HRUFF - H&R REIT: Spin-Outs To Unlock Value

• H&R recognizes that its diversified business model is out of favor and that higher valuation can be delivered through “pure play” entities.
• H&R disclosed intensification plans for several prime downtown Toronto sites and a huge site in Vancouver.
• Very low yields on H&R’s unsecured debt suggest the AFFO yield of H&R units is far too high.

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