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HRUFF - H&R REIT: Organic Growth Should Resume This Year
H&R Real Estate Investment Trust/H&R Finance Trust Stapled Unit
Investment Thesis
H&R Real Estate Investment Trust (HRUFF) (TSX:HR.UN) saw another quarter of healthy same-asset property net operating income growth in Q4 2018. We believe the company’s funds from operations will resume growth in 2019 due to (1) Jackson Park project reaching completion in Q1 2019, (2) occupancy stabilization of several of its residential properties in 2019, (3) improved portfolio quality thanks to its disposition of low growth non-core assets, (4) and favorable industry fundamentals. Its shares are currently trading at an attractive valuation. The company also offers a 5.9%-yielding dividend. We continue