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Review of H&R Real Estate Investment Trust

SEP 03, 2021 - Jackson Park, HRs flagship asset, currently sits at 62% occupancy, which reflects the pandemic impact on HR. The recent restructuring is a critical step for HR to achieving a more simplified structure and reinstating investor confidence. Rating maintained at B

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Q: As a result of the spin off of the enclosed mall portfolio from HR.UN, I now hold shares of Primaris Real Estate PMZ.UN. The holding is much smaller than I normally hold and I am debating whether to sell it or top it up. A press release from PMZ.UN indicates that the present share price of PMZ.UN, about $13.50, but quite volatile, is significantly less than the net asset value per unit NAVPU of about $22. This implies that the potential for the share value to rise in the short to medium term could be quite high. However, the estimation of NAVPU must be a black art in the present market conditions for enclosed malls. My questions are: (1) How are such NAVPU estimates, which are non GAAP numbers, actually made and how valid are such estimates? (2) How high on the risk scale for REITs is PMZ.UN relative to, for example, REI.UN or SRU.UN ?

Read Answer Asked by John on January 10, 2022
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