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H&R Real Estate Investment Trust
H&R Real Estate Investment Trust (HR) investor relations material
H&R Real Estate Investment Trust Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary13 Feb, 2026
Executive summary
Achieved 1.6% growth in same property net operating income (NOI) on a cash basis for 2025, despite multifamily supply concerns and economic headwinds.
Over $2.6B in non-strategic office and retail asset sales since June 2021, with residential and industrial assets now comprising 84% of the portfolio, up from 34% in 2021.
Completed spin-off of 27 shopping centres and major property sales, including Primaris REIT spinout and interests in 69 properties totaling $5.4B.
Strong operational performance with 93.1% portfolio occupancy as of December 31, 2025.
U.S. portfolio share increased from 45% to 68% since June 2021.
Financial highlights
FFO for 2025 was $339.3M ($1.212 per unit), up from $334.4M ($1.195 per unit) in 2024; AFFO for 2025 was $278.6M ($0.995 per unit), up from $267.0M ($0.954 per unit) in 2024.
$7.4B fair value of real estate assets as of December 31, 2025: $4.4B residential, $1.8B industrial, $0.9B office, $0.3B retail.
Net income loss of ($791.6M) for 2025, compared to ($119.7M) in 2024, driven by significant fair value adjustments.
$16.09 NAV per unit; $3.9B in unencumbered properties; $368.9M in liquidity.
Cash distributions totaled $0.60 per unit in 2025, with a payout ratio of 60.3% of AFFO.
Outlook and guidance
Management expects further asset sales in 2026, with potential disposition value ranging from $500M to over $1B, and continued focus on residential and industrial growth.
Office vacancy expected to increase in 2026 due to a major lease expiry; negotiations ongoing for new tenants.
Multifamily supply is forecast to decline 36% in 2026, expected to stabilize fundamentals.
Anticipates new lease commencements and ongoing development completions in 2026.
Ongoing focus on increasing exposure to high-growth residential and industrial segments.
Lantower: Rationale for Greystar partnership?
310-330 Front Street disposition strategy change?
Outlook for 2026 asset disposition value?
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Next H&R Real Estate Investment Trust earnings date
Q1 202614 May, 2026
H&R Real Estate Investment Trust
Next H&R Real Estate Investment Trust earnings date
Q1 202614 May, 2026
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Frequently asked questions
H&R REIT is one of Canada's largest real estate investment trusts with a total of $13.3 billion in assets under management as of 2020. H&R invests in multi-tenant properties in primary and secondary markets across Canada, the United States, the United Kingdom and Germany. The management team at H&R REIT focuses on maximizing value by growing its real estate portfolio through accretive acquisitions and development opportunities while leveraging its scale to generate competitive returns for Unitholders and an attractive risk adjusted return for shareholders.
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