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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.
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.
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