Investment Thesis
H&R Real Estate Investment Trust (HRUFF) (TSX:HR.UN) continues to improve its overall portfolio by (1) selling some of its low growth U.S. retail properties, (2) focusing on higher demand residential properties in the U.S., (3) improving its occupancy rate in its Canadian mall properties, and (4) identify future re-intensification opportunities. We believe its strategy will bring a long runway of growth. Its shares are currently trading at a discount to its historical average and the average of its peers. The company also has an attractive dividend with a yield of 6.8%.