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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
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 with GO REIT and consortium, offering unitholders $4.28 cash plus 0.5688 GO REIT units per unit, valuing each at $12.01, and resulting in a 66.9% majority stake in the new combined residential REIT platform; transaction expected to close in Q4 2026.
The transaction creates the second-largest publicly traded residential REIT in Canada and the seventh-largest in the U.S. by enterprise value, with 37 properties and over 13,300 units.
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.
The process was led by independent trustees, with a formal valuation and unanimous board approval, aiming to maximize value for unitholders.
The CEO and related parties will not participate in the new REIT but will acquire non-core assets and provide income support to the new entity.
Financial highlights
Q2 2026 FFO was $69.1 million ($0.247 per unit), down from $87.8 million ($0.314 per unit) in Q2 2025, mainly due to lower NOI from property dispositions.
AFFO per unit was $0.263 in Q2 2026, flat year-over-year.
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.
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 in the residential segment as supply pressures moderate.
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.
REDT properties under development are expected to reach substantial completion next quarter.
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Latest events from H&R Real Estate Investment Trust
- $6.7B merger creates a top residential REIT, offering unitholders cash, GO REIT units, and growth.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 202617 Nov, 2026
H&R Real Estate Investment Trust
Next H&R Real Estate Investment Trust earnings date
Q3 202617 Nov, 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.