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H&R Real Estate Investment Trust
H&R Real Estate Investment Trust (HR) investor relations material
H&R Real Estate Investment Trust Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2026 earnings summary13 Aug, 2026
Executive summary
Announced a $6.7 billion transaction involving the sale and restructuring of the portfolio, with unitholders receiving CAD 4.28 per unit in cash and a 66.9% majority stake in a new combined residential REIT platform, valuing each unit at $12.01; transaction expected to close in Q4 2026.
Over $2.6B in non-strategic office and retail assets sold from June 2021 to December 2025, including a $1.5B sale in Q1 2026 and a $2.4B spinout of 27 properties to Primaris REIT.
Residential and industrial segments now comprise 86% of the portfolio by June 2026, up from 34% in June 2021.
The process was led by independent trustees and external advisors, resulting in a unanimous board recommendation.
The CEO and related parties will not participate in the new REIT, with their units redeemed and non-core assets acquired separately.
Financial highlights
Q2 2026 FFO was $69.1 million ($0.247/unit), down from $87.8 million ($0.314/unit) in Q2 2025, mainly due to lower NOI from property dispositions; AFFO per unit was $0.263.
Debt to total assets was 41.8%, and debt to adjusted EBITDA was 7.1x as of June 30, 2026.
NAV per unit was $16.23 at June 30, 2026, up from $16.09 at December 31, 2025.
91.2% occupancy and $106.9M same-property NOI (cash basis) in Q2 2026.
Received a CAD 15.7 million lease termination payment from Bell Canada, with a further CAD 56.1 million payment expected in Q3.
Outlook and guidance
Management expects further improvement in occupancy, leasing activity, and pricing trends in the residential portfolio through the second half of 2026.
Q3 2026 expected to benefit from a $56.1 million lease termination payment at 200 Bouchard, with significant positive impact on same-property NOI and FFO.
Continued focus on high-growth residential and industrial assets, with ongoing development pipeline in U.S. Sun Belt states.
Management targets further acceleration of same-property NOI growth and value creation through rezoning.
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Latest events from H&R Real Estate Investment Trust
- $6.7B merger forms a top residential REIT, offering cash, GO REIT units, and majority stake.HR
M&A announcement - $1.5B in Q1 2026 asset sales drove portfolio shift, lower leverage, and improved debt metrics.HRQ1 2026
- All voting items passed and no unit holder questions were raised during the virtual meeting.HRAGM 2026
- NOI and FFO rose in 2025 as asset sales shifted the portfolio to 84% residential and industrial.HRQ4 2025
- All meeting items, including trustee elections and auditor appointment, were approved without dissent.HRAGM 2025
- Q3 2024 net loss and lower FFO reflect ongoing shift to residential and industrial assets.HRQ3 2024
- Residential and industrial now drive growth, with strong liquidity despite fair value losses.HRQ2 2024
- All resolutions, including trustee elections and plan amendments, passed with majority approval.HRAGM 2024
- Residential and industrial assets now comprise 67% of the portfolio, driving growth.HRQ4 2024
Next H&R Real Estate Investment Trust earnings date
Q3 202613 Nov, 2026
H&R Real Estate Investment Trust
Next H&R Real Estate Investment Trust earnings date
Q3 202613 Nov, 2026
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