss for Q2 2025 was $166.4M, compared to $272.7M in Q2 2024, mainly due to fair value adjustments.
$437.4M in liquidity and $4.3B in unencumbered properties as of June 30, 2025.
Outlook and guidance
Focus on growing Class A residential and industrial exposure in high-growth U.S. markets, especially the Sunbelt and GTA.
Ongoing rezoning of $250M in office assets to upscale residential, with Toronto approvals expected in Q1 2026.
Development pipeline includes multiple residential and industrial projects in the U.S. Sun Belt and GTA, with completions expected in late 2025 and mid-2026.
Asset sales to continue as market conditions permit, with proceeds redeployed into core growth areas.
Anticipate stronger multifamily performance in 2026 as supply moderates and demand remains robust.
Why did Toronto office valuations decrease?
Assess impact of industrial vacancies on occupancy.
Elaborate on Special Committee's value alternatives.
What's driving Lantower's resilient performance?
What's the status of Hess Tower sale prospects?
How are asset sales slowed, not on hold?
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Next H&R Real Estate Investment Trust earnings date
Q3 202514 Nov, 2025
Next H&R Real Estate Investment Trust earnings date
Q3 202514 Nov, 2025
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Frequently asked questions
H&R REIT is one of Canada's largest real estate investment trusts with a total of $13.3 billion in assets under management as of 2020. H&R invests in multi-tenant properties in primary and secondary markets across Canada, the United States, the United Kingdom and Germany. The management team at H&R REIT focuses on maximizing value by growing its real estate portfolio through accretive acquisitions and development opportunities while leveraging its scale to generate competitive returns for Unitholders and an attractive risk adjusted return for shareholders.
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