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HRUFF - Retail Worth Zero? A Deep Dive Into Just One Of H&R's Malls
H&R Real Estate Investment Trust/H&R Finance Trust Stapled Unit
We've covered H&R previously at a high level, but we've received a lot of questions on the enclosed mall portfolio, mirroring the misplaced pessimism of the market which contributes to H&R's extreme undervaluation relative to peers and to its NAV.
The Primaris enclosed mall portfolio was originally acquired by H&R in 2013 at a blended cap rate of 5.6%. The acquisition was made on the back of Target's entry into Canada, which involved Target adding 10 stores to Primaris' Malls. That story, however, failed to play out after Target lost most than $7