* Please see the full report at the end of the article. All images shown are from the report*
H&R is a collection of some of North America's premier office, retail, industrial, and residential real estate. Surprisingly, the company trades at an absolute discount even to the worst valuations currently being applied to the REIT market, retail. For example, H&R trades at a discount to every retail REIT, even though its business is less than one third retail, and the remainder of its business is in extremely defensive, fully occupied, long-lease, low cap rate residential,