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H&R Real Estate Investment Trust (HR) investor relations material
H&R Real Estate Investment Trust Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary14 Nov, 2025
Executive summary
Asset sales totaling approximately $2.6 billion are under negotiation, with significant property sales and a major retail spinout since June 2021, shifting the portfolio to 69% residential and industrial assets and 71% of assets by value in the U.S.
Same-property net operating income (NOI) on a cash basis grew 2.1% for the nine months ended September 30, 2025, year-over-year, with portfolio occupancy at 93.4%.
FFO per unit was CAD 0.90 for the nine months ended September 30, 2025, unchanged from the prior year, and NAV per unit was $17.74 as of September 30, 2025.
Strategic review concluded with no acceptable en bloc offers; Board now oversees execution of asset sales.
Q3 2025 net loss was $322.9 million, driven by fair value write-downs, with cash distributions per unit unchanged year-over-year.
Financial highlights
Fair value of real estate assets as of September 30, 2025: $8.4 billion, with $4.1B residential, $1.5B office, $1.5B industrial, and $1.3B retail.
Debt to total assets at proportionate share was 47.3%, and debt to EBITDA was 9.3x as of September 30, 2025.
FFO payout ratio was 50% and AFFO payout ratio was 61.3% for the nine months ended September 30, 2025.
Unencumbered property pool totaled approximately $4.1 billion, with $345.6 million available under lines of credit.
Weighted average interest rate on debt was 4.0%.
Outlook and guidance
Management anticipates entering binding agreements for asset sales by year-end, with no scenario foreseen where current distributions would be unsustainable.
Focus remains on growing residential and industrial segments, with ongoing development in U.S. Sun Belt and Canadian industrial markets.
Expects gradual re-acceleration in revenue growth through 2026 and beyond, supported by strong demand and affordability advantages in multifamily housing.
What is the implied discount on $2.6B asset sales?
Future portfolio composition post $2.6B sales
Explain Q3 Residential/Industrial NOI decline
Industrial NOI decline drivers and recovery plan?
Sunbelt residential pricing power and NOI outlook?
Post-$2.6B sales, what is the portfolio vision?
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Next H&R Real Estate Investment Trust earnings date
Q4 202512 Feb, 2026
Next H&R Real Estate Investment Trust earnings date
Q4 202512 Feb, 2026
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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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